+,6725,$6(&5(7$'(/$,*/(6,$

&$7/,&$



&pVDU9LGDO

 &UpGLWRV

(GLFLyQHQIRUPDWRGLJLWDOPD\RGH

&pVDU9LGDO
(GLFLRQHV%6$
&RQVHOOGH&HQW
%DUFHORQD(VSDxD
ZZZHGLFLRQHVEFRP

'/%

,6%1

&RQYHUVLyQDIRUPDWRGLJLWDOZZZHOSRHWDHGLFLRQGLJLWDOFRP
7RGRVORVGHUHFKRVUHVHUYDGRV%DMRODVVDQFLRQHVHVWDEOHFLGDVHQHORUGHQDPLHQWRMXUtGLFR
TXHGD ULJXURVDPHQWH SURKLELGD VLQ DXWRUL]DFLyQ HVFULWD GH ORV WLWXODUHV GHO FRS\ULJKW OD
UHSURGXFFLyQWRWDORSDUFLDOGHHVWDREUDSRUFXDOTXLHUPHGLRRSURFHGLPLHQWRFRPSUHQGLGRV
OD UHSURJUDItD \ HO WUDWDPLHQWR LQIRUPiWLFR DVt FRPR OD GLVWULEXFLyQ GH HMHPSODUHV PHGLDQWH
DOTXLOHURSUpVWDPRS~EOLFRV
(OKLMRGHSHUGLFLyQHOFXDOVHVLHQWDHQHOWHPSORGH'LRVFRPRVLIXHUD'LRVKDFLpQGRVH
SDVDUSRU'LRV

7(6$/21,&(16(6
 QGLFH

,QWURGXFFLyQ

35,0(5$3$57('HODFRQYHUVLyQHQUHOLJLyQHVWDWDODOD
VROXFLyQILQDOGHOSUREOHPDMXGtR
/DHMHFXFLyQGHOSULPHUGLVLGHQWH
(OFULVWLDQLVPROOHJDD(VSDxD
3ULVFLOLDQR\ODHMHFXFLyQGHORVSULPHURVGLVLGHQWHV
(OMXGtRFRPRDUFKLHQHPLJR,DQWHVGHO,,,FRQFLOLRGH
7ROHGR
/RVMXGtRVHQ(VSDxDDQWHVGHOVLJOR,9
/DPXWDFLyQGHOVLJOR,9
(OMXGtRFRPRDUFKLHQHPLJR,,HOUHLQRYLVLJRGRFDWyOLFRGH
5HFDUHGRD+RQRULR,
5HOLJLyQRILFLDO
/DE~VTXHGDGHXQDVROXFLyQILQDO

6(*81'$3$57('HUHOLJLyQVRPHWLGDDUHOLJLyQVRPHWHGRUD
'HVSORPH\FHQWHUYLYHQFLD
/DFULVLVILQDOGHODPRQDUTXtDYLVLJRGD
(OLVODPLQYDGH(VSDxD
/DSpUGLGDGHOSRGHUSROtWLFR
)UDXGHVStRVGHOD'RQDWLR&RQVWDQWLQLD*RQ]DORGH%HUFHR
SDVDQGRSRUHO&DPLQRGH6DQWLDJR
/DUHFXSHUDFLyQKLVSDQD
/DVXPLVLyQDORELVSRGH5RPD
(OQXHYRSRGHU
(OMXGtRFRPRDUFKLHQHPLJR,,,OD(VSDxDGHO1RUWH
/DWROHUDQFLDGH&DVWLOOD
 (ODGRFWULQDPLHQWRDQWLVHPLWD
/D&RURQDGH$UDJyQHQWUHODWROHUDQFLD\ODLQWUDQVLJHQFLD
/RVLQLFLRVGHODSHUVHFXFLyQGHO7DOPXG
/DDJXGL]DFLyQGHODQWLVHPLWLVPR
(OJHQRFLGLRFRQWUDORVGLVLGHQWHVFiWDURV\YDOGHQVHV
(OJHQRFLGLRGHORVFiWDURV
/DSHUVHFXFLyQGHORVYDOGHQVHV
(OMXGtRFRPRDUFKLHQHPLJR,9HODQWLVHPLWLVPRFRPRDUPD
SROtWLFD
/RVMXGtRVHQ$UDJyQGHILQDOHVGHOVLJOR;,,,DLQLFLRVGHOVLJOR
;,9
(ODQWLVHPLWLVPRFRPRDUPDSROtWLFD,1DYDUUD\$UDJyQKDVWD

(ODQWLVHPLWLVPRFRPRDUPDSROtWLFD,,&DVWLOOD
/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWDGHODLJOHVLDFDWyOLFD
,ORVSRJURPRVGHOD~OWLPDGpFDGDGHOVLJOR;,9
(OFLVPDGH2FFLGHQWH
)HUUiQ0DUWtQH]\HODQWLVHPLWLVPRFDWyOLFRGHILQDOHVGHOVLJOR
;,9
/RVSRJURPRVGH
/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWDGHODLJOHVLDFDWyOLFD
,,HOSUREOHPDFRQYHUVR
(OQXHYRSUREOHPDFRQYHUVR,GHODVHSDUDFLyQGHORV
FRQYHUVRVDOD'LVSXWDGH7RUWRVD
(OQXHYRSUREOHPDFRQYHUVR,,GHODDFXVDFLyQGHFULPHQULWXDO
DORV5H\HV&DWyOLFRV
/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWDGHODLJOHVLDFDWyOLFD
,,,GHODDFXVDFLyQGHFULPHQULWXDODODH[SXOVLyQ
/RV5H\HV&DWyOLFRV,ORVLQLFLRVGHOD,QTXLVLFLyQ
/RV5H\HV&DWyOLFRV,,ODDFXVDFLyQGHFULPHQULWXDO
/RV5H\HV&DWyOLFRV,,,ODH[SXOVLyQ
7(5&(5$3$57(/D(VSDxDGHOD&RQWUDUUHIRUPD
/DDYHQWXUDLPSHULDOGH&DUORV9
(OSUR\HFWRLPSHULDOGH&DUORV9
(OIUDFDVRGHODHPSUHVDLPSHULDO
(OOD]DULOORGH7RUPHVUHODWRUHDOLVWDGHXQDpSRFD
)HOLSH,,/DHVSDGDGHOD&RQWUDUUHIRUPD
'HODDOLDQ]DFRQWUDUUHIRUPLVWDDOH[WHUPLQLRGHORVSURWHVWDQWHV
HVSDxROHV
'HODUHEHOLyQGH)ODQGHVDOIUDFDVRGHODHPSUHVDGH,QJODWHUUD
(OWUiJLFREDODQFH
(OFRODSVRGHOLPSHULRFRQWUDUUHIRUPLVWDGH)HOLSH,,,D
&DUORV,,HO+HFKL]DGR
(OUHLQDGRGHWUDQVLFLyQGH)HOLSH,,,
)HOLSH,9\HOHVWDOOLGRGHOPRGHORGHOD&RQWUDUUHIRUPD&DUORV,,
\HOFRODSVR
&DUORV,,\HOFRODSVR
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD,ODYLVLyQGHOWUDEDMR
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD,,ODVILQDQ]DV
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD,,,ODHGXFDFLyQ
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD,9ODFLHQFLD
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD9ODSULPDFtDGHOD
OH\
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD9,SHFDGRVYHQLDOHV
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD9,,ODDXVHQFLDGH
GLYLVLyQGHSRGHUHV
(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD9,,,ODFXOWXUDGHO
PLHGR\GHODGHODFLyQ

&8$57$3$57('HODUHSUHVLyQGHODLOXVWUDFLyQDODRSRVLFLyQ
DOHVWDGROLEHUDO
/D,OXVWUDFLyQLPSRVLEOH
 (OFDPELRGHGLQDVWtD
/DGLQDVWtDGRPHVWLFDGD
-HVXLWDV\MDQVHQLVWDV
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,,GH
(VTXLODFKHDODH[SXOVLyQGHORVMHVXLWDV
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,,,OD
UHIRUPDGHODHQVHxDQ]D
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,,,,
ODUHQXQFLDDODOXFKDFRQWUDOD,QTXLVLFLyQ
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,,9
HOSRGHULQWDFWR
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,9OD
SHUVHFXFLyQGHORVFDQDOHVGHOD,OXVWUDFLyQ
/DRSRVLFLyQHFOHVLDODOSURJUDPDUHIRUPLVWDGH&DUORV,,,9,
HOWULXQIRGHOD,QTXLVLFLyQ
/DRSRVLFLyQDORVSDWULRWDV
/DFRQQLYHQFLDFRQHOLQYDVRUIUDQFpV
%ODQFR:KLWH\ODIUDFDVDGDUHYROXFLyQOLEHUDO
(OUHWRUQRGHODEVROXWLVPR
(OOLEHUDOLVPRHVSHFDGR
&D\HWDQR5LSROOHO~OWLPRDMXVWLFLDGR
(ODSR\RGHODLJOHVLDFDWyOLFDDGRQ&DUORV
/DSRVLFLyQOLEHUWLFLGDGHOD6DQWD6HGH
(OHVWDGROLEHUDODERUWDGR
(OLQLFLRGHODVJXHUUDVFDUOLVWDV
/DGHVDPRUWL]DFLyQ\HORUGHQFRQVWLWXFLRQDO
/DUHJHQFLDGH(VSDUWHUR
/DFRUWHGHORVPLODJURV
(OSRGHUPRGHUDGR\HO&RQFRUGDWRGH
(VSDUWHURQXHYDPHQWHGHUURWDGR
(OUHJUHVRGHORVPRGHUDGRV\HOILQDOGHOUpJLPHQ
(OIDOOLGRLQWHQWRGHXQDFRQVWLWXFLyQGHPRFUiWLFD
 /DVFRQGHQDVSDSDOHVGHODOLEHUWDG
(OIUDFDVRGHODPRQDUTXtDGHPRFUiWLFD
/D3ULPHUD5HS~EOLFD

48,17$3$57((OUpJLPHQGHOD5HVWDXUDFLyQ
(OUpJLPHQGHOD5HVWDXUDFLyQ
(OQXHYRUpJLPHQ
(OVLVWHPDGHOD5HVWDXUDFLyQ
/DLJOHVLDFDWyOLFDHQHPLJDGHODOLEHUWDG
/DRIHQVLYDDQWLOLEHUDO
5HDFFLyQ\UHDFFLyQ
(O'HVDVWUHGH
(OQDFLPLHQWRGHODL]TXLHUGD\GHORVQDFLRQDOLVPRV
(OQDFLPLHQWRGHODL]TXLHUGDHVSDxROD
XQUHWUDWRHQQHJDWLYRGHODLJOHVLDFDWyOLFD
/DLJOHVLDFDWyOLFDSDULGRUDGHQDFLRQDOLVPRV
/DTXLHEUDGHOVLVWHPDFDQRYLVWD
(OFRPLHQ]RGHOVLJOR
&DQDOHMDVODRFDVLyQSHUGLGD
'H5RPDQRQHVDOD*UDQ*XHUUD
/DFULVLVGH\ODLJOHVLDFDWyOLFD
/RVLQWHQWRVGHDVDOWRFDWyOLFRDOSRGHU
'HOD'LFWDGXUDDOD,,5HS~EOLFD
/D'LFWDGXUDGH3ULPRGH5LYHUD
'HOD'LFWDEODQGDDODSURFODPDFLyQGHOD6HJXQGD5HS~EOLFD

6(;7$3$57('HOD6HJXQGD5HS~EOLFDDODJXHUUDFLYLO
/D6HJXQGD5HS~EOLFD\ODJXHUUDFLYLO
/D6HJXQGD5HS~EOLFD,HOSURFHVRFRQVWLWX\HQWH\HOELHQLRGH
L]TXLHUGDV
/D6HJXQGD5HS~EOLFD,,HOELHQLRGHUHFKLVWD
/D6HJXQGD5HS~EOLFD,,,GHOGHVSORPHGHO3DUWLGR5DGLFDODOD
 YLFWRULDGHO)UHQWH3RSXODU
/DJUDQRFDVLyQGHODJXHUUDFLYLO
(ODSR\RDODUHEHOLyQ
/DRFDVLyQDSURYHFKDGD
5HYROXFLyQ\SHUVHFXFLyQUHOLJLRVD

6e37,0$3$57('HODYLFWRULDDOGLVWDQFLDPLHQWRGHO
IUDQTXLVPR
/DLJOHVLDFDWyOLFDYHQFHGRUDGHODJXHUUDFLYLO,
(OFRVWHGHODJXHUUD
/DUHSUHVLyQ
/DFHQVXUD
/DLJOHVLDFDWyOLFDYHQFHGRUDGHODJXHUUDFLYLO,,
/DPi[LPDDXWRULGDGRILFLDO
(VSDxDVHTXHGDVLQHO3ODQ0DUVKDOO
/DLJOHVLDFDWyOLFDYHQFHGRUDGHODJXHUUDFLYLO,,,
(O&RQFRUGDWRGH
TXHGLHURQYLGDDOD&UX]DGD
(OWULXQIRGHODWHFQRFUDFLDRSXVGHtVWD
(O2SXV'HLHQODVFHUFDQtDVGHOSRGHU
(O3ODQGH(VWDELOL]DFLyQ\HOILQDOGHXQDHUD
(OPLODJURHVSDxRO
/DSUHSDUDFLyQGHOGtDGHVSXpV,(7$QDFLyHQODVVDFULVWtDV
(OQDFLPLHQWRGH(7$
(OSULQFLSDODSR\RGH(7$
(OUHVSDOGRHFOHVLDO
/DSUHSDUDFLyQGHOGtDGHVSXpV,,ODPDQRWHQGLGDDOD
L]TXLHUGD
'HODVKXHOJDVDODVUHIRUPDVGH
(OSRQWLILFDGRGH-XDQ;;,,,
'HORV;;9DxRVGHSD]DODFODXVXUDGHO&RQFLOLR
/DVIULFFLRQHVGHOUHVSDOGRD(7$DODQHJDWLYDGHXQQXHYR
FRQFRUGDWR
(7$SDVDDOWHUURULVPR
(OSURFHVRGH%XUJRV
/D6DQWD6HGHVHGLVWDQFLDGH)UDQFR
7DUDQFyQDGPLQLVWUDGRUDSRVWyOLFR
,JOHVLD0XQGR\OD+HUPDQGDG6DFHUGRWDO
/D$VDPEOHDFRQMXQWD\ODHQFXHVWDVREUHHOFOHUR
(OWXUELRDxR
HOFDQWRGHGLIXQWRVGHOIUDQTXLVPR
(OHVStULWXGHOGHIHEUHUR\HO&DVR$xRYHURV
(OILQDO

2&7$9$3$57('HODWUDQVLFLyQDODHUD=3
/D7UDQVLFLyQTXHGLVHxy7DUDQFyQ
&DPELDUWRGR
/DHVWUDWHJLDFRQMXQWD
SDUDTXHWRGRVLJDLJXDO
/D&RQVWLWXFLyQGH\ORVDFXHUGRVLJOHVLDHVWDGR
/DHUD*RQ]iOH]
'HODGLPLVLyQGH6XiUH]DO)
/RVRELVSRVDQXQFLDQODOOHJDGDGH)HOLSH
(O362(HQHOSRGHU
/DFRQWLQXDFLyQGHOUHVSDOGRD(7$
/RVPXHUWRVGHVSUHFLDGRV
/DFRODERUDFLyQFRQHOWHUURU
/DHUDGH$]QDU
'HODSR\RD(7$DODVFRQFHVLRQHVGH$]QDU
'HODGHVDSDULFLyQGH$QWRQLR+HUUHUR
DOUHVSDOGRDOSDFWRGH(VWHOOD
/DHUD=3GHODFRQIURQWDFLyQDODFRODERUDFLyQ
/DFRQIURQWDFLyQLQLFLDO
(OSDFWR
&RQFOXVLyQ
%LEOLRJUDItD
1RWDV
/$+,6725,$6(&5(7$'(/$,*/(6,$
&$7/,&$(1(63$f$
 ,QWURGXFFLyQ

/D LJOHVLD FDWyOLFD HV FRQ GLIHUHQFLD OD FRQIHVLyQ UHOLJLRVD TXH PiV
LPSRUWDQFLDKDWHQLGRDORODUJRGHOD+LVWRULDGH(VSDxD/RVMXGtRVQR
VROR IXHURQ SHUVHJXLGRV GHVGH OD XQLyQ GH OD LJOHVLD \ HO HVWDGR HQ ORV
DOERUHV GH OD (GDG 0HGLD VLQR TXH ILQDOPHQWH VXIULHURQ HQWUH RWUDV
GHVGLFKDVORVWHUULEOHVSRJURPRVGHOVLJOR;,9LQLFLRGHVXGHFDGHQFLD\
OD ([SXOVLyQ GH  /RV PRULVFRV IXHURQ DUURMDGRV GH (VSDxD HQ HO
VLJOR;9,,DXQTXHFLHUWDPHQWHHOLVODPVHKDEtDFRQYHUWLGRHQXQDIXHU]D
HVSLULWXDODSHQDVVLJQLILFDWLYDGHVGHHOILQDOGHOD5HFRQTXLVWD3RUORTXH
VHUHILHUHDORVSURWHVWDQWHVIXHURQH[WHUPLQDGRVGHPDQHUDVLVWHPiWLFD\
IHUR]GHVGHHOVLJOR;9,FRUUHVSRQGLHQGRDXQRGHHOORVHOUDURKRQRUGH
VHU HO ~OWLPR DMXVWLFLDGR SRU OD ,QTXLVLFLyQ HVSDxROD \D ELHQ HQWUDGR HO
VLJOR;,;1RVRUSUHQGHTXHWUDVDGPLQLVWUDUHVHWUDWDPLHQWRDFXDOTXLHU
RWUD UHOLJLyQ DSURYHFKDQGR VX IXHU]D VREUH HO SRGHU FLYLO OD LJOHVLD
FDWyOLFD TXHGDUD FRPR ~QLFD IXHU]D HVSLULWXDO GXUDQWH VLJORV (V PX\
SRVLEOHPHQWHHVDFLUFXQVWDQFLDODTXHH[SOLFDTXHVXKLVWRULDQRVHKD\D
DERUGDGRHQ(VSDxDGHPDQHUDJOREDO\WRWDOVLQRVLHPSUHUHFXUULHQGRD
XQH[SXUJDGRTXHUHFXHUGDQRSRFRDOTXHORVLQTXLVLGRUHVUHVSRQVDEOHV
GHODFHQVXUDSHUSHWUDEDQFRQORVOLEURV/RVHMHPSORVVREUDQ
/D%$&HGLWRULDOFDWyOLFDSRUDQWRQRPDVLDKDSXEOLFDGRXQD+LVWRULD
GHODLJOHVLDFDWyOLFDHQ(VSDxD TXH SURSRUFLRQD QR SRFRV GDWRV VREUH
ODVFXHVWLRQHVPiVGLYHUVDV0iVFODPRURVDVVRQVLFDEHODVDXVHQFLDVGH
HVHPDJQXP RSXV $Vt SRU HMHPSOR HO YROXPHQ GHGLFDGR D ORV VLJORV
9,,,;,9 QRKDFHUHIHUHQFLDDDFRQWHFLPLHQWRVGHWDQWDUHOHYDQFLDFRPRHO
H[WHUPLQLR GH ORV KHUHMHV HO DQWLVHPLWLVPR PLOLWDQWH OD DFFLyQ GH OD
,QTXLVLFLyQRORVSRJURPRVGH$GHFLUYHUGDGVHSRGUtDSHQVDUTXH
QL XQR VROR GH HVRV DFRQWHFLPLHQWRV H[LVWLHURQ /R PLVPR HQFRQWUDPRV
HQ HO WRPR GHGLFDGR D ORV VLJORV;9 \;9, GRQGH ODV KRJXHUDV GH OD
,QTXLVLFLyQ HO H[WHUPLQLR GH ORV SURWHVWDQWHV R HO JDVWR TXH VLJQLILFDED
SDUDODVDUFDVQDFLRQDOHVODFDXVDGHOD&RQWUDUUHIRUPDEULOODQLJXDOPHQWH
SRU VX DXVHQFLD (Q RWURV YRO~PHQHV XOWHULRUHV DFRQWHFLPLHQWRV
KLVWyULFRV FRPR OD SHUVHFXFLyQ FRQWHPSRUiQHD GH ODV OLEHUWDGHV R HO
DSURYHFKDPLHQWR GH ODV FLUFXQVWDQFLDV SROtWLFDV JHQHUDOPHQWH OD
GHELOLGDGJXEHUQDPHQWDOSDUDLPSRQHUVXVFRQGLFLRQHVDORVGLVWLQWRV
JRELHUQRVQDFLRQDOHVWDPSRFRDSDUHFHQ(QUHVXPHQORTXHVHQDUUDHQ
ORVYDULRVYRO~PHQHVGHODREUDHVPiVRPHQRVDFHUWDGRRFHUFDQRDOD
YHUGDGSHURQRHVQLFRQPXFKRWRGDODYHUGDG\SUHFLVDPHQWHSRUHOOR
ODQDUUDFLyQKLVWyULFDTXHGDJUDYtVLPDPHQWHGLVWRUVLRQDGD
(Q DOJXQRV FDVRV HVD H[FOXVLyQ KD HQWUDGR GH PDQHUD D~Q PiV
GHVFDUQDGD HQ HO WHUUHQR GH OR DSRORJpWLFR 1R RWUR HV HO FDVR GH XQ
UHFLHQWH OLEUR GHO RSXVGHtVWD /XLV 6XiUH] /D REUD QR VROR RFXOWD
DVSHFWRVDEVROXWDPHQWHHVHQFLDOHVGHOD+LVWRULDGHODLJOHVLDFDWyOLFDHQ
(VSDxD VLQR TXH GLVWRUVLRQD JUDYHPHQWH RWURV \ DFDED RIUHFLHQGR XQ
UHWUDWR DEVROXWDPHQWH WHQGHQFLRVR \ FDUJDGR GH GHVHTXLOLEULRV QR VROR
SRU VX FDUiFWHU SURSDJDQGtVWLFR VLQR IXQGDPHQWDOPHQWH SRU VXV
RPLVLRQHV(VELHQGLVFXWLEOHTXH(VSDxDGHEDDOJRDODLJOHVLDFDWyOLFD
SHUR HQ FXDOTXLHUD GH ORV FDVRV HO OHFWRU QR SRGUi QXQFD VDEHU VL HVWD
FRQIHVLyQ GHEH DOJR D OD QDFLyQ HVSDxROD %LHQ HV FLHUWR TXH SRFR PiV
SRGUtD HVSHUDUVH GH XQ DXWRU TXH IRUPD SDUWH GHO JUXSR TXH LQVWD OD
FDQRQL]DFLyQ GH ,VDEHO OD &DWyOLFD \ TXH D SUHJXQWDV GH TXLHQ HVFULEH
HVWDVOtQHDVVHQHJyUHSHWLGDPHQWHDPDQLIHVWDUXQDRSLQLyQFRQWUDULDQR
VRORHQUHODFLyQFRQODH[SXOVLyQGHORVMXGtRVHQVLQRWDPELpQFRQ
HO FDVR GH DFXVDFLyQ GH FULPHQ ULWXDO GHO 1LxR GH OD *XDUGLD 6X
FRQGLFLyQ GH DFDGpPLFR R GH HVSHFLDOLVWD HQ ORV 5H\HV &DWyOLFRV QR
SDUHFH TXH LQYDOLGH OR PiV PtQLPR HVWH MXLFLR \ VL DFDVR REOLJD D
IRUPXODUVHLQTXLHWDQWHVSUHJXQWDV
(Q ORV GRV FDVRV FLWDGRV SRGUtDQ DGXFLUVH PXFKRV PiV HO
WUDWDPLHQWR GH OD LJOHVLD FDWyOLFD UHFXHUGD D ORV GH FLHUWRV PHGLRV GH
FRPXQLFDFLyQ WDPELpQ YLQFXODGRV D HVWD FRQIHVLyQ HQ ORV TXH OD
LQIRUPDFLyQVREUHODVYLVLWDVGHOSDSDHVGHWDOODGD\HQWXVLDVWDDXQTXH
SRUUHJODJHQHUDOQXQFDVHLQFOX\DQUHIHUHQFLDVDVXFRVWHSHURVHRFXOWD
GHPDQHUDVLVWHPiWLFDODLQIRUPDFLyQUHODWLYDDODVILQDQ]DVGHOD6DQWD
6HGHRDORVFDVRVGHSHGHUDVWLDHQHOFOHUR
1RPXFKRPHMRUWRGRKD\TXHGHFLUORKDVLGRODPDQHUDHQTXHVH
KDQDFHUFDGRDOWHPDDXWRUHVGHDFHQGUDGDYLVLyQDQWLFDWyOLFD3RUUHJOD
JHQHUDOVXVDQiOLVLVVHKDQFHQWUDGRHQODJXHUUDFLYLOHLQFOXVRHQHVRV
FDVRV QR VH SXHGH GHFLU TXH QR GHMHQ PXFKR TXH GHVHDU (O
GHVFRQRFLPLHQWR GHO KHFKR UHOLJLRVR GH OD +LVWRULD DQWHULRU \ HQ QR
HVFDVDPHGLGDHOSUHMXLFLRDFDEDQFRQYLUWLHQGRXQDWDUHDQHFHVDULDOD
GHKLVWRULDUGRQGHRWURVQRORKDQKHFKRHQEDOGtD
6LQ HPEDUJR D SHVDU GH TXH HVWD HV OD UHDOLGDG KLVWRULRJUiILFD SRU
GHILQLFLyQ OD +LVWRULD GHEH FRPR GLVFLSOLQD VHU FRPSOHWD \ UHFRJHU
WRGRVORVDVSHFWRVTXHQRVSHUPLWDQWHQHUXQDLGHDJOREDOGHOIHQyPHQR
DO TXH QRV DFHUFDPRV 8Q KLVWRULDGRU TXH VH DFHUFDUD DO
QDFLRQDOVRFLDOLVPRDOHPiQ\GHFLGLHUDVRVOD\DUFXDOTXLHUPHQFLyQDORV
FDPSRV GH H[WHUPLQLR D ODV FiPDUDV GH JDV R D ORV(LQVDW]JUXSSHQ QR
SRGUtDVLQRSLQWDUXQFXDGURDEVROXWDPHQWHGHVHQIRFDGR$GHFLUYHUGDG
+LWOHU VLQ HO KRUURU GH ORV FDPSRV SRGUtD VHU SUHVHQWDGR FRPR XQ
VRFLDOLVWD QDFLRQDOLVWD GHVHRVR GH UHKDELOLWDU VX QDFLyQ (VD SDUWH GH OD
+LVWRULDVHUtDFLHUWDSHURHOFXDGURJOREDOKDEUtDSDVDGRSRUDOWRTXHOD
UHDOLGDG KLVWyULFD IXH WUiJLFDPHQWH GLVWLQWD (VD HV SUHFLVDPHQWH OD
VLWXDFLyQ D OD TXH QRV FRQGXFHQ ORV HVWXGLRV GHO WLSR GH ORV VHxDODGRV
DQWHULRUPHQWH
/D LJOHVLD FDWyOLFD QR KD VLGR KLVWyULFDPHQWH HO EDVWLyQ GH OD OX]
PXFKDV YHFHV VH PDQLIHVWy FRPR VX HQHPLJD PiV HQFDUQL]DGD TXH
SUHWHQGHQ VXV DSRORJLVWDV RFXOWDQGR REYLDQGR R UHWRUFLHQGR KHFKRV
KLVWyULFRV LQFRQWHVWDEOHV 6LQ HPEDUJR WDPSRFR VH SXHGH UHGXFLU GH
PDQHUDVLPSOLVWDDSUHVHQWDUODFRPRODDGYHUVDULDGHXQDL]TXLHUGDTXH
GH HQWUDGD QL VLTXLHUD H[LVWtD GXUDQWH OD PD\RU SDUWH GH VX GHYHQLU
KLVWyULFR
$ GtD GH KR\ VLJXH VLHQGR OD ~OWLPD PRQDUTXtD DEVROXWD XQD GH ODV
~OWLPDVWHRFUDFLDVMXQWRDO,UiQGHORVD\DWROiV\XQDHQWLGDGSROtWLFD
TXH VLHPSUH KD WHQLGR XQD DJHQGD SURSLD \ XQ EDJDMH LGHROyJLFR SDUD
OHJLWLPDUODSRUHQFLPDGHODDFFLyQGHODVRWUDVSRWHQFLDVGHODpSRFD6LQ
WHQHU HQ FXHQWD HVRV DVSHFWRV HV LPSRVLEOH FRPSUHQGHU OR TXH KD
VLJQLILFDGRSDUDOD+LVWRULDXQLYHUVDO\GHPDQHUDPX\FRQFUHWDSDUDOD
GH(VSDxD
(VWH OLEUR FRQVWLWX\H XQ LQWHQWR GH PRVWUDU DTXHOORV DVSHFWRV TXH VRQ
GH PDQHUD SHUWLQD] \ VLVWHPiWLFD RULOODGRV HQ ODV KLVWRULDV HVFULWDV SRU
DXWRUHV FDWyOLFRV \ WDPELpQ QRFDWyOLFRV TXH VROR VDEHQ DFHUFDUVH DO
IHQyPHQRGHVGHXQDSHUVSHFWLYDQRPHQRVGHWHUPLQDGDLGHROyJLFDPHQWH
HLQFOXVRPiVOLPLWDGDHQHOWLHPSR
'LYLGLGR HQ RFKR SDUWHV HO OLEUR DERUGD HQ ODV SULPHUDV OR TXH IXH HO
GHVDUUROOR GH OD LJOHVLD FDWyOLFD GHVGH VXV LQLFLRV HQ (VSDxD KDVWD OD
UHXQLILFDFLyQ QDFLRQDO GH ILQDOHV GHO VLJOR;9 HQWUDQGR HQ DTXHOORV
DVSHFWRV TXH GH IRUPD JHQHUDOL]DGD VH VXHOHQ H[FOXLU WRWDO R
SDUFLDOPHQWH GH ODV REUDV FDWyOLFDV SHUR TXH UHVXOWDQ HVHQFLDOHV SDUD
FRPSUHQGHUODYHUGDGHUDLQIOXHQFLDGHODLQVWLWXFLyQ
$ FRQWLQXDFLyQ OD REUD HQWUD HQ HO SHUtRGR GH OD &RQWUDUUHIRUPD
DEVROXWDPHQWH HVHQFLDO SDUD FRPSUHQGHU OD +LVWRULD GH (VSDxD \D TXH
FLHUWDPHQWH GHWHUPLQDUi VX GHVDUUROOR GXUDQWH ORV VLJORV VLJXLHQWHV H
LQFOXVRDGtDGHKR\SHUGXUDVXLQIOXHQFLDDXQTXHPXFKRVYLYLpQGRODGH
PDQHUDFRWLGLDQDQRVHDQFDSDFHVGHSHUFLELUOD\DQDOL]DUOD
/DV VLJXLHQWHV SDUWHV HVWiQ UHIHULGDV DO SHVR GH OD LJOHVLD FDWyOLFD
GXUDQWH ORV VLJORV;9,,, ;,; \;;HQTXHGHIRUPDFRQWLQXD\QRSRFDV
YHFHVYLROHQWDVHRSXVRIURQWDOPHQWHDOD,OXVWUDFLyQDODFRQILJXUDFLyQ
GHXQHVWDGROLEHUDO\DODDUWLFXODFLyQGHGLVWLQWRVLQWHQWRVGHPRFUiWLFRV
HQ OD PHGLGD HQ TXH ORV FRQVLGHUDED XQ SHOLJUR SDUD VXV SULYLOHJLRV
VHFXODUHV
)LQDOPHQWHODREUDFRQFOX\HFRQHOSDSHODEVROXWDPHQWHHVHQFLDO
GHODLJOHVLDFDWyOLFDHQODFRQILJXUDFLyQGHOUpJLPHQGHOD7UDQVLFLyQ\OD
PDQHUD HQ TXH KD FRQVHJXLGR LQFUHPHQWDU VXV SULYLOHJLRV FRQ ORV
GLIHUHQWHV JRELHUQRV WDQWR GH L]TXLHUGD FRPR GH GHUHFKD TXH VH KDQ
VXFHGLGRGHVGHPHGLDGRVGHORVDxRVVHWHQWDGHOVLJOR;;
(Q QR HVFDVD PHGLGD HVWH HQVD\R KLVWyULFR FRQVWLWX\H XQD +LVWRULD
VHFUHWD SRUTXH QR SRFRV GH ORV DVSHFWRV VRQ KXUWDGRV HQ RWUDV REUDV R
LQFOXVR DOJXQRV GH HOORV VRQ GHVFRQRFLGRV 1R HV PHQRV FLHUWR TXH HO
DQiOLVLVJOREDOWDO\FRPRDSDUHFHHQHVWHYROXPHQKDHVWDGRWRWDOPHQWH
DXVHQWHGHODKLVWRULRJUDItDHVSDxROD1RSRGtDSXHVVHUPiVQHFHVDULR
$KRUD GHVSURYLVWR GH ODV OHQWHV VXFLDV \ HPSDxDGDV GHO SUHMXLFLR HV
PLVLyQGHOOHFWRUHQMXLFLDUOR

0LDPLQRYLHPEUHGH
 35,0(5$3$57(

'HODFRQYHUVLyQHQUHOLJLyQHVWDWDO
DODVROXFLyQILQDOGHOSUREOHPDMXGtR
 

/DHMHFXFLyQGHOSULPHUGLVLGHQWH

(/&5,67,$1,602//(*$$(63$f$

/DOOHJDGDGHOFULVWLDQLVPRD(VSDxDGLItFLOPHQWHKXELHUDVHUYLGRSDUD
SUHVDJLDUORTXHVHUtDHOFDWROLFLVPRSRVWHULRU/H\HQGDVDSDUWH6DQWLDJR
QXQFD HVWXYR HQ (VSDxD HVD DILUPDFLyQ FRPR WHQGUHPRV RFDVLyQ GH
YHUVXUJLyGXUDQWHOD(GDG0HGLDHQPHGLRGHXQDPELHQWHGHYLROHQFLD
QDGD SDUHFLGR D OD SUHGLFDFLyQ SDFtILFD GH -HV~V QL WDPSRFR OOHJDURQ
KDVWDOD3HQtQVXOD,EpULFDORVOODPDGRV9DURQHVDSRVWyOLFRV/DSULPHUD
SUHGLFDFLyQ PiV TXH SUREDEOHPHQWH GHULYy GH 3DEOR GH 7DUVR XQ
DQWLJXR IDULVHR FRQYHUWLGR D OD IH HQ -HV~V HO PHVtDV \ GHVHRVR GH
DOFDQ]DUFRQVXPHQVDMHKDVWDOR~OWLPRGHOFRVPRVFRQRFLGRDODVD]yQ
$O ILQDO GH VX WHUFHU YLDMH HO DSyVWRO 3DEOR KDEtD VLGR GHWHQLGR HQ
-HUXVDOpQ\GHVGHDOOtKDEtDSDVDGRDODUHVLGHQFLDGHOJREHUQDGRUURPDQR
HQ&HVDUHD\FRQSRVWHULRULGDGWUDVXQDJLWDGRSHULSORPDUtWLPRKDEtD
OOHJDGRD5RPD$OFDERGHGRVDxRVGHGHWHQFLyQGRPLFLOLDULD3DEOR
FRPR KDEtD SHQVDGR IXH SXHVWR HQ OLEHUWDG /DV UD]RQHV SDUD HVH
GHVHQODFH SXHGHQ HVWDEOHFHUVH FRQ IDFLOLGDG 6H KD DSXQWDGR D OD
SRVLELOLGDG GH TXH VXV DFXVDGRUHV QR FRPSDUHFLHUDQ HQ SOD]R DQWH HO
WULEXQDO LPSHULDO \ TXH OD DFFLyQ OHJDO TXHGDUD DVt HQHUYDGD 7DPSRFR
SXHGHGHVFDUWDUVHTXHVXSXHVWDHQOLEHUWDGUHVSRQGLHUDDXQVLPSOHDFWR
GHLPSHULXPGHOFpVDU 'HVGHOXHJRGHORTXHVtWHQHPRVFRQVWDQFLDHV
GHTXHHQWRUQRDODxRVHHQFRQWUDEDHQ+LVSDQLD
 1R HV SRVLEOH VDEHU FXiQGR SXGR QDFHU HQ 3DEOR OD LGHD GH OOHJDU D
+LVSDQLD DXQTXH QR KDQ IDOWDGR ORV TXH KDQ HVSHFXODGR FRQ OD
SRVLELOLGDGGHTXHIXHUD\DXQVXHxRMXYHQLOFRQHFWDGRFRQODDILUPDFLyQ
GHO 6DOPR   HQ OD TXH VH KDEOD GH FyPR ORV UH\HV GH 7DUVLV
LGHQWLILFDGD FRQ 7DUWHVVRV \ GH ODV LVODV OOHYDUtDQ VX WULEXWR DO UH\ GH
,VUDHO (Q UHDOLGDG SLVDPRV WHUUHQR VHJXUR VROR D SDUWLU GH VX
DILUPDFLyQ FRQWHQLGD HQ OD FDUWD D ORV 5RPDQRV   \  HQ OD TXH
DQXQFLDVXSURSyVLWRGHDOFDQ]DU+LVSDQLD/RVWHVWLPRQLRVDOUHVSHFWRQR
VRQHVFDVRV(OPiVDQWLJXRDXQDVWUHVGpFDGDVGHORVKHFKRVHVHOGHO
URPDQR &OHPHQWH TXH HQ VX FDUWD D ORV &RULQWLRV HVFULWD F  VHxDODED
TXH3DEORKDEtDOOHJDGRDOH[WUHPRGH2FFLGHQWH(OWH[WRQRPHQFLRQD
OLWHUDOPHQWH+LVSDQLDSHURODH[SUHVLyQG\VLV2FFLGHQWHSDUDHOPXQGR
GH OD pSRFD VLJQLILFDED HVWD UHJLyQ GHO LPSHULR \ HO WpUPLQRWHUPD
H[WUHPR VROtD DSOLFDUVH DO H[WUHPR GHO PXQGR TXH SRU HMHPSOR
)LOyVWUDWRORFDOL]DEDHQ*DGHVODDFWXDO&iGL]
(OVHJXQGRWHVWLPRQLRGHODYHQLGDGH3DEORD(VSDxDORHQFRQWUDPRV
HQHOIDPRVR&DQRQGH0XUDWRULGHOVLJOR,,(VWDLPSRUWDQWtVLPDIXHQWH
DO UHIHULUVH D /XFDV VHxDOD TXH HO OLEUR GH ORV +HFKRV GH ORV$SyVWROHV
UHODWD DO H[FHOHQWtVLPR 7HyILOR OR TXH VXFHGLy HQ VX SUHVHQFLD FRPR
TXHGDHYLGHQWHPHQWHGHPDQLILHVWRSRUHOKHFKRGHTXHSDVDSRUDOWROD
SDVLyQGH3HGUR\HOYLDMHGH3DEORGHVGH5RPDD+LVSDQLD/DQRWLFLD
QRGHMDGHVHULQWHUHVDQWHHQODPHGLGDHQTXHSRQHGHPDQLILHVWRTXHHQ
HOVLJOR,,HQODFRPXQLGDGFULVWLDQDGH5RPDODQRWLFLDGHOYLDMHSDXOLQRD
+LVSDQLD HVWDED WRWDOPHQWH HVWDEOHFLGD H LQFOXVR KDEtD TXH H[SOLFDU SRU
TXp XQ KHFKR WDQ LPSRUWDQWH QR KDEtD VLGR UHODWDGR SRU /XFDV HQ ORV
+HFKRV
8QWHVWLPRQLRVLPLODUHQFRQWUDPRVHQORV+HFKRVGH3HGURUHGDFWDGRV
DILQDOHVGHOVLJOR,,RLQLFLRVGHOVLJOR,,,(QHVWDIXHQWHVHPHQFLRQDHO
YLDMHGH3DEORD+LVSDQLDHQWUHVRFDVLRQHV/DSULPHUDHVXQDUHIHUHQFLD
DODPLVLyQTXH'LRVOHHQWUHJDD3DEORSDUDTXHVHGLULMDDHVDSDUWHGHO
LPSHULRODVHJXQGDFXDQGR3DEORDOVDOLUGH5RPDHQGLUHFFLyQD
+LVSDQLDSLGHDORVKHUPDQRVTXHRUHQSRUpO\ODWHUFHUDDO
PHQFLRQDUHOKHFKRGHTXH3DEORQRVHHQFXHQWUDHQODFDSLWDOGHOLPSHULR
SRUTXHHVWiHQ+LVSDQLD$ODDOWXUDGHOVLJOR ,9ODVUHIHUHQFLDVD
OD HVWDQFLD GH 3DEOR HQ +LVSDQLD VRQ \D PX\ IUHFXHQWHV HQ ODV IXHQWHV
SDWUtVWLFDV
-HUyQLPRPHQFLRQDSRUHMHPSORTXH3DEORUHDOL]yHOYLDMHSRUPDU 
XQDQRWLFLDTXHSDUHFHSODXVLEOHHQODPHGLGDHQTXHVHKXELHUDWUDWDGRGH
XQWUD\HFWRPiVFRUWR'HKHFKRH[LVWtDQOtQHDVGHDUPDGRUHVGH*DGHV
TXHXQtDQHVDFLXGDGKLVSDQDODSULPHUDGH(XURSDFRQ3XWHROL\FRQ
HOSXHUWRURPDQRGH2VWLD3OLQLRHO9LHMRQRVKDGHMDGRODQRWLFLD GH
FyPR*DGHVSRGtDFRPXQLFDUVHFRQ2VWLDHQVLHWHGtDVGHQDYHJDFLyQ\
FyPRHOWUD\HFWRSRUPDUGHVGH7DUUDFRODDFWXDO7DUUDJRQDVHUHGXFtD
WDQ VROR D FXDWUR 6L SRU HO FRQWUDULR \ GH PDQHUD EDVWDQWH LPSUREDEOH
3DEORKXELHUDUHDOL]DGRHOYLDMHSRUWLHUUDKDEUtDWHQLGRTXHVHJXLUOD9LD
$XJXVWDGHMDQGRDWUiV0DUVHOODSDVDQGRSRU3HUWKXV\FRQWLQXDQGRSRU
HO YDOOH GHO $PSXUGiQ SRU )LJXHUDV R OD -XQTXHUD (Q HVH FDVR
LQVLVWDPRV TXH PX\ SRFR SUREDEOH VX LWLQHUDULR KXELHUD LPSOLFDGR HO
SDVRSRU(PSRULRQ$PSXULDV*HUXQD*HURQD\%DUFLQR%DUFHORQD
SDUD GHVHPERFDU WDPELpQ HQ 7DUUDFR /D WUDGLFLyQ GH OD YLVLWD SDXOLQD
GHWHUPLQDUtD SRVWHULRUPHQWH TXH SUHFLVDPHQWH OD VHGH WDUUDFRQHQVH D
SHVDU GH OD SULPDFtD FRQFHGLGD KLVWyULFDPHQWH D 7ROHGR KD\D VLGR
FRQVLGHUDGDODSULPDGDGH(VSDxD
-XQWRDORVGDWRVVREUHXQDYLVLWDDOD+LVSDQLDFLWHULRUH[LVWHQDOJXQDV
WUDGLFLRQHVPXFKRPHQRVVHJXUDVUHODWLYDVDXQDHVWDQFLDGH3DEORHQOD
%pWLFD&LHUWDPHQWHGHVGH7DUUDJRQDOD9LD$XJXVWDSDVDEDSRU'HUWRVD
7RUWRVD 6DJXQWR 9DOHQFLD 6DHWDELV -iWLYD /XFHQWLXP $OLFDQWH \
&DUWDJR 1RYD &DUWDJHQD SDUD DGHQWUDUVH OXHJR HQ %DVWL %D]D \$FFL
*XDGL[HQGLUHFFLyQD0DODFD&DUWHLD$OJHFLUDV%DHOR\*DGHV6LQ
HPEDUJRODVEDVHVSDUDFRQHFWDUHVWRVOXJDUHVFRQXQYLDMHSDXOLQRVRQ
H[LJXDV(OWUD\HFWRGH3DEORSRUWLHUUDVKLVSDQDVIXHHQFXDOTXLHUFDVR
EUHYH H LED D SUHFHGHU HO ~OWLPR YLDMH GH 3DEOR HVWD YH] SRU 2ULHQWH
3RVLEOHPHQWHHVH~OWLPRGXUyDSHQDVXQRVPHVHVHODSyVWROYROYLyDVHU
GHWHQLGR\HVWDYH]MX]JDGRDQWHHOHPSHUDGRUDFDEyVLHQGRGHFDSLWDGR
 'H DTXHO SDVR GHO DSyVWRO SRU +LVSDQLD TXHGy SRFR 1R HV IiFLO
GHWHUPLQDUVLHOFULVWLDQLVPRSRVWHULRUWHQtDRULJHQDIULFDQRHVSRVLEOH
 SHUR Vt VDEHPRV TXH VX H[SDQVLyQ HVWXYR PiV R PHQRV UHODFLRQDGD
FRQ OD SDUWH RFFLGHQWDO GHO LPSHULR 7HQGUtD WDPELpQ VXV FDUDFWHUtVWLFDV
SURSLDV(QWUHHOODVVHHQFRQWUDUtDQGRVTXHVXHOHQSDVDUVHSRUDOWRHQODV
KLVWRULDV RILFLDOHV GH OD LJOHVLD FDWyOLFD HQ (VSDxD 1RV UHIHULPRV D OD
UHSUHVLyQ GH ORV GLVLGHQWHV \ DO DQWLVHPLWLVPR 'H OD SULPHUD FXHVWLyQ
QRV RFXSDUHPRV HQ HVWH FDStWXOR OD VHJXQGD OD DERUGDUHPRV HQ ORV
VXFHVLYRV

35,6&,/,$12</$(-(&8&,1'(
/2635,0(526',6,'(17(6

'H OD SUHGLFDFLyQ GH 3DEOR SRFR VH FRQVHUYDED DO FDER GH XQ SDU GH
VLJORV (O DSyVWRO KDEtD LQVLVWLGR HQ TXH QR KDEtD RWUR (YDQJHOLR DSDUWH
GHOGHODMXVWLILFDFLyQSRUODIH*iODWDVHQTXHHQODV
(VFULWXUDVVHHQFRQWUDEDORQHFHVDULRSDUDVHUVDOYDGRDWUDYpVGHODIHHQ
&ULVWR7LPRWHRHQTXHQRH[LVWtDRWURPHGLDGRUHQWUH'LRV\
ORVKRPEUHVTXH&ULVWR,7LPRWHRRHQTXHORVRELVSRVGHEtDQVHU
FDVDGRV , 7LPRWHR   &DVL QDGD GH HOOR TXHGDED HQ +LVSDQLD D
LQLFLRV GHO VLJOR,9 3RFDV YHFHV VH KDQ H[SUHVDGR PiV HORFXHQWHPHQWH
HVD WUDQVIRUPDFLyQ YHUGDGHUDPHQWH HVSHFWDFXODU TXH HQ XQD GH ODV
REUDVGH-+1HZPDQFDUGHQDOFDWyOLFRSURFHGHQWHGHODQJOLFDQLVPR(O
SUHODGRGHVFULELUtDGHODVLJXLHQWHPDQHUDODPXWDFLyQH[SHULPHQWDGDSRU
ODIHRULJLQDOPHQWHSUHGLFDGDSRU-HV~VHOMXGtR

(QHOFXUVRGHOVLJORFXDUWRGRVPRYLPLHQWRVRGHVDUUROORVVHH[WHQGLHURQSRUODID]
GH OD FULVWLDQGDG FRQ XQD UDSLGH] FDUDFWHUtVWLFD GH OD LJOHVLD XQR DVFpWLFR HO RWUR
ULWXDORFHUHPRQLDO6HQRVGLFHGHYDULDVPDQHUDVHQ(XVHELR9&RQVW,,,,9
FTXH&RQVWDQWLQRDILQGHUHFRPHQGDUODQXHYDUHOLJLyQDORVSDJDQRVWUDQVILULyD
ODPLVPDORVRUQDPHQWRVH[WHUQRVDORVTXHDTXHOORVKDEtDQHVWDGRDFRVWXPEUDGRVSRU
VXSDUWH1RHVQHFHVDULRHQWUDUHQXQWHPDFRQHOTXHODGLOLJHQFLDGHORVHVFULWRUHV
SURWHVWDQWHV QRV KD IDPLOLDUL]DGR D OD PD\RUtD GH QRVRWURV (O XVR GH WHPSORV
HVSHFLDOPHQWH ORV GHGLFDGRV D FDVRV FRQFUHWRV \ DGRUQDGRV HQ RFDVLRQHV FRQ UDPDV
 GH iUEROHV HO LQFLHQVR ODV OiPSDUDV \ YHODV ODV RIUHQGDV YRWLYDV DO FXUDUVH GH XQD
HQIHUPHGDG HO DJXD EHQGLWD ORV DVLORV ORV GtDV \ pSRFDV VDJUDGRV HO XVR GH
FDOHQGDULRV ODV SURFHVLRQHV ODV EHQGLFLRQHV GH ORV FDPSRV ODV YHVWLGXUDV
VDFHUGRWDOHVODWRQVXUDHODQLOORPDWULPRQLDOHOYROYHUVHKDFLD2ULHQWHODVLPiJHQHV
HQ XQD IHFKD SRVWHULRU TXL]iV HO FDQWR HFOHVLiVWLFR \ HO.\ULH (OHLVRQ VRQ WRGRV GH
RULJHQSDJDQR\VDQWLILFDGRVSRUVXDGRSFLyQHQODLJOHVLD

/D GHVFULSFLyQ GH 1HZPDQ GLItFLOPHQWH KXELHUD SRGLGR VHU PiV

LOXPLQDGRUD /D IH VHQFLOOD GH -HV~V HO MXGtR TXH SRVWHULRUPHQWH VXV
GLVFtSXORVGLIXQGLHURQSRUODFXHQFDGHO0HGLWHUUiQHRGHVGH,VUDHOKDVWD
+LVSDQLD VH YLR LQYDGLGD SRU XQD DXWpQWLFD DYDODQFKD GH
FRPSRUWDPLHQWRVGHFDUiFWHUSDJDQR'HPDQHUDELHQVLJQLILFDWLYDWRGDV
HVDV FRQGXFWDV DFDEDUtDQ DQHJDQGR OD EDVH LQLFLDO GH OD SUHGLFDFLyQ
HYDQJpOLFD KDVWD HO SXQWR GH DFDEDU SRU VXVWLWXLUOD 'H KHFKR D GtD GH
KR\ PLOORQHV GH SHUVRQDV TXH VH FRQVLGHUDQ FULVWLDQDV VH VHQWLUtDQ PiV
LGHQWLILFDGDVFRQODVSUiFWLFDVSDJDQDVGHVFULWDVSRU1HZPDQTXHSRUORV
HQXQFLDGRV GH 3DEOR VHxDODGRV /D UHVSRQVDELOLGDG HSLVFRSDO HQ WDQ
SURIXQGR FDPELR UHVXOWD LQQHJDEOH /HMRV GH UHVLVWLUVH DQWH DTXHOOD
PXWDFLyQ ODV DXWRULGDGHV FULVWLDQDV VHGXFLGDV SRU OD LGHD GH
FRQYHUWLUVH HQ XQD UHOLJLyQ FHUFDQD DO HPSHUDGRU SULPHUR \ RILFLDO
GHVSXpVQRRIUHFLHURQODPHQRUUHVLVWHQFLDDOSURFHVRGHSDJDQL]DFLyQ
(OUHVXOWDGRIXHXQSURWRFDWROLFLVPRHQpOHVWDEDQDXVHQWHVDOJXQDVGH
ODV QRWDV FDUDFWHUtVWLFDV GHO FDWROLFLVPR SRVWHULRU SHUR \D LQFRUSRUDGDV
RWUDVTXHPDQWHQGUtDDORODUJRGHORVVLJORVODLPSURQWDGHOSDJDQLVPR
GHORVVLJORVDQWHULRUHV(VHVWHXQIHQyPHQRTXHH[FHGHORVOtPLWHVGHO
SUHVHQWH HVWXGLR SHUR TXH GHEH VHxDODUVH VLTXLHUD VRPHUDPHQWH SDUD
FRPSUHQGHUHOFDVRGH3ULVFLOLDQR
/RV DSRORJLVWDV FDWyOLFRV GH 6XOSLFLR 6HYHUR D 0HQpQGH] 3HOD\R VH
KDQ HPSHxDGR HQ SUHVHQWDU D 3ULVFLOLDQR FRPR XQ DUFKLKHUHMH FDEHFLOOD
GHXQPRYLPLHQWRGHPDVDV\FXOSDEOHGHKDEHUDEUD]DGRODJQRVLV\HO
PDQLTXHtVPRORTXHFHQWXHVWDPHQWHOHJLWLPDUtDVXHMHFXFLyQ6LQHQWUDU
HQORVMXLFLRVGHYDORUGHHVDYHUVLyQGHORTXHQRFDEHODPHQRUGXGDHV
GH TXH HV LQVRVWHQLEOH KLVWyULFDPHQWH \ GH TXH FROLVLRQD GH PDQHUD
IURQWDOFRQHODQiOLVLVGHODVIXHQWHV
 'HHQWUDGDFRPRKDVHxDODGRXQHVWXGLRUHFLHQWHHOFULVWLDQLVPRGHOD
pSRFD HUD \D XQD UHOLJLyQ UHERVDQWH GH FULVWLDQRV SDJDQL]DGRV
$XQTXH PiV ELHQ KDEUtD TXH KDEODU GH SDJDQRV VROR HSLGpUPLFDPHQWH
FULVWLDQL]DGRV VL SRU FULVWLDQL]DFLyQ VH HQWLHQGH OD FHUFDQtD DO FRQWHQLGR
GHO 1XHYR 7HVWDPHQWR /D QXHYD UHOLJLyQ UHEDMDED QRWDEOHPHQWH VXV
H[LJHQFLDVSDUDIDFLOLWDUODHQWUDGDGHORVSDJDQRV\HVWDEDFLUFXQVFULWD
DOiPELWRGHODFLXGDG&LHUWDPHQWHGXUDQWHHOVLJOR,9VHSURGXFLUtDXQ
FUHFLPLHQWR GH OD UHG HSLVFRSDO SHUR FDEH DWULEXLUOR PiV DO GHVHR GH
DFDSDUDU XQRV FDUJRV HSLVFRSDOHV SRU SDUWH GH OD pOLWH VRFLDO TXH D XQD
FULVWLDQL]DFLyQUHDO (Q HVH FRQWH[WR GH FULVWLDQLVPR SDJDQL]DGR SHUR
DWUDFWLYRHQODPHGLGDHQTXHODVVHGHVHSLVFRSDOHVHVWDEDQVXVWLWX\HQGR
FRPR IRUPD GH SRGHU D ODV GHELOLWDGDV HVWUXFWXUDV LPSHULDOHV VXUJLy OD
ILJXUDGH3ULVFLOLDQR
6XOSLFLR6HYHURKDGHMDGRWUD]DGRXQUHWUDWRGH3ULVFLOLDQRTXHQRQRV
GLFH PXFKR 'H pO DILUPD TXH HUD GH IDPLOLD QREOH ULFR GH FDUiFWHU
IXHUWHLQTXLHWRHORFXHQWHHUXGLWRSRUODPXFKDOHFWXUDPX\GLVSXHVWRD
ODSUHGLFDFLyQ\ODGLVFXVLyQTXHKDEUtDWHQLGRp[LWRFLHUWDPHQWHGHQR
KDEHUVHFRUURPSLGRVXWDOHQWRELHQGRWDGRFRQDILFLRQHVHTXLYRFDGDV
$HVWRKD\TXHDxDGLUTXHHUDODLFRFXDQGRFRPHQ]yWRGRHOHSLVRGLR$O
FRPHQ]DU OD FRQWURYHUVLD GHQRPLQDGD FRQYHQFLRQDOPHQWH
SULVFLOLDQLVWDHOPLVPR3ULVFLOLDQRHUDXQSHUVRQDMHVHFXQGDULRTXHQL
VLTXLHUD GHVHPSHxDED IXQFLRQHV SUHVELWHULDOHV R HSLVFRSDOHV 'H KHFKR
QR KD\ UHIHUHQFLDV D XQD VHFWD SULVFLOLDQLVWD KDVWD HO DxR 
DSUR[LPDGDPHQWH\DGHVSXpVGHVXPXHUWH
6HJ~Q OD YHUVLyQ GH 6XOSLFLR HO RELVSR +LJLQLR GH &yUGRED KDEUtD
GHVFXELHUWR OD KHUHMtD GH 3ULVFLOLDQR \ VH OD KDEUtD FRPXQLFDGR D RWUR
RELVSR +LGDFLR GH 0pULGD &RPR IRUPD GH GHQLJUDU D SRVWHULRUL D
3ULVFLOLDQR HO UHODWR WLHQH XQ FODUR FRQWHQLGR OHJLWLPDGRU SHUR HV
LQVRVWHQLEOHDWHQRUGHODVIXHQWHVKLVWyULFDVFRPRWHQGUHPRVRFDVLyQGH
YHU $ OD VD]yQ ORV SUREOHPDV FRQ ORV TXH WHQtDQ TXH HQIUHQWDUVH ORV
RELVSRV KLVSDQRV LQFOXtDQ GH HQWUDGD OD KHUHMtD DUULDQD XQ SUREOHPD
TXHFRPRYHUHPRVQDGDWHQtDTXHYHUFRQ3ULVFLOLDQRVLHQGRIUHFXHQWHV
ORV FDPELRV GH SRVLFLyQ OOHYDGRV D FDER D LPSXOVRV GH ODV
WUDQVIRUPDFLRQHV GH OD SROtWLFD LPSHULDO OD DPHQD]D TXH FLHUWR
DVFHWLVPR VLJQLILFDED SDUD HO OD[LVPR HSLVFRSDO \ OD LQVLVWHQFLD HQ
LPSRQHU HO FHOLEDWR HQ HO FOHUR HQ FRQWUD GH OR HQVHxDGR HQ HO 1XHYR
7HVWDPHQWR1LQJXQDGHHVWDVFXHVWLRQHVWHQtDYLQFXODFLyQFRQHOJUXSR
DOTXHHVWDEDXQLGR3ULVFLOLDQR%LHQGLVWLQWDVHUDQRWUDVFXHVWLRQHVTXHVt
TXHHQFRQWUDPRVUHODFLRQDGDVFRQpOFRPRHOHVWXGLR\ODHQVHxDQ]DGH
ODV(VFULWXUDVDSDUWHGHORGLVSXHVWRSRUODMHUDUTXtDODLQVLVWHQFLDHQTXH
HORELVSRGHEtDVHUGHVLJQDGRSRUODFRQJUHJDFLyQ\QRSRUHOUHVWRGHOD
MHUDUTXtD\XQSDSHOGHODPXMHUHQODFRQJUHJDFLyQTXHFRQWHPSODPRVHQ
HO 1XHYR 7HVWDPHQWR SHUR TXH \D KD GHVDSDUHFLGR GHO FULVWLDQLVPR GHO
VLJOR,9 (Q RWUDV SDODEUDV OR TXH HO JUXSR HQ HO TXH HVWDED 3ULVFLOLDQR
SUHWHQGtDFXHQWDFRQSDUDOHORVQXPHURVRVHQOD+LVWRULDGHOFULVWLDQLVPR
SRVWHULRUDOVLJOR,9TXHOOHJDKDVWDOD5HIRUPDSURWHVWDQWHGHOVLJOR;9,
8QJUXSRGHFUH\HQWHVDEULJDODFRQYLFFLyQGHTXHSXHGHDFFHGHUDOWH[WR
GHOD%LEOLDVLQODFHQWHUYLVLyQGHODMHUDUTXtDHLQFOXVRFRQVLGHUDOtFLWR
OHHURWURVWH[WRVGHUHOLJLyQHQODFHUWH]DGHTXHFXHQWDFRQODVXILFLHQWH
VHQVDWH]FRPRSDUDSRGHUVHSDUDUHOJUDQRGHODSDMD'HHVDOHFWXUDQR
VROR VH GHVSUHQGH HV XQD FRQVWDQWH KLVWyULFD XQD FODUD FUtWLFD GHO
HVWDGRGHFRVDVH[LVWHQWHGLVWDQWHHQPD\RURPHQRUPHGLGDGHORTXH
VH HQVHxD HQ ODV (VFULWXUDV VLQR WDPELpQ HO GHVFXEULPLHQWR GH TXH HO
RUGHQ HFOHVLDO QR HV HO FRUUHFWR \ TXH XQD GH VXV PDQLIHVWDFLRQHV HV HO
UHOHJDPLHQWR GH OD PXMHU +LJLQLR FDSWy DO PHQRV DOJXQRV GH HVRV
HOHPHQWRV \ DVt VH OR FRPXQLFy D RWUR RELVSR TXL]i SRUTXH WHPtD TXH
VHPHMDQWHV SXQWRV GH YLVWD VH H[WHQGLHUDQ D VX GLyFHVLV (O UHVXOWDGR GH
HVDVLWXDFLyQIXHODFHOHEUDFLyQGHXQVtQRGRHQ=DUDJR]D
'H PDQHUD ELHQ VLJQLILFDWLYD TXH PXHVWUD KDVWD TXp SXQWR OD
LQIRUPDFLyQGH6XOSLFLR6HYHUR\ODPDQHUDHQTXHDFXVyD3ULVFLOLDQRQR
VH FRUUHVSRQGH FRQ OD UHDOLGDG HQ HO FLWDGR VtQRGR QR VH KDEOy GH
KHUHMtD $ pO DVLVWLHURQ GRFH RELVSRV VH DSUREDURQ RFKR FiQRQHV \
FXHVWLyQLPSRUWDQWHQLVLTXLHUDVHFRQYRFyDORVTXHVRVWHQtDQODVWHVLV
GH 3ULVFLOLDQR DFHUFD GH OD OLEUH LQWHUSUHWDFLyQ GH ODV (VFULWXUDV OD
HOHFFLyQGHRELVSRVSRUODFRQJUHJDFLyQRHOPD\RUSDSHOGHODPXMHUHQ
HO VHQR GH OD FRPXQLGDG$ GHFLU YHUGDG ORV GRFXPHQWRV HPDQDGRV GHO
VtQRGR]DUDJR]DQRQLFRQGHQDURQDODJHQWHFRQODTXHHVWDEDUHODFLRQDGR
3ULVFLOLDQRQLDHVWHQLVXVSRVWXUDV1RVRUSUHQGHTXHHORELVSR+LGDFLR
VHVLQWLHUDHQFUHVSDGRSRUORTXHFRQVLGHUDEDXQDJUDYHDPHQD]DSDUDVX
DXWRULGDG/RHUDUHDOPHQWH"
/DV IXHQWHV LQGLFDQ TXH QR (O JUXSR DO TXH SHUWHQHFtD 3ULVFLOLDQR HUD
UHGXFLGR\HQQRSRFDVRFDVLRQHVIXHREMHWRGHDWDTXHVSRUODVWXUEDV
/RPiVSRVLEOHHVTXHVHWUDWDUDGHXQFROHFWLYRSHTXHxRHLOXVWUDGRTXH
WUDV H[DPLQDU ODV (VFULWXUDV WDQ VROR GHVHDUD XQD PD\RU FRKHUHQFLD
FULVWLDQD HQ OD LJOHVLD XQD FRQILJXUDFLyQ HSLVFRSDO FRQIRUPH DO 1XHYR
7HVWDPHQWRXQDPD\RUOLEHUWDGSDUDOHHUFXDOTXLHUHVFULWRUHOLJLRVR\XQ
SDSHO GH OD PXMHU PiV DPSOLR 0LHQWUDV TXH SDUD PXFKRV RELVSRV OD
H[LVWHQFLD GHO JUXSR FDUHFtD GH UHOHYDQFLD \ PiV WHQLHQGR HQ FXHQWD
TXH QR VH HQFRQWUDED HQ VX GLyFHVLV SDUD HO GH 0pULGD UHVXOWDED
LQWROHUDEOH &XDQGR DGHPiV HQ VX GLyFHVLV XQD SDUWH GH OD FRPXQLGDG
GHFLGLyLQFOLQDUVHSRUDTXHOODVWHVLVHORELVSR+LGDFLRVHVLQWLyWRGDYtD
PiVDPHQD]DGR&RQWRGRORTXHSURYRFyXQHQFUHVSDPLHQWRPD\RUIXH
HOQRPEUDPLHQWRGH3ULVFLOLDQRFRPRRELVSRGHYLOD8QJUXSRSHTXHxR
TXHQRGLIXQGHQLQJXQDKHUHMtD\TXHVRORFDXVDSUREOHPDVDXQRELVSR
SRGtD VHU UHODWLYDPHQWH WROHUDEOH SDUD DOJXQRV SHUR XQ RELVSR
FRQYHQFLGRGHHVDVWHVLV\FDSD]GHLPSODQWDUODVHQXQDGLyFHVLVHUDDOJR
PX\ GLIHUHQWH $ SDUWLU GH HVH PRPHQWR 3ULVFLOLDQR SDVDED GH VHU XQ
PLHPEURGHOFROHFWLYRDVLPEROL]DUORSRUFRPSOHWR
+LGDFLR GLR HQWRQFHV XQ SDVR TXH LED D WHQHU XQD WUDVFHQGHQFLD
H[WUDRUGLQDULDHQOD+LVWRULDSRVWHULRUGH2FFLGHQWH$FXGLyDOSRGHUFLYLO
SDUD TXH SURFHGLHUD D H[SXOVDU D ORV VHJXLGRUHV GH 3ULVFLOLDQR $Vt
FRQVLJXLyGHOHPSHUDGRU*UDFLDQRXQUHVFULSWRGHFRQGHQDFRQWUDpO\VXV
VHJXLGRUHV/DFDXVDDOHJDGDIXHTXHSURIHVDEDQHOPDQLTXHtVPRXQD
UHOLJLyQFRQGHQDGDGHVGHHODxR6HWUDWDEDGHXQDDFXVDFLyQIDOVD
VLQ GXGD DOJXQD SHUR TXH SRGtD SHUPLWLU OD HOLPLQDFLyQ GH XQRV
GLVLGHQWHV 3RU FHQWXHVWR ORV SULVFLOLDQLVWDV UHVSRQGLHURQ \ OR KLFLHURQ
SUHVHQWDQGRXQHVFULWRFRQWUDORVPDQLTXHRVFRQORVTXHQRWHQtDQSXQWR
GH FRQWDFWR 3HUR HUDQ FRQVFLHQWHV GH TXH VX VLWXDFLyQ HUD LQFyPRGD
,QWHQWDQGR VDOYDUVH ORV SULVFLOLDQLVWDV UHFRJLHURQ FDUWDV GH GLVWLQWDV
FRPXQLGDGHV HQ ODV TXH VH LQIRUPDED SRVLWLYDPHQWH GH HOORV \ D
FRQWLQXDFLyQ GHFLGLHURQ SRQHUVH HQ FDPLQR KDFLD ,WDOLD GRQGH HVWDEDQ
ODV VHGHV PiV UHOHYDQWHV GH 2FFLGHQWH 5RPD \ 0LOiQ (V PiV TXH
SRVLEOHTXHSHQVDUDQTXHVLORVRELVSRVGHHVWDVGLyFHVLVORVDSR\DEDQHO
HPSHUDGRUQRHMHFXWDUtDFRQWUDHOORVVXUHVFULSWR3HURQLHQ0LOiQQLHQ
5RPD IXHURQ UHFLELGRV D SHVDU GH TXH FRQ GHVWLQR DO RELVSR GH HVWD
GLyFHVLV KDEtDQ UHGDFWDGR HO/LEHU DG 'DPDVXP (Q QR HVFDVD PHGLGD
UHVXOWD OyJLFR TXH DVt IXHUD 1R KDEtD QLQJXQD UD]yQ SDUD GHIHQGHU GHO
SRGHU LPSHULDO D XQ JUXSR TXH SUHWHQGtD TXH HO DFFHVR D ODV (VFULWXUDV
IXHUD OLEUH TXH VH SXGLHUD OHHU FRQ OLEHUWDG FXDOTXLHU HVFULWR UHOLJLRVR
TXH OD FRQJUHJDFLyQ HOLJLHUD DO RELVSR \ TXH OD PXMHU WXYLHUD XQ SDSHO
PD\RU 6L OD VXHUWH GH ORV SULVFLOLDQLVWDV QR IXH SHRU VH GHELy D OD
LQWHUYHQFLyQGH0DFHGRQLRPDJLVWHURIILFLRUXP0DFHGRQLRHUDSDJDQR\
QRGHEtDGHYHUFRQEXHQRVRMRVTXHORVRELVSRVSUHWHQGLHUDQYDOHUVHGHO
SRGHULPSHULDOSDUDVXVLQWULJDV
(Q HO DxR  ORV SULVFLOLDQLVWDV KDEtDQ UHFXSHUDGR VXV FDUJRV
HFOHVLDOHV(VSRVLEOHTXHHVWRVSHQVDUDQTXHODGLVSXWDKDEtDFRQFOXLGRD
VXIDYRU/DUHDOLGDGHVTXHHVWDEDDSXQWRGHFRPHQ]DUHO~OWLPRDFWRGHO
GUDPD6XSURWDJRQLVWDIXHRWURRELVSR,WDFLRGH2VVRQRED(VWRL)DUR
$PLJR GH +LGDFLR ,WDFLR DxDGLy D ODV DFXVDFLRQHV DQWHULRUHV XQD
HVSHFLDOPHQWHVXJHVWLYDODGHPDJLD
(OFDUJRGHPDJLDIXHUHFXUUHQWHHQOD$QWLJHGDGFRPRXQDPDQHUDGH
LQWHQWDU GDU H[SOLFDFLyQ DO p[LWR GH XQ HQHPLJR HVSHFLDOPHQWH RGLDGR
/RV URPDQRV QR WXYLHURQ DVt SUREOHPD D OD KRUD GH DFXVDU GH PDJLD D
&OHRSDWUDFyPRH[SOLFDUGHORFRQWUDULRVXp[LWRFRQ0DUFR$QWRQLR"
 QL DOJXQRV UDELQRV GH FXOSDU D -HV~V GH H[WUDYLDU DO SXHEOR GH ,VUDHO
UHFXUULHQGRDHVDPLVPDDUPD/RVHMHPSORVKLVWyULFRVDOUHVSHFWRVRQ
PX\QXPHURVRV6LDOJXLHQORJUDTXHORVLJDQVLQPHUHFHUORVXIDOWDGH
PHUHFLPLHQWRV UDGLFD IXQGDPHQWDOPHQWH HQ OD GLIHUHQFLD GH FULWHULRV
UHVSHFWR D ORV TXH ODQ]DQ OD DFXVDFLyQ VROR SXHGH GHEHUVH D OD
KHFKLFHUtD6HPHMDQWHFLUFXQVWDQFLDSXHGHTXL]iUHVXOWDUQRVULVLEOHHQOD
DFWXDOLGDG SHUR SRGtD FRVWDU OD YLGD DO DFXVDGR GH LQFXUULU HQ HOOD (Q
WRUQRDODxRHOSUDHIHFWXVSUHWRULR*UHJRULRUHFLEtDXQDGHQXQFLDGHO
FLWDGRRELVSRDFXVDQGRD3ULVFLOLDQR\DORVVX\RVGHSUDFWLFDUODPDJLD
,QPHGLDWDPHQWH*UHJRULRFRQYRFyDORVSULVFLOLDQLVWDVD7UpYHULV\HQYLy
XQLQIRUPHD*UDFLDQRDXWRUGHOUHVFULSWRTXH\DSUHYLDPHQWHORVKDEtD
FDOLILFDGRLQMXVWDPHQWHGHKHUHMHV
/D UHDFFLyQ GH ORV SULVFLOLDQLVWDV IXH OD GH UHFXUULU QXHYDPHQWH D
0DFHGRQLR ORJUDQGR DVt TXH OD FDXVD IXHUD WUDVSDVDGD GHOSUDHIHFWXVDO
YLFDULXV +LVSDQLDUXP (Q RWUDV SDODEUDV SDUHFtDQ FRQILDU HQ TXH VL HO
SRGHUFLYLOH[DPLQDEDVXFDXVDHQ+LVSDQLDDSHVDUGHFDUHFHUGHODSR\R
GH ORV RELVSRV GH 5RPD \ GH 0LOiQ SRGUtDQ GHPRVWUDU VX LQRFHQFLD GH
ORVFDUJRVTXHVHIRUPXODEDQFRQWUDHOORV4XL]iORKXELHUDQFRQVHJXLGR
GH QR WHQHU OXJDU XQ QXHYR FUXFH GHO SRGHU FLYLO FRQ HO HFOHVLiVWLFR (Q
DJRVWRGH0i[LPRHQWUyHQ7UpYHULVFRPRQXHYRHPSHUDGRUFRQOD
LQWHQFLyQGHJREHUQDUVREUH*DOLDH+LVSDQLD3DUDPXFKRV0i[LPRQR
SDVDED GH VHU XQ JHQHUDO JROSLVWD TXH SUHFLVDED UHFLELU DOJ~Q WLSR GH
OHJLWLPLGDG (Q HVH VHQWLGR QHFHVLWDED GH PDQHUD DFXFLDQWH QR YHUVH
GHVOHJLWLPDGRSRUODMHUDUTXtDHFOHVLDOVLQRSRUHOFRQWUDULRDOLJXDOTXH
7HRGRVLRHQRULHQWHREWHQHUVXUHVSDOGR)XHDVtFRPR0i[LPRGHFLGLy
UHWHQHUODFDXVDHQOD*DOLDHLQWHQWDUVROYHQWDUODHQHOVHQRGHODLJOHVLD
6LQ HPEDUJR D HVDV DOWXUDV ORV HQHPLJRV GH 3ULVFLOLDQR QR HVWDEDQ
GLVSXHVWRV D DFHSWDU RWUD FRQFOXVLyQ TXH OD HOLPLQDFLyQ ItVLFD GH ORV
GLVLGHQWHV 2ELVSRV FRPR %ULWDQLR 0DJQR 5XIR R 8UVDFLR QR WXYLHURQ
GLILFXOWDG HQ LPSRQHU VXV SXQWRV GH YLVWD VREUH HO HPSHUDGRU &XDQGR
0i[LPR FRQYRFy XQ FRQFLOLR HQ %XUGHRV SDUD VROYHQWDU OD VLWXDFLyQ
3ULVFLOLDQR QR HQFRQWUy RWUD VDOLGD TXH OD GH DFXGLU DFRPSDxDGR GH ORV
VX\RVIXHUDQFOpULJRVRODLFRV1RFDEtDVLQHPEDUJRKDFHUVHLOXVLRQHV
VREUH OR TXH LED D VXFHGHU 'H KHFKR FXDQGR ,QVWDQFLR XQR GH ORV
SDUWLGDULRV GH 3ULVFLOLDQR LQWHUYLQR IXH GHVSRMDGR GH VX GLJQLGDG
HSLVFRSDO 3RVLEOHPHQWH DWHPRUL]DGR DQWH VHPHMDQWH SHUVSHFWLYD
3ULVFLOLDQRVROLFLWyVHUMX]JDGRSRUODDXWRULGDGFLYLOTXHHQPRPHQWRV
DQWHULRUHVKDEtDVLGRPiVSURFOLYHDODLPSDUFLDOLGDG$VtMXQWRFRQORV
VX\RVIXHFRQGXFLGRD7UpYHULV
4XHHOGHVWLQRGH3ULVFLOLDQRSRGtDVHUODPXHUWHDSHVDUGHODIDOWDGH
SUHFHGHQWHVDOUHVSHFWRVHGHVSUHQGHGHOKHFKRGHTXH0DUWtQGH7RXUV
ORJUDUDTXH0i[LPROHSURPHWLHUDTXHQRKDEUtDHMHFXFLRQHV0DUWtQHUD
VLQGXGDXQSHUVRQDMHGHQRWDEOHVFDUDFWHUtVWLFDV+DEtDVLGRVROGDGRHQ
HOSDVDGR\KDEtDDEDQGRQDGRODFDUUHUDGHODVDUPDVFRQYHQFLGRGHTXH
HUDDEVROXWDPHQWHLQFRPSDWLEOHFRQHOKHFKRGHVHUFULVWLDQR6HPHMDQWH
SRVLFLyQ KDEtD VLGR JHQHUDOL]DGD GXUDQWH ORV WUHV SULPHURV VLJORV SHUR
UHVXOWDED FDVL LPSHQVDEOH HQ HO VLJOR,9 HQ TXH OD LJOHVLD DQVLDED
FRQYHUWLUVH HQ OD EDVH FRQIHVLRQDO GHO LPSHULR 0DUWtQ VLQ HPEDUJR
KDEtD PDQWHQLGR XQD UHSXJQDQFLD QDWXUDOPHQWH FULVWLDQD KDFLD HO
GHUUDPDPLHQWR GH VDQJUH \ OD LGHD GH TXH XQD GLVSXWD HFOHVLDO SXGLHUD
]DQMDUVH GH HVD PDQHUD OR VREUHFRJtD SRVLEOHPHQWH SRUTXH LPDJLQDED
TXHSRGtDDFDEDUSRUVHQWDUXQSHOLJURVtVLPRSUHFHGHQWH
$ SHVDU GH ODV SURPHVDV GH 0i[LPR 3ULVFLOLDQR VH YLR LQFXUVR HQ XQ
GREOH SURFHVR HQ HO FXUVR GHO FXDO IXH VRPHWLGLWRR D WRUWXUD \
OyJLFDPHQWH DFDEy FRQIHVDQGR FUtPHQHV QR FRPHWLGLWRRV &RQ WRGR QR
GHMD GH VHU VLJQLILFDWLYR TXH D SHVDU GHO WRUPHQWR OD FRQIHVLyQ GH
3ULVFLOLDQR IXHUD PX\ SDUFD (Q QLQJ~Q PRPHQWR UHFRQRFLy TXH
SUDFWLFDUD OD PDJLD R TXH IXHUD PDQLTXHR ODV GRV SULQFLSDOHV
DFXVDFLRQHV IRUPXODGDV FRQWUD pO VLQR VROR TXH KDEtD FHOHEUDGR
UHXQLRQHV QRFWXUQDV HQ ODV TXH SDUWLFLSDEDQ PXMHUHV \ TXH KDEtD RUDGR
GHVQXGR6HPLUHFRPRVHPLUHODVDFXVDFLRQHVQRSDUHFHTXHUHYLVWLHUDQ
XQD JUDQ UHOHYDQFLD SHUR HQ FXDOTXLHU FDVR GHMDQ GH PDQLILHVWR KDVWD
TXpSXQWRKDEtDLGRHYROXFLRQDQGRODGLVSXWDLQLFLDO3DUD0i[LPRQDGD
GHHVWRWHQtDPD\RULPSRUWDQFLDDQVLRVRSRUUHFLELUHOUHVSDOGRHSLVFRSDO
(QWRUQRDOIXHURQHMHFXWDGRVSRUVHQWHQFLDLPSHULDO3ULVFLOLDQRORV
FOpULJRV )HOLFtVLPR \$UPHQLR HO ODLFR /DWURQLDQR -XOLDQR \ (XFURFLD
FX\R GHOLWR KDEtD VLGR DFRJHU HQ VX FDVD D 3ULVFLOLDQR \ VXV VHJXLGRUHV
GXUDQWH XQ YLDMH (UD HO LQLFLR (Q SURFHGLPLHQWRV SRVWHULRUHV IXHURQ
FRQGHQDGRVDPXHUWH$VDULYR\HOGLiFRQR$XUHOLRDOH[LOLRHQODLVODGH
6\OLQDQFLV 7LEHULDQR HO RELVSR ,QVWDFLR H +LJLQLR DO H[LOLR D OD *DOLD
7pUWXOR 3RWDPLR \ -XDQ 3RU FHQWXHVWR ORV ELHQHV GH WRGRV ORV
FRQGHQDGRVIXHURQFRQILVFDGRV&RQWRGRODVLWXDFLyQKXELHUDSRGLGRVHU
SHRU SRUTXH 0i[LPR KDEtD HQYLDGR DJHQWHV D +LVSDQLD SDUD ORFDOL]DU D
ORVVHJXLGRUHVGH3ULVFLOLDQR6LDOILQ\DODSRVWUHVHPHMDQWHSHVTXLVD
QR VH OOHYy D FDER VH GHELy D OD LQWHUYHQFLyQ GH 0DUWtQ GH 7RXUV  1L
+LGDFLRQL,WDFLRORJUDURQFRQVHUYDUVXVVHGHVHSLVFRSDOHVWUDVODFDtGDGH
0i[LPR SHUR HVD FLUFXQVWDQFLD QR OOHYy D OD UHKDELOLWDFLyQ GH
3ULVFLOLDQR TXH SDUDGyMLFDPHQWH SXHGH VHU HO SHUVRQDMH HQWHUUDGR HQ
&RPSRVWHOD FRPR HO DSyVWRO 6DQWLDJR &RQ WRGR HVRV VRQ DVSHFWRV
VHFXQGDULRVTXHQRSXHGHQDSDUWDUQRVGHODHQRUPHWUDVFHQGHQFLDGHHVWH
HSLVRGLRSDUDOD+LVWRULDXOWHULRU
(Q OD SHOtFXOD9HQFHGRUHVRYHQFLGRV"  VH UHODWD HO SURFHVR GH YDULRV
MXHFHVTXHVLUYLHURQHQWULEXQDOHVGXUDQWHHO7HUFHU5HLFK8QRGHHOORV
LQWHUSUHWDGRSRU%XUW/DQFDVWHUDFHSWyHQHOSDVDGRFRQGHQDUDPXHUWHD
XQDQFLDQRMXGtRSRUGHOLWRVH[XDODSHVDUGHVXLQRFHQFLD5HFRQRFHTXH
HVMXVWDVXFRQGHQD\GHVGHVXFHOGDOODPDDOSUHVLGHQWHGHOWULEXQDO
LQWHUSUHWDGR SRU 6SHQFHU 7UDF\ SDUD DJUDGHFHUOH VX HFXDQLPLGDG D OR
ODUJR GH OD FDXVD $QWHV GH GHVSHGLUVH /DQFDVWHU GLFH HQ WRQR
H[FXOSDWRULR TXH QXQFD SHQVDURQ TXH VH SXGLHUD OOHJDU DO KRUURU GH ORV
FDPSRV\GHODVFiPDUDVGHJDV6SHQFHU7UDF\OHUHVSRQGHHQWRQFHVTXH
DWRGRHVRVHOOHJyHOGtDTXHDFHSWyFRQGHQDUDPXHUWHDXQLQRFHQWH/D
HMHFXFLyQGH3ULVFLOLDQR\VXVVHJXLGRUHVPDUFyXQSXQWRGHLQIOH[LyQHQ
OD+LVWRULDGHODLJOHVLDRFFLGHQWDO3RUSULPHUDYH]HOGLVLGHQWHQRIXH
REMHWRGHFHQVXUDRGLVFLSOLQDHFOHVLDOHVVLQRTXHIXHHQWUHJDGRDOSRGHU
FLYLO SDUD TXH SURFHGLHUD D VX HMHFXFLyQ SRU UD]RQHV UHOLJLRVDV 3DUD
ORJUDU WDQ H[HFUDEOH ILQ ORV RELVSRV KLVSDQRV QR GXGDURQ HQ PHQWLU
FDOXPQLDU \ ILQDOPHQWH DSR\DUVH HQ OD GHELOLGDG SROtWLFD GH XQ SRGHU
LPSHULDO GH OHJLWLPLGDG GLVFXWLGD 'LItFLOPHQWH VH SRGUtD KDEHU SHQVDGR
HQ XQD FRQGXFWD PiV GLVWDQWH GH ODV HQVHxDQ]DV GHO MXGtR -HV~V 3RU HO
FRQWUDULRPXHVWUDHQRUPHVSDUDOHORVFRQODGHDTXHOORVTXHORJUDURQVX
PXHUWH6LQHPEDUJRORPiVJUDYHQRHUDQODVLQTXLHWDQWHVFRLQFLGHQFLDV
VLQR TXH OD SUiFWLFD VH UHSHWLUtD GH PDQHUD VLVWHPiWLFD HQ ORV VLJORV
VLJXLHQWHV HQ LQFRQWDEOHV RFDVLRQHV /R KDUtD SRUTXH FRQ DTXHOORV
RELVSRVKLVSDQRVFRPHQ]yWRGR
 

(OMXGtRFRPRDUFKLHQHPLJR,
DQWHVGHO,,,FRQFLOLRGH7ROHGR

/26-8'26(1(63$f$$17(6'(/6,*/2,9

(O FULVWLDQLVPR HV XQD IH MXGtD -HV~V HUD XQ MXGtR TXH YLYLy \ SHQVy
FRPR WDO \ TXH VH SUHVHQWy FRPR OD HQFDUQDFLyQ GH OD HVSHUDQ]D
PHVLiQLFDGH,VUDHO6XVDSyVWROHV\SULPHURVGLVFtSXORVFRPSDUWLHURQ
HVH PLVPR SHUILO 'H PDQHUD ELHQ VLJQLILFDWLYD \ WUiJLFD HO
FDWROLFLVPRVHGHVDUUROOyVREUHODEDVHGHHQIUHQWDUVHFRQHVDUHDOLGDG\
GH QHJDU GH PDQHUD FUHFLHQWHPHQWH YLROHQWD WRGD OHJLWLPLGDG DO
MXGDtVPR /D OOHJDGD GH ORV MXGtRV D (VSDxD IXH SUHYLD D OD GHO
FULVWLDQLVPR FLUFXQVWDQFLD TXH H[SOLFD OD YHQLGD GH 3DEOR VLHPSUH
SDUWLGDULRGHFRPHQ]DUVXSUHGLFDFLyQHQODVVLQDJRJDV\FLHUWDPHQWH
SHFXOLDU $ GLIHUHQFLD GH OR VXFHGLGR FRQ RWUDV FXOWXUDV TXH DUULEDURQ
KDVWDODSLHOGHWRURGXUDQWHORVVLJORVVLJXLHQWHVGHVFRQRFHPRVQRVROR
ODpSRFDQRGLJDPRV\DHODxRGHVXYHQLGDVLQRWDPELpQOD]RQDHQ
TXHSXGLHURQDVHQWDUVH$UTXHROyJLFDPHQWHQRKDOOHJDGRKDVWDQRVRWURV
QDGD\HSLJUiILFDPHQWHFXHVWDWUDEDMRGHFLUTXHODVLWXDFLyQVHDPHMRU
(VFLHUWRTXHH[LVWHQUHIHUHQFLDVDODSUHVHQFLDGHMXGtRVHQ(VSDxDHQOD
pSRFDGHOUH\6DORPyQHOSDUDGLJPDGHODVDELGXUtDHQWRUQRDOVLJOR;D
&SHURQRSDVDQGHVHUOH\HQGDVVLQIXQGDPHQWRKLVWyULFRVyOLGR(Q
UHDOLGDG VROR SLVDPRV XQ WHUUHQR DOJR PiV VyOLGR FXDQGR DEULPRV ODV
SiJLQDVGHOD%LEOLD/DSULPHUDUHIHUHQFLDODHQFRQWUDPRVHQHOOLEURGHO
SURIHWD-RQiV7UDVUHFLELUODRUGHQGH'LRVGHPDUFKDUD1tQLYH
SDUD SUHGLFDU HO DUUHSHQWLPLHQWR D ORV HQHPLJRV KLVWyULFRV GH ,VUDHO
-RQiVGHFLGLyQRVRORGHVREHGHFHUODFRPLVLyQGLYLQDVLQRDGHPiVSRQHU
WLHUUDGHSRUPHGLR/RTXHQRVLQWHUHVDGHOHSLVRGLRHVTXHSXHVWRDKXLU
GH ORV GHVLJQLRV GH 'LRV -RQiV SHQVy HQ PDUFKDU SRU EDUFR D OD OHMDQD
7DUVLVXQDORFDOLGDGVLWXDGDHQOD3HQtQVXOD,EpULFD\UHODFLRQDGDFRQOD
FRORQL]DFLyQ IHQLFLD (Q RWUDV SDODEUDV KDFH FDVL WUHV PLO DxRV XQ
LVUDHOLWD SRGtD FRQVLGHUDU OXJDU VHJXUR SDUD KXLU GH VX REOLJDFLyQ QDGD
PHQRVTXH7DUVLV'LItFLOUHVXOWDSRUORWDQWRFUHHUTXHQRKXELHUDMXGtRV
HQ HVH HQFODYH IHQLFLR 6X SUHVHQFLD HQ (VSDxD KDEUtD TXH VLWXDUOD HQ
DOJ~Q PRPHQWR TXL]i QR PX\ SRVWHULRU D OD IXQGDFLyQ GH *DGLU SRU ORV
IHQLFLRVHQWRUQRDODxRD&'HVHUFLHUWDHVWDKLSyWHVLVQRSDUHFH
H[WUDxRTXH-RQiVFRQVLGHUDUD7DUVLVFRPRXQGHVWLQRDGHFXDGR
/DVHJXQGDUHIHUHQFLDHQOD%LEOLDDXQD(VSDxDTXH\DHVGHQRPLQDGD
FRQ VX QRPEUH MXGtR SRVWHULRU HV GHFLU FRQ HO GH 6HIDUDG  OD
HQFRQWUDPRVHQXQEUHYHHVFULWRSURIpWLFRGHO$QWLJXR7HVWDPHQWRHOGH
$EGtDV (Q HO PLVPR QR VROR VH PHQFLRQD D ORV MXGtRV DILQFDGRV HQ
6HIDUDGVLQRTXHLQFOXVRVHYDWLFLQDQEHQGLFLRQHVSDUDHOORVHQXQIXWXUR
HVFDWROyJLFR (UD HVD 6HIDUDG GH$EGtDV OD PLVPD TXH OD SRVWHULRU HV
GHFLU (VSDxD" 'HVGH OXHJR \D HQ HO VLJOR , G & -RQDWiQ EHQ 8]LHO
GLVFtSXORGHODIDPDGRUDELQR+LOOHOLGHQWLILFy6HIDUDGFRQ(VSDxD\HVD
LGHQWLILFDFLyQVHPDQWHQGUtDXQiQLPHHQWRGDODWUDGLFLyQMXGtDSRVWHULRU
1RVRORHVR/RVFRPHQWDULRVMXGtRVDOSURIHWD$EGtDVHVFULWRVGXUDQWHOD
(GDG 0HGLD QR GXGDQ HQ DILUPDU TXH HVD 6HIDUDG QR HUD RWUD TXH
(VSDxD
$ HVWDV UHIHUHQFLDV EtEOLFDV VH VXPDQ ODV GH RWURV HVFULWRV MXGtRV \D
PHGLHYDOHVHQORVTXHVHDUWLFXODQOH\HQGDVVREUHODOOHJDGDGHORVKLMRV
GH ,VUDHO D (VSDxD FHQWXHVWDPHQWH KDEUtDQ OOHJDGR D 6HYLOOD \
SHUWHQHFHUtDQDODFDVDGH'DYLG\DODIDPLOLDGHOUDEt,VDDF$EUDEDQHO
SUHFLVDPHQWHHOTXHORFRQWDUtDGXUDQWHOD(GDG0HGLDHQVXFRPHQWDULRD
=DFDUtDV/DQRWLFLDVLQEDVHKLVWyULFDUHDOUR]DORIDEXORVRFXDQGR
HQOD&UyQLFDGH5DVLVVHQRVKDEODGHXQUH\VHYLOODQRTXHSDUWLFLSyHQHO
DVHGLRGH-HUXVDOpQ FXDQGR VH QRV GLFH TXH HO SURSLR 1DEXFRGRQRVRU
DFXGLy D (VSDxD \ TXH SRU HVD pSRFD OOHJDURQ D OD 3HQtQVXOD ,EpULFD
MR\DV FRPR ODV GHO WHPSOR GH -HUXVDOpQ R OD PHVD GH 6DORPyQ (VWD
HVFDVH]GHGDWRVH[SHULPHQWDXQFDPELRDOOOHJDUDOVLJOR,GHQXHVWUDHUD
'HKHFKRQRGHMDGHVHUVLJQLILFDWLYRTXHFXDQGRDPHGLDGRVGHOVLJOR,
G & &DOtJXOD DUURMy DO UH\ +HURGHV $QWLSDV \ D +HURGtDV GH 7LHUUD
6DQWDHVWRVVHDVHQWDUDQHQ+LVSDQLD OD PLVPD +LVSDQLD TXH FRQWDED
FRQ OD VXILFLHQWH SUHVHQFLD MXGtD FRPR SDUD TXH RWUR MXGtR 3DEOR GH
7DUVR OD YLHUD FRPR REMHWLYR GH VX SODQ GH HYDQJHOL]DFLyQ GHO PXQGR
FRQRFLGR
3RFRV DxRV GHVSXpV HQ HO DxR  G & ODV OHJLRQHV GH 7LWR WRPDURQ
-HUXVDOpQ\DUUDVDURQHOWHPSOR\QRSRFRVMXGtRVEXVFDURQUHIXJLROHMRV
GH VX VRODU QDFLRQDO /D HOHFFLyQ GH +LVSDQLD HQWUH RWURV HQFODYHV
DSDUHFH UHIOHMDGD HQ IXHQWHV WDOP~GLFDV /RV UHVWRV DUTXHROyJLFRV
FRQILUPDQ HVD FLUFXQVWDQFLD $Vt OR DWHVWLJXDQ SRU FLWDU VROR DOJXQRV
HMHPSORV XQ iQIRUD GHO PXVHR GH ,EL]D V, G & XQ SXWHDO GH
&yUGREDFRQHOQRPEUHGH7DGHR7KDGGDXV \XQDVHULHGHHSLWDILRV
XQRHPHULWHQVHGHXQWDO-XVWLQR,XVWLQXVSURFHGHQWHGH)ODYLD1HDSROLV
HV GHFLU OD 6LTXHP EtEOLFD \ OD DFWXDO 1DEOXV  RWUR FRSLDGR HQ
9LOODPHVtDVSURYLQFLDGH&iFHUHVGRQGHVHKDEODHQODFXDUWDOtQHDGHXQ
LXGHXV\RWURPiVSURFHGHQWHGH$GUD$OPHUtDGRQGHVHKDEODGHOD
QLxD6DORPRQXOD
/DGLVWULEXFLyQJHRJUiILFDGHHVDVFRORQLDVMXGtDVIXHFLHUWDPHQWHPX\
H[WHQVD ,QFOX\y D /LYLD OD DFWXDO /OtYLD (PSRULDH $PSXULDV ,OXUR
0DWDUy %DUFLQR %DUFHORQD 7DUUDJRQD HO OXJDU GRQGH PX\
SRVLEOHPHQWH 3DEOR GH 7DUVR SUHGLFy HO (YDQJHOLR GH -HV~V HO PHVtDV \
6HxRU 'HUWRVD 7RUWRVD (EXVVXV ,EL]D 0DLRUFD 0DOORUFD TXL]i
&DHVDUDXJXVWD =DUDJR]D 6DHWDELV -iWLYD &DUWKDJRQRYD &DUWDJHQD
$EGHUD $GUD GH GRQGH HUD OD QLxD MXGtD 6DORPRQXOD ,OLEHUULV
(OELUDR*UDQDGD0DODFD0iODJD*DGHV&iGL]1DEULVVD/HEULMD
+LVSDOLV 6HYLOOD ,OLSD $OFDOi GHO 5tR &HOWL 3HxDIORU &DUPR
&DUPRQD R &RUGXED &yUGRED $ HVWRV QRPEUHV KDEUtD TXH DxDGLU
IXHUD GHO /HYDQWH GH ODV %DOHDUHV \ GH $QGDOXFtD RWURV OXJDUHV FRPR
0pULGD 6HJyEULJD FHUFD GH &XHQFD R$VWXULFD$XJXVWD $VWRUJD /RV
MXGtRVOOHYDEDQVLJORVDVHQWDGRVHQ+LVSDQLDPiVTXHORVURPDQRV\
DO PHQRV HQ DSDULHQFLD QR FRQRFtDQ SUREOHPDV GH FRQYLYHQFLD FRQ HO
UHVWR GH ORV KDELWDQWHV GH DTXHOOD SHQtQVXOD LPSUHJQDGD \D HQ
SURIXQGLGDGSRUODFXOWXUDFOiVLFD\GHPDQHUDFUHFLHQWHSRUXQDIHTXH
KDEtDVXUJLGRSUHFLVDPHQWHHQHOVHQRGHOMXGDtVPRODIHFULVWLDQD&RPR
\D VHxDODPRV HQ HO FDStWXOR DQWHULRU VHPHMDQWH VLWXDFLyQ LED D FDPELDU
GHPDQHUDUDGLFDODSDUWLUGHOVLJOR,9

/$087$&,1'(/6,*/2,9

(OVLJOR,9WXYRXQDHQRUPHWUDVFHQGHQFLDSDUDOD+LVWRULDGH(XURSD\
FRQ HOOD SDUD OD GHO PXQGR (O FULVWLDQLVPR TXH KDEtD FRQVHJXLGR
VREUHYLYLU D GLH] SHUVHFXFLRQHV JHQHUDOHV \ D RWUDV SDUWLFXODUHV QR VROR
HPHUJtDPiVIXHUWHTXHQXQFDHQODVWLHUUDVGHOLPSHULRVLQRTXHDGHPiV
HUD FRQVLGHUDGR SRU XQR GH VXV PiV LPSRUWDQWHV FRQVHUYDGRUHV HO
HPSHUDGRU &RQVWDQWLQR FRPR DUJDPDVD LQGLVSHQVDEOH SDUD PDQWHQHU OD
FRQVLVWHQFLDGHOLPSHULR+DVWDHQWRQFHVDSHVDUGHODVGLIHUHQFLDVHQWUH
DPEDV IHV VXUJLGDV GHO ,VUDHO GHO 6HJXQGR 7HPSOR OD UHODFLyQ HQWUH
DPEDV QR KDEtD VLGR iVSHUD VDOYR DOJXQRV HSLVRGLRV H[FHSFLRQDOHV$Vt
*UHJRULRRELVSRGH,OOLEHUULVHQHOVLJOR,9IXHDXWRUGHDOJXQDVREUDV
HQ ODV TXH VH SRQH GH PDQLILHVWR HO GHVHR GH TXH ORV MXGtRV DEUDFHQ OD
FUHHQFLDHQ-HV~VSHURDODYH]\GHPDQHUDKDUWRVLJQLILFDWLYDLQGLFD
TXHODVUHODFLRQHVHQWUHDPERVFROHFWLYRVHUDQPX\FRUGLDOHVWDQWRTXH
QR UHVXOWDED LPSRVLEOH TXH ORV FULVWLDQRV DFDEDUDQ DGRSWDQGR SUiFWLFDV
SURSLDVGHOMXGDtVPR
'XUDQWH HVH VLJOR,9 HQ TXH VH DO]DED HQ (OFKH XQD VLQDJRJD FX\RV
UHVWRVKDQOOHJDGRKDVWDQRVRWURVMXGDtVPR\FULVWLDQLVPRPDQWHQtDQXQD
GLDOpFWLFD SHUR QR SXHGH KDEODUVH GH KRVWLOLGDG$ GHFLU YHUGDG OR TXH
HQFRQWUDPRVHQODVIXHQWHVHVODFODUDSRVLELOLGDGGHTXHORVILHOHVGHXQD
\RWUDUHOLJLyQVHYLHUDQVHGXFLGRVSRUODVSUiFWLFDV\ODVFUHHQFLDVGHOD
RWUD 6L HQ HO 7DOPXG \D HQFRQWUDPRV UHIHUHQFLDV D OD QHFHVLGDG GH
PDQWHQHUVHGLVWDQWHVGHDTXHOORVTXHFUHtDQTXH-HV~VGH1D]DUHWHUDHO
PHVtDVHQHOFULVWLDQLVPRODUHVSXHVWDFRPHQ]yDDUWLFXODUVHHQWRUQRD
ODVGHFLVLRQHVGHORVFRQFLOLRV$OUHVSHFWRUHVXOWDUHYHODGRUHOFHOHEUDGR
HQ +LVSDQLD PiV FRQFUHWDPHQWH HQ (OYLUD 6X IHFKD KD VLGR REMHWR GH
FRQWURYHUVLD\DXQTXHQRVLQFOLQDPRVSRUXQDVLWXDGDHQWUHORVDxRV
\  OD FLUFXQVWDQFLD HV VHFXQGDULD SDUD HO WHPD TXH HVWDPRV
DERUGDQGR
(O FRQFLOLR GH (OYLUD QRV VLW~D HQ XQ HVWDGLR FLHUWDPHQWH SULPLWLYR GH
ODV SUiFWLFDV FULVWLDQDV 3RU HMHPSOR HO FDQRQ  PDQWLHQH D~Q OD
SURKLELFLyQUHODWLYDDODVLPiJHQHVTXHVHHQFXHQWUDHQOD%LEOLDe[RGR
\VV'HXWHURQRPLR\VV,VDtDV\TXHIXHPDQWHQLGD
SRU ORV VDQWRV SDGUHV FRPR &LSULDQR 3DUD TXp SRVWUDUVH GHODQWH GH
ODV LPiJHQHV" (OHYD WXV RMRV DO FLHOR \ WX FRUD]yQ DOOt HV GRQGH GHEHV
EXVFDU D 'LRV R $JXVWtQ GH +LSRQD /D ~QLFD LPDJHQ TXH
QRVRWURV GHEHPRV KDFHUQRV GH &ULVWR HV WHQHU VLHPSUH SUHVHQWH VX
KXPLOGDGVXSDFLHQFLDVXERQGDG\HVIRU]DUQRVSDUDTXHQXHVWUDYLGDHQ
WRGRVHSDUH]FDDODVX\D$TXHOORVTXHDQGDQHQEXVFDGH-HV~V\GHVXV
DSyVWROHV SLQWDGRV HQ ODV SDUHGHV OHMRV GH FRQIRUPDUVH D OD (VFULWXUD
FDHQ HQ HO HUURU SHUR TXH GHVDSDUHFHUtD GXUDQWH OD (GDG 0HGLD \
VRORVHUtDUHFXSHUDGDSRUOD5HIRUPDGHOVLJOR;9,(VDDQWLJHGDGVLVH
QRVSHUPLWHHOWpUPLQRH[SOLFDWDPELpQHOFDUiFWHUGHODVSURKLELFLRQHV
TXHHQFRQWUDPRVHQORVFiQRQHVFRQFLOLDUHV
(QFRQWUDPRVUHIHUHQFLDVH[SUHVDVDORVMXGtRVHQORVFiQRQHV
\(OHVWDEOHFHODSURKLELFLyQGHTXHGRQFHOODVFULVWLDQDVFRQWUDLJDQ
PDWULPRQLR FRQ MXGtRV \ KHUHMHV HO FDQRQ  ELHQ VLJQLILFDWLYR
SURKtEHTXHORVMXGtRVEHQGLJDQORVIUXWRVGHWLHUUDVTXHHUDQSURSLHGDG
GHORVFULVWLDQRVHOSUHWHQGHHYLWDUTXHDPERVVHVLHQWHQDODPLVPD
PHVD\ILQDOPHQWHHOFDVWLJDHODGXOWHULRFRQPXMHUMXGtDRSDJDQD
6H WUDWD GH QRUPDV GH FDUiFWHU SDVWRUDO TXH WLHQHQ VX SDUDOHOR
SUHFLVDPHQWH HQ HO MXGDtVPR GHO TXH VLJORV DQWHV KDEtD QDFLGR HO
FULVWLDQLVPR $Vt HO FULVWLDQLVPR KLVSDQR DGRSWDED HQ HO VLJOR ,9 ODV
SURKLELFLRQHVVREUHHOPDWULPRQLRTXHORVKLMRVGH,VUDHOPDQWHQtDQHQVX
VHQRGHVGHDQWHVGHODOH\GH0RLVpV'HKHFKRORVPDWULPRQLRVPL[WRV
IXHURQFRQWHPSODGRVFRPRXQSHOLJURSDUDODFRPXQLGDGGH$EUDKDPDO
7DOPXGSDVDQGRSRU1HKHPtDV
6HUHFLEtDWDPELpQGHOMXGDtVPRODSURKLELFLyQGHFRPHUFRQJHQWHGH
RWUD IH XQD SURKLELFLyQ TXH DUUDQFDED GHO WHPRU D TXHEUDU ODV QRUPDV
GLHWpWLFDV GH OD 7RUi \ TXH FXULRVDPHQWH HO FULVWLDQLVPR SULPLWLYR QR
VLQFRQWURYHUVLDKDEtDHOLPLQDGR
)LQDOPHQWH QRV HQFRQWUDPRV FRQ XQD GLVSRVLFLyQ FRQ SDUDOHORV HQ HO
MXGDtVPRODGHODSURKLELFLyQGHTXHSHUVRQDGHRWUDIHEHQGLJDXRUHSRU
ORVIUXWRVGHODWLHUUD6LHQHO7DOPXGVHUHJLVWUDLQFOXVRODSURKLELFLyQ
GHDFXGLUDDOJXLHQTXHSXGLHUDFXUDUVLODWDOSHUVRQDLQYRFDEDHOQRPEUH
GH -HV~V DTXt KDOODPRV XQ GHVHR GH HYLWDU TXH GHWHUPLQDGRV ULWRV
UHOLJLRVRVVHDQHMHFXWDGRVSRUSHUVRQDVGHRWUDIH'HQXHYRHOSDUDOHOR
FRQHOMXGDtVPRUHVXOWDREYLR
$LQLFLRVGHOVLJOR ,9SRUORWDQWRORVMXGtRVTXHUHVLGtDQHQ+LVSDQLD
HUDQ XQD FRPXQLGDG SHTXHxD SHUR PX\ H[WHQGLGD TXH VH PDQWHQtD
VHSDUDGD VLJXLHQGR ODV QRUPDV WDOP~GLFDV GH OD FULVWLDQD D OD YH] TXH
HVWDVHJXtDGLVSRVLFLRQHVSDUDOHODVHQWHUUHQRVFRPRORVPDWULPRQLRVODV
FRPLGDV FRPXQHV R ODV FHOHEUDFLRQHV UHOLJLRVDV < VLQ HPEDUJR ODV
UHODFLRQHVGHEtDQVHUPiVGHFHUFDQtDTXHGHHQFRQDPLHQWRORVXILFLHQWH
FRPR SDUD TXH HO SHOLJUR GH ORV PDWULPRQLRV PL[WRV IXHUD XQD UHDOLGDG
SODXVLEOHRFRPRSDUDTXHDIDOWDGHSUHVEtWHURVHSXGLHUDSHGLUDOUDELQR
TXHEHQGLMHUDORVIUXWRVGHODWLHUUD/DVLWXDFLyQGHFRQYLYHQFLDPiV
TXHWROHUDEOHHQXQLPSHULRHQHOTXHODVGLIHUHQWHVFXOWXUDVVHKDOODEDQ
LQVHUWDGDV HQ HO ]yFDOR FRP~Q GH OD FOiVLFD \ HQ HO TXH ODV UHOLJLRQHV
SRGtDQFRQYLYLUDSHVDUGHOFUHFLHQWHSHVRGHORVSHUVHJXLGRVFULVWLDQRV
VHLEDDYHUDOWHUDGDGHPDQHUDVXVWDQFLDOHQODSULPHUDPLWDGGHOVLJOR
,9
 &RQVWDQWLQR *UDFLDQR 9DOHQWLQLDQR ,, R 7HRGRVLR EDMR HO FXDO HO
FULVWLDQLVPR VH FRQYLUWLy HQ OD UHOLJLyQ RILFLDO GHO LPSHULR UHFRUWDURQ
QRSRFRVEHQHILFLRVOHJDOHVGHORVTXHKDEtDQGLVIUXWDGRORVMXGtRVEDMRHO
LPSHULR&RQWRGRHOFDPELRGHDFWLWXGGHHVHFULVWLDQLVPRRILFLDOL]DGR\
SDJDQL]DGRSXHGHYHUVHFRQPiVFODULGDGHQXQHSLVRGLRTXHWXYRFRPR
HVFHQDULR0DKyQ&RQRFHPRVORVXFHGLGRJUDFLDVDODFDUWDGH6HYHURGH
0HQRUFDHO~QLFRGRFXPHQWRTXHQRVSHUPLWHFRQRFHUODVLWXDFLyQGHORV
MXGtRV HQ +LVSDQLD GXUDQWH HO VLJOR9$O SDUHFHU OD FRQYLYHQFLD HQWUH
MXGtRV \ FULVWLDQRV KDEtD VLGR SDFtILFD KDVWD HQWRQFHV SHUR OD VLWXDFLyQ
FDPELy GH PDQHUD UDGLFDO SUHFLVDPHQWH D UDt] GH OD PXWDFLyQ
H[SHULPHQWDGD SRU HO FULVWLDQLVPR HQ HO VLJOR,9 $ 0DKyQ OOHJy XQ
SUHVEtWHUR TXH YHQtD GH -HUXVDOpQ FRQ XQDV UHOLTXLDV UHODFLRQDGDV FRQ
(VWHEDQHOSURWRPiUWLUFULVWLDQR+HFKRV6XSUHGLFDFLyQSURYRFyXQ
DVDOWR D OD VLQDJRJD ORFDO (O GUDPD QR FRQFOX\y FRQ OD GHVWUXFFLyQ GHO
OXJDU GH FXOWR 3RU WHPRU SRU FRQYLFFLyQ SRU GHVHR GH VREUHYLYLU XQ
MXGtR OODPDGR 5XEpQ RSWy SRU EDXWL]DUVH (O VLJXLHQWH FRQYHUVR IXH
7HRGRUR XQ PLHPEUR GH OD FRPXQLGDG MXGtD H[FHSFLRQDOPHQWH
LPSRUWDQWH TXH HUD GRFWRU GH OD 7RUiSDWHU SDWUXP GH OD VLQDJRJD
GHIHQVRUFLYLWDWLV \ SDWURQR GHO PXQLFLSLR /D FRQYHUVLyQ GH 7HRGRUR
FRPR HQ HO FDVR GH 5XEpQ DWULEXLEOH D ODV UD]RQHV PiV GLYHUVDV
SURYRFy XQD YHUGDGHUD FDVFDGD 3RU FHQWXHVWR KXER MXGtRV TXH VH
QHJDURQDFDPELDUGHUHOLJLyQ\TXHSDUDHYLWDUORVHKLFLHURQDODPDURVH
UHWLUDURQDOXJDUHVDOHMDGRV3HURODWROHUDQFLDKDEtDFRQFOXLGR
(O HSLVRGLR \D GH SRU Vt LQTXLHWDQWH \ DQXQFLR GH XQ GUDPD TXH VH
UHSHWLUtD HQ HO VLJXLHQWH PLOHQLR XQD \ RWUD YH] UHVXOWDUtD SUHYLR DO
HPSHRUDPLHQWRGHODVLWXDFLyQGHORVMXGtRVFRQVXFRQVROLGDFLyQFRPR
UHLQRFRQVWUXLGRVREUHORVHVFRPEURVGHOLPSHULRVHLPSXVRXQVLVWHPD
OHJDO HQ HO TXH ORV MXGtRV FRPR HO UHVWR GH ORV KLVSDQRUURPDQRV VH
YLHURQVRPHWLGLWRRVDXQFyGLJRGLIHUHQWHDOGHORVLQYDVRUHVEiUEDURV
'HQWURGHHVDUHDOLGDGODGHVRPHWLGLWRRVVXVLWXDFLyQQRIXHSHRUTXHOD
GHRWURVGHGLVWLQWDUHOLJLyQ
(Q HO %UHYLDULR GH $ODULFR SRU HMHPSOR VH LQWHQWD FRQVHUYDU OD
SHUYLYHQFLDGHXQGHUHFKRURPDQRDGPLUDGRSHURHQQRHVFDVDPHGLGD
KHULGR GH PXHUWH (Q UHODFLyQ FRQ ORV MXGtRV VH FRQVHUYDURQ ODV
SURKLELFLRQHV GH TXH WXYLHUDQ HVFODYRV FULVWLDQRV GH TXH FRQVWUX\HUDQ
QXHYDV VLQDJRJDV \ GH TXH PROHVWDUDQ D ORV MXGtRV FRQYHUWLGRV DO
FULVWLDQLVPR 6LQ HPEDUJR VH UHFRQRFtDQ H[SUHVDPHQWH SULYLOHJLRV
FRPRHOGHUHVWDXUDUODVVLQDJRJDVHOGHQRSRGHUVHUGHWHQLGRVHQViEDGR
RHQIHVWLYLGDGHVMXGtDVHLQFOXVRHOGHTXHVXVWULEXQDOHVGLVIUXWDUDQGH
MXULVGLFFLyQFLYLOVLORVGRVOLWLJDQWHVHUDQMXGtRV\HVWDEDQGHDFXHUGR
/DVLWXDFLyQGHORVMXGtRVQRHUDLJXDODODGHORVFRQTXLVWDGRUHVJRGRV
SHUR LPSOLFDED HO UHFRQRFLPLHQWR LQFOXVR GH DOJXQRV SULYLOHJLRV \ IXH
PHMRUHQDOJ~QSHUtRGRTXHODGHORVFULVWLDQRVQRDUULDQRVDORVTXHVH
VRPHWLyDGLYHUVDVSUHVLRQHV\FODUDVGLVFULPLQDFLRQHV(OFDPELR\QR
SDUD ELHQ LED D FRPHQ]DU \D HQ HO VLJOR9,, FXDQGR ORV YLVLJRGRV VH
FRQVLGHUDURQ SDUWH GH OD QDFLyQ HVSDxROD \ FUHDURQ XQ VLVWHPD SROtWLFR
SURSLRPRGHODGRGHDFXHUGRDORVSULQFLSLRVGHODLJOHVLDFDWyOLFD
 

(OMXGtRFRPRDUFKLHQHPLJR,,HOUHLQRYLVLJRGR
FDWyOLFRGH5HFDUHGRD+RQRULR,

5(/,*,12),&,$/

(Q(VSDxDLEDDYLYLUXQRGHORVPRPHQWRVPiVWUDQVFHQGHQWDOHV
GH VX +LVWRULD 'XUDQWH ORV VLJORV DQWHULRUHV ORV YLVLJRGRV GH UHOLJLyQ
DUULDQD KDEtDQ FKRFDGR FRQ ORV KLVSDQRUURPDQRV TXH FUHtDQ HQ OD
GRFWULQD EtEOLFD GH OD WULQLGDG 6L SDUD HVWRV OD FRQWURYHUVLD LPSOLFDED
SUHVHUYDUODOLEHUWDGUHOLJLRVDHLQFOXVRGHVRxDUFRQXQDLJXDOGDGVRFLDO
TXHORVLQYDVRUHVGHOQRUWHKDEtDQTXHEUDGRSDUDORVYLVLJRGRVVHWUDWDED
GH GDU XQD PXHVWUD PiV GH VX FHQWHULRULGDG ([FHGH GHO REMHWR GHO
SUHVHQWH HVWXGLR DERUGDU HVDV WHQVLRQHV 6t GHEH LQGLFDUVH TXH OD
FHQWHULRULGDG FXOWXUDO GH ORV KLVSDQRUURPDQRV SRU QR KDEODU GH VX
FRQRFLPLHQWRPiVSURIXQGRGHORVWH[WRVEtEOLFRVFRQWDEDFRQHQRUPHV
SRVLELOLGDGHV GH LPSRQHU ODV WHVLV WULQLWDULDV VREUH ODV DUULDQDV$O FDER
GH XQRV DxRV QR IXHURQ SRFRV ORV JRGRV TXH DFHSWDURQ OD GRFWULQD
WULQLWDULD XQ KHFKR TXH GHVHPERFy LQFOXVR HQ GUDPDV FRPR HO GH OD
HMHFXFLyQ GHO SUtQFLSH +HUPHQHJLOGR WULQLWDULR SRU VX SDGUH HO DUULDQR
UH\ /HRYLJLOGR $TXHO FULPHQ GH HVWDGR IXH HO FDQWR GHO FLVQH GHO
DUULDQLVPR (O UH\ 5HFDUHGR KLMR GH /HRYLJLOGR \ KHUPDQR GH
+HUPHQHJLOGR VH FRQYLUWLy HQ HO ,,, FRQFLOLR GH 7ROHGR  D ODV
GRFWULQDVTXHVXSDGUHKDEtDFRPEDWLGRDVDQJUH\IXHJR
 (Q TXp PHGLGD DIHFWy HVWH FDPELR D OD VLWXDFLyQ GH ORV MXGtRV
HVSDxROHV",QLFLDOPHQWHHQFRQWUDGHORTXHVHKDDILUPDGRWDQWDVYHFHV
GDODVHQVDFLyQGHTXHHQQDGD(OSURSLR5HFDUHGRVHOLPLWyDGLFWDUXQD
VRODOH\UHIHULGDDORVMXGtRV6HWUDWDGHXQWH[WROHJDOQDGDQRYHGRVRHQ
HOTXHQRIXHPiVDOOiGHFRQILUPDUXQDQRUPDGHODUJDWUD\HFWRULDODTXH
YHGDEDODWHQHQFLDGHHVFODYRVFULVWLDQRV/DSURKLELFLyQKHPRVWHQLGR
RFDVLyQGHYHUORHUDDQWLJXDSHURQRGHEtDGHKDEHUGLVIUXWDGRGHXQ
FXPSOLPLHQWR HVSHFLDOPHQWH ULJXURVR 'H KHFKR VDEHPRV SRU XQD FDUWD
GHO SDSD *UHJRULR 0DJQR OD 9,, GH  TXH ORV MXGtRV LQWHQWDURQ
PHGLDQWHODHQWUHJDGHGLQHURORJUDUODGHURJDFLyQGHODOH\\DVLPLVPR
TXH QR KDEtDQ WHQLGR p[LWR HQ VX HPSHxR 3RU OR TXH LQGLFD HO PLVPR
WH[WRGH*UHJRULR0DJQRODILUPH]DGH5HFDUHGRHUDGLJQDGHHQFRPLRDO
QR GHMDUVH VRERUQDU SHUR QR HUD PHQRV FLHUWR TXH HQ ]RQDV FRPR OD
1DUERQHQVHORVMXGtRVDSHVDUGHODVOH\HVWHQtDQHVFODYRVFULVWLDQRV
6HUtD XQ FXDGUR TXH VH UHSHWLUtD YH] WUDV YH] GXUDQWH ORV VLJORV
VLJXLHQWHV 'H KHFKR ORV UH\HV TXH VXFHGLHURQ D 5HFDUHGR :LWHULFR
/LXYD ,, *XQGHPDUR HUDQ WDQ FDWyOLFRVFRPR HO PRQDUFD KLMR GH
/HRYLJLOGR\DOLJXDOTXHpOQRPDQLIHVWDURQXQHVSHFLDOFHORSRUDSOLFDU
ODOHJLVODFLyQTXHSURKLEtDDORVMXGtRVWHQHUHVFODYRVFULVWLDQRV
(QDVFHQGLyDOWURQR6LVHEXWR'HpOVHKDDILUPDGRTXHPDUFDHO
LQLFLR GH XQD OHJLVODFLyQ DQWLMXGtD SHUR VHPHMDQWH SXQWR GH YLVWD
UHVXOWD EDVWDQWH GLVFXWLEOH 'H 6LVHEXWR VDEHPRV TXH LQWHQWy PHGLDQWH
XQD OH\ GLULJLGD D WUHV RELVSRV FX\RV QRPEUHV VH FLWDQ \ D XQ
FRQMXQWRGHMXHFHV\SUHVEtWHURVLPSHGLUTXHORVMXGtRVWXYLHUDQHVFODYRV
FULVWLDQRVHQFLHUWDV]RQDVGHOVXUGH(VSDxD(QRWUDVSDODEUDVSDVDEDQ
ORV DxRV \ XQD OH\ DxRVD QR VH DSOLFDED HQ FLHUWRV OXJDUHV GHO UHLQR$
GHFLU YHUGDG QR VROR HQ DOJXQDV ]RQDV 'H KHFKR XQD VHJXQGD OH\ GH
6LVHEXWRYROYLyDLQVLVWLUHQHOFXPSOLPLHQWRGHODSURKLELFLyQ\DHQWRGR
HOWHUULWRULRQDFLRQDO
(Q SDUDOHOR DVLVWLPRV D XQ FRPSRUWDPLHQWR TXH YROYHUHPRV D
HQFRQWUDU HQ VLJORV VXFHVLYRV 1RV UHIHULPRV D OD FUHHQFLD HQ TXH
GHWHUPLQDGRV SUREOHPDV VRFLDOHV UHODFLRQDGRV FRQ ORV MXGtRV
GHVDSDUHFHUtDQ SUHFLVDPHQWH FXDQGR \D QR H[LVWLHUDQ ORV MXGtRV FRPR
FROHFWLYR LQGLYLGXDOL]DGR &RPR WDQWDV PHGLGDV GH LQJHQLHUtD VRFLDO
HQVD\DGDV D OR ODUJR GH OD +LVWRULD HVWD FDUHFtD GH KXPDQLGDG \ VH
VXVWHQWDEDPHMRUHQODPHQWHGHORVSROtWLFRVTXHHQODSUiFWLFD
4Xp OOHYy D 6LVHEXWR D FUHHU TXH SRGUtD WHQHU p[LWR XQ LPSXOVR
IDYRUDEOH D OD FRQYHUVLyQ GH ORV MXGtRV" 1R HV IiFLO GHWHUPLQDUOR SHUR
FDEH OD SRVLELOLGDG GH TXH LQIOX\HUD HO KHFKR GH TXH GH PDQHUD
YROXQWDULDGLHUDHVHSDVRXQJUXSRGHMXGtRVLPSRUWDQWHVGHODFLXGDGGH
7ROHGR6LDTXHOORVSHUVRQDMHVGHQRWDEOHUHOHYDQFLDKDEtDQDEUD]DGRHO
FDWROLFLVPRSRUTXpQRLEDQDKDFHUORRWURVGHPHQRUWDOOD"\OOHJDGRV
D HVH SXQWR GHO UD]RQDPLHQWR VL VH SURGXMHUD OD FRQYHUVLyQ GH ODV
GLVWLQWDVFRPXQLGDGHVMXGtDVTXHKDELWDEDQHQ(VSDxDQRVHSRQGUtDDVt
ILQDODSUREOHPDVFRPRHOGHODSRVHVLyQLPSRVLEOHGHHOLPLQDUGH
HVFODYRV FDWyOLFRV SRU JHQWH TXH QR OR HUD" $XQTXH HO HSLVRGLR QR HV
FRQRFLGRFRQH[DFWLWXGVtTXHQRVFRQVWDTXHLQWHQWyOOHYDUDORVMXGtRVD
OD FRQYHUVLyQ QR VHJ~Q VDELGXUtD VLQR SRU HO SRGHU QRQ VHFXQGXP
VFLHQWLDP SRWHVWDWH (O UHVXOWDGR IXH FRPR PXFKDV YHFHV DQWHV R
GHVSXpVHOTXHFDEUtDHVSHUDU1RSRFRVMXGtRVRSWDURQSRUHOH[LOLRHQ
HVWD RFDVLyQ D WHUULWRULR IUDQFR DOJXQRV VH FRQYLUWLHURQ DO
FDWROLFLVPR D OD IXHU]D TXL]iV RWURV OR KLFLHURQ GH JUDGR SHUR QR VH
SURGXMRHOHIHFWRGHVHDGR6XLQWLODHOVXFHVRUGH6LVHEXWRRSWySRUXQD
SROtWLFDPiVUHDOLVWD(QRWUDVSDODEUDVSHUPLWLyHOUHJUHVRGHORVMXGtRV
GHOH[LOLR\FRQVLQWLyHQTXHYROYLHUDQDSUDFWLFDUVXDQWLJXDUHOLJLyQORV
FRQYHUVRVTXHDVtORGHVHDUDQ
1RKDFHIDOWDGHFLUTXHHVWHYDLYpQWXYRWRGRWLSRGHHIHFWRVVDOYRORV
SRVLWLYRV (O ,9 FRQFLOLR GH 7ROHGR GH  \D EDMR HO UH\ 6LVHQDQGR
LQWHQWyHQFRQWUDUDOJXQDVDOLGDDORVXFHGLGRSHURQRVHSXHGHGHFLUTXH
OD REWXYLHUD 3RU XQ ODGR FULWLFy OD SROtWLFD VHJXLGD SRU 6LVHEXWR \ SRU
RWUR H[LJLy TXH ORV MXGtRV TXH VH KXELHUDQ EDXWL]DGR YLYLHUDQ FRPR
FDWyOLFRVSDUDHYLWDUTXHDOJXLHQSXGLHUDEXUODUVHGHVXQXHYDIH8QDYH]
PiV HQFRQWUDPRV HQ HVWDV GLVSRVLFLRQHV XQ FRQMXQWR GH FLUFXQVWDQFLDV
TXHYHUHPRVUHSHWLUVHYH]WUDVYH]/DSULPHUDHVTXHVHDPHQD]DEDFRQ
HODQDWHPDDORVRELVSRVFOpULJRVRVHJODUHVTXHVHGHMDUDQFRQYHQFHUSRU
HO GLQHUR SDUD D\XGDU D ORV MXGtRV D GHVREHGHFHU OD OH\ HV GHFLU TXH OD
PLQRUtDMXGtDLQWHQWDEDVREUHYLYLUFRPRORKDEtDKHFKRGXUDQWHVLJORV
/D VHJXQGD QR OD KHPRV HQFRQWUDGR KDVWD DKRUD SHUR WHQGUi VHFXHODV
SRVWHULRUHV HVSHFLDOPHQWH GHVJDUUDGRUDV 1RV UHIHULPRV FODUR HVWi D OD
GHVFRQILDQ]DKDFLDORVMXGtRVFRQYHUWLGRV/RVTXHKDEtDQGDGRHVHSDVR
EDMR SUHVLyQ HUDQ PDO YLVWRV D OD YH] TXH VH OHV LPSHGtD GHVDQGDU HO
FDPLQRTXHQXQFDKXELHUDQHPSUHQGLGRSRUVXSURSLDYROXQWDG(QRWUDV
SDODEUDVVHOHVREOLJDEDDHQWUDUHQODLJOHVLDFDWyOLFDPHGLDQWHFRDFFLyQ
\ OXHJR VH GHVFRQILDED GH HOORV VLQ SHUPLWLU HPSHUR TXH DFWXDUDQ FRQ
OLEHUWDG1RHUDPHMRUODVLWXDFLyQGHDTXHOORVTXHKDEtDQRSWDGRSRUHO
FDWROLFLVPR SRU FRQYLFFLyQ (O SUREOHPD FRQYHUVR QR WHQtD QR SRGtD
WHQHU ODV GLPHQVLRQHV TXH DOFDQ]DUtD HQ ORV VLJORV VLJXLHQWHV SHUR \D
VH SHUILODED HQ VXV OtQHDV PiV GUDPiWLFDV 6H WUDWDED GH XQD WUDJHGLD
IRUMDGD SRU OD LJOHVLD FDWyOLFD TXH VHUtD LQFDSD] GH VROXFLRQDUOD VLQ
SURYRFDU VXIULPLHQWRV D~Q PD\RUHV D OR ODUJR GH ORV VLJORV &RPR
VXFHGHUtD YH] WUDV YH] HQ HO IXWXUR QLQJXQR GH ORV SUREOHPDV VH
VROYHQWDUtD\DSDUHFHUtDQRWURVQXHYRVHVSHFLDOPHQWHDJXGRV
7DQ VROR FLQFR DxRV GHVSXpV HO 9, FRQFLOLR GH 7ROHGR UHFRJtD HQ XQ
FDQRQ VX YROXQWDG GH UHVROYHU ORV FRQIOLFWRV TXH SODQWHDEDQ ORV MXGtRV
PHGLDQWH HO UHFXUVR D OD H[SXOVLyQ QLFDPHQWH ORV FDWyOLFRV SRGUtDQ
YLYLUHQHOUHLQR/DPHGLGDHUDGXUDVLQQLQJ~QJpQHURGHGXGDVSHUR
QRSDUHFtDDVtDWRGRV(OSDSD+RQRULR,VLQLUPiVOHMRVHQYLyXQDFDUWD
DOFRQFLOLRHQODTXHUHFULPLQDEDDORVSDGUHVSRUVXEODQGXUDKDFLDORV
MXGtRV 1R HUD XQD FHQVXUD VXDYH \D TXH ORV DFXVDED GH VHU SHUURV VLQ
IXHU]DSDUDODGUDU(OSDSDDWULEXtDODIUDVHDOSURIHWD(]HTXLHOFXDQGR
HQUHDOLGDGVHHQFXHQWUDHQ,VDtDVSHURVXLJQRUDQFLDEtEOLFDQR
HUD OR SHRU /R PiV LQTXLHWDQWH HUD TXH VH WUDWDED GH OD SULPHUD
PDQLIHVWDFLyQGHXQDFRQGXFWDTXHVHUHSHWLUiDORODUJRGHORVVLJORVODV
SUHVLRQHVGHOSDSDSDUDTXHORVUH\HVKLVSDQRVIXHUDQPiVVHYHURVFRQORV
MXGtRVGHORTXHHUDVXLQWHQFLyQ
7XYRp[LWRDTXHOODQRUPDWLYDTXHFRQWDEDFRQHOUHVSDOGRGHXQSDSD
WRGDYtD PiV GHVSLDGDGR TXH ORV RELVSRV HVSDxROHV" /R LJQRUDPRV 'H
7XOJD HO KLMR \ VXFHVRU GH &KLQWLOD QDGD VDEHPRV HQ UHODFLyQ FRQ ORV
MXGtRV3RUORTXHVHUHILHUHD&KLQGDVYLQWRHOPRQDUFDTXHOHVXFHGLyHQ
HOWURQRQRGLFWyQLQJXQDQRUPDFRQWUDORVMXGtRVDXQTXHVtFRQWUDORV
FULVWLDQRVTXHLQFXUULHUDQHQSUiFWLFDVMXGDL]DQWHV'DODVHQVDFLyQGHTXH
HOSUREOHPDFRQYHUVRKDEtDGHVDSDUHFLGRSRUTXHORVMXGtRVTXHORKDEtDQ
GHVHDGR TXL]iV KDEtDQ UHJUHVDGR DO MXGDtVPR \ QDGLH VH OR KDEtD
LPSHGLGR \ ORV FRQYHUVRV TXH SHUPDQHFtDQ HQ HO FDWROLFLVPR OR KDFtDQ
SRUFRQYLFFLyQ3HURFRPRHVQDWXUDOVLSDUDDOJXQRVHVDVFLUFXQVWDQFLDV
SRGtDQSDUHFHUXQDPDQHUDVHQVDWDGHVROXFLRQDUXQSUREOHPDFUHDGRSRU
OD IDOWD GH FRUGXUD \ OD FUHHQFLD HQ OD FDSDFLGDG GH OOHYDU D FDER XQD
LQJHQLHUtD VRFLDO SURSLD GH OD LJOHVLD FDWyOLFD SDUD RWURV OD SHUFHSFLyQ
UHVXOWDED ELHQ GLVWLQWD (Q RWUDV SDODEUDV OHV SDUHFtD TXH HO SUREOHPD
SHUVLVWtD \ TXH QR SRGtD WROHUDUVH (VH IXH SUHFLVDPHQWH HO FDVR GH
5HFHVYLQWRHOKLMRGH&KLQGDVYLQWRDVRFLDGRDOWURQRSRUVXSDGUH\TXH
GHVSXpVHMHUFHUtDODUHDOH]DHQVROLWDULR
(Q OD UHFRSLODFLyQ FRQRFLGD FRPR/LEHU ,XGLFLRUXP 5HFHVYLQWR
SURSRUFLRQD PXHVWUDV GH TXH OR TXH KHPRV LQGLFDGR DUULED HUD XQD
UHDOLGDG ORV MXGtRV FRQYHUWLGRV D OD IXHU]D HVWDEDQ UHJUHVDQGR DO
MXGDtVPR /R TXH QR HUD VLQR XQD UHDFFLyQ OyJLFD SRU TXp LEDQ D
SHUPDQHFHUHQXQDUHOLJLyQHQODTXHKDEtDQHQWUDGRDODIXHU]D\PiVVL
VH KDEtDQ UHODMDGR ODV PHGLGDV SDUD REOLJDUOHV D SHUPDQHFHU HQ HOOD"
UHVXOWDEDLQWROHUDEOHSDUD5HFHVYLQWR\HQFXDQGRVHUHXQLyHO9,,,
FRQFLOLR GH 7ROHGR ORV SDGUHV \D FRQWDEDQ FRQ XQD UHFRSLODFLyQ FX\R
FRQWHQLGRGHEtDQHVFXFKDU/RKLFLHURQ(O~OWLPRFDQRQLQVWyDFXPSOLU
ODVGLVSRVLFLRQHVGHO,9FRQFLOLR
6LQHPEDUJR5HFHVYLQWRQRVHLEDDFRQIRUPDUFRQHOLQWHQWRGHTXHVH
FXPSOLHUDXQDOHJLVODFLyQDQWLJXD\VHJ~QWRGRVORVLQGLFLRVLQRSHUDQWH
(QSULPHUOXJDUGHFLGLyDEROLUORVSULYLOHJLRVGHTXHD~QGLVIUXWDEDQORV
MXGtRVFRPRHUDHOGHGLULPLUSOHLWRVDQWHVXVSURSLRVWULEXQDOHVRHOGH
QRVHUGHWHQLGRVQLOOHYDGRVDMXLFLRGXUDQWHVXVIHVWLYLGDGHV/DPHGLGD
VLQ GXGD SHUMXGLFDED D ORV MXGtRV SHUR PXFKR SHRUHV IXHURQ RWUDV
GLVSRVLFLRQHV OHJDOHV GLH] OH\HV QDGD PHQRV LPSXOVDGDV SRU
5HFHVYLQWR(QODSULPHUDGHHVDVOH\HV5HFHVYLQWRDGRSWy\DXQDWRPD
FODUD GH SRVLFLyQ DO DILUPDU TXH ORV MXGtRV HVWDEDQ HQVXFLDQGR HO
UHLQR /D H[LVWHQFLD GH XQ FULSWRMXGDtVPR ORV TXH OXHJR VHUtDQ
GHQRPLQDGRV PDUUDQRV HUD SURVFULWD H LQFOXVR VH HVWDEOHFtD TXH ORV
MXGtRVFRQYHUVRVQRSRGUtDQHQWUDUHQSOHLWRFRQFDWyOLFRVVDOYRDSDUWLU
GHODVHJXQGDJHQHUDFLyQ/DGHVFRQILDQ]DKDFLDORVSULPHURVFRQYHUVRV
GLItFLOPHQWH SRGtD UHVXOWDU PiV PDQLILHVWD 7DPELpQ OR HUD KDFLD ORV
FULVWLDQRV TXH SXGLHUDQ GHFLGLU D\XGDUORV \ FRQWUD ORV TXH WDPELpQ VH
GLFWDEDQSHQDV
/D REVHVLyQ SRU GLILFXOWDU OD H[LVWHQFLD GH ORV MXGtRV QR VH YLR VLQ
HPEDUJRDSODFDGDSRUHVWDVQRUPDV'HKHFKRHQHO,;FRQFLOLRGH
7ROHGRGHGLFyXQFDQRQDRUGHQDUDORVRELVSRVTXHYLJLODUDQODVSRVLEOHV
SUiFWLFDVMXGtDVGHORVFRQYHUVRVHQORVGtDVIHVWLYRVGHOFULVWLDQLVPR
$O DxR VLJXLHQWH HO ; FRQFLOLR WROHGDQR YROYtD D OD PDQLGD FXHVWLyQ GH
ORVHVFODYRVFULVWLDQRVHQPDQRVGHMXGtRV&XDQGR5HFHVYLQWRH[KDOyVX
~OWLPRDOLHQWRODVLWXDFLyQGHORVMXGtRVHUDVLQGXGDSHRUTXHFXDQGRVH
FLxyODFRURQD
(OUHLQDGRGH:DPEDYLQRDFRPSDxDGRGHODH[SXOVLyQGHORVMXGtRVGH
1DUERQD VL ELHQ ODV UD]RQHV SDUD HVD PHGLGD QR IXHURQ UHOLJLRVDV VLQR
SROtWLFDV\DTXHKDEtDQDSR\DGRXQDVXEOHYDFLyQHQODLOXVDFUHHQFLDGH
TXHDVtPHMRUDUtDVXVXHUWH0XFKRSHRUIXHODVLWXDFLyQEDMR(UYLJLR
TXH OOHJy DO WURQR HQ  SUHYLD GHSRVLFLyQ GH :DPED $ pO VH GHEHQ
YHLQWLRFKR OH\HV UHODWLYDV D ORV MXGtRV TXH VH LQVHUWDUtDQ HQ HO WtWXOR ,,,
GHO/LEUR;,,GHODUHQRYDFLyQGHO/LEHU,XGLFLRUXPHQ(VHPLVPR
DxR(UYLJLRFRQYRFyHO;,,FRQFLOLRGH7ROHGRTXHGHFLGLyTXHOD~QLFD
VROXFLyQ SDUD ORV MXGtRV HUD REOLJDUOHV D HVFRJHU HQWUH HO H[LOLR R HO
EDXWLVPR 'H HVD PDQHUD VH SHQVDED ORV MXGtRV GHVDSDUHFHUtDQ GHO
UHLQR R ELHQ SRUTXH GHMDUtDQ GH VHUOR R ELHQ SRUTXH OR DEDQGRQDUtDQ
&RPR VXFHGHUtD YH] WUDV YH] D OR ODUJR GH OD +LVWRULD GH (VSDxD OD
FHQWXHVWDVROXFLyQFUHDEDXQWHUULEOHSUREOHPD\HUDHOGHORVMXGtRVTXH
SHUPDQHFtDQHQHOVHQRGHOUHLQRSRUTXHKDEtDQDEUD]DGRHOFDWROLFLVPR
7HyULFDPHQWHGHEtDQKDEHUVLGRUHFLELGRVFRPRKHUPDQRVHQHOVHQRGH
VX QXHYD IH SHUR HQ UHDOLGDG VXFHGtD OR FRQWUDULR 'H HOORV VH
VRVSHFKDEDFRQPRWLYRRVLQpOTXHVRORKDEtDQUHFLELGRHOEDXWLVPR
SRUPHUDFRQYHQLHQFLD(VDGHVFRQILDQ]DH[SOLFDORULJXURVDVTXHIXHURQ
ODVQRUPDVGHVWLQDGDVDORVFRQYHUVRV(VWRVSDVDURQDVHUXQDYH]PiV
GHQWURGHXQDODUJD\WUiJLFDKLVWRULDREMHWLYRSULRULWDULRGHODYLJLODQFLD
\ODVVDQFLRQHVUHJLDV
&RPR HQ FDVRV DQWHULRUHV HO PRQDUFD QR SDUHFtD PX\ FRQYHQFLGR GHO
HQWXVLDVPRTXHVXVV~EGLWRVSXGLHUDQGHPRVWUDUHQODREHGLHQFLDDHVWDV
QRUPDV 1R GHMD GH VHU VLJQLILFDWLYR DO UHVSHFWR TXH WHPLHUD SRU
HMHPSOR TXH ORV FOpULJRV DSURYHFKDUDQ OD YLJLODQFLD GH ODV FRQYHUVDV
GXUDQWH ODV IHVWLYLGDGHV MXGtDV SDUD PDQWHQHU FRQ HOODV D\XQWDPLHQWR
FDUQDOTXHGHVFDUJDUDVREUHORVRELVSRVQDGDPHQRVTXHODFHQWHUYLVLyQ
GH ORV FRQYHUVRV FRQ WRGRV ORV WUDVWRUQRV TXH HVR SRGtD VLJQLILFDU SDUD
XQD GLyFHVLV \ VREUH WRGR TXH VH FDVWLJDUD VHYHUDPHQWH D ORV TXH
UHFLELHUDQ VRERUQRV GH ORV MXGtRV SDUD SRGHU GHVREHGHFHU OD OH\  /D
QRUPDWLYDYHQtDDFUHDUXQFDOGRGHFXOWLYRLGHDOSDUDORVDEXVRV\SDUDOD
FRUUXSFLyQ$VtKDEtDVLGRHQHOSDVDGR\DVtVHJXLUtDVLHQGRHQHOIXWXUR
<ODPHQWDEOHPHQWHORSHRUSDUDORVMXGtRVHVWDEDSRUOOHJDU

/$%648('$'(81$62/8&,1),1$/

(QPXULy(UYLJLR\OHVXFHGLyVX\HUQR(JLFD3DUDDTXHOHQWRQFHV
UHVXOWDED PiV TXH REYLR TXH WRGDV ODV PHGLGDV DGRSWDGDV SRU VXV
SUHGHFHVRUHV QR KDEtDQ WHQLGR HO p[LWR GHVHDGR SRU ODV DXWRULGDGHV
FDWyOLFDV'HKHFKRFRQWDPRVFRQXQDLQVFULSFLyQMXGtDGHODxRVLJXLHQWH
HQODTXHVHPHQFLRQDDORVWUHVKLMRVPXHUWRVGHXQWDO3DUDJRURTXHQR
VRORFRQILHVDVXFRQGLFLyQGHMXGtRVLQRTXHDGHPiVODRUQDPHQWDFRQOD
PHQRUiRFDQGHODEURGHVLHWHEUD]RV2ORVRELVSRVQRKDEtDQVLGRXQRV
SROLFtDV HVSHFLDOPHQWH GLOLJHQWHV R ORV V~EGLWRV GHO UH\ QR KDEtDQ
PRVWUDGR XQ FHOR HVSHFLDO HQ DWHQGHU D ODV OH\HV R ORV IDOVRV FRQYHUVRV
KDEtDQGHPRVWUDGRXQDQRWDEOHKDELOLGDGSDUDKXUWDUVHDODDFFLyQGHOD
MXVWLFLD UHJLD (JLFD HVWDED PiV TXH GLVSXHVWR D LPSRQHUVH GRQGH KDEtD
IUDFDVDGR VX SUHGHFHVRU \ DxDGLy XQD OH\ PiV DO/LEHU ,XGLFLRUXP 3RU
DxDGLGXUDSUHVHQWyODFXHVWLyQMXGtDDODFRQVLGHUDFLyQGHORVFRQFLOLRV
;9,\;9,,GH7ROHGR
(QHOGLVFXUVRGHDSHUWXUDGHO;9,FRQFLOLRGH7ROHGRHQPD\RGH
(JLFD SUHVHQWy XQ SURJUDPD GH DFFLyQ IUHQWH D ORV MXGtRV TXH PDQWHQtD
tQWHJUD OD LGHD GH TXH VX SUHVHQFLD HQ PHGLR GHO UHLQR YLVLJRGR HUD
LQWROHUDEOH/D~QLFDVDOLGDHUDODFRQYHUVLyQGHORVMXGtRVSHURDERJDED
SRU DEDQGRQDU OD WiFWLFD GH ODV SUHVLRQHV SDUD SDVDU D OD GH ODV YHQWDMDV
TXH GHULYDUtDQ GH TXH DEUD]DUDQ HO FDWROLFLVPR 6L ORV FRQYHUVRV LEDQ D
SRGHU FRPHUFLDU \ DFFHGHU DO PHUFDGR HQ SLH GH LJXDOGDG FRQ ORV
FDWyOLFRV ORV MXGtRV TXH SHUPDQHFLHUDQ HQ VX UHOLJLyQ SDJDUtDQ ORV
LPSXHVWRVSURSLRV\ORVGHORVFRQYHUVRV\VHOHVYHGDUtDHOFRPHUFLRFRQ
TXLHQHV QR IXHUDQ MXGtRV (Q RWUDV SDODEUDV D OD LQWHJUDFLyQ GH ORV
FRQYHUVRV VH FRQWUDSRQGUtD HO HVWUDQJXODPLHQWR PHUFDQWLO \ HO
DSODVWDPLHQWR ILVFDO GH ORV TXH GHVHDUDQ VHJXLU VLHQGR MXGtRV 2
DEDQGRQDEDQ HO UHLQR SRU OR LQVRSRUWDEOH GH OD VLWXDFLyQ R DEUD]DEDQ HO
FDWROLFLVPR
$SHQDVXQDxR\PHGLRGHVSXpVGHO;9,FRQFLOLRVHUHXQLyHO;9,,(Q
WDQ HVFDVR SDUpQWHVLV GH WLHPSR VH KDEtD SURGXFLGR XQ DFRQWHFLPLHQWR
IXQGDPHQWDO $OJXQRV MXGtRV VLQ H[FOXLU D DOJXQRV FRQYHUVRV KDEtDQ
OOHJDGRDODFRQFOXVLyQGHTXHQRWHQGUtDQUHVSLURQLVRVLHJRPLHQWUDVOD
PRQDUTXtDYLVLJRGDVLJXLHUDJREHUQDQGRHQ(VSDxD$VtKDEtDQLQLFLDGR
XQD FRQVSLUDFLyQ FRQ VXV FRUUHOLJLRQDULRV GH XOWUDPDU HQ FRQWUD GH VXV
SHUVHJXLGRUHV /D YHUDFLGDG GH OD QRWLFLD KD VLGR QHJDGD SRU DOJXQRV
DXWRUHVSHURODDFXVDFLyQQRSDUHFHTXHIXHUDIDOVD(OUHVXOWDGRGH
DTXHOODUHDFFLyQGHVHVSHUDGDLEDDVHUIXQHVWR(OUH\ODLQWHUSUHWyFRPR
WUDLFLyQ\DVtHOFDQRQGHO;9,,FRQFLOLRGH7ROHGRUHYLVWLyXQDGXUH]D
H[WUHPD/RVMXGtRVHUDQFRQGHQDGRVDODSULYDFLyQGHVXVELHQHVTXH
SDVDUtDQDVXVVLHUYRVFULVWLDQRVDODGHVPHPEUDFLyQGHVXVIDPLOLDV\
D VX GLVSHUVLyQ SRU HO UHLQR VRPHWLGLWRRV D VHUYLGXPEUH SHUSHWXD /RV
MXGtRV UHGXFLGRV DKRUD D HVD PLVHUDEOH VLWXDFLyQ QR SRGUtDQ YLYLU VHJ~Q
VXUHOLJLyQ\VHYHUtDQSULYDGRVGHORVKLMRVGHPiVGHVLHWHDxRVDORV
TXH VH HGXFDUtD HQ HO FDWROLFLVPR 6H OHV FRQGHQDED SRU OR WDQWR D
GHVDSDUHFHUFRPRUHOLJLyQHQHORFpDQRGHODDVLPLODFLyQIRU]RVD
6LODOOHJDGDGHORVYLVLJRGRVD(VSDxD\DKDEtDGHMDGRGHPDQLILHVWROR
TXH SRGUtD VHU OD VLWXDFLyQ GH ORV MXGtRV HQ HO IXWXUR DKRUD GRV VLJORV
PiVWDUGHODFRVPRYLVLyQFDWyOLFDUHVSDOGDGDSRUORV~OWLPRVPRQDUFDV
YLVLJRGRVKDEtDFUHDGRXQSUREOHPDFRQYHUVRLQVROXEOHSRURWURODGR
\ KDEtD WHUPLQDGR SRU HPSXMDU D QR SRFRV GH ORV MXGtRV D GXGDU GH OD
SRVLELOLGDGGHYLYLUHQSD]HQHOVHQRGHODPRQDUTXtD/DVFRQVHFXHQFLDV
GHHVDVLWXDFLyQVHUtDQWHUULEOHV
$ILQDOHVGHOVLJOR9,,ODVXPLVLyQHVSLULWXDOGHODPRQDUTXtDYLVLJRGDD
ODLJOHVLDFDWyOLFDVHKDEtDWUDGXFLGRHQODLQWROHUDQFLDKDFLDHOGLVLGHQWH
HO DQWLVHPLWLVPR GHVSLDGDGR \ OD LQJHQLHUtD VRFLDO DSOLFDGD DO UHLQR 6H
WUDWDED GH ODV OtQHDV PDHVWUDV GH XQ HGLILFLR UHOLJLRVRSROtWLFR TXH
FRQILJXUDUtD(VSDxD6LQHPEDUJRHQHVDFRQILJXUDFLyQLEDDLQWHUIHULUOD
OOHJDGDDOD3HQtQVXODGHRWUDUHOLJLyQWDPELpQGLVSXHVWDDYDOHUVHGHOD
YLROHQFLDSDUDLPSRQHUVREUHODVRFLHGDGVXFRVPRYLVLyQHVSLULWXDO
 6(*81'$3$57(
'HUHOLJLyQVRPHWLGLWRDDUHOLJLyQVRPHWHGRUD
 

'HVSORPH\FHQWHUYLYHQFLD

/$&5,6,6),1$/'(/$021$548$9,6,*2'$

(OWUD\HFWRGHORVLQYDVRUHVYLVLJRGRVHQ(VSDxDSXHGHVHUFRQVLGHUDGR
HQ DOJXQRV DVSHFWRV SURGLJLRVR $EUXPDGRV DQWH XQD YLGD XUEDQD TXH
VHJXtD SXMDQWH ORV EiUEDURV JHUPDQRV DEVRUELHURQ OD FXOWXUD KLVSDQR
URPDQD LQFOXLGD OD OHQJXD ODWLQD $ ORV RFKHQWD DxRV LQFOXVR KDEtDQ
DEDQGRQDGR VX YLVLyQ DUULDQD GHO FULVWLDQLVPR \ DEUD]DGR HO GH ORV
KLVSDQRURPDQRV DFHSWDQGR HO UH\ 5HFDUHGR OD FRQILJXUDFLyQ GH XQ
QXHYRVLVWHPDSROtWLFRUHOLJLRVR$QLTXLODGRHOLPSHULRURPDQRWDQWRORV
TXHSURFHGtDQGHXQDHVWLUSHJRGDFRPRORVTXHKXQGtDQVXVUDtFHVHQOR
KLVSDQRURPDQRSDVDURQSDXODWLQDPHQWHDFRQVLGHUDUVHPLHPEURVGHXQD
QDFLyQLQGHSHQGLHQWH\DQRYLQFXODGDDLPSHULRDOJXQR\DODTXHGDEDQ
HOYLHMRQRPEUHURPDQRGH+LVSDQLD(VSDxD
(VWD FRQFLHQFLD GH HVSDxROLGDG DSDUHFH GH PDQHUD DEVROXWDPHQWH
LUUHIXWDEOHSUHFLVDPHQWHHQHOUHSUHVHQWDQWHPiVFXDOLILFDGRGHODFXOWXUD
KLVSDQD 8Q SHUVRQDMH OODPDGR ,VLGRUR GH 6HYLOOD DXWRU GH OD JUDQ
HQFLFORSHGLD GH OD pSRFD ODV(WLPRORJtDV UHGDFWDUi SUHFLVDPHQWH XQ
FDQWRDVXSDWULDDPDGDTXHHQWUHRWUDVFRVDVDILUPDED

2K (VSDxD /D PiV KHUPRVD GH WRGDV ODV QDFLRQHV TXH VH H[WLHQGHQ GHVGH
2FFLGHQWH KDVWD OD ,QGLD 7LHUUD EHQGLWD \ IHOL] PDGUH GH PXFKRV SXHEORV GH WL
UHFLEHQODOX]HO2ULHQWH\HO2FFLGHQWH7~KRQUD\SUH]GHWRGRHORUEHW~HOSDtV
PiVLOXVWUHGHOJORER1RKD\HQHOPXQGRUHJLyQPHMRUVLWXDGD1LWHDEUDVDHOHVWtR
 QLWHKLHODHOULJRUGHOLQYLHUQRVLQRTXHFLUFXQGDGDSRUXQFOLPDWHPSODGRWHQXWUHQ
FpILURV EODQGRV &XiQWR KD\ GH IHFXQGR HQ ORV HMLGRV GH SUHFLRVR HQ ODV PLQDV \ GH
SURYHFKRVR HQ ORV DQLPDOHV W~ OR SURGXFHV 5LFD SRU OR WDQWR HQ KLMRV MR\DV \
S~USXUDV IHFXQGD WDPELpQ HQ JREHUQDQWHV \ HQ KRPEUHV TXH SRVHHQ HO GRQ GH
PDQGDUWHPXHVWUDVWDQIHFXQGDHQDGRUQDUSUtQFLSHVFRPRIHOL]HQSURGXFLUORV&RQ
UD]yQ\DKDFHPXFKRWLHPSRWHGHVHyODGRUDGD5RPDFDEH]DGHJHQWHV\DXQTXH
YHQFHGRU DTXHO HPSXMH URPDQR WH GHVSRVDUD SULPHUR OXHJR HO PX\ IORUHFLHQWH
SXHEORGHORVJRGRVWUDVKDEHUFRQVHJXLGRQXPHURVDVYLFWRULDVDVXYH]WHWRPy\WH
DPy

'LItFLOPHQWH KXELHUD SRGLGR H[SUHVDU QDGLH PHMRU HO VHQWLPLHQWR GH

RUJXOOR QDFLRQDO TXH LPEXtD D ORV KLVSDQRV 0H]FOD GH OD KHUHQFLD
URPDQD OD FULVWLDQD \ OD JHUPiQLFD FRQVLGHUDEDQ DKRUD D (VSDxD XQD
QDFLyQHVSHFLDOPHQWHGLFKRVD
6LQHPEDUJRODLGHQWLILFDFLyQGHHVDQDFLyQFRQXQDUHOLJLyQRILFLDOLED
D WHQHU FRQVHFXHQFLDV WUiJLFDV H LQGHVHDEOHV 1R HUD OD PHQRU OD GH TXH
ORV MXGtRV VH KXELHUDQ YLVWR DUURMDGRV FRQ YLROHQFLD D OD SHULIHULD &RQ
WRGR HVD VLWXDFLyQ FLHUWDPHQWH GHVGLFKDGD LED D H[SHULPHQWDU XQ
FDPELRIXQGDPHQWDOHQORVPRPHQWRVILQDOHVGHODFULVLVGHODPRQDUTXtD
YLVLJRGD
$ODPXHUWHGH(JLFDGHWDQLQIDXVWDPHPRULDSDUDORVMXGtRVDFFHGLy
DO WURQR :LWL]D /R FRQVLJXLy GH IRUPD LOHJDO 3DUD FROPR GH PDOHV \
FRPR KD VXFHGLGR HQ RWURV SHUtRGRV GH OD +LVWRULD :LWL]D LQWHQWy
PRGHODUVXJRELHUQRVREUHODEDVHGHKDFHUH[DFWDPHQWHWRGRORFRQWUDULR
TXH VX DQWHFHVRU HQ HO SRGHU 6HPHMDQWH FLUFXQVWDQFLD TXH
SRVLEOHPHQWHLQWHQWDEDDILDQ]DUXQDSHUVRQDOLGDGSVLFROyJLFDPHQWHGpELO
WXYRFRQVHFXHQFLDVWHUULEOHVSDUD(VSDxD:LWL]DRSWySRUXQDSROtWLFD
TXH WXYR HQWUH RWUDV PDQLIHVWDFLRQHV ODV GH HFKDU SRU WLHUUD WRGDV ODV
IRUWDOH]DVGHOUHLQRVDOYRWUHV\GHVSUHQGHUVHGHORVPHGLRVGHGHIHQVD
(V SRVLEOH TXH D HOOR OH PRWLYDUD HO GHVHR GH GHELOLWDU FXDOTXLHU
RSRUWXQLGDG GH JROSH GH HVWDGR 1R REVWDQWH OR TXH FRQVLJXLy IXH
GHELOLWDU SHOLJURVDPHQWH OD GHIHQVD QDFLRQDO \ WRGR HOOR HQ XQRV
PRPHQWRVHVSHFLDOPHQWHSHOLJURVRVSRUTXHORVPXVXOPDQHV\DVHKDEtDQ
DVHQWDGR HQ HO QRUWH GH IULFD \ GHVHQFDGHQDEDQ VXV DWDTXHV FRQWUD
&HXWD
 7DPELpQ UHIRUPy :LWL]D OD OHJLVODFLyQ DQWLVHPLWD HQ SDUWH SRU
FRQWUDGHFLUDVXDQWHFHVRU\HQSDUWHTXL]iSRUTXHHVSHUDEDFRQWDUFRQ
XQDOLDGRHQORVMXGtRV/RVKHFKRVGHVGHOXHJRVRQHORFXHQWHV:LWL]D
SHUPLWLyHOUHJUHVRGHORVH[LOLDGRVHOLPLQySUiFWLFDPHQWHODYLJLODQFLD
VREUHORVFRQYHUVRVHLQFOXVRRWRUJySXHVWRVGHUHOHYDQFLDDMXGtRV6LODV
GRV SULPHUDV FLUFXQVWDQFLDV GHELHURQ GH FDXVDU UHVLVWHQFLD SRGHPRV
LPDJLQDUQRV HO HIHFWR GH OD WHUFHUD 3DUD QR SRFRV FDWyOLFRV UHVXOWDED
LQWROHUDEOH TXH ORV RWURUD SURVFULWRV DKRUD VH YLHUDQ DOLYLDGRV GH VX
SRVWHUJDGDVLWXDFLyQ
(O ILQDO GHO UHLQDGR GH :LWL]D HQ  GHMy D (VSDxD GHVJDUUDGD /RV
KLMRVGH:LWL]DHVWDEDQGLVSXHVWRVDPDQWHQHUVHHQHOSRGHUXQSRGHU
DOTXHVXSDGUHKDEtDDFFHGLGRGHPDQHUDLOHJtWLPDDFXDOTXLHUSUHFLR\
SDUD ORJUDUOR QR VROR SDFWDURQ GLYLGLUVH (VSDxD HQWUH HOORV VLQR TXH
DGHPiVVROLFLWDURQODD\XGDGHORVPXVXOPDQHV\DDILQFDGRVDORWURODGR
GHO(VWUHFKR6HWUDWyGHXQDGHODVGHFLVLRQHVPiVHVW~SLGDV\WUiJLFDVQR
VRORGHOD+LVWRULDGH(VSDxDVLQRGHODPXQGLDO

(/,6/$0,19$'((63$f$

/RV KLMRV GH :LWL]D \ VXV SDUWLGDULRV HVWDEDQ FRQYHQFLGRV GH TXH
SRGUtDQ XWLOL]DU D ORV PXVXOPDQHV TXH GHVSXpV GH UHDOL]DGR HO VHUYLFLR
UHTXHULGRYROYHUtDQDVXVGRPLQLRVGHOQRUWHGHIULFD6LQHPEDUJRORV
PXVXOPDQHV QR VROR QR WHQtDQ OD PHQRU LQWHQFLyQ GH UHWLUDUVH VLQR TXH
DGHPiVDQLTXLODURQODULTXtVLPDKHUHQFLDFOiVLFDHVSDxRODSDUDVXVWLWXLUOD
SRUXQGRPLQLRGHVSyWLFRHQHOTXHQLVLTXLHUDORVFRQYHUVRVVHVHQWLUtDQ
WUDWDGRV FRQ MXVWLFLD (QYLy 0XVD SXHV XQ FRQWLQJHQWH GH IXHU]DV D ODV
yUGHQHV GH 7DULT TXH QR VROR SDVy D OD 3HQtQVXOD D\XGDGR SRU JRGRV
WUiQVIXJDV FRPR HO JREHUQDGRU GH &HXWD VLQR TXH DGHPiV GHUURWy D ORV
KLVSDQRVHQ*XDGDOHWH(QODGHUURWDKLVSDQDWXYRXQSDSHOQDGDPHQRU
XQ RELVSR 'RQ 2SDV TXH YLQFXODGR D ORV SDUWLGDULRV GH ORV KLMRV GH
:LWL]D WUDLFLRQy DO HMpUFLWR GH GRQ 5RGULJR 0X\ SRVLEOHPHQWH 'RQ
2SDVMXJDEDXQDFDUWDTXHUHSHWLUtDXQD\RWUDYH]ODLJOHVLDFDWyOLFDDOR
ODUJRGHVX+LVWRULDHQ(VSDxDODGHVHSDUDUVHGHOSRGHUTXHFRQVLGHUDED
DSXQWRGHFDHUSDUDSDVDUVHDOTXHYHtDHPHUJHQWH$ODFWXDUDVtQRHUDQ
FRQVLGHUDGRV ORV LQWHUHVHV QDFLRQDOHV VLQR ORV GHO SRGHU UHOLJLRVR 3HUR
ORVPXVXOPDQHVXQDYH]DORWURODGRGHO(VWUHFKRQRHVWDEDQGLVSXHVWRV
DUHWLUDUVH/RVKLMRVGH:LWL]D\VXVDOLDGRVSUHILULHURQHQWRQFHVDFHSWDU
DORVQXHYRVDPRV\FRQVHUYDUVLTXLHUDXQDSDUWHGHVXSRGHU(QYLUWXG
GH XQ FRQYHQLR UDWLILFDGR SRU 0XVD HQ IULFD \ SRU HO FDOLID :DOLG HQ
'DPDVFR ORV SDULHQWHV GH :LWL]D UHQXQFLDURQ D UHLQDU HQ (VSDxD \
FRQVHUYDURQHOSDWULPRQLRUHJLRJRGR
(QWUHODVSREODFLRQHVORFDOHVORVLQYDVRUHVFRQWDEDQFRQHOFRQFXUVRGH
GRV VHFWRUHV D ORV TXH FLHUWDPHQWH EHQHILFLDURQ (O SULPHUR IXHURQ ORV
MXGtRV TXH QR VROR PHMRUDURQ GH VLWXDFLyQ VRFLDO VLQR TXH DGHPiV VH
FRQYLUWLHURQ HQ KRPEUHV GH FRQILDQ]D HQ OD DGPLQLVWUDFLyQ (O VHJXQGR
IXHURQ ORV ZLWL]LDQRV &RPR \D LQGLFDPRV VX SRVLELOLGDG GH UHLQDU VH
HVIXPyFRQ7DULTSHURDOPLVPRWLHPSRORVLQYDVRUHVIXHURQJHQHURVRV
HQHOUHFRQRFLPLHQWRGHVXVSDWULPRQLRV$VtSHUVRQDMHVSROtWLFRVFODYHV
FRPR $UGDEDVWR 2OPXQGR R $JLOD VH UHWLUDURQ D VXV SRVHVLRQHV
DXPHQWDGDVQRSRFDVYHFHVFRQODVDUUHEDWDGDVDVXVULYDOHVSROtWLFRV$O
ILQ \ D OD SRVWUH KDEtD VLGR SUHFLVDPHQWH HVD ULYDOLGDG LQWHVWLQD OD TXH
KDEtD SHUPLWLGR TXH VH SURGXMHUD OR TXH ORV FURQLVWDV SRVWHULRUHV
GHQRPLQDUtDQODSpUGLGDGH(VSDxD
/D SRVWHULGDG MX]JDUtD GH PDQHUD PX\ GLIHUHQWH D XQRV \ D RWURV /RV
JRGRV LQFDSDFHV GH FUHDU XQ VLVWHPD SROtWLFR VyOLGR \ MXVWR
LUUHVSRQVDEOHV TXL]iV LQFOXVR WUDLGRUHV TXH KDEtDQ OODPDGR D ORV
PXVXOPDQHVQRSHUGXUDUtDQFRPRXQUHIHUHQWHQHJDWLYRHQODPHQWHGH
ORV HVSDxROHV $ OR VXPR HO GHUURWDGR GRQ 5RGULJR VHUtD SUHVHQWDGR
FRPR REMHWR GH XQ MXLFLR GH 'LRV SRU XQ SHFDGR GH FDUiFWHU VH[XDO 1R
VXFHGHUtD OR PLVPR FRQ ORV MXGtRV 3DUD JHQHUDFLRQHV YHQLGHUDV GH
HVSDxROHV ORV MXGtRV VHUtDQ SUHVHQWDGRV FRPR DTXHOORV TXH KDEtDQ
D\XGDGR D ORV GHVSLDGDGRV LQYDVRUHV PXVXOPDQHV (Q HVD LPDJHQ PiV
TXHODUHDOLGDGKLVWyULFDSHVyODFRVPRYLVLyQUHOLJLRVD'HKHFKRQDGLH
FRQWHPSOyFRQDYHUVLyQDODLJOHVLDFDWyOLFDSRUPiVTXHHORELVSR'RQ
2SDVVHKXELHUDSDVDGRDOLQYDVRUPRYLGRSRULQWHUHVHVQDGDHOHYDGRV\
SURYRFDQGRODGHUURWDGH*XDGDOHWH3RUHOFRQWUDULRORVMXGtRVJHQWH
GH RWUD UHOLJLyQ VH FRQYLUWLHURQ HQ SDUDGLJPD GH OD SHUILGLD \ GH OD
WUDLFLyQ6HPHMDQWHDSUHFLDFLyQVHYHUtDDJXGL]DGDSRUHOGHVSORPHGHOD
LJOHVLDFDWyOLFDFRPRSRGHUSROtWLFR

/$3e5','$'(/32'(532/7,&2

(O QXHYR WHUULWRULR GHQRPLQDGR HQVHJXLGD SRU ORV PXVXOPDQHV $O

QGDOXV QR HUD XQ HTXLYDOHQWH GH OD $QGDOXFtD DFWXDO VLQR TXH
FRPSUHQGtD OR PLVPR %DUFHORQD /XJR R /HyQ TXH 6HYLOOD 1R IXH D
SHVDUGHOWySLFRODVRFLHGDGGHODVWUHVFXOWXUDVRODVWUHVUHOLJLRQHVTXH
FRQYLYtDQ HQ WROHUDQFLD R HO GH XQD QXHYD VRFLHGDG EDVDGD HQ ORV
HOHPHQWRV FHQWXHVWDPHQWH LJXDOLWDULRV \ GHVSURYLVWRV GH UDFLVPR GHO
LVODP$ GHFLU YHUGDG OD UHDOLGDG KLVWyULFD IXH GLDPHWUDOPHQWH RSXHVWD
1RSRGtDVHUPHQRV\DTXHHOQXHYRVLVWHPDSROtWLFRVRFLDOVHVXVWHQWDED
HQODGLYLVLyQHQWUHYHQFHGRUHVPXVXOPDQHV\HOUHVWRGHODSREODFLyQR
LQYDGLGRV \ HQ HO VDTXHR GH ORV ELHQHV GH HVWRV ([DPLQHPRV VLTXLHUD
VRPHUDPHQWHHVWRVGRVDVSHFWRV
$XQTXH HO LVODP LQVLVWH HQ VX FDUiFWHU IUDWHUQR \ FHQWUDUUDFLDO OD
UHDOLGDGHVTXHKLVWyULFDPHQWHORViUDEHVKDQJR]DGRHQVXVHQRGHXQD
VLWXDFLyQGHSUHIHUHQFLDVREUHORVFRQYHUVRVGHRWUDVUD]DV\TXHLQFOXVR
HQWUH ORV SULPHURV ODV GLIHUHQFLDV QR KDQ VLGR HVFDVDV 6LJXLHQGR HVWH
SULQFLSLRORTXHSRGHPRVDSUHFLDUHQODVIXHQWHVLVOiPLFDVHVTXHHQOD
FLPDGHODVRFLHGDGPXVXOPDQDFRQVWLWXLGDHQVXHORHVSDxROHVWDEDQORV
iUDEHV 2UJXOORVRV GH TXH 0DKRPD KXELHUD VLGR SDLVDQR VX\R ORV
PXVXOPDQHViUDEHVQRDEDQGRQDURQVXVHQIUHQWDPLHQWRVLQWHVWLQRVHQOD
3HQtQVXOD ,EpULFD VLQR TXH ORV PDQWXYLHURQ GH OD PLVPD PDQHUD
HQFDUQL]DGDTXHORVKDEtDQYLYLGRKDVWDHQWRQFHV/RVGRVJUDQGHVJUXSRV
ULYDOHV HUDQ ORV \HPHQtHV R NDOEtHV RULJLQDULRV GHO VXU GH$UDELD \ ORV
TD\VtHV SURFHGHQWHV GHO FHQWUR \ GHO QRUWH 'H DPERV JUXSRV
LQILFFLRQDGRV GH XQD SURIXQGD ULYDOLGDG LEDQ D VDOLU ORV SULQFLSDOHV
JREHUQDQWHV\IXQFLRQDULRVQRVLQVXEGLYLGLUVHHQQXHYRVJUXSRVFRPRHO
GH ORV EDODGtHV ORV GHO SDtV HV GHFLU ORV SULPHURV HQ OOHJDU \ ORV
SURFHGHQWHVGHLQPLJUDFLRQHVVXFHVLYDV
$ FRQVLGHUDEOH GLVWDQFLD GH ORV iUDEHV SHVH D VHU PXVXOPDQHV FRPR
HOORV HVWDEDQ ORV EHUHEHUHV 3URFHGHQWHV GH 0DXULWDQLD GH DKt HO
DSHODWLYRGHPDXULGHOTXHGHULYDQXHVWURPRURVIXHURQVLQGXGD
ODIXHU]DGHFKRTXHGH7DULT\0XVD\SUHFLVDPHQWHQRGHEHVRUSUHQGHU
SRU HOOR TXH SDUD ORV FULVWLDQRV GHO QRUWH SURQWR TXHGDUDQ LGHQWLILFDGRV
FRQXQDGRPLQDFLyQGHODTXHHUDQLQVWUXPHQWRVFRQVHJXULGDGWHUULEOHV
SHUR VROR LQVWUXPHQWRV 7UDWDGRV GHVSHFWLYDPHQWH SRU ORV iUDEHV VH
YLHURQ LQFOXVR REOLJDGRV D SDJDU HO WULEXWR SHUVRQDO GH ORV QR
PXVXOPDQHV
3RU GHEDMR GH HOORV VH HQFRQWUDEDQ ORV PXVXOPDQHV HVSDxROHV R
PXODGtHVGHOiUDEHPXZDOODGXPXWLOL]DGRSDUDUHIHULUVHDORVKLMRVGH
ORV FRQYHUVRV TXH QR SRGtDQ DVSLUDU D XQ WUDWR GH LJXDOGDG FRQ VXV
FRUUHOLJLRQDULRV LQYDVRUHV SHUR TXH GXUDQWH ORV SULPHURV WLHPSRV GH OD
FRQTXLVWD FRQVWLWX\HURQ HO ~QLFR \ SRU HOOR HVHQFLDO VXVWUDWR FXOWR GHO
LVODP HQ $OQGDOXV (O KHFKR GH TXH DGHPiV QR HVWXYLHUDQ VLTXLHUD
LQLFLDOPHQWH HQIUHQWDGRV FRPR ORV iUDEHV \ EHUHEHUHV SURSRUFLRQy DO
SRGHULQYDVRUXQDHVWDELOLGDGLQGLVSHQVDEOH
3RUGHEDMRGHORVPXVXOPDQHVVHHQFRQWUDEDQORVLQYDGLGRVFULVWLDQRV
\MXGtRVSHURDVXYH]FDGDXQRGHHVRVVHFWRUHVVRFLDOHVVHGLYLGtDHQ
JUXSRV GH VXHUWH PX\ GLVWLQWD $TXHOORV YHQFLGRV TXH KDEtDQ RVDGR
UHVLVWLUDORVLQYDVRUHVSRUORTXHVDEHPRVH[FOXVLYDPHQWHFULVWLDQRV
VHYLHURQVRPHWLGLWRRVDOGHQRPLQDGRUpJLPHQGHVXKOTXHHQHOSHRUGH
ORV FDVRV VH WUDGXFtD HQ OD HMHFXFLyQ GH ORV YDURQHV \ OD HVFODYLWXG GH
PXMHUHV \ QLxRV \ HQ HO PiV EHQpYROR HQ OD VXPLVLyQ VHJXLGD GH OD
HQWUHJD GH ELHQHV 3RU HO FRQWUDULR ORV HVSDxROHV TXH VH UHQGtDQ VLQ
RIUHFHUUHVLVWHQFLDHQWUDEDQHQHOUpJLPHQGHDKGORTXHOHVSHUPLWtDXQD
FLHUWD DXWRQRPtD DGPLQLVWUDWLYD OD FRQVHUYDFLyQ GH DOJXQRV ELHQHV \ OD
SUiFWLFD GH OD UHOLJLyQ SURSLD &RPR HUD REOLJDGR HQ XQD VRFLHGDG
LVOiPLFDQRSRGtDQDVSLUDUDUHFLELUHOPLVPRWUDWRTXHORVPXVXOPDQHV
QLWDPSRFRSHUPLWLUVHODSUHGLFDFLyQGHVXIHVRSHQDGHPXHUWH$WRGR
HOORDGHPiVVHDxDGtDODFDUJDGHXQDVHULHGHLPSXHVWRVTXHQRSHVDEDQ
VREUHORVPXVXOPDQHVFRPRHOSHUVRQDOVKL]\D
/D SREODFLyQ VRPHWLGLWRD QR PXVXOPDQD TXH UHFLELy HO QRPEUH GH
PR]iUDEHGHPXVWDULEHOTXHVHDUDEL]DIXHGXUDQWHEDVWDQWHWLHPSR
PD\RULWDULD \ GXUDQWH XQ FLHUWR WLHPSR VLJQLILFy MXQWR D ORV KLVSDQRV
FRQYHUWLGRV DO LVODP HO FRPSHQGLR GH OD FXOWXUD HQ $OQGDOXV FRVD
QDGDH[WUDxDVLVHWLHQHHQFXHQWDVXRULJHQURPDQL]DGR
6L OD LQYDVLyQ LVOiPLFD VH WUDGXMR SDUD OD DSODVWDQWH PD\RUtD GH ORV
KLVSDQRVHQXQGHVFHQVRHQODHVFDODVRFLDOORPLVPRSXHGHGHFLUVHGHVX
VLWXDFLyQHFRQyPLFD(OERWtQREWHQLGRSRUORVPXVXOPDQHVHQHODVDOWRD
ODV FLXGDGHV IXH GHVGH OXHJR FRQVLGHUDEOH 3RU OR TXH VH UHILHUH D ORV
ELHQHVUDtFHVSDVDURQDPDQRVGHORVLQYDVRUHVORVHVTXLOPDGRVHQYLUWXG
GHOVXKODOTXH\DQRVKHPRVUHIHULGR'HHVWRVKXERTXHUHVWDUXQTXLQWR
MXPV \ ODV WLHUUDV \HUPDV TXH SHUWHQHFtDQ SRU GHILQLFLyQ DO FDOLID GH
'DPDVFR(OUHVXOWDGRIXHTXHORVDSUR[LPDGDPHQWHWUHLQWD\FLQFRPLO
VROGDGRV EHUEHULVFRV OOHYDGRV SRU 7DULT \ 0XVD DSHQDV VH FRQVLGHUDURQ
SDJDGRV HQ HO UHSDUWR &XDQGR HQ  \  WXYLHURQ OXJDU GRV QXHYDV
LQPLJUDFLRQHVSURFHGHQWHVGHOQRUWHGHIULFDVHSURGXMRWDOWHQVLyQHQWUH
ORV LQYDVRUHV TXH HO FDOLID 8PDU ,, OOHJy D SODQWHDUVH OD SRVLELOLGDG GH
UHWLUDUVH GH $OQGDOXV 6L QR VXFHGLy DVt IXH SRUTXH 8PDU ,, DFDEy
RSWDQGRSRUHQWUHJDUHQXVXIUXFWRORVMXPVDDOJXQRVGHORVJXHUUHURVHQ
YLUWXG GH XQ SDFWR IHXGDO $Vt ORV SULPHURV EHUHEHUHV VH LQVWDODURQ
PRPHQWiQHDPHQWHHQODVODGHUDVGHORVVLVWHPDV&DQWiEULFR\&HQWUDO\
HQ ODV PRQWDxDV DQGDOX]DV PLHQWUDV TXH FRQWLQJHQWHV SURFHGHQWHV GH
6LULD\(JLSWRIXHURQXELFDGRVHQHOVXUGH(VSDxD
/D VLWXDFLyQ GH ORV FULVWLDQRV GHQRPLQDGRV PR]iUDEHV IXH FRQ
HVFDVDV H[FHSFLRQHV SXQWR PHQRV TXH GHVHVSHUDGD 3URKLELGD OD
FRQVWUXFFLyQGHQXHYDVLJOHVLDVODXWLOL]DFLyQGHFDPSDQDV\HOUHJUHVRD
VX UHOLJLyQ VR SHQD GH PXHUWH HQ FDVR GH TXH HQ XQ PRPHQWR GH
GHELOLGDGKXELHUDQDEUD]DGRHOLVODPVHYLHURQDGHPiVVRPHWLGLWRRVDXQ
SURFHVRGHDFXOWXUDFLyQ'XUDQWHODSULPHUDPLWDGGHOVLJOR,;QRIXHURQ
SRFRV ORV PR]iUDEHV TXH FDSLWXODURQ SDViQGRVH D ODV ILODV GH ORV
YHQFHGRUHV DXQTXH QR HVFDVHDURQ GHVSXpV ORV DUUHSHQWLGRV GH KDEHU
GDGRHVHSDVRRTXHLQFOXVRDUWLFXODURQDOJXQDVKHUHMtDVDQWLWULQLWDULDV
SDUDGHIHQGHUVHGHODDFXVDFLyQGHSROLWHtVWDVFRQTXHORVPRWHMDEDQORV
PXVXOPDQHV 3XHGH FRPSUHQGHUVH TXH DUUDVWUDQGR VHPHMDQWH YLGD GH
SDULDV VRPHWLGLWRRV D WRGR WLSR GH SUHVLRQHV ORV DFRVDEDQ FRPR D
SHUURV UDELRVRV KD OOHJDGR D GHFLU XQ KLVWRULDGRU DFDEDUD
SURGXFLpQGRVH XQD FULVLV QDFLGD HQ XQD PLQRUtD GHVHVSHUDGD TXH
VRODPHQWH DVSLUDED D VHJXLU VREUHYLYLHQGR \ D OD TXH HO LVODP
GHFODUDGDPHQWH HVWDED SULYDQGR GH VX GHUHFKR D H[LVWLU LQFOXVR
VRPHWLGLWRD(QRWUDVSDODEUDVODTXHKDVWDD\HUKDEtDVLGRODUHOLJLyQ
RILFLDO \ KDEtD SRGLGR DPDUJDU LPSXQHPHQWH OD H[LVWHQFLD GH OD RWUD
UHOLJLyQH[LVWHQWHHQ(VSDxDODMXGtDVHYHtDDKRUDHPSXMDGDSRUOD
IXHU]DKDVWDODEDVHGHODSLUiPLGHVRFLDO6REUHHOODTXHGDEDVLWXDGDQR
VRORXQDWHUFHUDUHOLJLyQLPSXHVWDSRUODHVSDGD\SURFHGHQWHGHDOOHQGH
HO PDU VLQR WDPELpQ HQ OD SUiFWLFD OD GH ORV MXGtRV PHMRU SUHSDUDGRV
FXOWXUDOPHQWHSDUDVHUYLUDOLQYDVRU
3XHGHSHQVDUVHORTXHVHTXLHUDHQHOVHQWLGRGHVLODVLWXDFLyQDTXHVH
YLR VRPHWLGLWRD OD LJOHVLD HUD XQ FDVWLJR GHO$OWtVLPR SRU VXV SHFDGRV
SHURGHORTXHQRFDEHODPHQRUGXGDHVGHTXHODYLGDGHVXVILHOHVHQWUy
XQD \ RWUD YH] HQ HO WHUUHQR GH OR HVFDORIULDQWH $ ODV HMHFXFLRQHV GH
FULVWLDQRV TXH WHQtDQ \D SUHFHGHQWHV HQ $OQGDOXV VH VXPDURQ
LQWROHUDEOHVKXPLOODFLRQHV7RGRVORVFULVWLDQRVIXHURQH[SXOVDGRVGHOD
FRUWH VH SURFHGLy D JUDYDUORV FRQ QXHYRV LPSXHVWRV \ DGHPiV VH
GHVWUX\HURQVXVLJOHVLDV6HSURGXMHURQDGHPiVHSLVRGLRVTXHVRORSRGtDQ
FRQWULEXLUDDJULDUODVUHODFLRQHVHQWUHMXGtRV\FULVWLDQRV(QHODxR
SRU HMHPSOR IXH PDUWLUL]DGR SRU RUGHQ GHO HPLU XQ FULVWLDQR OODPDGR
3DXOR OYDUR &RUGREpV /DV HMHFXFLRQHV GH FULVWLDQRV HUDQ QXPHURVDV
SHURHVWDWHQtDXQDSHFXOLDULGDG/DYtFWLPDGHODHMHFXFLyQHUDXQMXGtR
TXH VH KDEtD FRQYHUWLGR DO FULVWLDQLVPR \ TXH KDEtD SURWDJRQL]DGR OD
SULPHUDFRQWURYHUVLDS~EOLFDVRVWHQLGDHQWUHMXGtRV\FULVWLDQRV3DUDODV
IXHQWHVFULVWLDQDV3DXOROYDUR&RUGREpVKDEUtDGHPRVWUDGRGHPDQHUD
PiVTXHFRQYLQFHQWHTXHODVSURIHFtDVGHO$QWLJXR7HVWDPHQWRUHIHULGDV
DOPHVtDVVHKDEtDQFXPSOLGRHQ-HV~VGH1D]DUHW(QRWUDVSDODEUDVTXH
PLHQWUDVTXHODIHFULVWLDQDHUDHOFXPSOLPLHQWRHVSHUDGRGHODVSURPHVDV
GH'LRVHOMXGDtVPRQRSDVDEDGHVHUXQLQWHQWRKXPDQRGHUHFKD]DUHVD
YHUGDGFRQVXPDGD
3RUVLIXHUDSRFRGXUDQWHORVDxRV\WXYLHURQOXJDUHSLVRGLRV
GH WUiJLFR SHUILO (Q ODV IHFKDV FLWDGDV HO HPLU 0RKDPPHG , FRQYRFy
VHQGRV FRQFLOLRV HFOHVLiVWLFRV HQ ORV TXH SUHWHQGLy FRQWURODU D ORV
RSULPLGRV PR]iUDEHV H LPSRQHU VREUH HOORV XQ FODUR GRPLQLR UHOLJLRVR
&RQWDED HO HPLU FRQ TXH OD MHUDUTXtD PR]iUDEH VH GREOHJDUtD 6H
HTXLYRFy 'HFLGLy HQWRQFHV FRQYHUWLU HQ SDGUHV FRQFLOLDUHV D DOJXQRV
FULVWLDQRV GLVSXHVWRV D VRPHWHUVH \ OR TXH FRQVWLWXtD XQD FODUD
KXPLOODFLyQWDPELpQDPXVXOPDQHV\DMXGtRV/DLQWURPLVLyQLVOiPLFD
FRQ DSR\R GH MXGtRV \ GH FULVWLDQRV GpELOHV FRQFOX\y FRQ HO
GHUURFDPLHQWR GHO RELVSR GH &yUGRED \ XQD PXOWD GH FLHQ PLO VXHOGRV
LPSXHVWD VREUH ORV FULVWLDQRV FRQ OD ILQDOLGDG GH SURYRFDU VX TXLHEUD
HFRQyPLFD \ VX VXPLVLyQ DEVROXWD (V SRVLEOH TXH ORV MXGtRV TXH
SDUWLFLSDURQ HQ OD VDFUtOHJD FHUHPRQLD QR WXYLHUDQ RWUD DOWHUQDWLYD (O
SHOLJURTXHKXELHUDLPSOLFDGRODGHVREHGLHQFLDDODVyUGHQHVGHOHPLUHUD
LQQHJDEOH \ SRU RWUR ODGR WDPSRFR VH SXHGH HVSHUDU TXH VLQWLHUDQ
VLPSDWtD DOJXQD SRU ORV RSULPLGRV FULVWLDQRV 6LQ HPEDUJR QR FXHVWD
FRPSUHQGHUHVSHFLDOPHQWHWUDVODHMHFXFLyQGH3DXOROYDUR&RUGREpV
 TXH ORV FULVWLDQRV YLYLHUDQ DTXHOORV HSLVRGLRV FRPR XQD PXHVWUD
YHUJRQ]RVD\WHUULEOHGHXQDDOLDQ]DHQWUHMXGtRV\PXVXOPDQHV)UHQWHD
HOOD ORV FULVWLDQRV UHSUHVHQWDEDQ HO SDSHO GH ODV YtFWLPDV SRUTXH VXV
FRPSDxHURV GH LQIRUWXQLR ORV MXGtRV HUDQ DOLDGRV GH ORV RSUHVRUHV
/DVLWXDFLyQQRPHMRUDUtDPiVELHQWRGRORFRQWUDULREDMRORVFDOLIDV
GH&yUGRED
$GHFLUYHUGDGODVUHQWDVGHOHVWDGRGHSHQGtDQHQQRHVFDVDPHGLGDGHO
ERWtQGHODVH[SHGLFLRQHVHPSUHQGLGDVFRQWUDORVFULVWLDQRVGHOQRUWHXQ
ERWtQTXHQRSRFDVYHFHVWHQtDHQWUHVXVSDUWHVPiVSLQJHVODYHQWDGH
ORV SULVLRQHURV GH JXHUUD FRPR HVFODYRV 'H HVWD PDQHUD VL $EG DU
5DKPiQ ,, KDEtD SHUFLELGR XQ PLOOyQ GH GLQDUHV DQXDOHV FLIUD TXH VH
YHUtD PX\ PHUPDGD GXUDQWH HO JRELHUQR GH VXV VXFHVRUHV $EG DU
5DKPiQ,,,ORJUyLQJUHVDUHQHOWHVRURS~EOLFRODFLIUDGHSRFRPHQRVGH
FLQFR PLOORQHV \ PHGLR GH GLQDUHV D ORV TXH KD\ TXH VXPDU ORV WUHV
FXDUWRV GH PLOOyQ GH VX UHQWD SHUVRQDO FRPR FDOLID 8QD SURSRUFLyQ
YHUGDGHUDPHQWH H[WUDRUGLQDULD GH OD ULTXH]D \ GHO FRPHUFLR GHO FDOLIDWR
GHVFDQVDEDVREUHHOWUiILFRGHHVFODYRV'XUDQWHHOVLJOR;$OQGDOXVVH
FRQYLUWLyYHUGDGHUDPHQWHHQHOFHQWURGHOFRPHUFLRGHVHUHVKXPDQRVGH
2FFLGHQWH3RUVXVWLHUUDVSDVDEDQODVFDUDYDQDVGHHVFODYRVTXHQRVROR
VHYHQGtDQHQHOLQWHULRUVLQRTXHWDPELpQVHGHVWLQDEDQDODH[SRUWDFLyQ
'LIHUHQFLDGRV SRU VX FRORU HQ GRV JUDQGHV JUXSRV EODQFRV \ QHJURV R
VXGDQHVHVORVSULPHURVSURFHGtDQGHODVDFHLIDVODQ]DGDVSRUODVWURSDV
LVOiPLFDV FRQWUD OD (VSDxD FULVWLDQD GH ODV LQFXUVLRQHV GH SLUDWDV
PXVXOPDQHVUHDOL]DGDVFRQWUDODVFRVWDVGH(XURSD\HQPHQRUPHGLGD
GHODFRPSUDTXHUHDOL]DEDQGHSULVLRQHURVHVODYRVDORVJHUPDQRV$OR
ODUJR GHO VLJOR ; ORV PLHPEURV GH OD UHOLJLyQ DQWDxR GRPLQDQWH QR
GHMDURQGHSURWDJRQL]DUFRQVWDQWHVKXLGDVHQEXVFDGHODOLEHUWDGKDFLDHO
QRUWH FULVWLDQR 'H KHFKR VX H[LVWHQFLD VH IXH KDFLHQGR FDGD YH] PiV
GLItFLO\GHVHVSHUDGDKDVWDTXHHQODSHUVHFXFLyQUHOLJLRVDGHFUHWDGD
SRUORVDOPRUiYLGHVORVDQLTXLOySUiFWLFDPHQWHSRUFRPSOHWR
$OFDERGHFDVLWUHVVLJORVORVVHJXLGRUHVGHODDQWDxRUHOLJLyQRILFLDO
FRQRFtDQVREUDGDPHQWHORTXHVLJQLILFDEDODLQYDVLyQ\SHUPDQHQFLDGHO
LVODP HQ OD 3HQtQVXOD ,EpULFD 6L SDUD DTXHOORV TXH KDEtDQ DEUD]DGR OD
UHOLJLyQ SUHGLFDGD SRU 0DKRPD VH KDEtD WUDGXFLGR HQ GHVSUHFLRV
UHOHJDFLyQ HQ OD HVFDOD VRFLDO \ XQD FUXHQWD PH]FOD GH VXEOHYDFLyQ FDVL
FRQWLQXD\UHSUHVLyQGHVSLDGDGDSDUDORVTXHKDEtDQSHUPDQHFLGRILHOHVD
OD DQWHV FRQIHVLyQ HVWDWDO KDEtD LPSOLFDGR KXPLOODFLRQHV WRGDYtD
PD\RUHV LQWHUYHQFLyQ HQ DVXQWRV HFOHVLDOHV H[WLUSDFLyQ GH OD OHQJXD
H[LOLRVIRU]RVRVGHSRUWDFLRQHVUHGXFFLyQDODHVFODYLWXGUXLQD\PXHUWH
3RFR SXHGH H[WUDxDU TXH HQ PHGLR GH VHPHMDQWH HQFDGHQDPLHQWR GH
GHVJUDFLDVYLQFXODGDVLQH[RUDEOHPHQWHDOLVODPEXVFDUDQHOFRQVXHORHQ
XQD IH TXH FRQVLGHUDEDQ YHUGDGHUD \ PX\ HVSHFLDOPHQWH HQ VX OLEUR
VDJUDGROD%LEOLD(QDTXHOODVSiJLQDVLQWHQWDURQFRPRJHQHUDFLRQHVGH
FULVWLDQRV DQWHULRUHV \ SRVWHULRUHV KDOODU OD JXtD SDUD OD H[LVWHQFLD
FRWLGLDQD \ WDPELpQ XQD H[SOLFDFLyQ SDUD XQD UHDOLGDG TXH UHVXOWDED
SRVLEOHPHQWHGHPDVLDGRGXUDFRPRSDUDTXHQRVRWURVSRGDPRVFDSWDUOD
DFWXDOPHQWHGHXQDPDQHUDFDEDO/RVUHVXOWDGRVGHHVHHVFXGULxDPLHQWR
GHO/LEURVDJUDGRFRQGXMHURQDVtSRUHMHPSORDXQDOHFWXUDGHOSURIHWD
(]HTXLHO TXH LGHQWLILFDED D *RJ \ 0DJRJ FRQ OD LQYDVLyQ LVOiPLFD \
FRQILDEDHQTXHVXVLQLTXLGDGHVHQFRQWUDUtDQILQDOJUDFLDVDODDFFLyQGH
XQ PRQDUFD FRPR $OIRQVR ,,, R D SDUWLU GH ILQDOHV GHO VLJOR ; D XQ
GHVSOD]DPLHQWR GHO pQIDVLV KDFLD HO ~OWLPR OLEUR GH ODV 6DJUDGDV
(VFULWXUDV HO $SRFDOLSVLV GH VDQ -XDQ TXH QR VROR DQXQFLDED XQD
FDWiVWURIH VLQ SUHFHGHQWHV WUDV XQ PLOHQLR GH UHLQDGR GH &ULVWR VREUH OD
WLHUUDVLQRWDPELpQODVWULEXODFLRQHVTXHGHEHUtDSDGHFHUHO5HLQRGH'LRV
DQWHVGHOILQDOGHORVWLHPSRV(OSRUTXpGHHVHGHVSOD]DPLHQWRVHUiIiFLO
GH FRPSUHQGHU VL VH WLHQH HQ FXHQWD TXH D OD PXHUWH GH$O+DNDP IXH
SURFODPDGRFDOLIDVXKLMR+LVKDP,,"1LxRGHSRFRVDxRVLED
D GHMDU GH PDQLILHVWR D OR ODUJR GH VX UHLQDGR XQD QRWDEOH LQFDSDFLGDG
SDUDJREHUQDU6LQHPEDUJRHVDFLUFXQVWDQFLDQRVHWUDGXFLUtDDOPHQRV
GXUDQWHXQWLHPSRHQXQGHELOLWDPLHQWRGHOSRGHUGHOFDOLIDWR/DUD]yQ
SDUDHOORQRVHUtDRWUDTXHODDFFLyQGHXQSHUVRQDMHOODPDGR$EX$PLU
0XKDPPDGEHQ$PLUDO0DDILtDOTXHVXVp[LWRVPLOLWDUHVOHYDOLHURQHO
VREUHQRPEUH GH HO 9LFWRULRVR DO0DQVXU \ TXH SDVDUtD D OD KLVWRULD
FRPR$OPDQ]RU
&RPR OD LQPHQVD PD\RUtD GH ORV SHUVRQDMHV HQFXPEUDGRV HQ $O
QGDOXV$OPDQ]RUQRHUDGHRULJHQHVSDxRO3HUWHQHFtDSRUHOFRQWUDULR
DXQDIDPLOLDiUDEHGHOJUXSR\HPHQtTXHSDUWLFLSDQWHHQODLQYDVLyQGH
7DULTKDEtDUHFLELGRHQUHFRPSHQVDXQDVWLHUUDVHQOD]RQDGH$OJHFLUDV
'HHQRUPHDPELFLyQVHWUDVODGyD&yUGREDHQODSULPHUDMXYHQWXGSDUD
HVWXGLDU GHUHFKR FRUiQLFR \ JUDPiWLFD iUDEH 5HGDFWRU GH PHPRULDOHV
SDUDDQDOIDEHWRVDOSLHGHODOFi]DUSDVyDFRODERUDUFRQHOFDGtFHQWUHPR
TXH HQ  OR SUHVHQWy DO MHIH GH OD DGPLQLVWUDFLyQ FLYLO GH SDODFLR
/ODPy HQWRQFHV OD DWHQFLyQ GH OD UHLQD OD YDVFRQD 6XEK GH OD TXH VH
FRQYLUWLyHQDPDQWHDXQTXHHVSRVLEOHTXHWDOKHFKRQRVXFHGLHUDDQWHVGH
OD PXHUWH GHO FDOLID$O+DNDP$ SDUWLU GH HVH PRPHQWR HO DVFHQVR GH
$OPDQ]RUSRUODVGLVWLQWDVLQVWDQFLDVGHSRGHUIXHIXOJXUDQWH8QDGpFDGD
DQWHV GH TXH FRQFOX\HUD HO VLJOR$OPDQ]RU HUD HO YHUGDGHUR GXHxR GHO
FDOLIDWR 'HVHRVR GH DSDUHFHU FRPR HO PiV SLDGRVR GH ORV PXVXOPDQHV
XQDGHODVPHGLGDVTXHDGRSWySDUDFRQVHJXLUORFRQVLVWLyHQODTXHPDGH
EXHQDSDUWHGHODELEOLRWHFDFDOLIDO5HSHWtDDVtODFRQGXFWDGHOFDOLIDTXH
HQ ORV LQLFLRV GHO LVODP KDEtD DUUDVDGR OD ELEOLRWHFD GH$OHMDQGUtD SRU
FRQVLGHUDUOD SUHVFLQGLEOH SDUD XQ EXHQ PXVXOPiQ \ VXUFDED HO FDPLQR
TXH\DHQHOVLJOR;;UHFRUUHUtDQODVGLFWDGXUDVWRWDOLWDULDV
$OPDQ]RUHUDXQFRQYHQFLGRGHODGRFWULQDGHOD\LKDGSURSLDGHOLVODP
(QRWUDVSDODEUDVODILQDOLGDGGHODJXHUUDQRHUDVRORODGHIHQVDGHORV
DWDTXHV R OD GHVDUWLFXODFLyQ SUHYHQWLYD GH IXWXUDV DPHQD]DV VLQR HO
DSODVWDPLHQWRGHFXDOTXLHUHVWDGRDXQTXHHVWXYLHUDVRPHWLGLWRRRIXHUD
SDFtILFRTXHQRSHUWHQHFLHUDDO'DUDO,VODP(QWRGRPRPHQWRGHEtD
TXHGDUGHPDQLILHVWRHOSRGHUPXVXOPiQSDUDVDTXHDUDUUDVDURFDXWLYDU
D ORV LQILHOHV \ FXDQGR VH HVWXGLD FXLGDGRVDPHQWH OD PDQHUD HQ TXH
$OPDQ]RUIXHOOHYDQGRDFDERVXVRIHQVLYDVVHGHVFXEUHFyPRREHGHFtDQ
D XQ SODQ PHWLFXORVDPHQWH HODERUDGR SDUD VHPEUDU HO WHUURU \ D OD YH]
DQLTXLODU OD PHQRU SRVLELOLGDG GH VXEVLVWHQFLD GH DTXHOORV TXH QR VH
VRPHWtDQDODSUHGLFDFLyQGH0DKRPD
$ SHVDU GH TXH OD VLWXDFLyQ GH OD (VSDxD FULVWLDQD QR UHVXOWDED
DPHQD]DGRUDSDUDHOFDOLIDWR$OPDQ]RUHQFDGHQyXQDFDPSDxDWUDVRWUD
FX\DILQDOLGDGHUDDUUDVDUVDTXHDU\GHVWUXLU%DUFHORQD&RLPEUD
 /HyQ \ =DPRUD  2VPD \ ODYD  3DPSORQD R %XUJRV
IXHURQWDQVRORDOJXQRVGHORVHQFODYHVUHGXFLGRVOLWHUDOPHQWHDFHQL]DV
SRU HO FDXGLOOR LVOiPLFR 3XHGH FRPSUHQGHUVH VREUDGDPHQWH TXH DQWH
VHPHMDQWHV DFWRV DOJXQRV FULVWLDQRV FUH\HUDQ TXH ODV GHVSLDGDGDV
DFFLRQHV GH $OPDQ]RU FRQVWLWXtDQ ODV WULEXODFLRQHV SUHYLDV DO
DGYHQLPLHQWR GHO UHLQR GH &ULVWR HQ HO DxR PLO TXH SRU RWUD SDUWH WDQ
FHUFDVHHQFRQWUDED
(Q HO DxR  WUDV XQD DFHLID GH LPSRUWDQFLD PX\ OLPLWDGD SRU OD
5LRMD HQ HO FXUVR GH OD FXDO DUUDVy HO PRQDVWHULR GH 6DQ 0LOOiQ GH OD
&RJROOD$OPDQ]RUUHJUHVyHQIHUPRGHXQDGROHQFLDTXHQRKDSRGLGRVHU
GHWHUPLQDGD FRQ VHJXULGDG 2EOLJDGR D FRQWLQXDU HO YLDMH HQ OLWHUD
ILQDOPHQWHWXYRTXHGHWHQHUVHHQ0HGLQDFHOLGRQGHH[SLUyDORVSRFRV
GtDV(OOODQWRTXHODQRWLFLDGHVXPXHUWHSURYRFyHQHOPXQGRLVOiPLFR
UHVXOWDED FRPSUHQVLEOH 1LQJ~Q FDXGLOOR DQWHULRU KDEtD VHPEUDGR HO
WHUURU GH OD \LKDG GH PDQHUD VHPHMDQWH HQ ODV WLHUUDV GH OD 3HQtQVXOD
,EpULFD 6LQ HPEDUJR SDUD ORV TXH OXFKDEDQ GHVGH KDFtD VLJORV SRU
OLEHUDUVH GHO \XJR LVOiPLFR ODV QXHYDV GH OD GHVDSDULFLyQ GHO GLFWDGRU
TXH WDQWDV PXHUWHV \ GHVJUDFLDV KDEtD RFDVLRQDGR IXHURQ UHFLELGDV FRQ
YHUGDGHURM~ELOR(OFDVWHOODQRDXWRUGHO&URQLFyQ%XUJHQVH UHVXPLUtDHQ
XQD IUDVH HO VHQWLU GH DTXHOORV DO LQGLFDU TXH WUDV VX IDOOHFLPLHQWR
$OPDQ]RUIXHVHSXOWDGRHQORVLQILHUQRV

/$5(&83(5$&,1

6L HQ OD ]RQD RFXSDGD SRU HO LVODP OD DQWDxR LJOHVLD RILFLDO VH KDEtD
YLVWRGHVSHxDGDGHVXVLWXDFLyQGHSULYLOHJLR\VRPHWLGLWRDDSHULyGLFDV
SHUVHFXFLRQHVHQODV]RQDVQRRFXSDGDVQRWDUGyHQLQWHQWDUUHFXSHUDUOD
1RGHMDGHVHUVLJQLILFDWLYRTXHODSULPHUDYLFWRULDIUHQWHDORVLQYDVRUHV
LVOiPLFRVVXFRQWHQFLyQHQ&RYDGRQJDVHFRQHFWDUDLQPHGLDWDPHQWH
FRQ OD LQWHUYHQFLyQ GH OD 9LUJHQ &RQ WRGR HO HQIUHQWDPLHQWR UHFRJLGR
WDPELpQ HQ ODV IXHQWHV iUDEHV H[LVWLy \ IXH HO JHUPHQ GH XQ Q~FOHR GH
UHVLVWHQFLD HQ $VWXULDV TXH SRVWHULRUPHQWH VH LUtD H[WHQGLHQGR KDFLD
/HyQ4XHGHpOVHDSRGHUDUDODLJOHVLDFDWyOLFDHVFXHVWLyQDSDUWH0XFKR
PD\RUIXHODPLVWLILFDFLyQUHODFLRQDGDFRQODEDWDOODGH&ODYLMRHQODTXH
FHQWXHVWDPHQWH OD DSDULFLyQ GHO DSyVWRO 6DQWLDJR D FDEDOOR \ PDWDQGR
PRURV IXH GHFLVLYD SDUD OD YLFWRULD 7UDGLFLRQDOPHQWH HO OXJDU GH OD
EDWDOODVHKDXELFDGRHQHO&DPSRGHOD0DWDQ]DFHUFDGH&ODYLMRHQOD
5LRMDHOGHPD\RGHODxR/DLQFOXVLyQHQODVFUyQLFDVVHGHELyD
XQDU]RELVSR5RGULJR-LPpQH]GH5DGD\GHHVDLQFOXVLyQVHGHULYDURQ
QRSRFRVEHQHILFLRVSDUDODLJOHVLDFDWyOLFD
(OUHWURFHVRGHORVLQYDVRUHVHQSDUWHSRUHOHPSXMHGHODUHVLVWHQFLD
QRUWHxD\HQSDUWHSRUVXSURSLDLQFDSDFLGDGSDUDPDQWHQHUHOFRQWUROGH
WRGD OD 3HQtQVXOD IXH GHMDQGR WHUULWRULRV TXH GHEtDQ VHU RFXSDGRV \
FRORQL]DGRV 'H KHFKR ODV YLFWRULDV REWHQLGDV VREUH ORV LQYDVRUHV
LVOiPLFRVH[LJtDQSDUDYHUVHFRQVROLGDGDVGRVFLUFXQVWDQFLDV/DSULPHUD
HUD OD RFXSDFLyQ GH ORV WHUULWRULRV UHFXSHUDGRV \ OD VHJXQGD HO
HVWDEOHFLPLHQWR GH SREODFLRQHV TXH OOHYDUDQ XQD YLGD TXH SRGUtDPRV
GHQRPLQDU QRUPDO +DEtD TXH DWUDHU D SREODGRUHV TXH HVWXYLHUDQ
GLVSXHVWRV D DEDQGRQDU ORV HQFODYHV GH OD UHWDJXDUGLD SDUD VLWXDUVH HQ
SXHVWRVGHIURQWHUDGLVSXHVWRVDGHIHQGHUVHFRQODVDUPDVHQODPDQRGH
ODVDJUHVLRQHVPXVXOPDQDVTXHVHUHSHWLUtDQHQFXDOTXLHUPRPHQWR/RV
UH\HV LQWHQWDEDQ FRPSHQVDU ORV LQQHJDEOHV SHOLJURV LQKHUHQWHV D HVDV
UHSREODFLRQHV PHGLDQWH HO RWRUJDPLHQWR GH IXHURV R FDUWDV SXHEODV TXH
FRQFHGtDQSULYLOHJLRVDGLVWLQWRVHQFODYHV
/D LJOHVLD FDWyOLFD WHQtD XQ HVSHFLDO LQWHUpV HQ DSRGHUDUVH GH HOORV \
SDUD FRQVHJXLUOR SXVR HQ PDUFKD QR SRFRV PHFDQLVPRV GH SURSDJDQGD
OLJDGRVQRVRORDODFHQWXHVWDD\XGDVREUHQDWXUDOHQODJXHUUDGHULYDGDGH
OD 9LUJHQ R GH 6DQWLDJR VLQR WDPELpQ D QR PHQRV FHQWXHVWRV PLODJURV
UHODFLRQDGRV FRQ VDQWRV GH QXHYD FUHDFLyQ %DVWD UHSDVDU OD REUD GH
*RQ]DOR GH %HUFHR SRU OR GHPiV XQ DXWRU QRWDEOH SDUD FDSWDU OD
XWLOL]DFLyQ GH OD UHOLJLyQ \ GH OD FHQWHUVWLFLyQ FRQ ILQHV DELHUWDPHQWH
FUHPDWtVWLFRVRODDSDULFLyQGHO&DPLQRGH6DQWLDJRSDUDSHUFDWDUVHGH
ODYHUDFLGDGGHHVWHDVHUWR

)5$8'(6326'(/$'21$7,2&2167$17,1,
$*21=$/2'(%(5&(23$6$1'2
325(/&$0,12'(6$17,$*2
 (O VLJOR9,,, QR VROR WXYR XQD HVSHFLDO UHOHYDQFLD SRU OD LUUXSFLyQ
LVOiPLFD HQ OD 3HQtQVXOD ,EpULFD VLQR WDPELpQ SRU HO GHVDUUROOR GH XQD
SROtWLFDGHIDOVLILFDFLyQGRFXPHQWDOTXHSUHWHQGtDIDYRUHFHUORVGHVLJQLRV
GHO RELVSR GH 5RPD \ TXH PX\ SURQWR VH H[WHQGLy D UHVSDOGDU ORV
LQWHUHVHV GH OD LJOHVLD FDWyOLFD HQ WRGR 2FFLGHQWH VLQ H[FOXLU ORV UHLQRV
KLVSiQLFRV (VD IDOVLILFDFLyQ GRFXPHQWDO LUtD XQLGD QR SRFDV YHFHV D OD
FUHDFLyQGHHPRFLRQHV\DPDQLIHVWDFLRQHVDUWtVWLFDVTXHD\XGDEDQDVX
GLIXVLyQ SRSXODU &RQRFLGRV FRPR IUDXGHV StRV HVWRV HSLVRGLRV KDQ
GHMDGR VX KXHOOD HQ OD +LVWRULD KDVWD OD DFWXDOLGDG \ GH PDQHUD ELHQ
UHYHODGRUDVXHOHQVHURFXOWDGRVHQORVUHODWRVKLVWRULRJUiILFRVGHELGRVD
DXWRUHVFDWyOLFRV
6LQGXGDHOIUDXGHStRPiVUHOHYDQWHIXHXQGRFXPHQWRGHFDUiFWHU
MXUtGLFR FRQRFLGR FRPR'RQDWLR &RQVWDQWLQL HV GHFLU OD'RQDFLyQ GH
&RQVWDQWLQR(OHVFULWRWHQtDODSUHWHQVLyQGHVHUODFRQVWDQFLDIRUPDO
GH XQD GRQDFLyQ GH GLYHUVRV WHUULWRULRV TXH HO HPSHUDGRU URPDQR
&RQVWDQWLQRKDEUtDUHDOL]DGRHQIDYRUGHORELVSRGH5RPD(OQDFLPLHQWR
GH HVWD REUD UHVXOWD HQ UHDOLGDG LQFRPSUHQVLEOH VLQ XQD UHIHUHQFLD D VX
FRQWH[WRMXUtGLFR(VWHYLQRPDUFDGRSRUGRVDVSHFWRVIXQGDPHQWDOHV(O
SULPHUR IXH OD WHQGHQFLD D FROHFFLRQDU ORV GRFXPHQWRV FDQyQLFRV
H[LVWHQWHV <D HQ HO VLJOR 9, KDEtD VXUJLGR GH XQ LPSXOVR VLPLODU OD
FROHFFLyQ 'LRQLVLDFD \ HQ HO VLJOR9,, OD GHQRPLQDGD +LVSDQD
H[SHULPHQWDQGR DPEDV HQ HO FXUVR GH HVH VLJOR DOJXQDV DOWHUDFLRQHV
QRWDEOHV (Q HO DxR  OD WHQGHQFLD FROHFFLRQLVWD UHFLELy XQ QXHYR
LPSXOVR DO HQYLDU HO SDSD$OHMDQGUR , D &DUORPDJQR XQ HMHPSODU GH OD
FROHFFLyQ 'LRQLVLDFD (VWH SUHVHQWDED DOJXQDV SHFXOLDULGDGHV \D TXH HO
SUHIDFLR RULJLQDO KDEtD GHVDSDUHFLGR \ DGHPiV DO WH[WR VH OH KDEtDQ
DxDGLGR ODV GHFUHWDOHV GH ORV RELVSRV URPDQRV GH =yVLPR  D
*UHJRULR ,,  +DFLD HO DxR  HVD FROHFFLyQ VH YLR UHIXQGLGD
FRQ PDWHULDOHV SURFHGHQWHV GH OD +LVSDQD GDQGR OXJDU D OD GHQRPLQDGD
FROHFFLyQ 'DFKHULDQD /D VHJXQGD FLUFXQVWDQFLD TXH LQIOX\y HQ HO
QDFLPLHQWRGHOD'RQDWLRIXHXQIHQyPHQRDXWpQWLFDPHQWHVLQJXODUHQOD
+LVWRULD GHO 'HUHFKR DXQTXH QR WDQ H[FHSFLRQDO HQ OD GH ODV UHOLJLRQHV
1RV UHIHULPRV D OD IDOVLILFDFLyQ GH WH[WRV FRQ OD ILQDOLGDG GH VHUYLU D
REMHWLYRVFRQFUHWRVGHODVHGHSDSDOHQPDWHULDGHJRELHUQRMXULVGLFFLyQ
GLVFLSOLQD R PHUDPHQWH SROtWLFD (VWD ODERU VH UHDOL]y GH PDQHUD
VLVWHPiWLFDHQXQDRILFLQDGHOUHLQRIUDQFRHQWUHORVDxRV\
/DSULPHUDIDVHGHHVWDWDUHDFRQVLVWLyHQDOWHUDUHOWH[WRGHODFROHFFLyQ
+LVSDQD DxDGLpQGROH PDWHULDOHV KDVWD DOFDQ]DU HO FRQWHQLGR TXH
FRQRFHPRVSRUHOPDQXVFULWRGH$XWXQ2WURHMHPSORGHHVWDODERUIXHOD
FUHDFLyQ GH ORV&DSLWXOD $QJLOUDPQL XQRV WH[WRV OHJDOHV TXH VH
DWULEXtDQ DO SDSD $GULDQR DXQTXH HQ UHDOLGDG HUDQ XQD DPDOJDPD GH
GRFXPHQWRVFDQyQLFRVQRUPDVGHOFyGLJRWHRGRVLDQR\OH\HVYLVLJyWLFDV
 R GH ORV&DSLWXODULD %HQHGLFWL /HYLWDH TXH SUHWHQGtDQ OHJLWLPDU OD
UHIRUPD HFOHVLiVWLFD FRQ QRUPDV FHQWXHVWDPHQWH HPDQDGDV GH GLVWLQWRV
HPSHUDGRUHV URPDQRV \ GH ORV UH\HV PHURYLQJLRV \ FDUROLQJLRV 3DUD
FRPSUHQGHU HO DOFDQFH GH HVWD ODERU EDVWH GHFLU TXH GH ORV&DSLWXODULD
PHQFLRQDGRVPLOWUHVFLHQWRVGLHFLQXHYHDOUHGHGRUGHODFXDUWDSDUWH
HUDQIDOVRV1RHUDSRFRXVRGHODPHQWLUDSDUDORJUDUHODYDQFHGHXQRV
LQWHUHVHV TXH SXHGHQ GHILQLUVH GH FXDOTXLHU IRUPD VDOYR FRPR
HVSLULWXDOHV
'H HVWD FRQIOXHQFLD GHO DIiQ UHFRSLODGRU \ GH OD IDOVLILFDFLyQ GH
GRFXPHQWRV FRQ ILQHV FRQFUHWRV VXUJLHURQ ODV GHQRPLQDGDV'HFUHWDOHV
3VHXGRLVLGRULDQDV (VWDV GHELGDV D ORV HVIXHU]RV GH ,VLGRUR 0HUFDWRU
HVWDEDQGHVWLQDGDVDFRQYHUWLUVHHQODFROHFFLyQPiVH[WHQVDHLPSRUWDQWH
GHOD(GDG0HGLD(QHOODVHGDEDQFLWDMXQWRDODVGHFUHWDOHVURPDQDVGH
6LOYHVWUHD*UHJRULR,,GHODVTXHXQDVHUDQIDOVDV
\ RWUDV DXWpQWLFDV SHUR FRQ DOWHUDFLRQHV XQD VHULH GH GRFXPHQWRV
FRQFLOLDUHV \ WH[WRV GLYHUVRV HQWUH ORV TXH VH KDOODED OD'RQDWLR
&RQVWDQWLQL5HVXOWDSXHVREYLRTXHHVWDQRFRQVWLWXtDSRUORWDQWRXQD
H[FHSFLyQHQHOVHQRGHOD+LVWRULDGHO'HUHFKRFDQyQLFRVLQRXQDSDUWH
GHXQFRQVLGHUDEOHHVIXHU]RFRPSLODGRU\IDOVLILFDGRUOOHYDGRDFDER
HQEHQHILFLRGHOD6DQWD6HGH
/DVUD]RQHVGHHVWHSURFHVRGHIDOVLILFDFLyQVLVWHPiWLFDGHGRFXPHQWRV
UHVXOWDQ IiFLOPHQWH FRPSUHQVLEOHV FXDQGR VH H[DPLQD HO FRQWH[WR
KLVWyULFR(OGHFOLYHGHOSRGHUEL]DQWLQRHQ,WDOLDKDEtDWHQLGRFRPRFODUD
FRQWUDSDUWLGDXQDXJHGHOUHLQRGHORVORPEDUGRV(VWRVIXHURQXWLOL]DQGR
XQD HVWUDWHJLD GH DVHQWDPLHQWRV GXFDOHV \ UHJLRV TXH SRFR D SRFR OHV
SHUPLWLHURQ DSRGHUDUVH GH GLIHUHQWHV WHUULWRULRV LWDOLDQRV \ OR TXH
UHVXOWDEDPiVLPSRUWDQWHDPHQD]DUD5RPDODFLXGDGJREHUQDGDSRUHO
SDSD&RPRFRQWUDSHVRDODDPHQD]DORPEDUGDHOSDSDQRSRGtDUHFXUULU
DOHPSHUDGRUEL]DQWLQRSHUROOHJyDODFRQFOXVLyQGHTXHVtFRQWDEDFRQ
XQD SRVLELOLGDG GH GHIHQVD HQ 3LSLQR HO UH\ GH ORV IUDQFRV 3DUD ORJUDU
LQIOXLU HQ HVWH FRQGXFLpQGROR D XQD DOLDQ]D UHVXOWDED PiV TXH
FRQYHQLHQWH TXH SXGLHUD UHFXUULU D DOJ~Q SUHFHGHQWH OHJDO GH VXV
SUHWHQVLRQHV (O LQVWUXPHQWR XWLOL]DGR SDUD WDO ILQ QR IXH VLQR OD
IDOVLILFDFLyQFRQRFLGDFRPR'RQDFLyQGH&RQVWDQWLQR
(QHOLQYLHUQRGHODxRHOSDSD(VWHEDQVHGLULJLyDODFRUWHGHORV
IUDQFRV FRQ OD SUHWHQVLyQ GH REWHQHU OD D\XGD GH 3LSLQR
&RQYHQLHQWHPHQWH SUHSDUDGR SRU ODV DVHYHUDFLRQHV GH OD'RQDFLyQ HO
PRQDUFDORUHFLELyHQFDOLGDGGHGHIUDXGDGRKHUHGHURGH&RQVWDQWLQR
(Q ODV QHJRFLDFLRQHV TXH VLJXLHURQ D OD FDOXURVD ELHQYHQLGD IUDQFD HO
SDSD(VWHEDQQRVRORVROLFLWyGH3LSLQRTXHOHFRQFHGLHUDD\XGDPLOLWDU
VLQR WDPELpQ TXH OH KLFLHUD HQWUHJD GH XQ FRQMXQWR GH WHUULWRULRV TXH
VHJ~Q OD'RQDFLyQ \D KDEtDQ VLGR GRQDGRV DQWHULRUPHQWH SRU
&RQVWDQWLQR D ORV DQWHFHVRUHV GHO SDSD 3LSLQR FX\RV RUtJHQHV
GLQiVWLFRVHUDQFRPRPtQLPRGXGRVRVDFHSWyODVSUHWHQVLRQHVSDSDOHV
VLQQLQJ~QJpQHURGHGLVFXVLyQ\DGHPiVGHVHQFDGHQyODJXHUUDFRQWUDORV
ORPEDUGRV
(O FRQIOLFWR VH GHVDUUROOy IDYRUDEOHPHQWH SDUD ORV IUDQFRV /RV
ORPEDUGRV IXHURQ GHUURWDGRV \ VH YLHURQ REOLJDGRV D DFHSWDU FXDQWLRVDV
SpUGLGDV WHUULWRULDOHV 3RU VX SDUWH 3LSLQR HQWUHJy DO SDSD (VWHEDQ OD
OODYH GH XQD YHLQWHQD GH FLXGDGHV HQWUH ODV TXH VH HQFRQWUDEDQ 5iYHQD
$QFRQD%RORQLD)HUUDUD,HVL\*XEELR'HHVWDPDQHUDHOSDSDHQWUDED
HQSRVHVLyQGHXQDIUDQMDGHWHUUHQRHQODFRVWDGHO$GULiWLFRDSDUWLUGH
ODFXDOQDFHUtDQORVIXWXURV(VWDGRV3RQWLILFLRV$SDUWLUGHHQWRQFHVHO
SDSD VHUtD XQ PRQDUFD WHPSRUDO FRQ UHFRQRFLPLHQWR LQWHUQDFLRQDO FX\D
VLWXDFLyQ FRQ SpUGLGDV \ JDQDQFLDV VH PDQWHQGUtD LJXDO KDVWD OD
UHXQLILFDFLyQ LWDOLDQD GH ILQDOHV GHO VLJOR;,; 6LQ HPEDUJR HO IUDXGH
GRFXPHQWDO VH GHVFXEULy PXFKR DQWHV &LHUWDPHQWH HO WH[WR IDOVLILFDGR
FXPSOLy FRQ VX ILQDOLGDG GH PDQHUD PiV TXH VDWLVIDFWRULD SDUD HO SDSD
6LQHPEDUJRDSHVDUGHVXp[LWRHOHQJDxRGHMDEDPXFKRTXHGHVHDUHQ
ORTXHDFRQILJXUDFLyQVHUHILHUH\DTXHHOGRFXPHQWRHVWDEDFDUJDGRGH
HUURUHVGHFDUiFWHUKLVWyULFR\MXUtGLFR
/D UHGDFFLyQ FRQFUHWD GH OD'RQDWLR VH KD DWULEXLGR JHQHUDOPHQWH D
&ULVWyIRUR XQ IXQFLRQDULR SDSDO (VWH H[WUHPR GLVWD GH VHU VHJXUR SHUR
HQ FXDOTXLHU FDVR OR TXH Vt SDUHFH TXH SXHGH HVWDEOHFHUVH FRQ EDVWDQWH
FHUWH]DHVHOKHFKRGHTXHHODXWRUGHODREUDXWLOL]yFRPREDVHODOH\HQGD
GHVDQ6LOYHVWUHRELVSRGH5RPDHQWLHPSRVGHOHPSHUDGRU&RQVWDQWLQR
6HJ~Q OD PLVPD &RQVWDQWLQR KDEtD SHUVHJXLGR D ORV FULVWLDQRV
LQLFLDOPHQWH (Q HVD pSRFD KDEUtD FRQWUDtGR OD OHSUD SHUR D SHVDU GH
DFXGLUDWRGRWLSRGHPpGLFRV\KHFKLFHURVQRKDEUtDORJUDGRYHUVHOLEUH
GHODWHUULEOHGROHQFLD(QHVDVFLUFXQVWDQFLDVODOH\HQGDQDUUDEDTXHVDQ
3HGUR\VDQ3DEORVHKDEtDQDSDUHFLGRDOHPSHUDGRUSDUDFRPXQLFDUOHTXH
VRORHOSDSD6LOYHVWUHSRGUtDGHYROYHUOHODVDOXG&RQVWDQWLQRKDEUtDGDGR
RUGHQ LQPHGLDWDPHQWH GH TXH FRQGXMHUDQ DO RELVSR GH 5RPD DO SDODFLR
/DWHUDQR UHYHOiQGROH HVWH TXH SDUD VHU FXUDGR GH OD OHSUD WHQGUtD TXH
EDXWL]DUVH(OHPSHUDGRUVHKDEUtDVRPHWLGLWRRDOFRQVHMRGH6LOYHVWUH\
FRPRFRQVHFXHQFLDGHHOORKDEUtDVDQDGR(QPXHVWUDGHDJUDGHFLPLHQWR
SRU VHPHMDQWH JUDFLD &RQVWDQWLQR KDEUtD RUGHQDGR TXH &ULVWR IXHUD
DGRUDGR HQ WRGR HO LPSHULR H LQVWLWXLGR GLH]PRV GHVWLQDGRV D OD
FRQVWUXFFLyQGHLJOHVLDV$VLPLVPRKDEUtDFHGLGRHOSDODFLR/DWHUDQRD
6LOYHVWUH\DVXVVXFHVRUHVDSHUSHWXLGDG\H[WUDtGRHQSHUVRQDGHOVXHOR\
DFDUUHDGR ORV SULPHURV GRFH FHVWRV GH WLHUUD GH OD FROLQD 9DWLFDQD
GHVWLQDGRVDGDULQLFLRDODVREUDVGHFRQVWUXFFLyQGHODEDVtOLFDGH6DQ
3HGUR
/DOH\HQGDGHOSDSD6LOYHVWUHUHFRJtDDOJXQRVHOHPHQWRVDQFODGRVHQOD
UHDOLGDG KLVWyULFD FRPR OD GRQDFLyQ LPSHULDO GHO SDODFLR /DWHUDQR OD
D\XGDSDUDODFRQVWUXFFLyQGHEDVtOLFDVRHOLQLFLRGHODWROHUDQFLDKDFLDHO
FULVWLDQLVPR6LQHPEDUJRHODXWRUGHOD'RQDWLRPH]FOyHVWRVDVSHFWRV
KLVWyULFRV FRQ XQD VHULH GH LQYHQFLRQHV TXH H[SXVLHURQ HO IUDXGH D
VRVSHFKDVLQPHGLDWDV$VtSRUFLWDUVRORDOJXQRVHMHPSORV&RQVWDQWLQR
VHSUHVHQWDEDFRPRFRQTXLVWDGRUGHORVKXQRVPHGLRVLJORDQWHVGHTXH
HVWRVDSDUHFLHUDQHQ(XURSDHORELVSRGH5RPDHUDGHQRPLQDGRSDSD
FDVLGRVVLJORVDQWHVGHTXHVHOHUHVHUYDUDHVHWtWXORTXHLQLFLDOPHQWH
KDEtDFRPSDUWLGRFRQRWURVRELVSRVORVIXQFLRQDULRVLPSHULDOHVUHFLEtDQ
HO FDOLILFDWLYR GH ViWUDSDV GHO LPSHULR R VH QDUUDED TXH HO HPSHUDGRU
KDEtDRIUHFLGRODFRURQDLPSHULDOD6LOYHVWUHTXHODKDEUtDGHFOLQDGR3RU
DxDGLGXUD VH GLVWRUVLRQDEDQ DOJXQRV KHFKRV KLVWyULFRV SDUD
SURSRUFLRQDUOHV XQ FRQWHQLGR GLVWLQWR 3RU HMHPSOR HUD FLHUWR TXH
&RQVWDQWLQR KDEtD WUDVODGDGR OD FDSLWDO GHO LPSHULR URPDQR D 2ULHQWH
SHURQRORHUDHOTXHKXELHUDGDGRWDOSDVRPRYLGRSRUODFRQVLGHUDFLyQ
GHTXHQRHUDGHFRURVRTXHXQHPSHUDGRUFRPSDUWLHUDHOJRELHUQRGHOD
FLXGDGTXHHUDVHGHGHOVXFHVRUGH3HGURWDO\FRPRVHxDODEDHOWH[WRGH
OD'RQDFLyQ

3RU OR FXDO \ SDUD TXH OD FRURQD SRQWLILFDO SXHGD PDQWHQHUVH FRQ GLJQLGDG 1RV
UHQXQFLDPRVDQXHVWURVSDODFLRVDOD&LXGDGGH5RPD\DWRGDVODVSURYLQFLDVSOD]DV
\FLXGDGHVGH,WDOLD\GHODVUHJLRQHVGHO2FFLGHQWH\ODVHQWUHJDPRVDOPX\EHQGLWR
SRQWtILFH\3DSDXQLYHUVDO6LOYHVWUH

&RQWRGR\SHVHDODVLQFRQVLVWHQFLDVKLVWyULFDVSDWHQWHVHOUHODWRIXH
FRQVLGHUDGRYHUD]LQFOXVRSRUSHUVRQDVTXHJR]DEDQGHFLHUWDLOXVWUDFLyQ
-XQWRDODVWHUJLYHUVDFLRQHVHLQYHQFLRQHVKLVWyULFDVOD'RQDWLRLQFOXtD
RWUDVGHWLSRMXUtGLFRTXHHQEXHQDPHGLGDFRQVWLWXtDQVXUD]yQGHVHU
/DSULPHUDHUDODFHQWUHVLyQGHXQGDWRTXHVtHUDUHFRJLGRHQODOH\HQGD
GH VDQ 6LOYHVWUH \ TXH FRQVLVWtD HQ UHFRQRFHU TXH HO HPSHUDGRU KDEtD
PDQWHQLGRHQVXVPDQRVHODSDUDWRGHOJRELHUQRFLYLOGH5RPD0HGLDQWH
WDOFHQWUHVLyQHOFRQWH[WRSDUHFtDLQGLFDUTXHMXHFHV\RELVSRVSRULJXDO
KDEtDQHVWDGRVRPHWLGLWRRVDODDXWRULGDGGHORELVSRGH5RPDDOJRTXH
VXFHGHUtDHQORV(VWDGRV3RQWLILFLRVSRVWHULRUHVDOVLJOR9,,,SHURTXHQR
WXYR OXJDU FRQ DQWHULRULGDG (Q VHJXQGR OXJDU VH DILUPDED TXH
&RQVWDQWLQR KDEtD KHFKR HQWUHJD D 6LOYHVWUH GH ORV DWULEXWRV LPSHULDOHV
ODGLDGHPDHOPDQWRS~USXUDODW~QLFDHVFDUODWDHOFHWURLPSHULDO\ORV
HVWDQGDUWHV EDQGHUDV \ RUQDPHQWRV 6HPHMDQWH H[WUHPR UHVXOWDED WDQ
DEVXUGR \ VH KDOODED WDQ GHVPHQWLGR SRU OD WUDGLFLyQ SRVWHULRU TXH OD
'RQDWLR KDFtD XQ HVSHFLDO KLQFDSLp HQ HO KHFKR GH TXH HO SDSD KDEtD
UHFKD]DGR WDO RIUHFLPLHQWR 6LQ HPEDUJR FRQ HOOR GHMDED VHQWDGR XQD
IDODFLD MXUtGLFD GH GLPHQVLRQHV FRQVLGHUDEOHV HO GH DILUPDU TXH VL OD
FRURQD LPSHULDO FHxtD ODV VLHQHV GHO HPSHUDGRU VH GHEtD VROR D OD
FRQGHVFHQGHQFLDSDSDO)LQDOPHQWH\HVWRFRQWULEX\HDDERQDUODWHVLV
GH TXH HO DXWRU IXH &ULVWyIRUR DSDUHFtD XQD VHULH GH SULYLOHJLRV
HFOHVLDOHVTXHLEDQGHVGHODFRQFHVLyQGHGLH]PRVKDVWDODHTXLSDUDFLyQ
GHODFXULDFRQHO6HQDGR(QSDODEUDVGHOD'RQDWLRODFXULDSRGtD

FDEDOJDU HQ FDEDOORV EODQFRV DGRUQDGRV FRQ JXDOGUDSDV GHO

EODQFRPiVSXURFDO]DQGR]DSDWRVEODQFRVFRPRORVVHQDGRUHV

6LQHVWDVIDOVLILFDFLRQHVMXUtGLFDVSHUSHWUDGDVVLQHOPHQRUHVFU~SXOR
O D'RQDWLR QR KXELHUD SDVDGR GH VHU XQ UHODWR KDJLRJUiILFR PiV TXH HQ
SRFRKDEUtDYDULDGRODOH\HQGDGHVDQ6LOYHVWUH&RQHOODVVHFRQYLUWLyHQ
XQLQVWUXPHQWRGHFRQVLGHUDEOHYDORUSROtWLFR
/RV SDVRV GDGRV SRU 3LSLQR JUDFLDV D OD LQIOXHQFLD GH OD'RQDWLR QR
FRQVWLWX\HURQ HO ILQDO GH XQ FDPLQR VLQR HO LQLFLR GH XQD IHFXQGD VHQGD
TXH SHUPLWLUtD DO SDSDGR LU IRUMDQGR XQ SRGHU GHVFRQRFLGR SRU pO KDVWD
HQWRQFHV (Q HO VLJOR VLJXLHQWH HO UH\ IUDQFR &DUORPDJQR IXH FRURQDGR
HPSHUDGRU SRU HO SDSD OR TXH QR VROR VLJQLILFy OD FRQVDJUDFLyQ GH VX
SROtWLFDWHUULWRULDOVLQRDVLPLVPRODHOLPLQDFLyQGHFXDOTXLHUSUHWHQVLyQ
EL]DQWLQD GH UHFRQVWUXLU HO LPSHULR URPDQR HQ 2FFLGHQWH \ HO
UHFRQRFLPLHQWRGHTXHODFRURQDFLyQLPSHULDOVRORSRGtDVHUOHJtWLPDVL
VHYHtDVDQFLRQDGDSRUHOSDSDGR
$ OR ODUJR GH ORV VLJORV VLJXLHQWHV OD SXJQD HQWUH HO SRGHU SDSDO \ HO
SROtWLFROOHJDUtDHQQRSRFRVFDVRVDODJXHUUDDELHUWD\ODVUDtFHVGHHVRV
FRQIOLFWRV VXFHVLYRV VH KDOODQ HQ QXPHURVDV RFDVLRQHV HQ OD LQVLVWHQFLD
SDSDOSRUPDQWHQHU\DPSOLDUORVSULYLOHJLRVUHFRJLGRVHQOD'RQDWLR
\ OD UHWLFHQFLD HQ RFDVLRQHV DELHUWD UHVLVWHQFLD GH UH\HV \
HPSHUDGRUHVDVRPHWHUVHDHVDFRVPRYLVLyQ3DUWLHQGRGHHVDSHUVSHFWLYD
QR UHVXOWD H[WUDxR TXH HO UHFRQRFLPLHQWR GH ORV SRGHUHV WHUULWRULDOHV \
SROtWLFRV TXH OD'RQDWLRDGMXGLFDEDDOSDSDDFDEDUDVLHQGRFXHVWLRQDGR
VLWXDFLyQ D~Q PiV FRPSUHQVLEOH VL WHQHPRV HQ FXHQWD OD QDWXUDOH]D GHO
LQVWUXPHQWR HQ TXH VH DSR\DEDQ /D SULPHUD FUtWLFD FRQWXQGHQWH TXH VH
RSXVR D OD'RQDWLRSDUWLyGH2WyQ,HQWRUQRDODxR(OHPSHUDGRU
DOHPiQQDGDWHQWDGRSRUODLGHDGHGHSHQGHUGHOSDSDGRVHxDOyTXH
HO GRFXPHQWR HUD XQ IUXWR GH OD LPDJLQDFLyQ OOHQR GH IDOVHGDGHV &RQ
WRGR ORV DWDTXHV LPSHULDOHV QR FRQWDEDQ FRQ OD VXILFLHQWH VROLGH]
DFDGpPLFD \ DGHPiV SRGtDQ VHU DFXVDGRV GH SURFHGHU GH XQD SDUWH HQ
FRQIOLFWR FRQ HO SDSDGR SRU HO FRQWURO SROtWLFR GH ,WDOLD (VWDV GRV
FLUFXQVWDQFLDV ORV LQYDOLGDURQ VDOYR SDUD DTXHOORV TXH HQ HO GHVJDUUR
SROtWLFRGHOD(GDG0HGLDRSWDURQSRUHOHPSHUDGRUHQFRQWUDGHOSDSD
/D VLWXDFLyQ FDPELDUtD UDGLFDOPHQWH HQ HO VLJOR;9 (Q  /RUHQ]R
9DOODOOHYyDFDERODSULPHUDUHIXWDFLyQVyOLGDGHOD'RQDWLR9DOODQRHUD
LPSDUFLDOHQVXDQiOLVLVSHURQRSRUHOORGHMyGHSRQHUGHPDQLILHVWRFRQ
FRQWXQGHQFLDHOFDUiFWHUIUDXGXOHQWRGHODREUD$SDUWLUGHHVHPRPHQWR
ORVDWDTXHVVHPXOWLSOLFDURQ7RGDYtDHQHOPLVPRVLJOR1LFROiVGH&XVD
\ -XDQ GH 7RUTXHPDGD YROYLHURQ D LQVLVWLU HQ ODV FDUDFWHUtVWLFDV GH
FHQWHUFKHUtD TXH WHQtD OD'RQDWLR \ GH HVWD FLUFXQVWDQFLD GHULYDURQ XQ
SRGHURVRDUJXPHQWRHQSURGHODVWHVLVFRQFLOLDULVWDVHVGHFLUGHDTXHOOD
SRVWXUDWHROyJLFDTXHDILUPDEDTXHHOFRQFLOLRVHKDOODEDSRUHQFLPDGHO
SDSD
(Q  ' %ORQGHO SXEOLFy HQ *LQHEUD VX3VHXGR,VLGRUXV HW
7XUULDQXV YDSXODQWHV XQD REUD TXH IXQGDPHQWDOPHQWH FRQVWLWXtD XQ
OLEURGHOLWHUDWXUDDQWLSDSDODXQTXHDODYH]HVWDEDLPSUHJQDGDGHXQD
QDGD GHVSUHFLDEOH HUXGLFLyQ &RQ WRGR %ORQGHO VH GHWXYR PiV HQ OD
FRQWURYHUVLD TXH HQ HO DQiOLVLV FUtWLFR OR TXH OH LPSLGLy SURIXQGL]DU
FDEDOPHQWHHQODIDOVHGDGGHODVGHFUHWDOHVSVHXGRLVLGRULDQDV'HKHFKR
\D HQ HO VLJOR;9,,, ORV KHUPDQRV %DOOHULQL GHPRVWUDURQ OD IDOVHGDG GH
DOJXQRV GH ORV GRFXPHQWRV TXH LQFOXVR %ORQGHO KDEtD GDGR SRU
DXWpQWLFRV
&RQ ORV HVWXGLRV GH 5HJLQDOG 3HFRFN \ %DURQLR TXHGy D~Q PiV GH
PDQLILHVWRHOFDUiFWHUIUDXGXOHQWRGHOD'RQDWLRDXQTXHDHVDVDOWXUDVOD
FUtWLFDGLItFLOPHQWHSRGtDVHULQYDOLGDGDFRQHOSRFRVRFRUULGRDUJXPHQWR
SDSDO GH TXH GHULYDED VROR GH ORV HQHPLJRV GH OD LJOHVLD (Q  HO
SURSLRSDSD3tR9,HQPHQGDQGRODSODQDDXQDODUJDOLVWDGHDQWHFHVRUHV
UHFRQRFLyODIDOVHGDGGHOGRFXPHQWRFRQORTXHODFXHVWLyQVLTXLHUDHQ
WpUPLQRVDFDGpPLFRV\WHROyJLFRVTXHGDEDGHILQLWLYDPHQWH]DQMDGD
&XHVWLyQ PX\ GLVWLQWD HUD OD GH ODV FRQVHFXHQFLDV SROtWLFDV \
WHUULWRULDOHV /D 6DQWD 6HGH VLJXLy PDQWHQLHQGR OD OHJLWLPLGDG GH ORV
(VWDGRV3RQWLILFLRV\GHVXSRGHUWHPSRUDOGXUDQWHODVVLJXLHQWHVGpFDGDV
H LQFOXVR ORJUy TXH DPERV IXHUDQ OHJLWLPDGRV SRU OD 6DQWD$OLDQ]D TXH
WUD]y HO QXHYR RUGHQ HXURSHR WUDV OD GHUURWD GH 1DSROHyQ HQ  1L
VLTXLHUD HO SURFHVR GH XQLGDG LWDOLDQD D ILQDOHV GHO VLJOR;,; DFDEDUtD
GHILQLWLYDPHQWH FRQ ORV (VWDGRV 3RQWLILFLRV DQWHFHGHQWH GLUHFWR GHO
DFWXDOHVWDGRGHO9DWLFDQR
/ D'RQDWLR &RQVWDQWLQL FRPR RWURV GRFXPHQWRV IDOVRV OHMRV GH
FRQVWLWXLUXQDH[FHSFLyQIXHVRORXQDPXHVWUDPiVGHOXVRVLVWHPiWLFRGH
ODPHQWLUDSDUDREWHQHUEHQHILFLRVHFRQyPLFRV\SROtWLFRVSRUXQODGR\
SDUD PDQLSXODU LGHROyJLFDPHQWH D OD VRFLHGDG SRU RWUR (O FDVR PiV
HYLGHQWHGHHVDFRQGXFWDHQOD(VSDxDGHOD(GDG0HGLDIXHODDILUPDFLyQ
GH TXH KDEtD DSDUHFLGR OD WXPED GHO DSyVWRO 6DQWLDJR \ TXH VH KDEtDQ
WUDVODGDGR VXV UHVWRV D &RPSRVWHOD 4XH VHPHMDQWHV DILUPDFLRQHV QR
WLHQHQ SXQWR GH FRQWDFWR FRQ OD UHDOLGDG 6DQWLDJR IXH HMHFXWDGR HQ
WLHPSR GH +HURGHV$JULSD \ VHSXOWDGR HQ -XGHD PXFKR DQWHV GH TXH HO
FULVWLDQLVPR FRPHQ]DUD D VHU SUHGLFDGR D ORV QRMXGtRV KD UHVXOWDGR
VLHPSUHHYLGHQWH(QSRUHMHPSOR0LJXHOGH8QDPXQRHVFULELyXQ
DUWtFXOR SRVWHULRUPHQWH UHFRJLGR HQ$QGDQ]DV \ YLVLRQHV HVSDxRODV
GRQGHUHDOL]DEDXQDDILUPDFLyQGLItFLOGHUHIXWDU8QKRPEUHPRGHUQR
GHHVStULWXFUtWLFRQRSXHGHDGPLWLUSRUFDWyOLFRTXHVHDTXHHOFXHUSR
GH 6DQWLDJR HO 0D\RU HVWp HQ &RPSRVWHOD 4Xp FXHUSR HV SXHV HO TXH
DOOtVHYHQHUD\FyPR\SRUTXpVHLQLFLyHVHFXOWR"(QHOPLVPRVHQWLGR
VHH[SUHVDUtDHOKLVWRULDGRU&ODXGLR6iQFKH]$OERUQR]DILUPDQGRTXHHV
LQYHURVtPLOTXHGXUDQWHORVDxRVLQPHGLDWRVDODPXHUWHGH1XHVWUR6HxRU
-HVXFULVWRDxRVH[WUHPDGDPHQWHGLItFLOHVSDUDVXVGLVFtSXORVXQRGHORV
DSyVWROHVGHPiVDXWRULGDGDEDQGRQDUDHOQ~FOHRSULPLWLYRMHURVLPLOLWDQR
\VHOHRFXUULHUDQDGDPHQRVTXHFUX]DUHO0HGLWHUUiQHR\WUDVODGDUVHD
ODVWLHUUDVH[WUHPDVGHOPXQGRD+LVSDQLD'LItFLOPHQWHVHSRGUtDKDEHU
VHxDODGRPHMRU6LQHPEDUJRXQDFXHVWLyQHUDODUHDOLGDGKLVWyULFD\RWUD
PX\ GLIHUHQWH OD OH\HQGD R VL VH SUHILHUH IUDXGH StR GHVWLQDGD D
H[WHQGHUVH
/D OH\HQGD SUHVHQWD GRV HOHPHQWRV PX\ FODURV 8QR HV HO YLDMH GH
6DQWLDJR D (VSDxD \ GH VX SUHGLFDFLyQ HQ WLHUUDV KLVSDQDV HO RWUR HO
WUDVODGR GH VXV UHVWRV D *DOLFLD SRU DOJXQRV GLVFtSXORV (O SULPHU
HOHPHQWR FDUHFH GHO PHQRU DSR\R KLVWyULFR HQ GRFXPHQWRV SULPLWLYRV \
GH FDUiFWHU ILDEOH (O VHJXQGR DSDUHFLy HQ HO VLJOR,; \ VH H[SUHVD HQ OD
FHQWXHVWD UHYHODFLyQ GH OD WXPED GH 6DQWLDJR ,QYHQWLR \ FRQ
SRVWHULRULGDG HQ HO QR PHQRV FHQWXHVWR WUDVODGR GH ORV UHVWRV KDVWD VX
WXPED 7UDQVODWLR /D SULPHUD UHIHUHQFLD HVFULWD D OD UHYHODFLyQ VH
HQFXHQWUDHQWUHVDQWLJXDVFDUWDVGH&RPSRVWHODGHOVLJOR ,;DxRV
 \  HQ ODV TXH VROR VH PHQFLRQD TXH HO FXHUSR GH 6DQWLDJR IXH
UHYHODGR HQ HO  VLHQGR 7HRGRPLUR RELVSR GH ,ULD )ODYLD GXUDQWH HO
UHLQDGRGH$OIRQVR,,HO&DVWR\TXHHOGHVFXEULPLHQWRWXYROXJDUHQHO
YDOOHGH$PDLD3RUVXSDUWHHOUHODWRGHOD,QYHQWLRHVD~QPiVWDUGtR\
VHHQFXHQWUDHQOD&RQFRUGLDGH$QWHDOWDUHV HQWUH'LHJR3HOiH]
RELVSRGH,ULD\)DJLOGRDEDGGHOPRQDVWHULRGH$QWHDOWDUHV5HVSHFWRD
OD WUDVODFLyQ HO GRFXPHQWR PiV DQWLJXR HV OD7UDQVODWLR6DQFWL-DFRER
UHFRJLGDHQHO&RGH[&DOL[WLQR \ OD+LVWRULD&RPSRVWHODQD VLJOR;,,\
DGRUQDGD OXHJR HQ/D /H\HQGD XUHD GH -DFRER GH OD 9RUiJLQH  VLJOR
;,,, (Q RWUDV SDODEUDV QRV HQFRQWUDPRV FRQ GRFXPHQWRV TXH VH
HQFXHQWUDQ D FHUFD GH XQ PLOHQLR GH GLVWDQFLD GH ORV KHFKRV PiV TXH
GXGRVRV TXH UHODWDQ 1R PHQRV SUREOHPDV SODQWHD OD FHQWXHVWD
VHSXOWXUD
 (ODQXQFLRGHTXHVHKDEtDHQFRQWUDGRODVHSXOWXUDMDFREHDVHSURGXFH
HQ HO SULPHU WHUFLR GHO VLJOR,;$XQTXH VH VXHOH FLWDU UHSHWLGDPHQWH HO
DxR  FRPR IHFKD GHO DFRQWHFLPLHQWR OD UHIHUHQFLD HV IDOVD \ VROR
SUHWHQGtD FRQHFWDU OD OH\HQGD FRQ XQD ILJXUD WDQ SUHVWLJLRVD FRPR OD GH
&DUORPDJQRIDOOHFLGRHQ\TXHFHQWXHVWDPHQWHWXYRXQVXHxRHQHO
TXHHODSyVWROOHUHYHOyTXHDOILQDOGHOD9tDOiFWHDHQWLHUUDVGH*DOLFLD
VHHQFRQWUDEDVXWXPED/DUHDOLGDGHVTXHHQQRUHJtDODGLyFHVLVGH
,ULD HO RELVSR 7HRGRPLUR SURWDJRQLVWD GHO KDOOD]JR VLQR VX SUHGHFHVRU
4XHQGXOIR,,TXHD~QSHUPDQHFtDHQHOFDUJRHQ7HRGRPLURQRSXGR
OOHJDUDORELVSDGRGH,ULDDQWHVGH\SRUWDQWRHOFHQWXHVWRKDOOD]JR
GHO VHSXOFUR QR SXGR VHU DQWHULRU (V PX\ SRVLEOH TXH HQ UHDOLGDG HO
HSLVRGLR VH GLHUD HQ  IHFKD GHO SULPHU HVFULWR ORFDO TXH XELFD HO
GHVFXEULPLHQWR HQ WLHPSRV GH 7HRGRPLUR RELVSR GH ,ULD GXUDQWH HO
UHLQDGRGH$OIRQVR,,HO&DVWR
(O FHQWXHVWR KDOOD]JR WXYR FRQVHFXHQFLDV LQPHGLDWDV SRUTXH SHUPLWLy
DUWLFXODU XQD UXWD GH SHUHJULQRV TXH VH WUDGXMR QR VROR HQ QRWDEOHV
LQJUHVRV HFRQyPLFRV VLQR WDPELpQ HQ OD DUWLFXODFLyQ GH XQD UHG GH
HQFODYHV TXH IXHURQ SDVDQGR D PDQRV GH OD LJOHVLD FDWyOLFD /DV
FRQVHFXHQFLDVHFRQyPLFDVSROtWLFDVVRFLDOHV\GHVGHOXHJRLGHROyJLFDV
VHSHUSHWXDUtDQGXUDQWHVLJORV
/D IDOVHGDG FRPR FLPLHQWR GH JUDQGHV JDQDQFLDV HFRQyPLFDV \
SROtWLFDV QR IXH XQD H[FHSFLyQ VLQR XQD PDQLIHVWDFLyQ PiV GH XQD
SROtWLFD VLVWHPiWLFD GH PDQLSXODFLyQ GH OD SLHGDG TXH DSDUHFtD WDPELpQ
HQ RWURV iPELWRV FRPR OD OLWHUDWXUD R ODV DUWHV SOiVWLFDV 2WUR GH HVRV
HMHPSORVXQRPiVIXHODREUDGH*RQ]DORGH%HUFHRILJXUDPi[LPDGHO
GHQRPLQDGR0HVWHUGH&OHUHFtD
(GXFDGR HQ 6DQ 0LOOiQ GH 6XVR *RQ]DOR GH %HUFHR IXH RUGHQDGR
GLiFRQR\SUHVEtWHURHGXFDGRHQORVHVWXGLRVJHQHUDOHV
XQDQWHFHGHQWHGLUHFWRGHODXQLYHUVLGDGGH3DOHQFLD\SRVLEOHPHQWH
GHVHPSHxy IXQFLRQHV FRPR QRWDULR GHO DEDG -XDQ 6iQFKH] HQ HO
PRQDVWHULR GH 6DQ 0LOOiQ GH OD &RJROOD $ SULQFLSLRV GHO VLJOR ;,,, HO
FLWDGR PRQDVWHULR DWUDYHVDED SRU XQ SHUtRGR GH GHFDGHQFLD OR TXH
SURYRFy QR VROR TXH *RQ]DOR GH %HUFHR IDOVLILFDUD GRFXPHQWRV SDUD
REOLJDUDORVFDPSHVLQRVDHQWUHJDUOHGLQHURVLQRTXHWDPELpQUHGDFWDUD
DOJXQDV REUDV GH SURSDJDQGD GHVWLQDGDV D SRWHQFLDU ODV YLVLWDV \
GRQDFLRQHV
/DPD\RUtDGHVXVREUDVDSHVDUGHSRVLEOHVSpUGLGDVKDQOOHJDGRKDVWD
QRVRWURV \ SRGHPRV FODVLILFDUODV GHQWUR GH WUHV JUXSRV SRHPDV
KDJLRJUiILFRV GH ORV TXH WUHV FRQVWLWX\HQ ELRJUDItDV GH VDQWRV ORFDOHV \
XQ FXDUWR LQFRPSOHWR FRQWLHQH HO PDUWLULR GH VDQ /RUHQ]R SRHPDV
GHGLFDGRVDOD9LUJHQ0LODJURVGH1XHVWUD6HxRUD/RRUHVGH1XHVWUD
6HxRUD\'XHORTXHIL]ROD9LUJHQ\ILQDOPHQWHGRVREUDVGRFWULQDOHV
'HORVVLJQRVTXHDSDUHVFHUiQDQWHVGHO-XLFLR\HO6DFULILFLRGHOD0LVD
7UHVKLPQRVDGHPiVVHDWULEX\HQDHVWHSRHWD
/D SULPHUD REUD KDJLRJUiILFD IXH PX\ SRVLEOHPHQWH OD9LGD GH 6DQ
0LOOiQ VDQWR SDWURQR GH VX PRQDVWHULR 'H PDQHUD ELHQ VLJQLILFDWLYD
HQWUHVXVPLODJURVSyVWXPRVGHVWDFDHOTXHQRVSUHVHQWDODDSDULFLyQHQ
ORVFLHORVGHVDQ0LOOiQ\6DQWLDJRGXUDQWHXQFRPEDWHFRQWUDORVPRURV
$O SURGXFLUVH OD YLFWRULD ORV PRQDUFDV FULVWLDQRV HVWDEOHFHQ HQ SDJR HO
YRWRSHUSHWXR/HyQVHJ~QGHFLVLyQGHVXUH\HQWUHJDUiHQDGHODQWH
XQ WULEXWR D 6DQWLDJR GH &RPSRVWHOD PLHQWUDV TXH HO FRQGH )HUQiQ
*RQ]iOH] RUGHQD SRU VX SDUWH TXH WRGD &DVWLOOD SDJXH WULEXWR D 6DQ
0LOOiQGHOD&RJROOD7DOHVGHFUHWRVFRPROD'RQDFLyQGH&RQVWDQWLQR
QRWLHQHQODPHQRUEDVHKLVWyULFD&RQWRGRFRPRVXFHGLyFRQORVUH\HV
IUDQFRV PXFKRV FDVWHOODQRV VH YLHURQ REOLJDGRV D SDJDU ODV VXPDV
LQGLFDGDV DO PRQDVWHULR (Q HO VLJOR;,,, ORV PRQMHV GH 6DQ 0LOOiQ
FRQWDEDQ FRQ XQ WH[WR ODWLQR \ FDVWHOODQR DWULEXLGR D )HUQiQ *RQ]iOH]
SHUR HV VDELGR TXH QR IXH VLQR XQD IDOVLILFDFLyQ UHGDFWDGD SRU HO PRQMH
)HUQDQGXV TXL]i )HUQDQGR *DUFtH] FXDQGR %HUFHR HVWDED
UHODFLRQDGRFRQHOPRQDVWHULR%HUFHRGHMyGHPDQLILHVWRODILQDOLGDGUHDO
GHOSRHPDFXDQGRDOILQDOMXVWRDQWHVGHXQDVEUHYHVHVWURIDVOOHJDEDD
ODVLJXLHQWHFRQFOXVLyQGLULJLGDDVXDXGLWRULR

6LHVWRVYRWRVIXHVVHQOHDOPHQWHQYLDGRV
 HVWRVVDQFWRVSUHFLRVRVVHULHQQXHVWURVSDJDGRV
DYULHPRVSDQHYLQRWHPSRUDOHVWHPSUDGRV
QRQVHULHPRVFRPVRPRVGHWULVWLFLDPHQJXDGRV
$PLJRVHVHQQRUHVHQWHQGHUORSRGHGHV
THDHVWRVGRVVDQFWRVHQGHEGDOLV\D]HGHV
GHVWRVHHWVHJXURVTHELHQYRVIDOODUHGHV
VLELHQOLVHQYLiUHGHVHVWRTHOLVGHYHGHV

1R IXH GHVGH OXHJR OD ~QLFD YH] TXH %HUFHR PLQWLy FRQ ILQHV GH
H[WUDHUGLQHURGHORVILHOHVVHxDODQGRTXHHUDILHODXQDFHQWXHVWDIXHQWH
ODWLQD

4XDQGRQRQOROH\HVVHGH]LUQRQORTXHUUtD

FDHQILUPDUODGXEGDJUDQGSHFFDGRDYUtD6DQWR'RPLQJR

&DDOQRQHVFUHYLPRVV\QRQORTXHOHHPRV6DQWD2ULD

/ D9LGD GH 6DQWR 'RPLQJR GHO PLVPR PRGR TXH OD9LGD GH 6DQ
0LOOiQ KXQGH VXV UDtFHV HQ XQD WUDGLFLyQ KDJLRJUiILFD TXH GH PDQHUD
ELHQ UHYHODGRUD VH UHODFLRQy QR SRFDV YHFHV HQ LQWHUHVHV HFRQyPLFRV
ELHQ FRQFUHWRV (Q HVWD REUD SULPHUR %HUFHR LQWHQWy FRQVDJUDU OD
H[LVWHQFLD GH OD LJOHVLD FDWyOLFD FRPR XQ HVWDGR GHQWUR GHO HVWDGR$Vt
%HUFHRGHVFULELyHQWRQRVKHURLFRVODUHVLVWHQFLDGHVDQWR'RPLQJRSULRU
GH 6DQ 0LOOiQ GH OD &RJROOD D ODV SUHWHQVLRQHV GHO UH\ GH 1DYDUUD HQ
UHODFLyQ FRQ HO WHVRUR GHO PRQDVWHULR  FRQ XQ PHQVDMH ELHQ
H[SOtFLWR HO GH TXH HO SRGHU FLYLO SRGtD FRQWULEXLU D OD ULTXH]D GH OD
LJOHVLD FDWyOLFD SHUR QXQFD SUHWHQGHU TXH HVWD D VX YH] DFHSWDUD XQD
SDUWHGHODVFDUJDVGHOUHLQR3RURWURODGR%HUFHROHJLWLPyHOSDSHOGHOD
LJOHVLD FDWyOLFD FRPR UHFHSWRUD GH GRQDFLRQHV RIUHFLHQGR D ORV
SHUHJULQRV HQ XQ QRWDEOH HMHUFLFLR GH SXEOLFLGDG ORV GDWRV GHWDOODGRV
SDUDTXHDFXGLHUDQDODVWXPEDVGHOPRQDVWHULRDQWLJXRGH6DQ0LOOiQGH
6XVR9LGDGH6DQWD2ULD
)LQDOPHQWH*RQ]DORGH%HUFHRFHQWRUHDOL]DUXQDQRWDEOHFRQWULEXFLyQ
D OD FUHDFLyQ GH OH\HQGDV TXH VLQ SXQWR GH FRQWDFWR FRQ OD UHDOLGDG
DSHODEDQDQHFHVLGDGHVSVLFROyJLFDV\TXHSHUPLWtDQGHVOL]DUFRQUHODWLYD
IDFLOLGDG FRQWHQLGRV LGHROyJLFRV PX\ FRQFUHWRV (O FDVR PiV
SDUDGLJPiWLFR HV HO GH VXV0LODJURV GH 1XHVWUD 6HxRUD /D ILJXUD GH
0DUtD OD PDGUH GH -HV~V WLHQH HVFDVtVLPD LPSRUWDQFLD HQ ODV IXHQWHV
FULVWLDQDVSULPLWLYDV1RDSDUHFHXQDVRODPHQFLyQDHOODQLHQODVWUHFH
FDUWDV GH 3DEOR QL HQ ODV HStVWRODV XQLYHUVDOHV QL HQ HO $SRFDOLSVLV
7DPSRFR HV PX\ JHQHURVR HO OLEUR GH ORV +HFKRV TXH VH OLPLWD D GHFLU
TXH VH UHXQtD FRQ ORV KHUPDQRV GH -HV~V \ ORV SULPHURV GLVFtSXORV HQ
-HUXVDOpQ +HFKRV   'H ORV HYDQJHOLRV VROR XQR PHQFLRQD OD
FRQFHSFLyQ YLUJLQDO GH -HV~V VL ELHQ DFODUDQGR TXH 0DUtD QR PDQWXYR
UHODFLRQHV VH[XDOHV FRQ -RVp VROR KDVWD TXH GLR D OX] D -HV~V 0DWHR 
 1L -XDQ QL 0DUFRV PHQFLRQDQ OD FRQFHSFLyQ YLUJLQDO H LQFOXVR HO
UHODWRGH/XFDVVRORVHSXHGHHQWHQGHUDVt\X[WDSRQLpQGRORDOGH0DWHR
\DTXH0DUtDVHOLPLWDDGHFLUTXHQRSXHGHFRPSUHQGHUFyPRYDDWHQHU
XQKLMRVLHQHVRVPRPHQWRVQRPDQWLHQHUHODFLRQHVFRQQLQJ~QKRPEUH
/XFDV'HPDQHUDVHPHMDQWHHQQLQJ~QSDVDMHGHOD%LEOLDH[LVWH
ODPHQRUUHIHUHQFLDDVXYLUJLQLGDGSHUSHWXDVXFRQFHSFLyQLQPDFXODGD
VX DVXQFLyQ D ORV FLHORV VX SDSHO GH LQWHUPHGLDULD R VX FXOWR $ GHFLU
YHUGDG KD\ UHIHUHQFLDV D RWURV KHUPDQRV \ KHUPDQDV GH -HV~V TXH
OyJLFDPHQWHLEDQFRQHOOD\GHORVTXHVHGDQORVQRPEUHV-XDQ
0DUFRV   \ VV 0DWHR   \ VV 1R PHQRV FKRFDQWH SDUD XQD
VHQVLELOLGDG FDWyOLFD FRQWHPSRUiQHD SXHGH VHU HO KHFKR GH TXH -HV~V
UHFKD]yVXLQWHUFHVLyQH[SOtFLWDPHQWH-XDQ\TXHLQFOXVRLQVLVWLy
HQTXHVXPDGUH\VXVKHUPDQRVYHUGDGHURVHUDQQRORVQDWXUDOHVVLQRORV
TXHHVFXFKDEDQVXSUHGLFDFLyQ\ODREHGHFtDQ0DUFRVDOJRQR
WDQVRUSUHQGHQWHVLVHWLHQHHQFXHQWDTXHHQYLGDGH-HV~VVXVKHUPDQRV
QR FUHtDQ HQ pO -XDQ   3DUWLHQGR GH HVWRV GDWRV KLVWyULFRV QR
VRUSUHQGHTXHHOFXOWRD0DUtDUHVXOWDUDPX\WDUGtR\TXHDGHPiVQDFLHUD
HQDPELHQWHVPX\SDJDQL]DGRV\UHODFLRQDGRVFRQGLRVDVPX\YHQHUDGDV
FRPR IXH HO FDVR GH OD 'LDQD GH eIHVR 'H KHFKR KDVWD HO VLJOR;, OD
ILJXUD GH 0DUtD QR FRPHQ]y D WHQHU XQ SHVR TXH DXQTXH QR LJXDO DO
DFWXDO DSXQWD \D HQ HVD GLUHFFLyQ (Q HVH VLJOR DSDUHFLHURQ \D
FROHFFLRQHVGHOH\HQGDVGHPLODJURVPDULDQRVHQODWtQTXHUiSLGDPHQWH
FUHFLHURQ \ TXH OOHJDURQ D XQD YHUGDGHUD HFORVLyQ HQWUH ORV VLJORV;,, \
;,9(QHOVLJOR;,,,DSDUHFHQSRUHMHPSORWUHVLPSRUWDQWHVFROHFFLRQHV
KLVSiQLFDVTXHDGHPiVGHODREUDGH%HUFHRVRQODV&DQWLJDVGH6DQWD
0DULDHQJDODLFRSRUWXJXpVGH$OIRQVR;\ODREUDHQSURVDODWLQDGH*LO
GH =DPRUD 'H ODV OH\HQGDV UHODFLRQDGDV FRQ 0DUtD XQ FHQWHQDU
DSUR[LPDGDPHQWHVHUHSLWHQGHPDQHUDFRQWLQXDLQFOX\HQGRDGDSWDFLRQHV
GH UHODWRV TXH RULJLQDOPHQWH QR WHQtDQ QDGD TXH YHU FRQ HO FDWROLFLVPR
FRPRHOQGHODREUDGH%HUFHR/DERGD\OD9LUJHQUHODFLRQDGDFRQ
HOIRONORUHSUHFULVWLDQR\HOQ(OPRQMHHPEULDJDGR
%HUFHR SHUVHJXtD HQ OD REUD LQVLVWDPRV HQ VX FDUiFWHU OHJHQGDULR
LQVSLUDU OD GHYRFLyQ KDFLD 0DUtD \ OR KDFtD UHFXUULHQGR DO HOHPHQWR
PDWHUQDO\DWHPSODUODULJXURVDGRFWULQDVREUHODVDOYDFLyQ

(OPRQJHTXHSRUWRGRHVWRDYtDSDVDGR

GHODFDUJDGHOYLQRQRQHUDELHQIROJDGR

TXHYLQRHTXHPLHGRDYLHQORWDQVRYDGR

TXHWRUQDUQRQSRGLRDVXOHFKRXVDGR

/D5HLQDSUHFLRVDHGHSUHFLRVRIHFKR

SUtVRORSRUODPDQROHYyORSRUDOOHFKR

FXEULyORFRQODPDQWDHFRQHOVREUHOHFKR
 S~VROVRODFDEH]DHOFDEH]DOGHUHFKR

'HPiVTXDQGRORRYRHQVXOHFKRHFKDGR

VDQFWLJXyOFRQVXGLHVWUDHIRELHQVDQFWLJXDGR

$PLJRGtVVROIXHOJDFDHUHVPXLOD]UDGR

FRQXQSRFRTXHGXHUPDVOXHJRVHUiVIROJDGR

1R VH OLPLWDUtD D HOOR VLQ HPEDUJR *RQ]DOR GH %HUFHR &RPR
WHQGUHPRVRFDVLyQGHYHU%HUFHRXWLOL]DUtDWDPELpQODGHYRFLyQPDULDQD
SDUDGLIXQGLUXQDJUHVLYRDQWLVHPLWLVPRHQWUHODVFODVHVSRSXODUHV0iV
DOOi GH ODV FRQVLGHUDFLRQHV OLWHUDULDV QR FDEH GXGD GH TXH *RQ]DOR GH
%HUFHR HVFULELy REUDV SLDGRVDV SHUR QR LQRFHQWHV 3RU HO FRQWUDULR HQ
HOODV VH SHUFLEH FRQ IDFLOLGDG XQD DXWpQWLFD FDUHQFLD GH HVFU~SXORV D OD
KRUD GH PDQWHQHU HO SRGHU HFOHVLDO DXPHQWDU ORV ELHQHV HFRQyPLFRV R
VXE\XJDUDODVPDVDVSRSXODUHV/DEDVHDILQGHFXHQWDVGHHVDDFFLyQ
HVHOXVRGHODPHQWLUDODIDOVLILFDFLyQGRFXPHQWDO\ODUHWRUVLyQFXDQGR
QR OD LQYHQFLyQ GH OD +LVWRULD &RQ WRGR *RQ]DOR GH %HUFHR R HO
RELVSR TXH DILUPy KDEHU KDOODGR OD WXPED GH 6DQWLDJR QR HUD XQ
LQQRYDGRU (Q UHDOLGDG VHJXtD OD SDXWD GH XQD SUiFWLFD FRQVDJUDGD
DQWHULRU\PiVVRILVWLFDGDQDFLGDDODVRPEUD\HQEHQHILFLRGHOSDSD

/$5(&83(5$&,1+,63$1$

1RUHFLELyPXFKDD\XGDDGHFLUYHUGDGQLQJXQDODLJOHVLDKLVSDQD
GHO UHVWR GH OD FULVWLDQGDG ODWLQD GXUDQWH VXV SULPHURV VLJORV GH
HQIUHQWDPLHQWR FRQ HO LQYDVRU LVOiPLFR /D VLWXDFLyQ LED D FDPELDU FRQ
6DQFKR,,,HO0D\RUGH1DYDUUD&RQpOSRUSULPHUDYH]ODSULPDFtD
HQ OD OXFKD FRQWUD HO LVODP LED D VDOLU GHO iPELWR GH OD PRQDUTXtD
DVWXUOHRQHVD SDUD GHVSOD]DUVH KDFLD OD ]RQD RULHQWDO GH OD 3HQtQVXOD
)LJXUD GH LPSRUWDQFLD H[WUDRUGLQDULD 6DQFKR ,,, QR IXH FRPR SUHWHQGH
SDSDQDWHVFDPHQWH HO QDFLRQDOLVPR YDVFR FRQWHPSRUiQHR HO UH\ GH XQ
LQH[LVWHQWHUHLQRGH(X]NDGLVLQRXQPRQDUFDLPEXLGRGHOVHQWLGRGH
(VSDxD KDVWD HO SXQWR GH DXWRWLWXODUVH FRPR DQWHV GH pO KDEtD KHFKR
$OIRQVR,,,UH\GH(VSDxD6DQFKR,,,HQHO'HFUHWRGHUHVWDXUDFLyQGH
OD FDWHGUDO GH 3DPSORQD KL]R UHIHUHQFLD D QXHVWUD SDWULD (VSDxD \ D
ORV JRGRV :LWL]D \ 5RGULJR ORV GHQRPLQy QXHVWURV SUHGHFHVRUHV \
DQWHSDVDGRV 'LItFLOPHQWH VH KXELHUD SRGLGR H[SUHVDU FRQ PD\RU
FODULGDG
6HPHMDQWHVHQWLPLHQWRGHXQLGDGQDFLRQDOHVSDxRODQRVHYLRDOWHUDGR
DGHPiVHQ6DQFKR,,,QLSRUHOUHFRQRFLPLHQWRGHODVFRPXQLGDGHVTXHOD
LQWHJUDEDQGLYLGLUtDDVtVXUHLQRHQ&DVWLOOD1DYDUUD\$UDJyQQLSRU
VX SUR\HFFLyQ UHDOPHQWH H[FHSFLRQDO KDFLD HO UHVWR GHO 2FFLGHQWH
FULVWLDQR$GLIHUHQFLDGHODDLVODGD$VWXULDVFRQYHUWLGDOXHJRHQUHLQRGH
/HyQ 1DYDUUD WHQtD FRQH[LyQ FRQ HO RWUR ODGR GH ORV 3LULQHRV
UHLYLQGLFDED OD UHFRQVWUXFFLyQ GH (VSDxD EDMR VX FRURQD \ SUHVHQWDED
DWUDFWLYRV LQQHJDEOHV 1R VRUSUHQGH TXH DWUDMHUD OD UHIRUPD HFOHVLiVWLFD
SURWDJRQL]DGD SRU OD RUGHQ GH &OXQ\ \ TXH HO SURSLR UH\ 6DQFKR VH
HQFDUJDUiGHLPSODQWDUODHQPRQDVWHULRVFRPRORVGH6DQ6DOYDGRU/HLUH
\ 6DQ -XDQ GH OD 3HxD 6DQFKR ,,, TXHGy YLQFXODGR FRQ ODV FDVDV GH
/HyQ \ &DVWLOOD \ ORJUy H[WHQGHU VX LQIOXHQFLD D ORV FRQGDGRV GH
%DUFHORQD \ GH *DVFXxD 1R HV GH H[WUDxDU SRU HOOR TXH XQ PRQMH
FDWDOiQ OR GHILQLHUD HQ XQ GRFXPHQWR GH OD pSRFD FRPRUH[ LEHULFXV
5HDOPHQWHORHUD&RQWRGRHOSOHQRHQWURQFDPLHQWRFRQODVHGHGH5RPD
QR WHQGUtD OXJDU KDVWD YDULDV GpFDGDV GHVSXpV \ VHUtD HMHFXWDGR SRU
&DVWLOOD
/DPXHUWHGH6DQFKR,,,UH\GH1DYDUUD\GH(VSDxDUH[LEHULFXV\
HPSHUDGRUIXHVHJXLGDSRUODGLYLVLyQGHVXVSRVHVLRQHV6LQHPEDUJR
HQ FRQWUD GH OR TXH VXHOH DILUPDUVH D YHFHV WDO GLYLVLyQ UHVSHWy ODV
HQWLGDGHVSROtWLFDV\DH[LVWHQWHVHLQFOXVRPDQWXYRODSULPDFtDGHOUHLQR
GH1DYDUUDHQHOFRQMXQWR$Vt*DUFtDHOSULPRJpQLWRIXHGHVLJQDGRUH\
GH1DYDUUD)HUQDQGRVLJXLyVLHQGRFRQGHGH&DVWLOOD*RQ]DORHOPHQRU
REWXYR ORV FRQGDGRV GH 6REUDUEH \ 5LEDJRU]D \ 5DPLUR XQ EDVWDUGR
UHFLELy HO FRQGDGR GH $UDJyQ DPSOLDGR FRQ DOJXQRV YDOOHV \ OXJDUHV
FHUFDQRV 5DPLUR FRQYLUWLy HO FRQGDGR DUDJRQpV HQ PRQDUTXtD DXQTXH
FRQVHUYy OD VXERUGLQDFLyQ D 1DYDUUD KDVWD OD PXHUWH GH VX KHUPDQR
*DUFtD3RUORTXHVHUHILHUHD&DVWLOODGHEHGHFLUVHTXHVHFRQYLUWLyHQXQ
IHQyPHQRYHUGDGHUDPHQWHH[FHSFLRQDO/DHQRUPHIXHU]DGH&DVWLOODQR
GHULYDUtD WDQ VROR GHO UHFRQRFLPLHQWR GH VX UH\ FRPR HPSHUDGRU QL
WDPSRFR GH VX FDSDFLGDG SDUD PDQWHQHU VXV GHFLVLRQHV DSR\DGDV HQ OD
IXHU]D GH OD HVSDGD 'HVFDQVDED DVLPLVPR HQ XQD KDELOtVLPD SROtWLFD
UHJLDTXHPHGLDQWHXQVLVWHPDGHFRQFHVLyQGHOLEHUWDGHVSURYRFDUtDXQD
IHFXQGD FRUULHQWH PLJUDWRULD KDFLD HVWH UHLQR 1R VH WUDWDED GH XQD
SROtWLFD QXHYD SHUR &DVWLOOD LED D GHVDUUROODUOD GH XQD PDQHUD
H[FHSFLRQDO
(Q)HUQDQGR,GH&DVWLOODUHDQXGyGHVSXpVGHGpFDGDVHOHPSXMH
UHFRQTXLVWDGRU DSRGHUiQGRVH GH 9LVHR \ /DPHJR TXH SHUWHQHFtDQ D OD
WDLID GH %DGDMR] 1R PXFKR GHVSXpV ODV WDLIDV GH =DUDJR]D \ 7ROHGR
VLJXLHURQHOPLVPRFDPLQRDOLJXDOTXHODVGH/pULGD'HQLD\9DOHQFLD
(Q  PXULy )HUQDQGR , 'RV DxRV DQWHV HQ OD &XULD GH /HyQ KDEtD
GHMDGR HVWDEOHFLGD OD GLYLVLyQ GH VX LPSHULR &DVWLOOD HO UHLQR PiV
LPSRUWDQWH SDVDED D VX SULPRJpQLWR 6DQFKR /HyQ D $OIRQVR 9, \
*DOLFLD D *DUFtD 6LQ HPEDUJR 6DQFKR QR LED D FRQIRUPDUVH FRQ OD
VLWXDFLyQ HVWDEOHFLGD SRU VX SDGUH GHVHQFDGHQDQGR XQD FDGHQD GH
HQIUHQWDPLHQWRV(QHOFXUVRGHORVDxRVVLJXLHQWHV*DOLFLDIXHUHSDUWLGD
HQWUH /HyQ \ &DVWLOOD \ ILQDOPHQWH 6DQFKR IXH XQJLGR \ FRURQDGR HQ
/HyQ PLHQWUDV VX KHUPDQR $OIRQVR HUD UHGXFLGR D FDXWLYLGDG (Q HO
LQYLHUQRGHVXKHUPDQD8UUDFDLQWHUFHGLySRUpODQWH6DQFKR\HVWH
FRQVLQWLy HQ GHMDUOH PDUFKDU DO UHLQR PRUR GH 7ROHGR GRQGH HO UH\$O
0DP~QOHFHGLyHOFDVWLOORGH%ULKXHJD1ROOHJyVLQHPEDUJRHOILQDOGH
ODVJXHUUDVHQWUHORVKLMRVGH)HUQDQGR,8UUDFDHUDSDUWLGDULDGHODFDXVD
OHRQHVLVWD\FRQYLUWLyODFLXGDGGH=DPRUDTXHUHJtDFRPRUHLQDHQXQ
UHGXFWR DQWLFDVWHOODQR /D UHVSXHVWD GH 6DQFKR IXH SRQHU FHUFR D OD
FLXGDG(QHOFXUVRGHOPLVPRIXHDVHVLQDGRDWUDLFLyQSRUXQFDEDOOHUR
OODPDGR %HOOLGR 'ROIRV FX\D SHUVHFXFLyQ LQIUXFWXRVD SRU RWUD SDUWH
HPSUHQGLy HO &LG$Vt LQHVSHUDGD \ FUXHQWDPHQWH FRQFOXtD OD YLGD GHO
UH\6DQFKR
/HVXFHGLyVXKHUPDQR$OIRQVR TXHUHJUHVySDUDVHUFRURQDGRUH\HQ
=DPRUD(QHOFXUVRGHORVDxRVVLJXLHQWHV$OIRQVRORJUyHYLWDUTXHORV
UpJXORV PXVXOPDQHV GH 6HYLOOD \ =DUDJR]D D\XGDUDQ DO GH 7ROHGR \
FRQVLJXLyUHFRQTXLVWDUODHPEOHPiWLFDFLXGDGDQWLJXDFDSLWDOGH(VSDxD
EDMRODPRQDUTXtDYLVLJRGD$OIRQVR9,GHPRVWUDEDDVtSRUSULPHUDYH]
HQ VLJORV TXH OD 5HFRQTXLVWD HUD SRVLEOH /D WRPD GH 7ROHGR HVWXYR
UHODFLRQDGDFRQGRVFLUFXQVWDQFLDVTXHVHUHYHODUtDQLQFRPSDWLEOHV\TXH
WXYLHURQHQRUPHWUDVFHQGHQFLD/DSULPHUDIXHTXHHQDGHODQWHODFLXGDG
GH7ROHGRLEDDFRQYHUWLUVHEDMRHOJRELHUQRFDVWHOODQRHQXQHQFODYHGH
WROHUDQFLD SDUD ORV FUH\HQWHV GH ODV WUHV UHOLJLRQHV XQD VLWXDFLyQ TXH
KDFtD WDEOD UDVD GH OR TXH KDEtD VLGR OD QRUPD HQ $OQGDOXV GXUDQWH
VLJORV \ TXH UHVXOWDED GHVFRQRFLGD KDVWD OD IHFKD HQ OD +LVWRULD
SHQLQVXODU 6H WUDWDED SRU DxDGLGXUD GH XQD VLWXDFLyQ TXH VH SURGXFtD
FXDQGR OD 3HQtQVXOD HVWDED D SXQWR GH VHU REMHWR GH XQD QXHYD LQYDVLyQ
LVOiPLFD GH WHUULEOHV FRQVHFXHQFLDV /D VHJXQGD FLUFXQVWDQFLD QR VHUtD
PHQRV IHFXQGD HQ FRQVHFXHQFLDV KLVWyULFDV /D LJOHVLD HVSDxROD LED D
VRPHWHUVHFRQ$OIRQVR9,DORELVSRGH5RPD

/$680,6,1$/2%,632'(520$

'HVGH KDFtD VLJORV OD LJOHVLD FDWyOLFD DGHPiV GH VXV SUHWHQVLRQHV
HVSLULWXDOHVFRQWDEDFRQXQDDJHQGDSROtWLFDTXHQRVRORSRGtDRSRQHUVH
DODGHODVQDFLRQHVGRQGHHVWDEDDVHQWDGDVLQRTXHDGHPiVVHLPSRQtD
VLQQLQJ~QWLSRGHFRQWHPSODFLRQHV6HPHMDQWHVLWXDFLyQHVWDUtDPiVTXH
FRQVROLGDGDDILQDOHVGHOVLJOR;9SHURIXHIUXWRGHXQDODUJDHYROXFLyQ
GHVLJORV$GHFLUYHUGDGSRFDVKLVWRULDVUHVXOWDQPiVDSDVLRQDQWHVTXH
ODGHXQRELVSRHOURPDQRTXHSDVyGHVHUXQRPiVHQHOFRQMXQWRGHXQ
FULVWLDQLVPRFODQGHVWLQRDFRQYHUWLUVHHQXQDSRWHQFLDPXQGLDOFRQWURSDV
\WHUULWRULRVSURSLRV(ORELVSRGH5RPDTXHD~QQRHUDHOSRUWDGRUGH
WtWXORGHSDSDGHPDQHUDH[FOXVLYDKDEtDYLVWRDXPHQWDUVXSRGHUHQ
SDUDOHORDOGHVSORPHGHOLPSHULRURPDQRGH2FFLGHQWH'HPDQHUDELHQ
UHYHODGRUD TXH PXHVWUD OD GLVWDQFLD HQWUH OR TXH IXH DTXHO RELVSR HQ
VXVLQLFLRV\ORTXHLUtDVLHQGRDORODUJRGHOD(GDG0HGLDODSULPHUD
GHILQLFLyQGHFDUiFWHUGRJPiWLFRHPLWLGDSRUXQRELVSRGH5RPDQRWXYR
OXJDUKDVWD&HIHULQR\HQORVDxRVVLJXLHQWHVRWURRELVSR
+LSyOLWR  SDGHFLy HO SULPHU FLVPD GH OD LJOHVLD GH 5RPD
VLWXDFLyQTXHVHUHSLWLyFRQ&RUQHOLR\1RYDFLDQR\
TXHFRH[LVWLyFRQODDSRVWDVtDGH0DUFHOLQRRODH[LVWHQFLDGH
XQD VHGH YDFDQWH GHO  DO  5RPD QL HUD XQD UHDOLGDG HSLVFRSDO
WUDQTXLOD \ GLIXVRUD GH OX] QL WDPSRFR FRQWDED FRQ HO PRQRSROLR GH ODV
SUHWHQVLRQHV GH DVFHQGHQFLD SHWULQD &RPR HO SURSLR 5DW]LQJHU VLHQGR
FDUGHQDO UHFRQRFLy HO FRQFLOLR GH 1LFHD VH UHILULy D WUHV VHGHV
SULPDGDV 5RPD$QWLRTXtD \$OHMDQGUtD 7RGDV HOODV SUHWHQGtDQ VHU GH
RULJHQ SHWULQR \ FRPR 5DW]LQJHU VHxDOy WDPELpQ HQ HVD pSRFD OD
YLQFXODFLyQGH5RPDFRQ3HGURHUDDQWLJXDSHURQRQHFHVDULDPHQWHGHOD
HUD GH ORV DSyVWROHV XQD DILUPDFLyQ ELHQ QRWDEOH SDUD DOJXLHQ TXH
WHUPLQDUtD VLHQGR SDSD (O PLVPR FRQFLOLR GH 1LFHD GH LPSRUWDQFLD
HVHQFLDOSDUDOD+LVWRULDGHOFULVWLDQLVPRQLIXHFRQYRFDGRSRUHORELVSR
GH5RPDVLQRSRUHOHPSHUDGRU&RQVWDQWLQRQLSUHVLGLGRSRUpORSRU
UHSUHVHQWDQWHVX\R3RUVLIXHUDSRFRIUHQWHDODVSUHWHQVLRQHVSRVWHULRUHV
GH OD VHGH URPDQD DQWHV GH TXH FRQFOX\HUD HO VLJOR,9 HO SDSD /LEHULR
 KDEtD LQFXUULGR HQ KHUHMtD VLHQGR HO SULPHUR GH XQD OLVWD
VLJQLILFDWLYDGHRELVSRVGH5RPDTXHVLJXLHURQHVDVHQGD,QVLVWDPRVOD
GLyFHVLVGH5RPDHQWpUPLQRVHVWULFWDPHQWHKLVWyULFRVHUDHQVXVLQLFLRV
ELHQ GLIHUHQWH GH ORV GHVDUUROORV WHROyJLFRV TXH FRPHQ]DUtDQ FRQ
SRVWHULRULGDG\TXHFXOPLQDUtDQHQFRQHOGRJPDGHODLQIDOLELOLGDG
SDSDO IRUMDGR HQ PHGLR GH XQ LQWHQWR GHVHVSHUDGR SRU FRQVHUYDU ORV
(VWDGRV3RQWLILFLRVIUHQWHDXQD,WDOLDDOILQUHXQLILFDGDFRPRQDFLyQ
 (VD VLWXDFLyQ GH KXPLOGH SUHFDULHGDG LQLFLDO YDULy FRQ HO FRODSVR GHO
LPSHULR (O YDFtR SROtWLFR IXH FXELHUWR FRQ YHUGDGHUD IUXLFLyQ SRU HO
RELVSR GH 5RPD DXQTXH VHPHMDQWH HPSHxR QR UHVXOWDUD IiFLO \ VH
SURORQJDUDDORODUJRGHOD(GDG0HGLD1RGHMDGHVHUVLJQLILFDWLYRTXH
HOVDTXHRGH5RPDSRU$ODULFRIXHUDDSURYHFKDGRSRUHOSDSD,QRFHQFLR,
SDUDSURFODPDUODSULPDFtDURPDQDORTXHGLFKRVHDGHSDVRSURYRFyOD
UXSWXUD FRQ ODV VHGHV GH$QWLRTXtD \$OHMDQGUtD TXH VH FRQVLGHUDEDQ QR
PHQRV SULPDGDV \ SHWULQDV 'XUDQWH ORV VLJORV VLJXLHQWHV HO SDSDGR
HPSHxDGRHQFRQWDUFRQXQSRGHUWHPSRUDOFUHFLHQWHQRGHMyGHFKRFDU
FRQ ORV SRGHUHV SROtWLFRV D ORV TXH GHVHDED IXHUWHV VL SRGtD XWLOL]DUORV
FRPR VXPLVD HVSDGD \ D ORV TXH QR GXGDED HQ GHELOLWDU VL ORV FRQFHEtD
FRPR XQD SRVLEOH DPHQD]D (O UHVXOWDGR GH HVD WHQVLyQ IXH GLYHUVR 6L
/HyQ,,,QRGXGyHQFRURQDUD&DUORPDJQRFRPRHPSHUDGRUHO
HPSHUDGRUIXHSRUVXSDUWHHOTXHQRPEUyDSDSDVFRPR-XDQ;,,/HyQ
9,,, %HQHGLFWR 9 -XDQ ;,,, R %HQHGLFWR 9, SRU FLWDU WDQ VROR XQRV
FXDQWRV (Q HVD PLVPD WUDGLFLyQ WDQ VROR (QULTXH ,,, GH $OHPDQLD
GHVLJQy SDSDV D &OHPHQWH ,,  'iPDVR ,,  /HyQ ,;
\9tFWRU,,
6REUHHVHWUDVIRQGRGHDQVLDSRUDPSOLDUVXSRGHU&DVWLOODUHVXOWDEDXQ
REMHWLYR PiV TXH GHVHDEOH SDUD OD VHGH URPDQD $ VX YH] $OIRQVR 9,
SHQVy TXH XQD SRWHQFLD LQWHUQDFLRQDO GH HVD PDJQLWXG SRGUtD D\XGDUOR
IUHQWH D XQD DPHQD]D FRPR OD TXH UHSUHVHQWDED OD LQYDVLyQ GH ORV
DOPRUiYLGHV(QHVWHJUXSRGHLQWHJULVWDVDIULFDQRVSURFHGHQWHVGHO
QRUWH GH IULFD RFDVLRQy XQD WHUULEOH GHUURWD D$OIRQVR 9, HQ XQ OXJDU
VLWXDGR HQWUH OD IRUWDOH]D GH $]DJDOD SUy[LPD D %DGDMR] \ HO UtR
=DSDWyQ6HJXUDPHQWHODVLWXDFLyQSRGtDKDEHUOOHJDGRDODFDWHJRUtDGH
FDWiVWURIH GH QR VHU SRUTXH<XVXI VH YLR REOLJDGR D UHSDVDU HO (VWUHFKR
SDUD DWHQGHU DVXQWRV TXH H[LJtDQ VX SUHVHQFLD HQ HO QRUWH GH IULFD
$SURYHFKDQGR HVH UHVSLUR $OIRQVR 9, GHFLGLy HQWRQFHV DUWLFXODU XQD
OtQHD GH FRQWHQFLyQ DSR\DGD HQ 7ROHGR $OHGR \ 9DOHQFLD 3DUD SRGHU
VRVWHQHU HO VLVWHPD VH YLR REOLJDGR D OODPDU GHO GHVWLHUUR DO &LG TXH
ORJUy GRPLQDU HO YDOOH GHO (EUR \ OD UHJLyQ YDOHQFLDQD FRQYHQFLHQGR
LQFOXVR D ORV UpJXORV PRURV SDUD TXH VH HQIUHQWDUDQ D ORV DOPRUiYLGHV
$OIRQVR 9, ORJUy FRQWHQHU D ORV LQYDVRUHV FLHUWDPHQWH SHUR QR IXH QL
OHMDQDPHQWHSRUTXHUHFLELHUDD\XGDGH5RPD0LHQWUDVWDQWRXQDGHODV
SULPHUDV PHGLGDV OOHYDGDV D FDER SRU <XVXI IXH FRORFDU D ORV HVFDVRV
PR]iUDEHV TXH D~Q YLYtDQ HQ ORV UHLQRV LVOiPLFRV DQWH OD GUDPiWLFD
WHVLWXUDGHFRQYHUWLUVHDOLVODPRPRULU/RTXHYLQRDFRQWLQXDFLyQIXH
XQ YHUGDGHUR JHQRFLGLR HQ HO TXH ORV PR]iUDEHV IXHURQ H[WHUPLQDGRV
FRPRDQLPDOHVRGHSRUWDGRVDOQRUWHGHIULFDPLHQWUDVVXVOXJDUHVHUDQ
RFXSDGRV SRU EHUHEHUHV UHFLpQ OOHJDGRV 3RFR GHVSXpV UHSLWLHQGR XQ
IHQyPHQR WtSLFR GHO LVODP ORV SURSLRV PXVXOPDQHV GH ODV WDLIDV VH
FRQYHUWtDQ HQ YtFWLPDV GH ORV DOPRUiYLGHV (Q HO DxR  FD\y HQ VXV
PDQRV *UDQDGD DO VLJXLHQWH 6HYLOOD \ HQ  DO SHUGHU HO FDVWLOOR GH
$OHGR$OIRQVR9,VHYLRREOLJDGRDOODPDUQXHYDPHQWHDVXVHUYLFLRDO
&LGTXHHQFRQTXLVWy9DOHQFLD(QHOYHUDQRGHHO&LGTXH
KDEtD FRPSOHWDGR OD SRVHVLyQ GH 9DOHQFLD FRQ OD FRQTXLVWD GH RWUDV
SOD]DVFRPRODGH0XUYLHGURHQWUHJyVXDOPDD'LRV&RQpOGHVDSDUHFtD
HO YHUGDGHUR YDOODGDU GH OD OXFKD KLVSDQD FRQWUD ORV LQYDVRUHV
QRUWHDIULFDQRV6HUtDQSUHFLVDVYDULDVGpFDGDVSDUDTXHVXODERUTXHGDUD
FRQFOXLGD
/DLQYDVLyQDOPRKDGHFRQVWLWX\yXQIHQyPHQRGHWHUULEOH\GHVSLDGDGD
EUXWDOLGDG /RV HVFDVRV PR]iUDEHV TXH TXHGDEDQ DVt FRPR ORV MXGtRV
IXHURQ DVHVLQDGRV PLHQWUDV TXH VXV PXMHUHV \ VXV SRVHVLRQHV SDVDEDQ D
PDQRVGHORVLQYDVRUHVLVOiPLFRV(OPHQVDMHVRVWHQLGRHQODSXQWDGH
ODVHVSDGDVDOPRKDGHVHUDFRQYHUVLyQDOLVODPRPXHUWH\ODVMXGHUtDVGH
6HYLOOD &yUGRED *UDQDGD \ RWUDV FLXGDGHV WXYLHURQ TXH RSWDU HQWUH OD
DSRVWDVtDRHOPDUWLULR1LVLTXLHUD/XFHQDFRQYHUWLGDHQXQ~OWLPRUHVWR
GHODLPSRUWDQFLDMXGtDHQ$OQGDOXVHVFDSyGHDTXHOGLOXYLRGHVDQJUH
\ IXHJR 6H YLR DUUDVDGD SRU FRPSOHWR \ FRPR HQ HOOD VXFHGLy HQ
0RQWLOOD $JXLODU \ %DHQD SREODFLRQHV WRGDV HOODV IRUPDGDV FDVL SRU
FRPSOHWR SRU MXGtRV R FRQYHUVRV PiV R PHQRV VLQFHURV DO LVODP (Q
PHGLR GH WDQ FDyWLFR SDQRUDPD OD VHGH URPDQD LED D DXPHQWDU VX SHVR
VREUHORVUHLQRVKLVSiQLFRV
 (/18(9232'(5

/DLJOHVLDFDWyOLFDVXIULyXQJROSHVHYHUtVLPRFRQODOOHJDGDGHOLVODP
SHUR VH UHFXSHUDUtD FRQ H[WUDRUGLQDULD UDSLGH] HQ ORV VLJORV VLJXLHQWHV H
LQFOXVR LQFUHPHQWDUtD HQ QR HVFDVD PHGLGD VX SDWULPRQLR (O IHQyPHQR
QR IXH FLHUWDPHQWH H[FOXVLYR GH (VSDxD$UUDQFy LQLFLDOPHQWH GH ORV
EHQHILFLRV FRQFHGLGRV SRU DOJXQRV HPSHUDGRUHV VH DSURYHFKy GHO YDFtR
TXH FUHy HO GHVSORPH GHO LPSHULR \ VH FRQVROLGy PHGLDQWH GLVWLQWDV
DOLDQ]DVFRQXQSRGHUFLYLOQRSRFDVYHFHVFDUHQWHGHOHJLWLPLGDGSROtWLFD
\ SRU WDQWR GHVHRVR GH UHFLELU OD TXH SXGLHUD HPDQDU GH OD UHOLJLyQ
RILFLDO+XERUHDFFLRQHVFRQWUDULDVHQ,QJODWHUUDSRUHMHPSORHQ
HO3DUODPHQWRVHTXHMDEDGHTXHXQDWHUFHUDSDUWHGHODLVODHUDSURSLHGDG
GH OD LJOHVLD FDWyOLFD SHUR HQ WpUPLQRV JHQHUDOHV \ PiV DOOi GH
HQIUHQWDPLHQWRV SXQWXDOHV D YHFHV PX\ iVSHURV QDGLH FXHVWLRQDED HO
HQULTXHFLPLHQWR GH OD LJOHVLD FDWyOLFD \ FyPR VH OOHYDED D FDER (Q
(VSDxDHVHSURFHVRYLQFXODGRDODFFHVRDODSURSLHGDGGHODWLHUUDKDEtD
YHQLGR DGHPiV XQLGR GLUHFWDPHQWH D OD 5HFRQTXLVWD (Q ]RQDV GRQGH VH
KDEtDSURGXFLGRXQDGHVSREODFLyQRHQTXHODVSREODFLRQHVTXHKDVWDHVH
PRPHQWRRFXSDEDQHOWHUULWRULRHUDQGHVDORMDGDVODFRURQDODQREOH]D\
OD LJOHVLD FDWyOLFD VH FRQYLUWLHURQ HQ ODV JUDQGHV EHQHILFLDULDV /DV
JUDQGHV DXQTXH FLHUWDPHQWH QR FRQ ORV PLVPRV PHFDQLVPRV GH
DGTXLVLFLyQ GH SURSLHGDGHV QL WDPSRFR HQ SLH GH LJXDOGDG $ GHFLU
YHUGDGODLJOHVLDFDWyOLFDGLVIUXWyGHYHQWDMDVFLHUWDPHQWHQRWDEOHV
/DLJOHVLDFDWyOLFDVHYDOLySRUHMHPSORGHLQVWUXPHQWRVSDUDDXPHQWDU
VX SDWULPRQLR TXH QR HVWDEDQ DO DOFDQFH GH ORV RWURV VHJPHQWRV
SULYLOHJLDGRVGHODVRFLHGDG8QRGHHOORVIXHHOGHUHFKRVXFHVRULR$ORV
ILHOHV VH OHV LQVWDED GH PDQHUD SXQWR PHQRV TXH VLVWHPiWLFD D UHDOL]DU
GRQDFLRQHV \ RWRUJDU WHVWDPHQWR HQ IDYRU GH LQVWLWXFLRQHV HFOHVLiVWLFDV
6HPHMDQWHWUDQVIHUHQFLDGHSURSLHGDGHVWDEDYLQFXODGDSRUUHJODJHQHUDO
DOGHVHRGHVDOYDFLyQHWHUQDGHOFDXVDKDELHQWH6HWUDWDEDVLQGXGDGHXQ
PRWLYR SDUD FRQYHUWLU HQ EHQHILFLDULD D OD LJOHVLD FDWyOLFD FRQ HO TXH
QLQJXQDLQVWLWXFLyQSRGtDFRPSHWLU'HPDQHUDELHQVLJQLILFDWLYDGXUDQWH
OD(GDG0HGLDODVGLVSRVLFLRQHVWHVWDPHQWDULDVWHQtDQXQSRUFHQWDMHQDGD
EDODGtGHLQVWUXFFLRQHVUHODFLRQDGDVFRQPDQGDV\OHJDGRVTXHSDVDEDQD
HQJURVDU ODV SURSLHGDGHV GH OD LJOHVLD FDWyOLFD (VWH HVStULWX HVWDED WDQ
LPEULFDGR HQ OD PHQWDOLGDG GH OD pSRFD TXH $OIRQVR HO %DWDOODGRU QR
GXGyHQGHMDUORVWHUULWRULRVTXHFRPSRQtDQVXFRURQDDGLVWLQWDVyUGHQHV
PLOLWDUHVGHFDUiFWHUUHOLJLRVR
(Q VHJXQGR OXJDU OD LJOHVLD HUD XQD HQWLGDG H[FHSFLRQDOPHQWH
SULYLOHJLDGDHQPDWHULDWULEXWDULD$ODVH[HQFLRQHVHQHOSDJRODLJOHVLD
FDWyOLFDDxDGtDODSHUFHSFLyQGHWULEXWRVTXHQRSRFDVYHFHVFDUHFtDQGH
OHJLWLPDFLyQ MXUtGLFD SHUR TXH VH KDEtDQ FRQVDJUDGR PHGLDQWH DOJXQD
IDOVLILFDFLyQ GRFXPHQWDO DG KRF $Vt D ORV GLH]PRV REODFLRQHV \
SUHVWDFLRQHV VH VXPDUtDQ WULEXWRV HVSHFtILFRV FRPR HO YRWR GH 6DQWLDJR
FX\RV RUtJHQHV VHJ~Q VDEHPRV KDFH WLHPSR HUDQ FODUDPHQWH
IUDXGXOHQWRVDXQTXHVHIXHUDQFRQVDJUDQGRSRUODFRVWXPEUH
(Q WHUFHU OXJDU OD LJOHVLD FDWyOLFD IXH LGHDQGR GLYHUVRV PHFDQLVPRV
MXUtGLFRVTXHDODYH]TXHDFUHFHQWDEDQVXSDWULPRQLRLPSHGtDQVXPHUPD
IXWXUD 3RU HMHPSOR PHGLDQWH OD ILJXUD GHO SUHFDULR IXH REWHQLHQGR OD
SURSLHGDGGHELHQHVUDtFHVFHGLGDSRUVXVGXHxRVDFDPELRGHXQDFLHUWD
VHJXULGDG HFRQyPLFD KDVWD VX PXHUWH \ SRU FHQWXHVWR GH XQD SUHVXQWD
JDUDQWtDVREUHODVDOYDFLyQGHVXVDOPDV'HPDQHUDVHPHMDQWHDSHVDUGH
TXH OD %LEOLD HVWDEOHFH TXH ORV RELVSRV KDQ GH VHU SHUVRQDV FDVDGDV ,
7LPRWHR   H LQFOXVR VHxDOD TXH VROR 3DEOR \ %HUQDEp GH HQWUH HO
JUXSR GH ORV DSyVWROHV QR WXYLHURQ HVSRVD , &RULQWLRV   OD LJOHVLD
FDWyOLFD IXH LPSRQLHQGR QR VLQ UHVLVWHQFLDV QL GLILFXOWDGHV HO
FHOLEDWR GH ORV FOpULJRV /D PHGLGD PiV DOOi GH VXV SUHVXQWDV
MXVWLILFDFLRQHV HVSLULWXDOHV SUHWHQGtD TXH HO SDWULPRQLR TXH SXGLHUD
REWHQHUXQVDFHUGRWHVHPDQWXYLHUDHQHOVHQRGHODLJOHVLD\QRSXGLHUD
VHUHPSOHDGRSDUDVXVWHQWDUDXQDHVSRVD\DXQRVKLMRVQLPXFKRPHQRV
SDUD DWHQGHUORV GHVSXpV GH OD PXHUWH 7RGRV HVRV PHFDQLVPRV GH
DEVRUFLyQGHUHFXUVRVHFRQyPLFRVTXHGDEDQUHPDWDGRVSRUHOVLVWHPDGH
PDQRV PXHUWDV HV GHFLU OD LPSRVLELOLGDG GH TXH FXDOTXLHUD GH ODV
SURSLHGDGHVHFOHVLiVWLFDVIXHUDREMHWRGHHQDMHQDFLyQ'HHVWDPDQHUDHO
FDXGDOGHODLJOHVLDFDWyOLFDWHQtDYDULDVSXHUWDVGHHQWUDGDSHURQLQJXQD
GHVDOLGD
(VWD DFXPXODFLyQ GH ULTXH]D SHUPLWLy HQ SRFR WLHPSR TXH HQWLGDGHV
HFOHVLDOHV FRPR ORV PRQDVWHULRV VH FRQYLUWLHUDQ HQ SUHVWDPLVWDV GH ORV
FDPSHVLQRV GH OD QREOH]D \ GH OD FRURQD 6LQ HPEDUJR GH PDQHUD
FUHFLHQWH \ SDUD HYLWDU ODV FHQVXUDV HFOHVLiVWLFDV HVDV WDUHDV IXHURQ
HQFRPHQGDGDV D MXGtRV 0iV LQVWUXLGRV PiV KRQUDGRV \ QR FDWyOLFRV
UHVXOWDEDQ OD HOHFFLyQ REOLJDGD D OD KRUD GH SUDFWLFDU HO SUpVWDPR R GH
UHDOL]DU GHWHUPLQDGDV DFWLYLGDGHV ILQDQFLHUDV SRU FXHQWD GHO FOHUR GH OD
QREOH]D\GHODFRURQD
/RV PRQDVWHULRV H[HQWRV GH WULEXWRV \ FRQYHUWLGRV HQ IRFRV GH
SHUHJULQDFLyQ QR SRFDV YHFHV PHGLDQWH HO XVR GH OD IDOVLILFDFLyQ
GRFXPHQWDORGHOHQJDxRDSDUWLUGHOVLJOR,;UHFLELHURQXQDSURWHFFLyQ
GLUHFWDGHOD6DQWD6HGH0iVDOOiGHOHOHPHQWRPHUDPHQWHHVSLULWXDOTXH
VH GHVHH DWULEXLU D HVD FLUFXQVWDQFLD OR FLHUWR HV TXH OD PLVPD
SURSRUFLRQDEDDHVWRVIRFRVGHDFXPXODFLyQGHULTXH]DWRGDXQDSDQRSOLD
GHSURWHFFLyQFDQyQLFDTXHDODWULEXLUVHHOSDSDXQDDXWRULGDGFHQWHULRUD
ODGHORVUH\HVSRGtDDGTXLULUFRORVDOHVFRQQRWDFLRQHV1RVHWUDWDEDGH
XQD SURWHFFLyQ JUDWXLWD \D TXH H[LJtD HO SDJR GH XQ FHQVR SHUR HO
PRQDVWHULRTXHHQWUHJDEDHOFRVWHGHODSURWHFFLyQDOD6DQWD6HGHSRGtD
LQFOXVR GHVDUUROODU VX H[LVWHQFLD FRQ LQGHSHQGHQFLD GH OD DXWRULGDG
HSLVFRSDOQRSRFDVYHFHVFHUFDQDDOUH\
(VWD DFXPXODFLyQ HFRQyPLFD WXYR DGHPiV RWUDV FRQVHFXHQFLDV 6DOYR
DOJXQD H[FHSFLyQ EDMRLPSHULDO FRPR IXHURQ ORV EHQHGLFWLQRV LQLFLDOHV
ORV PRQDVWHULRV ORV RELVSRV H LQFOXVR HO FOHUR UHJXODU IRPHQWDURQ OD
VHUYLGXPEUH FRPR PDQHUD GH DWHQGHU D VX ULTXH]D 6DQWR 7RPiV GH
$TXLQR WDQ PDO FLWDGR FRPR SRFR OHtGR QR IXH VLQR XQR GH ORV
DXWRUHV TXH OHJLWLPy \ HV OyJLFR TXH OR KLFLHUD OD HVFODYLWXG 'H
DFXHUGR FRQ HO GRFWRU GH OD LJOHVLD OD HVFODYLWXG HQWUH ORV KRPEUHV HV
QDWXUDOSRUTXHDOJXQRVVRQSRUQDWXUDOH]DHVFODYRV5HPDWyVHPHMDQWH
DILUPDFLyQFRQRWUDQRPHQRVUHOHYDQWH\HVODGHTXHVLXQKRPEUHVH
HQWUHJDDVXGHEHUHVWRQRHVHVWULFWDPHQWHOODPDGRMXVWR<SXHVWRTXH
ORTXHSHUWHQHFHDOKLMRHVGHVXSDGUH\ORTXHSHUWHQHFHDOHVFODYRHVGH
VX DPR VH VLJXH TXH SURSLDPHQWH KDEODQGR QR KD\ MXVWLFLD GHO SDGUH DO
KLMR QL GHO DPR KDFLD HO HVFODYR ,PDJtQHVH OD VXHUWH GHO VLHUYR HQWUH
DTXHOORV TXH VHJXtDQ ODV HQVHxDQ]DV GHO 'RFWRU $QJpOLFR GH HQRUPH
LQIOXHQFLD FRQ SRVWHULRULGDG D WUDYpV GH ORV GRPLQLFRV &RPSUpQGDVH
WDPELpQHOLQVWUXPHQWRGHXWLOL]DFLyQGHWUDEDMRHVFODYRTXHRSHUDEDHQ
PDQRVGHODLJOHVLDFDWyOLFD
(VD YLQFXODFLyQ GH OD FRQGLFLyQ VHUYLO FRQ HO WUDEDMR DFDUUHDUtD XQDV
SpVLPDV FRQVHFXHQFLDV TXH FRPR WHQGUHPRV RFDVLyQ GH YHU VH
SURORQJDQ KDVWD HO GtD GH KR\ \ TXH VROR HQ DOJXQDV QDFLRQHV
GHVDSDUHFLHURQ HQ UHDOLGDG \D HQ HO VLJOR;9, FRPR FRQVHFXHQFLD GH OD
UHFXSHUDFLyQGHODpWLFDEtEOLFDGHOWUDEDMRTXHOOHYyDFDEROD5HIRUPD
(VWH DXPHQWR YHUGDGHUDPHQWH HVSHFWDFXODU GHO SRGHU HFRQyPLFR \
VRFLDO GH OD LJOHVLD FDWyOLFD LED D WUDQVFXUULU HQ SDUDOHOR D VX
UHLYLQGLFDFLyQGHFUHDGRUDGHODLGHRORJtDRILFLDOXQDFLUFXQVWDQFLDTXH
HQWUH RWUDV UHSHUFXVLRQHV WHQGUtD OD GHO DXPHQWR SDXODWLQR GHO
DQWLVHPLWLVPR
 

(OMXGtRFRPRDUFKLHQHPLJR,,,
OD(VSDxDGHOQRUWH

/$72/(5$1&,$'(&$67,//$

'H PDQHUD QDGD H[WUDxD GXUDQWH ORV SULPHURV VLJORV GH OD RFXSDFLyQ
PXVXOPDQD ORV MXGtRV QR HVWXYLHURQ SUHVHQWHV HQ ORV Q~FOHRV GH
UHVLVWHQFLD QRUWHxD 3RU XQ ODGR KXELHUD UHVXOWDGR ELHQ H[WUDxR TXH
GHVHDUDQ SHUPDQHFHU HQ HO VHQR GH XQD VRFLHGDG DFRVDGD SRU ORV
PXVXOPDQHVTXHDGHPiVVHFRQIHVDEDKHUHGHUDGHORVDERUUHFLGRVUH\HV
YLVLJRGRV SRU RWUR GLItFLOPHQWH KXELHUDQ HQFRQWUDGR DFRPRGR GHVSXpV
GHVXFRODERUDFLyQFRQORVLQYDVRUHVLVOiPLFRV
&RQHOWUDVODGRGHODFDSLWDOGHOUHLQRGH$VWXULDVYHUGDGHURKHUHGHUR
GH OD PRQDUTXtD HVSDxROD D /HyQ QR REVWDQWH HPSH]DPRV D
HQFRQWUDUQRV FRQ MXGtRV HQ WLHUUDV GHO QRUWH /D UD]yQ HUD REYLD &RPR
UHSREODGRUHVTXHSRGtDQDSRUWDUDGHPiVXQFRQRFLPLHQWRFHQWHULRUHUDQ
HVSHFLDOPHQWH DSUHFLDGRV D SHVDU GH VX SDVDGR FRODERUDFLRQLVWD (Q OD
&DUWD SXHEOD GH &DVWURMHUL]  RWRUJDGD SRU HO FRQGH GH &DVWLOOD
*DUFL)HUQiQGH]ORVMXGtRVVRQREMHWRGHORVPLVPRVGHUHFKRVTXHRWURV
UHSREODGRUHV /R PLVPR SXHGH GHFLUVH YDULDV GpFDGDV GHVSXpV GH ORV
GHFUHWRVGHOFRQFLOLRGH/HyQ
(VWDSROtWLFDGHWROHUDQFLDHLQWHJUDFLyQGHORVMXGtRVHQXQDVRFLHGDG
TXH VH FRQIHVDED VXFHVRUD GH OD TXH KDEtD VLGR DQLTXLODGD SRU ORV
PXVXOPDQHV VH UREXVWHFLy FRQ OD DSDULFLyQ GHO UHLQR GH &DVWLOOD &RQ
)HUQDQGR,ORVMXGtRVYROYLHURQDVHUV~EGLWRVKDELWXDOHVGHXQPRQDUFD
FULVWLDQR/DVIXHQWHVKDFHQUHIHUHQFLDDTXHVHOHVDSOLFDEDODOH\GHORV
UH\HVYLVLJRGRVOH[JRWKLFDSHURWHQHPRVTXHGHGXFLUTXHRQRHUDQODV
QRUPDVPiVULJXURVDVRTXHQRVHFXPSOtDQGHPDQHUDHVWULFWD
'H PDQHUD ELHQ VLJQLILFDWLYD LQFOXVR ORV GHUHFKRV FRQFHGLGRV SRU OD
PRQDUTXtDDORVMXGtRVQRWDUGDURQHQUHYHUWLUHQEHQHILFLRGHODLJOHVLD
TXHKDEtDVLGRRILFLDOTXHORVKDEtDSHUVHJXLGRDQWDxR\TXHDVSLUDEDD
UHFXSHUDUFXDQWRDQWHVWRGRHOSRGHUGHTXHKDEtDGLVIUXWDGRHQHOSDVDGR
'HKHFKRORVLPSXHVWRVTXHSHVDEDQVREUHORVMXGtRVHUDQHPSOHDGRVHQ
QRSRFDVRFDVLRQHVHQHOFXOWRFDWyOLFR\ODVFLIUDVREOLJDQDSHQVDUTXH
SURVSHUDURQQRWDEOHPHQWH%DVWHGHFLUTXHHORELVSR$OYLWRTXHUHJtDOD
EDVtOLFD GH 6DQWD 0DUtD GH /HyQ UHFLEtD OD QDGD EDODGt VXPD GH
TXLQLHQWRVVXHOGRVGHSODWDSXUDSURFHGHQWHVGHORVLPSXHVWRVDERQDGRV
SRUORVMXGtRVGHHVWDFDSLWDO
(QHODxRHOSURSLRSDSD$OHMDQGUR,,DODEDEDODVLWXDFLyQHQTXH
VH HQFRQWUDEDQ ORV MXGtRV HQ &DVWLOOD (Q HO WH[WR SRU DxDGLGXUD VH
UHDOL]DEDXQDFODUDVHSDUDFLyQHQWUHORVPXVXOPDQHV\ORVMXGtRV

(VGLVWLQWDODFDXVDGHORVMXGtRVGHODGHORVLVODPLWDV&RQWUDHVWRVTXHSHUVLJXHQD
ORV FULVWLDQRV \ ORV DUURMDQ GH VXV FLXGDGHV \ SURSLRV DVLHQWRV SHOpDVH MXVWDPHQWH
DTXHOORVHVWiQHQWRGDVSDUWHVGLVSXHVWRVDODVHUYLGXPEUH

(OHSLVFRSDGRGH/HyQ\&DVWLOODVHKDUtDHFRGHODYLVLyQSDSDO<HV
TXH OD DILUPDFLyQ GHO RELVSR GH 5RPD GLItFLOPHQWH SRGtD VHU PiV
H[SOtFLWD 6L ORV PXVXOPDQHV HUDQ WHUULEOHV HQHPLJRV ORV MXGtRV
PRVWUDEDQ XQD PDJQtILFD GLVSRVLFLyQ D GHMDUVH FRQYHUWLU HQ VLHUYRV (Q
RWUDV SDODEUDV ORV MXGtRV SRGtDQ HVSHUDU VHU REMHWR GH FLHUWD WROHUDQFLD
SHURVRORSRUTXHHQVXFRQGLFLyQGHVLHUYRVHUDQXQDIXHQWHGHLQJUHVRV
SDUD OD LJOHVLD FDWyOLFD 1R HUDQ VLQR XQ SLQJH SXHEOR VRPHWLGLWRR /R
OLPLWDGR GH HVWD YLVLyQ TXHGD GH PDQLILHVWR FXDQGR VH FRPSDUD FRQ OD
GLVSRVLFLyQPRVWUDGDSRUORVUH\HVGH&DVWLOOD3RUHMHPSOR$OIRQVR9,
HO UHFRQTXLVWDGRU GH 7ROHGR HO VHxRU GHO &LG HO HVFXGR FRQWUD ORV
DOPRUiYLGHV VLJXLy XQD SROtWLFD LQGLVFXWLEOH GH IDYRUHFHU D ORV MXGtRV
/yJLFR SDUHFH TXH DVt IXHUD VL VH WLHQHQ HQ FXHQWD ORV SUHFHGHQWHV
HVWDEOHFLGRVSRUVXSDGUH(QHOIXHURGH6HS~OYHGD\ODFRQILUPDFLyQGHO
IXHUR GH 1iMHUD  HQ ODV FDSLWXODFLRQHV GH 7ROHGR  HQ OD
FDUWDGHORVIXHURVGH/HyQHQHOIXHURGH0LUDQGDGH(EUR
R HQ HO SULYLOHJLR GH ORV PR]iUDEHV WROHGDQRV  SRU FLWDU VROR
DOJXQRVFDVRVSRGHPRVFRQWHPSODUXQDH[WUDRUGLQDULDDPSOLDFLyQGHORV
GHUHFKRV GH ORV MXGtRV (O IXHUR GH 1iMHUD SRU HMHPSOR LJXDODED D ORV
MXGtRVFRQPRQMHVHLQIDQ]RQHVHQHOFDVWLJRGHOKRPLFLGLR\HQFXDQWRD
ORVGHUHFKRVGHSURSLHGDGOHVRWRUJDEDORVPLVPRVGHUHFKRVOHJDOHVTXH
DORVFULVWLDQRVWDQWRQREOHVFRPRSOHEH\RV&DVWLOODVHKDEtDFRQYHUWLGR
HQODWLHUUDGRQGHORVMXGtRVGLVIUXWDEDQGHODPD\RUFRQVLGHUDFLyQOHJDO
FHQWHUDQGRLQFOXVRORVWLHPSRVGRUDGRVGHOFDOLIDWRGH&yUGRED
1R SXHGH H[WUDxDU SRU OR WDQWR TXH ORV MXGtRV DSR\DUDQ ODV HPSUHVDV
GH $OIRQVR 9, FRQ HVSHFLDO GHGLFDFLyQ WDQWR DGPLQLVWUDWLYD FRPR
PLOLWDUPHQWH3RUHMHPSORFXDQGRORVDOPRUiYLGHVOOHJDURQFRQWRGRVX
tPSHWX D (VSDxD \ $OIRQVR 9, VH GLULJLy KDFLD =DODFD  SDUD
HQIUHQWDUVH FRQ HOORV HQ ODV ILODV FDVWHOODQDV PDUFKDEDQ FXDUHQWD PLO
KHEUHRV)XHURQORVSULPHURVMXGtRVTXHGHUUDPDEDQVXVDQJUHHQGHIHQVD
GHOD(VSDxDLQYDGLGDSRUHOLVODP
(VD HUD OD UHDOLGDG GHO FRPSRUWDPLHQWR GH ORV MXGtRV TXH VH
FHQWHUSRQtD D XQ QDGD RFXOWR DQWLVHPLWLVPR HFOHVLDO 1R GHMD GH VHU
VLJQLILFDWLYRTXHOD~QLFDPHQFLyQGHMXGtRVHQHO&DQWDUGH0tR&LGHVWp
UHIHULGD D XQRV SUHVWDPLVWDV MXGtRV 5DTXHO \ 9LGDV TXH HMHUFtDQ VX
ODERUHQWLHUUDVFDVWHOODQDV7DPELpQUHVXOWDUHYHODGRUDODPDQHUDHQTXH
HOHSLVRGLRHVUHVXHOWRHQHOFDQWDUGHJHVWD(O&DPSHDGRUVROLFLWDGHORV
MXGtRVXQSUpVWDPRSDUDVXVHPSUHVDV\HVWRVOHH[LJHQXQDSUHQGD3RUOR
TXH VHxDOD HO WH[WR HO &LG XQ FDEDOOHUR VLQ WDFKD QR YDFLOD HQ
HQJDxDUORV,JQRUDPRVVLODKLVWRULDHVFLHUWDRVLVHWUDWDGHXQDFUHDFLyQ
GHOMXJODU(QFXDOTXLHUFDVRFXHVWDQRSHQVDUTXHODILQDOLGDGGHOUHODWR
HVSUHVHQWDUDO&LGGDQGRXQFKDVFRDORVSUHVWDPLVWDV
(VH GLVWDQFLDPLHQWR HQWUH ODV GRV UHDOLGDGHV H[SOLFD FLHUWRV HSLVRGLRV
GH DQWLVHPLWLVPR YLROHQWR 3RU HMHPSOR HQ HO DxR  $OIRQVR 9,
VXIULyXQDVHYHUDGHUURWDHQ8FOpV/DQRWLFLDGHOGHVDVWUHOOHJyD7ROHGR
DGREDGDFRQHOUXPRUGHTXHHQHOPRPHQWRGHFLVLYRGHODEDWDOODHODOD
L]TXLHUGDGHOHMpUFLWRIRUPDGDFDVLH[FOXVLYDPHQWHSRUMXGtRVQRKDEtD
HVWDGRDODDOWXUDGHODVFLUFXQVWDQFLDV/RV$QDOHVWROHGDQRVLQGLFDQGH
PDQHUDVXFLQWDSHURKDUWRUHYHODGRUDFXiOIXHODFRQVHFXHQFLDLQPHGLDWD
GHOGUDPD

0DWDURQ D ORV MXGtRV HQ7ROHGR GtD GRPLQJR YtVSHUD GH 6DQFWD 0DUtD GH$JRVWR
(UD0&;/9,

(O PDWDURQ UHVXPtD HO DVDOWR D OD MXGHUtD HO LQFHQGLR GH ODV
VLQDJRJDVHOVDTXHRGHORVKRJDUHV\ORVDVHVLQDWRV1RLQFOXtDUHIHUHQFLD
DOJXQD D FyPR HO HMHPSOR FXQGLy HQ DOJXQRV SXHEORV FDVWHOODQRV
7DPSRFRDODPDQHUDHQTXH$OIRQVR9,QRFDVWLJyHOWXPXOWRWROHGDQR
SRUTXHQRUHVXOWDEDSRVLEOHDSOLFDUMXVWLFLDDWRGDXQDFLXGDG$OIRQVR9,
IDOOHFLyHQ3DUDHQWRQFHVODVLWXDFLyQGHORVMXGtRVHQ&DVWLOODQR
SRGtDUHVXOWDUPiVREYLD/HJDOPHQWHVXFRQGLFLyQHUDODPHMRUGHWRGD
OD 3HQtQVXOD ,EpULFD$ GHFLU YHUGDG QXQFD KDEtD UHVXOWDGR WDQ ySWLPD
&RQWDEDQ FRQ OD SURWHFFLyQ GHO PRQDUFD \ GH ORV RELVSRV \ HQ MXVWD
FRQWUDSUHVWDFLyQ VXV VHUYLFLRV D OD FRURQD LQFOXLGRV ORV GH DUPDV
HUDQ H[FHOHQWHV \ FRPR WDO FRQVLGHUDGRV 3HUR XQD FRVD HUD HO HVWDWXV
OHJDO\RWUDELHQGLIHUHQWHODYLVLyQSRSXODUTXHVHGHEtDDODIRUPDFLyQ
GHO FOHUR 3DUD HO SXHEOR OODQR ORV MXGtRV HUDQ XQ HOHPHQWR H[WUDxR \
RGLRVR 8Q UXPRU FRPR HO GH VX GHELOLGDG HQ OD EDWDOOD GH 8FOpV
SRGtD SURYRFDU UHDFFLRQHV GH H[WUHPDGD YLROHQFLD VLTXLHUD SRUTXH HV
IiFLOFUHHUODVFDOXPQLDVGLULJLGDVFRQWUDDTXHOORVDORVTXHVHRGLD(VH
GLYRUFLRHQWUHDPEDVUHDOLGDGHVLEDDUHVXOWDUREYLRGXUDQWHORVUHLQDGRV
SRVWHULRUHV
$OIRQVR 9,, HO HPSHUDGRU HQ  FRQILUPy ORV SULYLOHJLRV GH TXH
GLVIUXWDEDQ ORV MXGtRV HQ 7ROHGR 3RU DxDGLGXUD ORV IXHURV GH (VFDORQD
 GH *XDGDODMDUD  \ GH 0DGULG  IXHURQ MDORQHV
VXFHVLYRVGHHVDPLVPDSROtWLFDGHWROHUDQFLD&LHUWDPHQWHHQOD&DVWLOOD
GH$OIRQVR9,,ORVMXGtRVSRGtDQFRQWDUFRQKDOODUXQUHIXJLRFRQWUDODV
SHUVHFXFLRQHVLVOiPLFDVXQQXHYRKRJDU\XQIXWXURGHSURVSHULGDG'H
PDQHUDELHQVLJQLILFDWLYDODFRUWHWROHGDQDVHYLROOHQDGHVDELRVKHEUHRV
TXHORPLVPRH[SHULPHQWDEDQFRQFOHSVLGUDVTXHDOFDQ]DEDQHOFDUJRGHO
DOPRMDULIHPD\RUGHFDVD\SDODFLR6HHVSHUDEDDFDPELRTXHVLUYLHUDQ
HQDUPDVDOUH\\TXHVHHQFDUJDUDQGHODUHFDXGDFLyQGHODVUHQWDVGHOD
FRURQD
(Q  HO IXHUR GH &XHQFD RWRUJDGR SRU $OIRQVR 9,,, LQFOXtD OD
GLVSRVLFLyQ GH TXH ORV SOHLWRV PL[WRV IXHUDQ UHVXHOWRV SRU GRV DOFDOGHV
XQRFULVWLDQR\RWURMXGtRRVHGHILQtDODOHJtWLPDXVXUDFRPRXQDPDQHUD
GHHYLWDUFRQIOLFWRVHQWUHDPEDVFRPXQLGDGHV
(OPLVPR)XHUR9LHMRFRPHQ]DGRDUHFRSLODUHQUHDILUPDEDORV
GHUHFKRV FRQFHGLGRV D ORV MXGtRV HQ HO GH &XHQFD DXQTXH QR GHMDUD GH
PRVWUDU SUHRFXSDFLyQ SRU OD XVXUD 0XHVWUD UHYHODGRUD GH OD EXHQD
VLWXDFLyQGHORVMXGtRVHQ&DVWLOODHVTXHHQMXVWRHODxRDQWHVGHOD
PXHUWH GH $OIRQVR 9,,, FRQ RFDVLyQ GH VROXFLRQDU XQ FRQIOLFWR FRQ
1DYDUUD ODV IRUWDOH]DV HQWUHJDGDV HQ SUHQGD \ JDUDQWtD SRU HO UH\
TXHGDUDQVRPHWLGLWRDVDODDGPLQLVWUDFLyQGHMXGtRV
7RGDYtDPHMRUVLFDEHIXHODVLWXDFLyQGHORVMXGtRVEDMR)HUQDQGR,,,
GH&DVWLOOD 8QLILFDGRU GH &DVWLOOD \ /HyQ VX FRQGXFWD XQD YH] PiV
FRQWUDVWy FRQ OD VHJXLGD HQ UHODFLyQ FRQ ORV MXGtRV QR VROR HQ HO
LQWROHUDQWH $OQGDOXV VLQR HQ HO UHVWR GH (XURSD %DVWH GHFLU TXH HQ
HOWHUFHUFRQFLOLRJHQHUDOGH/HWUiQKDEtDGHFODUDGRTXHODSUHVHQFLD
GH ORV LVUDHOLWDV HQ OD VRFLHGDG FULVWLDQD VROR GHEtD VHU FRQVHQWLGD SRU
KXPDQLGDGSURVRODKXPDQLWDWH\TXHHQHOFXDUWRFRQFLOLRODWHUDQHQVH
VHGLVSXVRTXHORVMXGtRVYLVWLHUDQGHWDOPDQHUDTXHSXGLHUDQVHU
GLVWLQJXLGRV GH ORV FULVWLDQRV (O SDSDGR LPSRQtD DVt XQD OHJLVODFLyQ
DQWLVHPLWDTXHVHUHSHWLUtDYH]WUDVYH]KDVWDOOHJDUDODVLQIDPHVOH\HVGH
1XUHPEHUJGHEDMRHO7HUFHU5HLFK
(OGHMXOLRGH)HUQDQGRHUDFRURQDGRUH\GH&DVWLOOD1RGHMD
GHVHUVLJQLILFDWLYRTXHHQWUHODVSULPHUDVPHGLGDVOHJDOHVDGRSWDGDVSRU
HO MRYHQ )HUQDQGR VH HQFRQWUDUDQ QR SRFDV TXH IDYRUHFtDQ D ORV MXGtRV
$Vt SRGHPRV UHFRUGDU D WtWXOR GH HMHPSOR TXH HQ  FRQILUPy ORV
IXHURV GH =XULWD HQ  RWRUJy VDQFLyQ UHDO D OD &RQFRUGLD FHOHEUDGD
SRU HO DU]RELVSR GRQ 5RGULJR FRQ ORV MXGtRV HQ  UDWLILFy ORV
SULYLOHJLRV GH ORV PRUDGRUHV GH &DODWUDYD \ HQ  DGRSWy EDMR VX
HQFRPLHQGD D ORV MXGtRV GH 9LOODGLHJR 3RU VL IXHUD SRFR \ GH PDQHUD
DFHQWXDGDPHQWH VLJQLILFDWLYD HQ  )HUQDQGR ,,, REWXYR GHO SDSD
+RQRULR,,,XQDEXODTXHOHSHUPLWtDQRFXPSOLUFRQODVGLVSRVLFLRQHVGHO
FXDUWRFRQFLOLRODWHUDQHQVHUHIHUHQWHVDORVMXGtRV/RVLQWHUHVHVGHOUHLQR
HVWDEDQ SRU GHODQWH GH ORV GH OD LJOHVLD RILFLDO (VWD PXHVWUD GH
KXPDQLGDGYHUGDGHUD\QRFRPRODTXHVHxDODEDHOFRQFLOLRQRIXH
ELHQ YLVWD SRU ORV SDSDV \ GXUDQWH HO UHLQDGR GH )HUQDQGR ,,, WDQWR
*UHJRULR ,; FRPR ,QRFHQFLR ,9 LQWHQWDURQ FRQYHQFHUOR LQ~WLOPHQWH GH
ODFRQYHQLHQFLDGHREOLJDUDORVMXGtRVDOOHYDUXQDYHVWLPHQWDHVSHFtILFD
TXHORVVHSDUDUDGHOUHVWRGHODSREODFLyQ
(O  GH MXQLR GH  )HUQDQGR ,,, UHFRQTXLVWy &yUGRED /D FLXGDG
VHUtDUHSREODGDSRUFULVWLDQRV\ORVPXVXOPDQHVODDEDQGRQDUtDQ3RUOR
TXHVHUHILHUHDORVMXGtRVWDQWRHQODFDSLWDOFRUGREHVDFRPRHQ$JXLODU
/XFHQD%DHQD0RQWRUR\0RQWLOODHOUH\GLVSXVRVXSHUPDQHQFLD\HO
PLVPRIXHURGH&yUGREDGHMyGHPDQLILHVWRXQDFODUDSUHRFXSDFLyQSRU
VX ELHQHVWDU 'H KHFKR HO DOPRMDULIH PD\RU FDUJR GHVHPSHxDGR SRU HO
MXGtR GRQ 0D\U FRQWDED FRQ XQ SRGHU TXH VH HMHUFtD VREUH WRGR HO
FRQMXQWR GH OD VRFLHGDG 8QD YH] PiV HO FRQWUDVWH HQWUH OD WROHUDQFLD
FDVWHOODQD\ORTXHVXFHGtDHQHOUHVWRGHOPXQGRHUDWDQREYLRTXHXQD
EXODGHOSDSD,QRFHQFLR,9SURPXOJDGDHQ/\RQHOGHDEULOGH
IXHODHQFDUJDGDGHLPSHGLUORTXHQDGLHREVWDFXOL]DEDHQORVGRPLQLRV
GH)HUQDQGR,,,ODFRQVWUXFFLyQGHQXHYDVVLQDJRJDV3XHGHLPDJLQDUVH
HQ HVH FRQWH[WR OD SUHFDULHGDG GH OD VLWXDFLyQ GH ORV MXGtRV TXH SRU XQ
ODGRGLVIUXWDEDQGHODSURWHFFLyQUHJLD\SRURWURVHVDEtDQREMHWRGHOD
DYHUVLyQGHOSDSDGR
/DFRQWUDSRVLFLyQHQWUHODWROHUDQFLDGHOUH\\ODLQTXLQDGHODLJOHVLD
FDWyOLFD VH UHSLWLy WUDV WHQHU OXJDU OD UHFRQTXLVWD GH 6HYLOOD (Q
REHGLHQFLD D ODV GLVSRVLFLRQHV SDSDOHV D ORV MXGtRV QR VH OHV SHUPLWLy
FRQVWUXLUXQQXHYROXJDUGHFXOWR6LQHPEDUJRHOUH\GLVSXVRTXHVHOHV
HQWUHJDUDQ FXDWUR PH]TXLWDV SDUD TXH ODV FRQYLUWLHUDQ HQ VLQDJRJDV
1DGLHKXELHUDSRGLGRGHFLUTXH)HUQDQGR,,,QRFXPSOtDIRUPDOPHQWHFRQ
ODVGLVSRVLFLRQHVGHOD6DQWD6HGHSHURUHVXOWDREYLRORTXHSHQVDEDGH
ODVPLVPDV\ODFRQVLGHUDFLyQHQTXHWHQtDDORVMXGtRV(OPLVPRIXHUR
GH 6HYLOOD FRQVROLGy OHJDOPHQWH HVD SROtWLFD GH WROHUDQFLD \ QR SXHGH
VRUSUHQGHUTXHSREODFLRQHVFRPR$]QDOIDUDFKH$]QDOFi]DUR3DWHUQDVH
OOHQDUDQGHMXGtRVUHFLpQOOHJDGRV
/D JUDWLWXG GH ORV MXGtRV KDFLD HO PRQDUFD OLEHUWDGRU IXH
FRPSUHQVLEOHPHQWHFRQVLGHUDEOH\HQPXHVWUDGHDTXHOODOHSUHVHQWDURQ
XQD OODYH GH SODWD TXH FRQ OHWUDV KHEUHDV OOHYDED OD VLJXLHQWH
LQVFULSFLyQ

',26$%5,55(<(175$5
5(<'(5(<(6$%5,5
5(<'(72'$/$7,(55$(175$5

/D UHIHUHQFLD DO IDYRU GH 'LRV VREUH HO UH\ XQ UH\ TXH VHUtD
FDQRQL]DGRSRUODLJOHVLDFDWyOLFDHVREYLDDXQTXHODLQVFULSFLyQDSXQWH
WDPELpQDODFRQVXPDFLyQGHORVWLHPSRVFRQODOOHJDGDGHO5H\GHUH\HV
$ VX PXHUWH )HUQDQGR ,,, VHUtD FRORFDGR HQ XQ VHSXOFUR GRQGH HO
HSLWDILR WHQGUtD XQD LQVFULSFLyQ FXiGUXSOH HQ ODWtQ \ FDVWHOODQR iUDEH \
KHEUHR (QFDUQDFLyQ LQGLVFXWLEOH GH ODV YLUWXGHV FDEDOOHUHVFDV SRFRV
SHUVRQDMHVKDEUtDQKHFKRWDQWRELHQDORVMXGtRVHQ(VSDxD\VHPRVWUDURQ
WDQ QREOHV \ DJXHUULGRV HQ VX YLGD \ HQ OD OXFKD PXOWLVHFXODU FRQWUD HO
LVODP6XLPSURQWDJHQHURVD\SRVLWLYDFRQWLQXDUtDWRGDYtDSRUXQWLHPSR
FHUQLpQGRVH VREUH OD YLGD GH ORV MXGtRV TXH KDELWDEDQ OD &RURQD GH
&DVWLOOD
/D PXHUWH GH )HUQDQGR ,,, \ VX VXFHVLyQ SRU $OIRQVR ; HO OODPDGR
6DELR QR VLJQLILFDURQ HO ILQDO GH OD SURWHFFLyQ UHJLD GH ORV MXGtRV SDUD
FRPSODFHUHODQWLVHPLWLVPRSDSDO3RUHOFRQWUDULR$OIRQVR;SRVHtD
XQ DFHQGUDGR VHQWLPLHQWR HVSDxRO \ SRU HVR PLVPR HVWDED GLVSXHVWR D
TXH SUHYDOHFLHUDQ ORV LQWHUHVHV QDFLRQDOHV VREUH ORV HFOHVLDOHV $O
UHVSHFWR QR GHMD GH VHU VLJQLILFDWLYD OD YLVLyQ QDFLRQDO GHVFULWD
OLWHUDULDPHQWHSRU$OIRQVR;

(VWD (VSDxD WDO HV FRPR HO SDUDtVR GH 'LRV HV ELHQ DERQGDGD GH PLHVHV H
GHOHLWRVDGHIUXWDVYLFLRVDGHSHVFDGRVVDEURVDGHOHFKHHGHWRGDVODVFRVDVTXHGH
HOODVHKDFHQHOOHQDGHYHQDGRVHGHFD]DFXELHUWDGHJDQDGRVOR]DQDGHFDEDOORV
SURYHFKRVDGHPXORVHGHPXODVHVHJXUDHDEDVWDGDGHFDVWLOORVDOHJUHSRUEXHQRV
YLQRV KROJDGD GH DEXQGDPLHQWR GH SDQ ULFD GH PHWDOHV ( (VSDxD VREUH WRGDV ODV
FRVDVHVLQJHQLRVD\D~QWHPLGD\PX\HVIRU]DGDHQOLGOLJHUDHQDIiQOHDODO6HxRU
DILUPDGDHQHOHVWXGLRSDODFLDQDHQSDODEUDFRPSOLGDGHWRGRELHQHQRQKDWLHUUDHQ
HOPXQGRTXHOVHPHMHHQERQGDGQLQVHLJXDOHQLQJXQDDHOODHQIRUWDOH]DHSRFDVKD
HQHOPXQGRWDQJUDQGHVFRPRHOOD(VREUHWRGDV(VSDxDHVDEXQGDGDHQJUDQGH]D
PiVTXHWRGRVSUHFLDGDSRUOHDOWDG2K(VSDxDQRQKDQLQJXQRTXHSXHGDFRQWDUWX
ELHQ

([FHGH FRQ PXFKR ORV OtPLWHV GHO SUHVHQWH HVWXGLR DERUGDU VLTXLHUD
PtQLPDPHQWH OD ILJXUD GHO UH\ VDELR 6t GHEH GHMDUVH FRQVWDQFLD GH VX
DFWLWXGKDFLDORVMXGtRVTXHFRQpOGLVIUXWDURQGHOSHUtRGRPiVEULOODQWH
PiV OLEUH \ FRQ PiV SHUVSHFWLYDV GH OD +LVWRULD PHGLHYDO HVSDxROD
$OIRQVR;GHMyGHPDQLILHVWRVXGHFLGLGDYROXQWDGGHDJUXSDUHQ7ROHGR
D WRGRV ORV VDELRV MXGtRV GH (VSDxD HVFDSDGRV QR SRFRV GH HOORV GH
OXJDUHVFRPR&yUGRED6HYLOODR/XFHQD(OPpGLFRUDEt<HKXGDK0RVFD
+D4DWRQHOUDEt,VDDFEHQ=DTXW0HWROLWRODKHODOIDTXtQUDEt<HKXGDK
KD&RKHQHODVWUyQRPRUDEt,VDDFGH7ROHGRIXHURQVRORDOJXQRVGHORV
VDELRVMXGtRVTXHEDMRODGLUHFFLyQGLUHFWDGH$OIRQVR;VHFRQJUHJDURQ
HQ7ROHGR1RUHVXOWDH[WUDxRSRUFLWDUXQHMHPSORTXHHOUH\RUGHQDUD
TXH DO VXU GH OD FLXGDG VH FRQVWUX\HUD XQ HGLILFLR TXH VLUYLHUD GH
REVHUYDWRULR \ TXH HQ pO HO UDEt ,VDDF EHQ =DTXW \ HO UDEt<HKXGDK EHQ
0RVVHK EHQ 0RVFD OOHYDUDQ D FDER ORV WUDEDMRV TXH GLHURQ OXJDU D ODV
WDEODVDOIRQVtHV
1R VH WUDWy ~QLFDPHQWH GHO UHVSDOGR D OD VDELGXUtD /DV LQYLWDFLRQHV
SDUDTXHODVDOMDPDVGH%DGDMR]\VXWpUPLQRDFXGLHVHQFRQODVRQFHQDV
GHVXVPHUFDGHUtDVRODHQWUHJDGHLPSRUWDQWHVSRVHVLRQHVGHDFXHUGR
FRQ HO 5HSDUWLPLHQWR GH 6HYLOOD D SHUVRQDMHV MXGtRV PXHVWUDQ OD
FRQYLFFLyQGH$OIRQVR;UHVSHFWRDORVEHQHILFLRVTXHVHGHULYDEDQGHOD
ODERULRVLGDG MXGtD )XH SUHFLVDPHQWH HVD FRQYLFFLyQ OD TXH H[SOLFD OD
OHJLVODFLyQ GHO UHLQR (V FLHUWR TXH HO )XHUR 5HDO GH  FDVWLJDED ODV
LQMXULDV TXH ORV MXGtRV SXGLHUDQ SURIHULU FRQWUD -HV~V R OD 9LUJHQ \
SHQDEDODDSRVWDVtD3HURDODYH]H[WHQGtDORVSULYLOHJLRVMXGtRVKDVWDHO
SXQWRGHSHUPLWLUTXHVHTXHPDUDQORVOLEURVTXHSXGLHUDQRIHQGHUVXIH
FRPRVXFHGtD\DFRQHOFDWROLFLVPR\VHFRQVDJUDEDHODPSDURDVXV
ILHVWDVUHOLJLRVDV1RDFDEyDKtHOUHFRQRFLPLHQWRGHORVGHUHFKRVGHORV
MXGtRV(QODV/H\HVQXHYDVHQFRQWUDPRVODFRQFHVLyQGHOPLVPRGHUHFKR
GH DSHODFLyQ \ HQ ODV 3DUWLGDV VH OHV RWRUJy XQ WtWXOR FRPSOHWR HO 9,,
GRQGHODVOLPLWDFLRQHVIXHURQGHPDQHUDUHYHODGRUDGHELGDVDSUHVLRQHV
HFOHVLDOHV 3RU VL WRGR OR DQWHULRU IXHUD SRFR OD DGPLQLVWUDFLyQ GH ODV
UHQWDVS~EOLFDVTXHGyWRWDOPHQWHHQPDQRVGHORVMXGtRV

(/$'2&75,1$0,(172$17,6(0,7$

(OFXDGURQRGHEHYHUVHEDMROXFHVLGtOLFDVSRUTXHQRIDOWDURQWDPSRFR
ORVFKRTXHVHQWUHHOPRQDUFD\ORVMXGtRV6LQHPEDUJRHVREYLRTXHORV
MXGtRVGH&DVWLOODHVWDEDQUHFLELHQGRSURWHFFLyQQRVRORGHODLQWROHUDQFLD
LVOiPLFDVLQRWDPELpQGHOFHUUDGRDQWLVHPLWLVPRGHOD6DQWD6HGH3HURVL
ODFRURQDHVWDEDGLVSXHVWDDPLUDUKDFLDRWURODGRDODKRUDGHWHQHUTXH
REHGHFHU D OD QRUPDWLYD DQWLMXGtD GH ORV VXFHVLYRV SDSDV QR VXFHGtD OR
PLVPR \ UHVXOWD FRPSUHQVLEOH FRQ HO FOHUR 'H KHFKR OD ODERU TXH
GHVDUUROOyDOUHVSHFWRHVGHWDOPDJQLWXGTXHVLQHOODQRSXHGHHQWHQGHUVH
HOGHVDUUROORGHODQWLVHPLWLVPRKLVSDQR
$OUHVSHFWRQRGHMDGHVHUVLJQLILFDWLYRTXHHQDOJXQDVGHODVREUDVGH
OD pSRFD ORV MXGtRV DSDUH]FDQ UHWUDWDGRV FRQ OXFHV YHUGDGHUDPHQWH
VLQLHVWUDV (Q ORV0LODJURV GH 1XHVWUD 6HxRUD GHO PRQMH *RQ]DOR GH
%HUFHR JUDQ SURSDJDQGLVWD GH OD HQWUHJD GH IRQGRV KDFLD OD LJOHVLD
FDWyOLFDORVMXGtRV\DQRVRQORVXVXUHURVDORVTXHHOKpURHEXUODFRPR
VXFHGtD HQ HO&DQWDU GH 0tR &LG (Q HO PLODJUR ;9,,, SRU HMHPSOR HO
UDEt PiV KRQUDGR GH 7ROHGR VH FRPSODFH HQ PRIDUVH GH -HV~V \ GH VX
PDGUH(OSXHEORUHVSRQGHDHVHFRPSRUWDPLHQWRGiQGROHPXHUWH\FRPR
VHxDODHOPRQMH4XDOIDFLHQWDOSULVLHURQ*UDGRDO&ULDGRU4XHOD
KLVWRULD QR VH EDVDED HQ XQ KHFKR UHDO HVWi IXHUD GH GLVFXVLyQ SHUR
H[SUHVD XQ FODUR UHVHQWLPLHQWR TXH GHEtD FDODU HQ HO SXHEOR OODQR /RV
MXGtRV HUDQ ORV GH OD RWUD IH \ SUHFLVDPHQWH SRU HVR HUD OtFLWR GDUOHV
PXHUWH %DVWD UHIOH[LRQDU HQ OD OHFFLyQ PRUDO GHO FOpULJR \ SRGUi
HQWHQGHUVHQRSRFRGHORTXHLEDDDFRQWHFHUHQORVVLJORVYHQLGHURV'H
KHFKRWDQWRHUDHOSHVRGHODQWLVHPLWLVPRFDWyOLFRTXHQLVLTXLHUDHOUH\
VDELR SXGR OLEUDUVH WRWDOPHQWH GH pO $O UHVSHFWR DOJ~Q FRQWHQLGR GHO
/LEURGHORV&DQWDUHVHW/RRUVGH6DQFWD0DUtDDWULEXLGRD$OIRQVR;
UHVXOWDYHUGDGHUDPHQWHLQTXLHWDQWHSRUTXHGDSRUVHQWDGRTXHORVMXGtRV
SRGtDQ HQWUHJDUVH D SUiFWLFDV EODVIHPDV FRQWUD OD IH FULVWLDQD HQ VXV
GRPLFLOLRV
1R HQ OD FUHDFLyQ SHUR Vt HQ HO GHVDUUROOR YHUGDGHUDPHQWH IXULEXQGR
GHO DQWLVHPLWLVPR WXYLHURQ XQ SDSHO HVSHFLDO ODV QXHYDV yUGHQHV
PHQGLFDQWHV IUDQFLVFDQRV \ GRPLQLFRV TXH DSURYHFKDURQ HQ QR
HVFDVDPHGLGDVXFHUFDQtDDODVSREODFLRQHVXUEDQDVSDUDLQ\HFWDUHORGLR
KDFLDORVMXGtRVDFXViQGRORVGHORVFUtPHQHVPiVKRUUHQGRV6XSDSHODO
UHVSHFWR IXH YHUGDGHUDPHQWH HVHQFLDO $ HVDV yUGHQHV FDWyOLFDV VH
GHEHUtDQ OD H[WHQVLyQ HQWUH HO SXHEOR GH WHUULEOHV FDOXPQLDV DQWLVHPLWDV
FRPR OD GHO FULPHQ ULWXDO SUHVXQWDPHQWH SHUSHWUDGR SRU ORV MXGtRV
GXUDQWHOD3DVFXD1RGHMDGHVHUVLJQLILFDWLYRTXHVHPHMDQWHFDOXPQLD
QRSUHQGLHUDQXQFDHQRWUDVFRQIHVLRQHVFULVWLDQDVLQGHSHQGLHQWHPHQWHGH
VX FDUJD R QR GH DQWLVHPLWLVPR \ TXH LQLFLDGR LQFOXVR HO +RORFDXVWR \
GHVSXpVGHTXHHVWHFRQFOX\HUDODDFXVDFLyQVLJXLHUDVLHQGRODQ]DGDSRU
PHGLRV SHUWHQHFLHQWHV D OD LJOHVLD FDWyOLFD &RPR YHUHPRV OD
DFXVDFLyQ GH FULPHQ ULWXDO WHQGUtD VX WUiJLFD HVWHOD HQ OD +LVWRULD GH
(VSDxD\GHPDQHUDLQFRPSUHQVLEOHD~QVHVLJXHQFHOHEUDQGRHQDOJXQDV
SREODFLRQHV HVSDxRODV IHVWLYLGDGHV UHOLJLRVDV UHODFLRQDGDV FRQ OD IDOVD
DFXVDFLyQ'HVGHOXHJRQRGHMDGHVHUVLJQLILFDWLYRTXHHQHOOLEUR9,,GH
ODV3DUWLGDVVHKDOOHXQHFRGHODDFXVDFLyQGHFULPHQULWXDO$OIRQVR;QR
SDUHFHVHJXURGHHOODORTXHQRHUDEDODGtSHURVtTXHFRQVLJQDTXH
HOUXPRUH[LVWH\GHMDFODURTXHHQFDVRGHGDUVHDOJ~QHSLVRGLRGHHVH
WLSRHQVXUHLQRORFDVWLJDUtDFRQODPXHUWH
(Q EXHQD PHGLGD HO UHLQDGR GH$OIRQVR ; FRQVWLWX\y HO LQLFLR GH XQ
SHUtRGRGHWUDQVLFLyQHOGHOVLJOR;,,,KDFLDHOGHVHQFDGHQDPLHQWRGH
WHUULEOHVJROSHVVREUHORVMXGtRVGH(VSDxD3RUXQODGRGLVIUXWDEDQGHOD
SURWHFFLyQ GH XQ UH\ TXH ORV FRQVLGHUDED ~WLOHV \ TXH SRU HOOR OHV
FRQFHGtD SULYLOHJLRV HVSHFLDOPHQWH GH FDUiFWHU HFRQyPLFR (Q VXV
IXQFLRQHV ORV MXGtRV GHPRVWUDURQ VHU FRPSHWHQWHV \ OD LPSRUWDQFLD GH
VXV VHUYLFLRV D OD FRURQD QR SXHGH VHU PLQLPL]DGD 6LQ HPEDUJR OD
LPSURQWD FODUDPHQWH DQWLVHPLWD GH OD LJOHVLD FDWyOLFD WXYR HQWUH RWUDV
SpVLPDVFRQVHFXHQFLDVODGHFUHDUXQDGLVSRVLFLyQHQWUHORVILHOHVDFUHHU
FXDOTXLHU FDUJR IRUPXODGR FRQWUD DOJXLHQ D TXLHQ VH RGLDED (Q RWUDV
SDODEUDVQRVHWUDWDEDGHSURWHVWDUSRUHOHMHUFLFLRGHODXVXUDRDQWHHO
FREUR GH LPSXHVWRV VLQR GH OOHJDU D FUHHU DFXVDFLRQHV FRPR ODV GHO
FULPHQULWXDOSHUSHWUDGRSRUORVMXGtRVGXUDQWHHO9LHUQHV6DQWR&RQFOXLU
DSDUWLUGHDKtTXHVHPHMDQWHVDFFLRQHVPHUHFtDQODPXHUWHLPSOLFDED\D
GDUXQSDVRQRSHTXHxR6LQHPEDUJRDWDFDUDORVMXGtRVHUDXQDHPSUHVD
LUUHDOL]DEOHPLHQWUDVH[LVWLHUDODSURWHFFLyQUHJLD6LHVWDGHVDSDUHFtD
DOJRSRVLEOHGDGDVODVSUHVLRQHVSDSDOHVODVSHUVSHFWLYDVGHORVMXGtRV
SRGtDQSDVDUGHODSURVSHULGDG\HOUHOLHYHVRFLDODUHFLELUJROSHVGHWRGR
WLSR'HKHFKRHVHVHUtDHOHVFHQDULRGHODVGpFDGDVVLJXLHQWHV

/$&2521$'($5$*1(175(/$72/(5$1&,$
</$,175$16,*(1&,$

0iVGLItFLOTXHHQ&DVWLOODIXHODVLWXDFLyQGHORVMXGtRVHQOD&RURQDGH
$UDJyQ 'H WRGRV HV VDELGR TXH PLHQWUDV TXH $UDJyQ HUD XQ SHTXHxR
UHLQRTXHIXHDYDQ]DQGRKDFLDHOVXUORTXHDKRUDVHGHQRPLQD&DWDOXxD
QRHUDQVLQRFRQGDGRVGHSHQGLHQWHVGHOLPSHULRIUDQFR\JREHUQDGRVSRU
IUDQFRV TXH SRFR D SRFR SDVDURQ D XQ YDVDOODMH GRWDGR GH FLHUWD
DXWRQRPtD\SRU~OWLPRDODLQGHSHQGHQFLD&DVDGRFRQ,QpVGH3RLWRX
5DPLUR ,, GH $UDJyQ WXYR XQD KLMD 3HWURQLOD TXH HQ  FRQWUDMR
PDWULPRQLR FRQ 5DPyQ %HUHQJXHU ,9 FRQGH GH %DUFHORQD 'H HVD
PDQHUDHOFRQGDGRGH%DUFHORQDVHLQWHJUyHQOD&RURQDGH$UDJyQ\HO
KLMRGHORVFRQWUD\HQWHV$OIRQVR,,VHWLWXOyUH\GH$UDJyQ\
FRQGH GH %DUFHORQD (Q VXV GLYHUVRV WHUULWRULRV HO 5HLQR GH$UDJyQ \
ORVFRQGDGRVFDWDODQHVHODQWLVHPLWLVPRIXHXQDQRUPDTXHGHULYDEDGH
PDQHUDGLUHFWDGHODHVSHFLDOUHODFLyQTXHOD&RURQDGH$UDJyQPDQWXYR
FRQOD6DQWD6HGH
(QORVFRQGDGRVFDWDODQHV\DHQHOFRQFLOLRGH*HURQDGHVFDUJy
VREUH ORV MXGtRV HO SDJR GH LPSXHVWRV HFOHVLiVWLFRV (O FyGLJR GH ORV
8VDWJHV  GHELGR D 5DPyQ %HUHQJXHU WHQtD OD SUHWHQVLyQ GH
FRQVHUYDU ODOH[ JRWKLFD OD TXH KDEtD UHJLGR HQ (VSDxD DQWHV GH TXH
IXHUDGHVSHGD]DGDSRUODLQYDVLyQLVOiPLFDVLELHQOOHQDQGRORVYDFtRV
OHJDOHVH[LVWHQWHVDODVD]yQ(QDTXHOORVDVSHFWRVGHODYLGDHQORVTXH
HQWUDEDQ HQ FRQWDFWR FRQ OD GH ORV FULVWLDQRV SXHGH DGYHUWLUVH HQ ORV
8VDWJHVXQFODURWUDVXQWRGHODOH\YLVLJyWLFDQRGXOFLILFDGDFRPRHQ
&DVWLOODSRUODSUiFWLFDGHODWROHUDQFLD/RVMXGtRVVHQRVPXHVWUDQSRU
GHILQLFLyQ LGHQWLILFDGRV FRQ ORV SHRUHV FULPLQDOHV \ VH OHV QLHJD OD
SRVLELOLGDGGHGDUWHVWLPRQLRFRQWUDFULVWLDQRVHQHOFXUVRGHXQSURFHVR
1R REVWDQWH OD UD]yQ GH HVWH FRPSRUWDPLHQWR QR HV HO UDFLVPR VLQR HO
DQWLVHPLWLVPRFDWyOLFR0LHQWUDVTXHHQXQD%DUFHORQDDSDUWDGDFDVLSRU
FRPSOHWR GH OD WDUHD UHFRQTXLVWDGRUD ORV MXGtRV SRGtDQ YHUVH
VRPHWLGLWRRV D XQDV OH\HV TXH VXVWDQFLDOPHQWH UHSURGXFtDQ HO
RUGHQDPLHQWR YLVLJRGR HQ XQ UHLQR FRPR HO GH $UDJyQ TXH DYDQ]DED
KDFLDHOVXUVHSURGXMRRFDVLRQDOPHQWHXQDGXOFLILFDFLyQGHODVLWXDFLyQ
GH ORV MXGtRV SRU QHFHVLGDGHV SROtWLFDV \ HFRQyPLFDV $Vt HQ 
5DPLUR GH $UDJyQ RWRUJy D ORV MXGtRV GH &DODWD\XG XQD VHULH GH
SULYLOHJLRV &RORFDGRV EDMR HO SDWURFLQLR GH ORV VHxRUHV GH OD WLHUUD
GLVSRQtDQ GHO PLVPR GHUHFKR D FRPSUDU \ YHQGHU TXH FULVWLDQRV \
PXGpMDUHV'HODPLVPDPDQHUDVXMXUDPHQWRUHOLJLRVRHUDFRQVLGHUDGR
GHLJXDOYDORUTXHHOSURQXQFLDGRSRUILHOHVGHRWUDVUHOLJLRQHVHQHOFXUVR
GHXQMXLFLR/DVLWXDFLyQVHYLRDOWHUDGDSRGtDVHUGHRWUDPDQHUD"
DFDXVDGHODQWLVHPLWLVPRRILFLDO\DJUHVLYRGHODLJOHVLDFDWyOLFD
/26,1,&,26'(/$3(56(&8&,1'(/7$/08'
$ GHFLU YHUGDG HO UHVTXHEUDMDPLHQWR D~Q QR TXLHEUD GH OD
VLWXDFLyQ YLYLGD SRU ORV MXGtRV HQ HO UHLQR GH$UDJyQ WXYR XQD UHODFLyQ
GLUHFWD FRQ HO HSLVRGLR HXURSHR GH ODV FRQWURYHUVLDV HQ WRUQR DO
7DOPXG(VWDREUDDEVROXWDPHQWHLQGLVSHQVDEOHSDUDHOMXGDtVPR
FRQWLHQH DOJXQDV UHIHUHQFLDV FRQFUHWDV HQ UHODFLyQ FRQ -HV~V FRQ VXV
VHJXLGRUHV MXGtRV \ FRQ VX PDGUH 1R VRQ PX\ QXPHURVDV SHUR VH
HQFXHQWUDQ WHxLGDV SRU OD SROpPLFD GLULJLGD FRQWUD XQ SDUWLGR UHOLJLRVR
RGLDGR ORV FULVWLDQRV D FX\R IXQGDGRU VH FRQVLGHUDED MXVWDPHQWH
HMHFXWDGR HQ HVWH PXQGR \ IHOL]PHQWH DWRUPHQWDGR HQ HO RWUR \ FX\RV
VHJXLGRUHVJHQWLOHVDPHQD]DEDQFRQWUDQVIRUPDUVHHQHOSRGHUWHROyJLFR
PiVLPSRUWDQWHGHODpSRFDPiVFRQFUHWDPHQWHGHO%DMR,PSHULR
/D SHUVRQD GH -HV~V OyJLFR SXQWR GH UHIHUHQFLD HV \ QR SXHGH
PLQLPL]DUVHHVWHDVSHFWRWUDWDGDFRQHVSHFLDOGXUH]DHQDOJXQRVHVFULWRV
UDEtQLFRV(QSULPHUOXJDUVHGDXQDFODUDLQVLVWHQFLDHQFRQVLGHUDUD
-HV~V FRPR XQ EDVWDUGR (Q VHJXQGR OXJDU ODV IXHQWHV WDOP~GLFDV
DSXQWDQDODFUHHQFLDHQYLUWXGHVWDXPDW~UJLFDVDVRFLDGDVDODSHUVRQDGH
-HV~VVLELHQODVPLVPDVVRQFRQWHPSODGDVGHVGHXQDSHUVSHFWLYDKRVWLO
(Q6DQKE\6RWDEVHQRVGLFHTXH,HVKXSUDFWLFyODKHFKLFHUtD\
OD VHGXFFLyQ \ OOHYDED D ,VUDHO SRU PDO FDPLQR GDWRV TXH DSDUHFHQ
UHSHWLGRVHQ6DQKDGRQGHDGHPiVVHQRVLQIRUPDGHTXH/DYtVSHUD
GH3DVFXDFROJDURQD,HVKX/DGHVFULSFLyQWDOP~GLFDQRVRORUHFXHUGD
FRQVLGHUDEOHPHQWHDGDWRVFRQWHQLGRVHQORV(YDQJHOLRV0DW
 0F   VLQR TXH FRQFXHUGD FRQ OD LQIRUPDFLyQ TXH DO UHVSHFWR
KDOODPRVHQDXWRUHVFULVWLDQRVFRPR-XVWLQR'LiORJRFRQHOMXGtR7ULIyQ
/;,; )XHUD GHO 7DOPXG WDPELpQ VH QRV KD WUDQVPLWLGR XQD YLVLyQ
QHJDWLYDGHODVSUHWHQVLRQHVGH-HV~VTXHVRQFRQGHQDGDVH[SOtFLWDPHQWH
$Vt HO <DONXW 6KLPRQL 6DOyQLFD SDU  VREUH YD\LVi PHVKDOy
Q~PHURV   GH DFXHUGR FRQ HO 0LGUDVK UHFRJH OD QRWLFLD GH TXH
LQWHQWDEDKDFHUVH'LRVDVtPLVPRSDUDTXHHOPXQGRHQWHURIXHUDSRU
PDOFDPLQR\VHDxDGHTXHQRSRGtDVHU'LRVSXHVWRTXHHVWHQRPLHQWH
PLHQWUDVTXHVLpOGLFHTXHHV'LRVHVXQHPEXVWHUR\PLHQWHGLMRTXH
PDUFKDUtD\YROYHUtDILQDOPHQWH/RGLMR\QRORKL]R/DVUHVRQDQFLDV
GHO SDVDMH WLHQHQ GH QXHYR FODURV SDUDOHORV HQ HO 1XHYR 7HVWDPHQWR \
PiV FRQFUHWDPHQWH HQ UHODFLyQ FRQ ODV FXHVWLRQHV GH OD DXWRFRQFLHQFLD
GH-HV~VHVSHFLDOPHQWHFRQVXGLYLQLGDG\GHOD3DUXVtD/yJLFDPHQWH
XQD FRQGHQD FODUD GH -HV~V HV OR TXH HQFRQWUDPRV HQ HVWDV PLVPDV
IXHQWHV$Vt HQ *XLW ED VH SUHVHQWD DO PLVPR TXH VH EXUOy GH
ODV SDODEUDV GH ORV VDELRV \ TXH IXH XQ WUDQVJUHVRU GH ,VUDHO
DWRUPHQWDGR HQ PHGLR GH H[FUHPHQWRV HQ HEXOOLFLyQ (O FXDGUR JOREDO
UHVXOWD SXHV HYLGHQWH /DV IXHQWHV UDEtQLFDV GDQ SRU FLHUWRV PXFKRV GH
ORVGDWRVFRQWHQLGRVWDPELpQHQIXHQWHVFULVWLDQDVSHURORVUHLQWHUSUHWDQ
FRQ XQ HQIRTXH UDGLFDOPHQWH GLVWLQWR TXH UD\D QR SRFDV YHFHV HQ OD
GHQLJUDFLyQ 7DO HQIRTXH QR WXYR PD\RU WUDVFHQGHQFLD IXHUD GHO iPELWR
GH,VUDHOHQODPHGLGDHQTXHODLJOHVLDFDWyOLFDQRFRQWyFRQHODSR\RGHO
SRGHU FLYLO R GHVFRQRFLy R TXLVR GHVFRQRFHU ODV UHIHUHQFLDV D OD
SHUVRQDGHVXIXQGDGRUTXHDSDUHFtDQHQHO7DOPXG7DOVLWXDFLyQFDPELy
UDGLFDOPHQWH HQ HO VLJOR;,,,HQWRGD(XURSD6HGLRHQWRQFHVHOFDVRQR
VROR GHO MXGtR FRQYHUVR HVWH KDEtD LQVLVWLGR FRQ DQWHULRULGDG VLQ
PD\RUHVFRQVHFXHQFLDVVLQRGHDTXHOTXHVLHQGRPLHPEURGHOFOHUR
DSURYHFKyVXVFRQRFLPLHQWRVGHO7DOPXGSDUDUHYHODUGHPDQHUDPiVR
PHQRV WHQGHQFLRVD HVWD LQIRUPDFLyQ D ODV DXWRULGDGHV SURYRFDQGR
ILQDOPHQWH OD DGRSFLyQ GH PHGLGDV UHSUHVLYDV FRQWUD HO WH[WR VDJUDGR
MXGtR,QVLVWDPRVVLQHPEDUJRHQHOIDFWRUGHVHQFDGHQDQWHTXHQRIXHOD
FRQYHUVLyQ VLQR HO HQWURQFDPLHQWR GH HVWD FRQ XQD FRVPRYLVLyQ
DQWLVHPLWDFDGDYH]PiVFRGLILFDGDSRUFLHUWDVyUGHQHVUHOLJLRVDV\PiV
TXH LPSXOVDGD SRU OD SURSLD 6DQWD 6HGH (O IHQyPHQR QR GLR LQLFLR HQ
(VSDxDFRPRVXFHGLyGLFKRVHDGHSDVRFRQOD,QTXLVLFLyQSHURQR
WDUGyHQH[WHQGHUVHFRQWUiJLFDVFRQVHFXHQFLDV
(O SULPHU FDVR GH SURVFULSFLyQ GH HVWH WLSR HVWXYR UHODFLRQDGR FRQ
1LFROiV 'RQLQ XQ DQWLJXR GLVFtSXOR GH<HKLHO EHQ<RVHI GH 3DUtV TXH
SULPHUR VH FRQYLUWLy DO FDWROLFLVPR \ GHVSXpV HQWUy HQ OD RUGHQ
IUDQFLVFDQD XQD HQWLGDG HVSHFLDOPHQWH FRQWDPLQDGD SRU XQ VHYHUR
DQWLVHPLWLVPRTXHGLIXQGtDHQWUHODVFODVHVSRSXODUHV'RQLQUHGDFWyXQD
OLVWD GH WUHLQWD \ FLQFR DFXVDFLRQHV FRQWUD HO 7DOPXG  \ IXH HO
SULQFLSDOLQVWLJDGRUGHOD'LVSXWDGH3DUtVGH'RVDxRVPiVWDUGH
FRPRFRQVHFXHQFLDVLTXLHUDLQGLUHFWDGHODPLVPDWXYROXJDUODSULPHUD
TXHPD GH HMHPSODUHV GHO 7DOPXG HQ FDQWLGDG GH YHLQWLFXDWUR FDUURV
OOHQRV (VWH HSLVRGLR VH UHSLWLy YDULDV YHFHV HQ ORV DxRV VLJXLHQWHV HQ
)UDQFLDKDVWDFXOPLQDUHQODH[SXOVLyQGHORVMXGtRVHQ
(O HFR GH WDOHV DFFLRQHV IXH LQH[LVWHQWH HQ RWURV OXJDUHV FRQ OD
H[FHSFLyQ GH OD &RURQD GH $UDJyQ GRQGH TXHEUy XQD WUD\HFWRULD GH
WROHUDQFLD PDQWHQLGD KDVWD HVH PRPHQWR SRU -DLPH , XQ PRQDUFD
FRQWHPSRUiQHRGH)HUQDQGR,,,GH&DVWLOOD(QODV&RUWHVGH%DUFHORQDGH
 -DLPH , KDEtD LQVLVWLGR HQ OD QHFHVLGDG GH SURWHJHU OD DFWLYLGDG
OOHYDGDDFDERSRUORVMXGtRV3DVyDVtSRUDOWRODQHFHVLGDGGHYHVWLUGH
PDQHUDHVSHFLDOLQWHQWyFRORFDUXQWRSHPi[LPRDOLQWHUpVXQ
\PDQWXYRDORVMXGtRVDSDUWDGRVGHDFWLYLGDGHVMXGLFLDOHVHQODVTXHSRFR
SRGUtDQDSRUWDU\VtPXFKRSHUGHU&RPRFRQFHVLyQDOFDUGHQDOGH6DQWD
6DELQDQXQFLRGHOSDSD*UHJRULR,;UHDILUPyODSURKLELFLyQGHTXHODV
PXMHUHV FULVWLDQDV YLYLHUDQ HQ FDVDV GH MXGtRV IDFLOLWDQGR ODV UHODFLRQHV
HQWUHDPERV1DGDPiV-DLPH,HUDFRQVFLHQWHGHODQHFHVLGDGTXHWHQtD
GH ORV MXGtRV SDUD VXV HPSUHVDV \ QR HVWDED GLVSXHVWR D SHUGHU WDQ
LPSRUWDQWHDSR\RVLPSOHPHQWHSRUTXHOD6DQWD6HGHKXELHUDRSWDGRSRU
XQD SROtWLFD GH ULJXURVR DQWLVHPLWLVPR 'HVGH OXHJR OD D\XGD TXH ORV
V~EGLWRVMXGtRVSURSRUFLRQDEDQDOUH\QRHUDHVFDVD$WtWXORGHHMHPSOR
SXHGHPHQFLRQDUVHTXHHOUDEt6DORPyQ9LGDOHUDEDLOHGH%DUFHORQDHO
UDEt<HKXGDKHUDDGHPiVGHWHVRUHUREDLOHJHQHUDOGHOUHLQRRTXHHQOD
HPSUHVD GH OD FRQTXLVWD GH 0DOORUFD HO MXGtR ]DUDJR]DQR UDEt 6DORPyQ
DFRPSDxy DO UH\ HQ OD H[SHGLFLyQ LJXDO TXH VX KHUPDQR UDEt %DELHO R
UDEt$VWUXFKGH%RQVHQ\RU
(O PRGHOR FDVWHOODQR HUD DVLPLODGR SRU HO PRQDUFD DUDJRQpV SRU OD
VHQFLOODUD]yQGHTXHGLFWDUDORTXHGLFWDUDODLJOHVLDFDWyOLFDHUDHOTXH
PiV IDYRUHFtD D ORV LQWHUHVHV GH OD FRURQD$Vt HQ  ODV &RUWHV GH
7DUUDJRQDFRQILUPDURQODVLWXDFLyQGHSURWHFFLyQUHJLDGLVSHQVDGDDORV
MXGtRV'RVDxRVGHVSXpVFXDQGR-DLPH,HQWUyHQODFLXGDGGH9DOHQFLD
FRQFHGLy D ORV MXGtRV HO PLVPR WUDWR TXH KDEtD GLVSHQVDGR D VXV
FRUUHOLJLRQDULRVHQ%DUFHORQD\0DOORUFD'HQLD$OLFDQWH-iWLYD(OFKHR
9LOOHQD VHUtDQ RWURV WDQWRV OXJDUHV GHVWLQDGRV D DOEHUJDU LPSRUWDQWHV
MXGHUtDVDODEULJRGHODEHQHYROHQFLDUHJLD
(Q  OD UHXQLyQ RVFHQVH GH ULFRV RPHV LQIDQ]RQHV \ RELVSRV GH
$UDJyQ UHFLELy HO HQFDUJR GH UHGDFWDU XQ RUGHQDPLHQWR GRQGH VH
FRPSLODUDQODVOH\HVGHOUHLQR/RVMXGtRVDSDUHFLHURQGHQXHYRFRPRXQD
HVSHFLH WtSLFD GH V~EGLWRV TXH GLVIUXWDEDQ GH OD SURWHFFLyQ UHJLD %DVWH
GHFLUSRUHMHPSORTXHODVOHVLRQHVTXHOHVSXGLHUDQVHURFDVLRQDGDVHUDQ
FDVWLJDGDV LQFOXVR HQ HO FDVR GH TXH DUUDQFDUDQ GH FDXVD MXVWD $O DxR
VLJXLHQWHORV)XHURVGH$UDJyQIRUPDGRV\SXEOLFDGRVHQODV&RUWHVGH
+XHVFD FRQVDJUDEDQ WRGD HVWD OtQHD SROtWLFD \ HQ  ORV )XHURV GH
9DOHQFLD UHFRJtDQ WRGDV ODV LQPXQLGDGHV \ YHQWDMDV TXH \D GLVIUXWDEDQ
VXVFRUUHOLJLRQDULRVHQ$UDJyQ/D~QLFDH[FHSFLyQDHVWDQRUPDJHQHUDO
HUDHOFRPSRUWDPLHQWRTXHKDEtDGHGLVSHQVDUVHDORVFRQYHUVRV(OMXGtR
EDXWL]DGR FDUHFtD LJXDO TXH HQ HO LVODP GHO GHUHFKR D UHJUHVDU D VX
DQWLJXDUHOLJLyQ(UDXQFDWyOLFR\FRPRWDOVXMHWRDODVSHQDVFDQyQLFDV
GH VX QXHYD UHOLJLyQ 'H OD PLVPD PDQHUD HO MXGtR TXH FRQVHUYDED OD
UHOLJLyQ GH VXV SDGUHV QR SRGtD DFRJHUVH DO DPSDUR VDJUDGR GH XQD
LJOHVLD
%XHQDSUXHEDGHKDVWDTXpSXQWR-DLPH,FUHtDHQODSROtWLFDOOHYDGDD
FDERSRUORVPRQDUFDVGH&DVWLOODHVTXHHQSURSRUFLRQyVXDPSDUR
D OD MXGHUtD GH /pULGD \ D VXV DOOHJDGDV QDGD PHQRV TXH FRQWUD OD EXOD
SDSDO GH *UHJRULR ,; TXH SUHWHQGtD GHVSRMDU D ORV MXGtRV GH VXV OLEURV
VDJUDGRV%DMRQLQJ~QFRQFHSWRVHSRGtDREOLJDUDORVMXGtRVDUHVSRQGHU
GH FXHVWLRQHV UHOLJLRVDV TXH SXGLHUDQ VHU VXVFHSWLEOHV GH FUHDU XQD
FRQWURYHUVLD \ XQ HQIUHQWDPLHQWR FRQ ORV FULVWLDQRV 6LQ HPEDUJR HVD
SROtWLFD GH WROHUDQFLD QR VH PDQWHQGUtD HQ ORV DxRV VLJXLHQWHV $ GHFLU
YHUGDG VHUtD SXOYHUL]DGD HQ EUHYH FRPR FRQVHFXHQFLD GHO LPSXOVR GH
XQDV yUGHQHV UHOLJLRVDV TXH VH KDEtDQ FRQYHUWLGR HQ OD YDQJXDUGLD GHO
DQWLVHPLWLVPRSDSDO(QHQFRQWUDGHORGLVSXHVWRSRFRVDxRVDQWHV
DQWH-DLPH,VHFHOHEUyOD'LVSXWDGH%DUFHORQDHQODTXHHO7DOPXGVH
YLR VXMHWR DO DWDTXH GHO FOHUR FRQ XQD ILQDOLGDG VHPHMDQWH D OR \D
VXFHGLGRHQ)UDQFLD
(Q OD FLWDGD GLVSXWD OD GHIHQVD GHO 7DOPXG FRUULy D FDUJR GH
1DMPiQLGHV \ VX DFXVDFLyQ IXH XQD YH] PiV DVXPLGD SRU XQ MXGtR
FRQYHUVR 3DX &ULVWLi R 3DEOR &ULVWLDQR SHUWHQHFLHQWH DO FOHUR (O
HQFXHQWURVHGHVDUUROOyDORODUJRGHFLQFRVHVLRQHVFRPHQ]DQGRHOGH
MXOLREDMRODSUHVLGHQFLDGHOUH\DUDJRQpV\FRQODDVLVWHQFLDGHSUHODGRV
EDURQHV UHOLJLRVRV \ FDEDOOHURV $ ORV MXGtRV VH OHV FRQFHGLy OD
SRVLELOLGDGGHGHIHQGHUVH\SUHVHQWDUDOHJDWRVFRQOLEHUWDG6LQHPEDUJR
GDGDODSDUWLFLSDFLyQGHOFOHURODGLVSXWDVRORSRGtDWHQHUXQDFRQFOXVLyQ
(OGHDJRVWRHOPRQDUFDRUGHQyTXHVHFHQWULPLHUDQGHO7DOPXGORV
SDVDMHV GHQLJUDWRULRV FRQWUD -HV~V \ VX PDGUH VR SHQD GH TXH OD REUD
WHUPLQDUDHQODKRJXHUD3RUDxDGLGXUDGHFUHWyODTXHPDGHOLEURVGHUDEt
0RLVpVEHQ0DLPyQ'RVGtDVGHVSXpVVHQWDQGRXQJUDYHSUHFHGHQWH
DXWRUL]yDTXHHOFRQYHUVRIUD\3DEORHQWUDUDHQODVFDVDV\ODVVLQDJRJDV
GH ORV MXGtRV SDUD SUHGLFDUOHV YLpQGRVH HVWRV REOLJDGRV D HVFXFKDU VXV
KRPLOtDV+DVWDDKtSRGtDQKDEHUOOHJDGRODVGHVGLFKDVGHORVMXGtRVSHUR
DOFOHUROHSDUHFLyTXHVHWUDWDEDGHXQILQDOGHPDVLDGREHQpYROR
7DQ VROR GRV DxRV GHVSXpV -DLPH , FRQYRFy XQD QXHYD FRQWURYHUVLD
(VWDYH]ODSRVLFLyQMXGtDIXHGHIHQGLGDSRUHOUDEt%HQ$VWUXFKGH3RUWD
XQ JHUXQGHQVH \ OD FDWyOLFD SRU HO FRQYHUVR IUD\ 3DEOR %HQ $VWUXFK
FRQVLJXLy PX\ LQWHOLJHQWHPHQWH TXH -DLPH , \ 5DLPXQGR GH 3HxDIRUW
GRPLQLFRFRQIHVRUGHOUH\OHJDUDQWL]DUDQTXHQRVHUtDREMHWRGHQLQJ~Q
FDVWLJRDFDXVDGHODVRSLQLRQHVTXHSXGLHUDYHUWHUHQHOFXUVRGHOGHEDWH
&RPRHUDGHHVSHUDUODGLVFXVLyQQRWHUPLQyFRQODYLFWRULDGHQLQJXQD
GHODVSDUWHV\FRQFOXLGDFDGDXQDGHHOODVVHUHWLUy6LQHPEDUJRWDQWR
HOGRPLQLFR5DLPXQGRGH3HxDIRUWFRPRIUD\3DEORFRQVLGHUDURQTXHODV
RSLQLRQHVGHIHQGLGDVSRUHOUDELQR%HQ$VWUXFKQRSRGtDQVHUWROHUDGDV\
VROLFLWDURQGHOUH\TXHFD\HUDVREUHpOWRGRHOSHVRGHODOH\/DVROLFLWXG
GHORVUHOLJLRVRVHUDLQGLJQD\DVtGHELySHQVDUORHOUH\VLQHPEDUJRQR
VHDWUHYLyDFXPSOLUWRWDOPHQWHFRQVXSURPHVD2IUHFLySRUORWDQWRD
ORV UHOLJLRVRV GHVWHUUDU SRU XQ SDU GH DxRV DO UDELQR \ TXHPDU DTXHOORV
OLEURV VX\RV GRQGH DSDUHFLHUDQ ODV H[SUHVLRQHV TXH ORV GRPLQLFRV
FRQVLGHUDEDQLQMXULRVDV
/D VDQFLyQ GH -DLPH , D SHVDU GH TXH HUD LQMXVWD \ GH TXH LPSOLFDED
TXHEUDQWDUVXSDODEUDQRVDWLVIL]RDORVUHOLJLRVRVTXHGHVHDEDQPXFKR
PiV 7DPSRFR VDWLVIL]R D OD 6DQWD 6HGH TXH XQD YH] PiV VH PRVWUy
PXFKR PiV GXUD FRQ ORV MXGtRV TXH ORV PRQDUFDV HVSDxROHV (O SDSD
&OHPHQWH,9DOPLVPRWLHPSRTXHIHOLFLWDEDDOUH\SRUODUHFRQTXLVWDGH
0XUFLD  PRVWUy VX LQGLJQDFLyQ SRUTXH QR VH KXELHUD FDVWLJDGR D
%HQ$VWUXFKHLQVLVWLyHQTXHKDEtDTXHVHSDUDUDORVMXGtRVGHFXDOTXLHU
FDUJR S~EOLFR $O IXURU DQWLVHPLWD GHO SDSDGR QR HVWDED GLVSXHVWR D
VRPHWHUVH-DLPH,SRUTXHHUDFRQVFLHQWHGHODLPSRUWDQFLDTXHORVMXGtRV
WHQtDQ SDUD OD EXHQD DGPLQLVWUDFLyQ GHO UHLQR 3UHFLVDPHQWH HVD
LQVLVWHQFLD HQ VHJXLU H[WHQGLHQGR FRQ ORV PDWLFHV TXH VH TXLHUD OD
SURWHFFLyQ OHJDO VREUH ORV MXGtRV H[SOLFD PiV TXH VREUDGDPHQWH OD
UHDFFLyQ GH HVWRV D OD PXHUWH GH -DLPH , HQ  6X IDOOHFLPLHQWR IXH
DQXQFLDGRFRQHQRUPHSHVDUSRU-RVHIEHQ7UHYtVXPpGLFRMXGtR\IXH
VHJXLGRSRUHOOODQWRPiVVHQWLGRGHODVMXGHUtDVGHOD&RURQDGH$UDJyQ
3RFRSRGtDQVRVSHFKDUORSHURHQUHDOLGDGFRQ-DLPH,FRQFOXtDXQDHUD
GHUHODWLYDWROHUDQFLDGHULYDGDGHVHJXLUXQDSROtWLFDVLPLODUDODGHORV
UH\HV GH &DVWLOOD \ FRQVLVWHQWH HQ FRQVLGHUDU PiV LPSRUWDQWHV ORV
LQWHUHVHVGHODFRURQDTXHODREHGLHQFLDDOD6DQWD6HGH

/$$*8',=$&,1'(/$17,6(0,7,602

1L HO SDSDGR QL VXV UHSUHVHQWDQWHV HQ (VSDxD HVWDEDQ GLVSXHVWRV D
WROHUDUQLQJ~QIUHQRDVXDQWLVHPLWLVPR1RVRORHVR/DLQIOXHQFLDGHODV
yUGHQHV PHQGLFDQWHV GH HVSHFLDO SUHGLFDPHQWR HQ ODV FLXGDGHV WXYR
FRPRFRQVHFXHQFLDGLUHFWDODGLIXVLyQ\ODH[FLWDFLyQGHHVHVHQWLPLHQWR
HQWUH ODV PDVDV SRSXODUHV XQDV PDVDV D ODV TXH VH LQGLFy GH PDQHUD
LQVLVWHQWHTXHHOGHQRPLQDGRSXHEORGHLFLGDHUDDGHPiVHOFXOSDEOHGH
VXVGHVGLFKDV2GLDGRVSRUVXODERU\HQYLGLDGRVSRUVXp[LWRORVMXGtRV
VRORSRGtDQYROYHUVHKDFLDORVUH\HV\HVWRVVLWXDGRVHQWUHODWHVLWXUDGH
SHUGHUXQDFRODERUDFLyQHVHQFLDORGHHVFXFKDUDXQFOHURDQWLVHPLWD\D
XQ SXHEOR DUUDVWUDGR SRU OD GHPDJRJLD FOHULFDO IXHURQ DOWHUQDQGR OD
SURWHFFLyQHLQFOXVRHOSULYLOHJLRFRQORVJROSHVVHOHFWLYRV$VtHOp[LWR\
ODSURVSHULGDGGHORVMXGtRVVHYLHURQHQVRPEUHFLGRVSRUXQDLQTXLHWDQWH
SUHFDULHGDG
/RVHMHPSORVGHORTXHDFDEDPRVGHLQGLFDUVRQQXPHURVRV(QDEULOGH
 ORV MXGtRV GH *HURQD VH TXHMDURQ DQWH 3HGUR ,,, GH$UDJyQ SRU OD
VLWXDFLyQHQTXHVHHQFRQWUDEDQ/RVDWDTXHVDVXVFDVDVODSURIDQDFLyQ
GH VXV WXPEDV ODV DJUHVLRQHV FRQWUD VXV QHJRFLRV QR VROR UHVXOWDEDQ
LQWROHUDEOHV VLQR TXH DGHPiV VH YHtDQ LPSXOVDGRV SRU 3HGUR GH
&DVWHOOQRX HO RELVSR \ HMHFXWDGRV SRU FOpULJRV 3HGUR ,,, UHVSRQGLy
SRVLWLYDPHQWHDODVV~SOLFDVGHORVMXGtRVSHURQRWDUGyHQFREUiUVHOR(Q
GHVFDUJyODVSUHRFXSDFLRQHVILQDQFLHUDVGHODVHPSUHVDVGHIULFD
\ GH 6LFLOLD VREUH ORV MXGtRV 'RV DxRV GHVSXpV REOLJy D FRVWHDU OD
IRUWLILFDFLyQGHODVIURQWHUDVDORVMXGtRVGH-DFD\VXVYDOOHVDVtFRPRD
ORVGH*HURQD(QODV&RUWHVEDUFHORQHVDVGHHVHPLVPRDxRORVMXGtRV
LQWHQWDURQ TXH VH OHV FRQFHGLHUD HO VHU FRQVLGHUDGRV YDVDOORV GH ORV
VHxRUHV HQ FX\RV WHUULWRULRV KDELWDEDQ 6H WUDWDED GH XQD GHVHVSHUDGD
E~VTXHGD GH SURWHFFLyQ /D UHVSXHVWD GH 3HGUR ,,, IXH VLQ HPEDUJR
QHJDWLYDWHPHURVRGHTXHORVVHxRUHVXWLOL]DUDQDORVMXGtRVH[DFWDPHQWH
LJXDOTXHpOVHYDOtDGHHOORV(OUHVXOWDGRILQDOIXHTXHRSWySRULPSRQHU
D ORV MXGtRV XQD VHULH GH SURKLELFLRQHV OD GH VHU EDLOH OD GH WHQHU
MXULVGLFFLyQVREUHFULVWLDQRVTXHHQODSUiFWLFDUHGXFtDQDQDGDODV
PHGLGDV SUHYLDV GH EHQHYROHQFLD LPSXOVDGDV SRU -DLPH , 4XHGDURQ ORV
MXGtRVFDVLDODLQWHPSHULHSHURHOUH\QRHVWDEDGLVSXHVWRDSUHVFLQGLUGH
HOORV(ODxRVLJXLHQWHHQXQLQWHQWRGHUHSRQHUODDUPDGDDUUDQFyDODV
MXGHUtDV GH $UDJyQ 9DOHQFLD \ &DWDOXxD XQ QXHYR VXEVLGLR (Q 
H[WHQGLy VX SURWHFFLyQ D ORV MXGtRV GH *HURQD SHUR GH PDQHUD KDUWR
OLPLWDGD $O FDER GH ORV DxRV \ D SHVDU GH WRGR OR TXH KDEtD LGR
HQWUHJDQGRDODFRURQDORVMXGtRVJHUXQGHQVHVVHJXtDQLQGHIHQVRVIUHQWH
DO RELVSR \ HO FOHUR \ SRU FHQWXHVWR HO SXHEOR OODQR (VD OLPLWDGD
SURWHFFLyQHUDOD~QLFDTXH3HGUR,,,HVWDEDGLVSXHVWRDRWRUJDUOHV
3HGUR ,,, QR IXH XQD H[FHSFLyQ $ GHFLU YHUGDG HQFRQWUDPRV XQD
FRQGXFWDPX\VLPLODUHQ$OIRQVR,,,TXHDFFHGLyDOWURQRGH$UDJyQHQ
/RVMXGtRVFLHUWDPHQWHOHD\XGDURQDOOHYDUDFDERODUHFRQTXLVWD
GHODV%DOHDUHV\ODVJXHUUDVGH6LFLOLD\)UDQFLDTXHFRQFOX\HURQ
HQ  6LQ HPEDUJR D FDPELR WDQ VROR UHFLELHURQ QXHYRV UHFRUWHV GH
GHUHFKRV SRU HMHPSOR HQ ODV &RUWHV GH 0RQ]yQ (VD SROtWLFD GH
UHVWULFFLyQGHOD\DHVFDVDSURWHFFLyQUHJLDIXHFRQWLQXDGDSRU-DLPH,,GH
$UDJyQ TXH LQDXJXUy VX UHLQDGR HQ  SUHFLVDPHQWH DFHQWXDQGR D~Q
PiVODSUHFDULDVLWXDFLyQGHORVMXGtRV
/D FRQGXFWD VHJXLGD SRU OD &RURQD GH$UDJyQ WHQtD VX SDUDOHOR QR
SRGtDVHUGHRWUDPDQHUDGDGRHOSHVRGHOFOHURFDWyOLFRHQRWURVUHLQRV
SHQLQVXODUHV ,QLFLDOPHQWH KDEtDQ ORJUDGR ORV MXGtRV D FRVWD GH QR
SHTXHxR SDJR YHUVH OLEUHV GHO FXPSOLPLHQWR GH OD EXOD GHO SDSD
*UHJRULR,;TXHOHVREOLJDEDDOOHYDUXQDYHVWLPHQWDHVSHFtILFD
6LQHPEDUJRHQVXIULHURQSRUUHIOHMRGHORTXHVXFHGtDHQ)UDQFLD
ORV DWDTXHV FRQWUD HO 7DOPXG GHVHQFDGHQDGRV SRU GRPLQLFRV \
IUDQFLVFDQRV DVt FRPR XQD FUHFLHQWH LPSRVLFLyQ 3RU VL IXHUD SRFD
GHVJUDFLDXQDEXODGHOSDSD$OHMDQGUR9,SURPXOJDGDHQIDFXOWy
DOUH\GH1DYDUUDQRVRORSDUDSURKLELUDORVMXGtRVODSUiFWLFDGHODXVXUD
VLQR WDPELpQ SDUD DUUDQFDUOHV ORV ELHQHV REWHQLGRV SRU HVH PHGLR
'XUDQWH ORV DxRV VLJXLHQWHV ODV MXGHUtDV QDYDUUDV VH SUHFLSLWDURQ HQ XQ
SURFHVR GH GHFDGHQFLD GHO TXH LQWHQWDURQ VDOLU HQ  DO HVWDOODU ODV
GLVFRUGLDV FLYLOHV GH 1DYDUUD (Q  FRPR FRQVHFXHQFLD GLUHFWD OD
MXGHUtD GH 3DPSORQD IXH H[WHUPLQDGD $FWR VHJXLGR HO UH\ GH 1DYDUUD
GHVFDUJyQXHYDVH[DFFLRQHVVREUHORVMXGtRVGHVXVWHUULWRULRV
6L OD VLWXDFLyQ GH ORV MXGtRV HQ$UDJyQ IXH FUHFLHQWHPHQWH PDOD \ HQ
1DYDUUD VH DFHUFy DO OtPLWH GH OD GHVHVSHUDFLyQ OD DFFLyQ GHO FOHUR
FRPHQ]yWDPELpQDGHWHULRUDUODWUiJLFDPHQWHHQ&DVWLOODWUDVODPXHUWHGH
$OIRQVR;(QODV&RUWHVGH3DOHQFLDGHVHDUUDQFyDORVMXGtRVOD
MXULVGLFFLyQSRUORVMXLFLRVSURSLRV\VHHQWUHJyDORVKRPEUHVEXHQRV6H
WUDWDEDGHXQDPHGLGDLQMXVWDSHURTXHSRVLEOHPHQWHGHELyGHRFDVLRQDU
FLHUWDFRPSODFHQFLD'RVDxRVGHVSXpVHOUH\UHVFLQGtDHODUUHQGDPLHQWR
GH ODV UHQWDV UHDOHV HQ PDQRV GH$EUDKDP HO %DUFKLORQ \ SHUGRQDED ODV
PXOWDV SRU PRURVLGDG TXH KXELHUDQ GHELGR SDJDU ORV GHXGRUHV GH ORV
SUHVWDPLVWDVMXGtRV6LQGXGDODPHGLGDTXHVHKDFtDFRQGLQHURDMHQR
 LQFUHPHQWy OD SRSXODULGDG GHO UH\ HQWUH ORV PRURVRV SHUR UHVXOWD
REOLJDGRSUHJXQWDUVHSRUVXMXVWLFLD3RFRLPSRUWDEDTXHHQ7DULID
SXGLHUD VHU UHFRQTXLVWDGD SRU HO UH\ 6DQFKR JUDFLDV DO GLQHUR
SURSRUFLRQDGR SRU GRQ 6DPXHO VX DOPRMDULIH PD\RU SRU GRQ<HKXGDK
TXHORHUDGHODUHLQD0DUtD\SRUGRQ$EUDKDPHO%DUFKLORQ'HKHFKR
DODxRVLJXLHQWHODV&RUWHVGH9DOODGROLGYROYtDQDUHSHWLUHOPDQGDWRGH
VXMHWDU ORV SOHLWRV MXGtRV D ORV MXHFHV FRPXQHV \ VH OHV REOLJDED D
GHVKDFHUVHGHORVKHUHGDPLHQWRVFULVWLDQRVDGTXLULGRVHQHOSOD]RGHXQ
DxR(OFXDGURLQVLVWDPRVHQHOORGLItFLOPHQWHSRGtDVHUPiVREYLR
/RVMXGtRVHUDQXWLOL]DGRVUHFODPDGRVSRUHOUH\SDUDVXVHPSUHVDV
PiVFRVWRVDV\JUDYDGRVSDUDPDQWHQHULQVWDQFLDVFRPRHOFXOWRFDWyOLFR
(QHVRVDVSHFWRVQDGLHQHJDEDVXXWLOLGDGSHURDODYH]VHSURGXFtDHO
UHFRUWHGHORVGHUHFKRVUHFRQRFLGRVGXUDQWHWLHPSR\JROSHVRFDVLRQDOHV
TXHGHIRUPDQDGDFDVXDOFRQWULEXtDQDIRUWDOHFHUXQDSRSXODULGDGUHJLD
DVHQWDGDVREUHHOGHVIRJDPLHQWRGHODQWLVHPLWLVPRDWL]DGRSRUHOFOHUR
(QRFXSyHOWURQRGH&DVWLOOD)HUQDQGR,9$ORVWUHVPHVHVGHVX
FRURQDFLyQ VLJXLHQGR HO FRQVHMR GH VX PDGUH 0DUtD GH 0ROLQD \
HVFXFKDQGR ODV VROLFLWXGHV GH SUHODGRV ULFRV RPHV \ SURFXUDGRUHV GHO
UHLQRUHXQLGRVHQODV&RUWHVGH9DOODGROLGGHFLGLyTXHORPiVSUXGHQWH
HV TXH QR DQGXYLHUD HQ HO UHDO SDODFLR MXGtR DOJXQR \ DFDEy FRQ HO
DUUHQGDPLHQWRGHODVUHQWDVUHJLDV'RVDxRVGHVSXpVHOUH\RUGHQDEDHQ
ODV &RUWHV GH &XHOODU TXH ORV MXGtRV YHQGLHUDQ HQ XQ DxR ODV KHUHGDGHV
TXH KXELHUDQ FRPSUDGR &RQ HVWH SDQRUDPD TXL]i UHVXOWH FRPSUHQVLEOH
TXHSDUDHVHPLVPRDxRGH\FRQFUHWDPHQWHSDUDHOGHDEULO
ORVMXGtRVHVSHUDUDQHODGYHQLPLHQWRGHOPHVtDV\QRIXHUDQSRFRVORVTXH
VHSUHSDUDURQFRQD\XQRV\SHQLWHQFLDV1RKDFHIDOWDGHFLUTXHHOPHVtDV
QR DSDUHFLy TXH OD GHVLOXVLyQ GH QR SRFRV MXGtRV IXH LQPHQVD \ TXH QR
IDOWDURQORVTXHSLGLHURQHOEDXWLVPRHQPHGLRGHOHVWXSRU\ODFRQIXVLyQ
1RHVIiFLOVDEHUORTXHKXERGHVLQFHURHQHVDVFRQYHUVLRQHVSHURFXHVWD
QRLPDJLQDUTXHHQQRSRFDVGHHOODVGHELyGDUVHXQDFODUDFDSLWXODFLyQ
/RVMXGtRVHUDQXQHVWDPHQWRDERUUHFLGRSRUFDSDVQRHVFDVDVGHOSXHEOR
OODQR\GHOFOHUR4XHVRxDUDQFRQYHUVHOLEUHVGHHVDVLWXDFLyQPHGLDQWH
ODOOHJDGDGHOPHVtDVHVFRPSUHQVLEOH1RORHVPHQRVTXHODGHFHSFLyQ
GH HVWD HVSHUDQ]D DUUDVWUDUD D DOJXQRV D GHMDU OD IH GH VXV SDGUHV \ D
HQWUHJDUVH D OD GH OD FXOWXUD GRPLQDQWH (O VLJOR;,9 HVWDED D SXQWR GH
FRPHQ]DU\QRSRGtDGHFLUVHTXHORKLFLHUDEDMRORVPHMRUHVDXVSLFLRV'H
KHFKRLEDDUHYHODUVHFRPRXQSHUtRGRFUXFLDOHQODVXHUWHGHORVMXGtRV
HVSDxROHV
$O LQLFLDUVH HO VLJOR [LY HO DQWLVHPLWLVPR GHO FOHUR H[SHULPHQWy XQD
DJXGL]DFLyQGHWUiJLFDVFRQVHFXHQFLDV'HPDQHUDELHQVLJQLILFDWLYDHQ
HOODLQIOX\yFRQVLGHUDEOHPHQWHHOPD\RUSHVRGHORVHOHPHQWRVSRSXODUHV
HQODVRFLHGDGGHODpSRFD(Q7ROHGRSRUHMHPSORDOJXQRVFOpULJRVVH
HVIRU]DURQ SRU FRQVHJXLU SDUD HO GHiQ \ HO FDELOGR XQD VHULH GH EXODV
SDSDOHV TXH SULYDUDQ D ORV MXGtRV GH OD SURWHFFLyQ UHJLD 7DOHV DFFLRQHV
HVWDEDQLQVSLUDGDVHQODVVLQLHVWUDV2UGHQDQ]DVGH6DQ/XLVDODVTXHQRV
UHIHULUHPRV HQ XQ FDStWXOR SRVWHULRU RUGHQDQ]DV IUDQFHVDV TXH WXYLHURQ
XQD FODUD LQIOXHQFLD HQ 1DYDUUD SHUR TXH QR KDEtDQ VLGR DFHSWDGDV HQ
&DVWLOOD
/D PHGLGD SDUHFLy OR VXILFLHQWHPHQWH SHOLJURVD D )HUQDQGR ,9 SDUD
GLULJLU HO  GH HQHUR GH  XQD FDUWD DO GHiQ WROHGDQR HQ OD TXH VH
UHIHUtDDORVPLRVMXGtRVHQFX\DGHIHQVDVDOtDHOPRQDUFDSRUTXHVLVH
SHUPLWtDDOGHiQOOHYDUDFDERORTXHGHVHDEDQRSRGUtDQSDJDUORVPLRV
SHFKRV (O WH[WR DSHQDV SRGtD UHVXOWDU PiV REYLR (O UH\ QR HVWDED
GLVSXHVWRDTXHXQRVFOpULJRVH[WUHPLVWDVSXVLHUDQHQSHOLJURXQDIXHQWH
LPSRUWDQWHGHILQDQFLDFLyQ1RHUDSDUDPHQRVVLVHWLHQHHQFXHQWDTXH
HQ)HUQDQGR,9VHDSRGHUyGH*LEUDOWDU\TXHXQDYH]PiVOD
HPSUHVDVHSXGROOHYDUDFDERJUDFLDVDODFRODERUDFLyQILQDQFLHUDGHORV
MXGtRV
 6LQ HPEDUJR ORV LQWHUHVHV GHO UHLQR \ HO DQWLVHPLWLVPR GH OD LJOHVLD
FDWyOLFD HUDQ GRV FXHVWLRQHV ELHQ GLVWLQWDV \ HQ QR HVFDVD PHGLGD
LQFRPSDWLEOHV /D UHDFFLyQ D HVWD GHFLVLyQ UHJLD QR VH KL]R HVSHUDU
'XUDQWH OD SULPDYHUD GH  ODV &RUWHV UHXQLGDV HQ 9DOODGROLG VH
TXHMDURQGHODPDQHUDHQTXHDFWXDEDQ$EUDKDPEHQ;X[HQDOTXHHOUH\
KDEtD HQFDUJDGR HO DxR DQWHULRU OD UHFDXGDFLyQ GH LPSXHVWRV \ VXV
DJHQWHV(OGHHQHURGHHODU]RELVSRGRQ5RGULJRSXEOLFyHQHO
PRQDVWHULR GH 6DQ ,OGHIRQVR ODV FRQVWLWXFLRQHV GHO FRQFLOLR GH =DPRUD
5HIOHMR ILHO GH ODV GHFLVLRQHV GHO FRQFLOLR GH 9LHQD LPSOLFDEDQ OD
H[SXOVLyQGHORVMXGtRVGHODYLGDS~EOLFD&RPRHQWDQWDVRFDVLRQHVGHOD
+LVWRULDODVyUGHQHVUHFLELGDVGHVGHOD6DQWD6HGHFROLVLRQDEDQFRQORV
LQWHUHVHVGHORVUHLQRVKLVSDQRV/RVRELVSRVUHXQLGRVHQ=DPRUDSHGtDQ
HQWUHRWUDVFRVDVTXHORVMXGtRVQRHMHUFLHUDQRILFLRVQLGLJQLGDGHVTXH
QRWXYLHUDQWUDWRFRQORVFULVWLDQRVTXHQRDSDUHFLHVHQHQS~EOLFRGHVGH
HO0LpUFROHVGH7LQLHEODVKDVWDHO6iEDGR6DQWRWHQLHQGRHOYLHUQHVODV
SXHUWDV \ YHQWDQDV FHUUDGDV SDUD TXH QR SXGLHUDQ KDFHU HVFDUQLR GH ORV
FULVWLDQRV TXH OOHYDVHQ XQD PDUFD GLVWLQWLYD TXH QR SUDFWLFDUDQ OD
PHGLFLQD FRQ ORV FULVWLDQRV \ TXH VH OHV SURKLELHVH HO HMHUFLFLR GH OD
XVXUD 6HPHMDQWH YLVLyQ HFOHVLiVWLFD IXH LQFRUSRUDGD D ODV OH\HV GH
&DVWLOODGXUDQWHODPLQRUtDGHHGDGGH$OIRQVR;,\QRSXHGHQHJDUVHTXH
FRORFyDORVMXGtRVHQXQDVLWXDFLyQSXQWRPHQRVTXHGHVHVSHUDGD7DQWR
TXH DFDEDURQ RSWDQGR SRU OD VDOLGD GH &DVWLOOD 6LQ GXGD SDUD DOJXQRV
VHPHMDQWH SHUVSHFWLYD VHUtD KDODJHxD \ OD FRQWHPSODUtDQ FRPR HO ILQDO
GHODSUHVHQFLDGHXQDSDUWHRGLDGDGHODSREODFLyQ
$OIRQVR ;, D SHVDU GH VX MXYHQWXG SHUPLWLy TXH SUHYDOHFLHUD OD
VHQVDWH]\HOLQWHUpVJHQHUDOVREUHFXDOTXLHURWURVHQWLPLHQWR,QWHQWyDVt
DODYH]VDWLVIDFHUDODVSREODFLRQHVDJUDYLDGDVGH&DVWLOOD\HVFXFKyODV
TXHMDVGHORVMXGtRV/DFRQVHFXHQFLDGLUHFWDGHHVHFRPSRUWDPLHQWRIXH
TXHGHFODUyQXODV\VLQYDORUODVEXODVSDSDOHV\ODVFDUWDVGHORVSUHODGRV
TXHODVDSR\DEDQ$FWRVHJXLGRFRORFyDORVMXGtRVEDMRODSURWHFFLyQGH
ORVFRQFHMRV\ODGHIHQVDGHVXVRILFLDOHV(QSDUDOHORFRQODSURWHFFLyQ
YLQRODXWLOL]DFLyQGHORVVHUYLFLRVGHORVMXGtRV
 /DUHDFFLyQDQWHORTXHHUDREOLJDGDGHIHQVDGHORVLQWHUHVHVGHOUHLQR
QRVHKL]RHVSHUDUSRUTXHODUHDOLGDGHUDLPSRVLEOHGHQHJDU/DGHUURWD
VXIULGDHQSRUHODOPLUDQWHFDVWHOODQR-RIUH7HQRULRIXHHOHVWtPXOR
TXHIDOWDEDDORVEHQLPHULQHVSDUDFUX]DUHO(VWUHFKRHLQWHQWDUEDWLUGH
XQD YH] SRU WRGDV D ODV DUPDV FDVWHOODQDV (O HQFXHQWUR GHFLVLYR WXYR
OXJDUDRULOODVGHOUtR6DODGRHOGHRFWXEUHGHDTXHODxR(OUHVXOWDGR
IXHXQDYLFWRULDTXHHODXWRUGHOD&UyQLFDGH$OIRQVR2QFHQRFRPSDUDUtD
FRQ OD GH ODV 1DYDV (Q  ORV EHQLPHULQHV SHUGtDQ OD SOD]D GH
$OJHFLUDVWUDVXQDVHGLRGHWUHVDxRV(QHVHDYDQFHHVSHFWDFXODULQLFLDGR
FRQODYLFWRULDGHO6DODGR\FXOPLQDGRFRQODUHFRQTXLVWDGH$OJHFLUDVHO
SDSHO ORJtVWLFR GH ORV MXGtRV KDEtD UHVXOWDGR YHUGDGHUDPHQWH
H[WUDRUGLQDULR $Vt OR HQWHQGLy HO PRQDUFD FX\R UHLQDGR FRQVWLWX\y XQ
SDUpQWHVLVGHFLHUWRVRVLHJRHQPHGLRGHSUHVLRQHVFUHFLHQWHVGHODLJOHVLD
FDWyOLFD (O 2UGHQDPLHQWR GH $OFDOi GH  LQWHQWy VROYHQWDU ODV
WHQVLRQHV H[LVWHQWHV HQWUH ORV MXGtRV \ HO UHVWR GH ORV KDELWDQWHV GH ORV
UHLQRVGHODFRURQD(QWUHORVREMHWLYRVGHODOHJLVODFLyQMXGtDGH$OIRQVR
;, HVWDED HO FRQVHJXLU TXH HO RGLR TXH OH WHQtD HO SXHEOR D FDXVD GH OD
XVXUDGHVDSDUHFLHUDTXHVHYLHUDQOLEUHVGHODSHUVHFXFLyQGHVDWDGDSRU
ODV EXODV SDSDOHV TXH VH RFXSDUDQ GH RWUDV ODERUHV GLVWLQWDV GH ODV
PRQHWDULDV YJ OD DJULFXOWXUD \ TXH VH DUUDLJDUDQ HQ OXJDUHV FRQFUHWRV
(VD FHUFDQtD SDFtILFD \ IHFXQGD SRGUtD LQFOXVR FRQ HO SDVR GHO WLHPSR
DFDEDU FRQ OD H[LVWHQFLD GH GRV FRPXQLGDGHV VHSDUDGDV 6L OR TXH VH
EXVFDED HUD OD FRQYHUVLyQ GH ORV MXGtRV VHUtD PiV IiFLO PHGLDQWH XQ
GLiORJRSDFtILFRTXHQRDWUDYpVGHODSUHVLyQ3UHVFLQGLHQGRGHORTXHVH
SLHQVHGHHVWH~OWLPRH[WUHPRORFLHUWRHVTXHODVLWXDFLyQGHORVMXGtRV
PHMRUy FRQ $OIRQVR ;, /RV EHQHILFLRV SDUD DPEDV SDUWHV IXHURQ
LQQHJDEOHV6LORVMXGtRVREWXYLHURQSD]\SURVSHULGDG&DVWLOODFRQVLJXLy
H[WUDRUGLQDULRV DYDQFHV HQ OD WDUHD GH OD 5HFRQTXLVWD \ HQ HO WHUUHQR
FXOWXUDO DERQDGR SRU OD ODERU GH ORV KLMRV GH$EUDKDP 6LQ HPEDUJR OD
VLWXDFLyQQRLEDDSURORQJDUVH3RURWURODGRQRHUDQORVMXGtRVORV~QLFRV
TXHVHUtDQYtFWLPDVGHODDFFLyQGLUHFWDGHODLJOHVLDFDWyOLFD
 

(OJHQRFLGLRFRQWUDORVGLVLGHQWHV
FiWDURV\YDOGHQVHV

(OJHQRFLGLRGHORVFiWDURV

(O FDVR GH 3ULVFLOLDQR HO SULPHU GLVLGHQWH FULVWLDQR HMHFXWDGR SRU VXV
FUHHQFLDV D LQVWDQFLDV GH RELVSRV HVWDEOHFLy XQ JUDYtVLPR SUHFHGHQWH
'HVGHHQWRQFHVODLJOHVLDFRQFHELUtDDOSRGHUFLYLOFRPRVXLQVWUXPHQWR
EUD]R VHFXODU SDUD OOHYDU D FDER OD JXHUUD FRQWUD ORV GLVLGHQWHV
$SHQDV XQDV GpFDGDV GHVSXpV $JXVWtQ GH +LSRQD XQR GH ORV WHyORJRV
PiV H[WUDRUGLQDULRV GH OD LJOHVLD ODWLQD VROLFLWDED GH ODV DXWRULGDGHV
LPSHULDOHV TXH GHVHQFDGHQDUDQ OD SHUVHFXFLyQ FRQWUD ORV GRQDWLVWDV XQ
JUXSR ULJRULVWD TXH QR VLQ UD]yQ FHQVXUDED OD FRUUXSFLyQ GHO FOHUR \
OODPDED D XQD YLGD PiV DFRUGH FRQ HO PHQVDMH GHO (YDQJHOLR $JXVWtQ
GHPRVWUyXQWDOHQWRWHROyJLFRTXHPDUFDUtDXQDQWHV\XQGHVSXpVHQOD
+LVWRULD GH OD LJOHVLD SHUR D OD YH] \D HVWDED LPEXLGR GH XQD OHFWXUD
GHVYLDGD GH ODV (VFULWXUDV TXH FRQVLGHUDED OtFLWR HO XVR GH OD YLROHQFLD
SDUDIRU]DUDOFRQVLGHUDGRKHWHURGR[RDUHJUHVDUDOUHGLO\SDUDDUUDQFDUOH
ODYLGDVLQRVHGREOHJDED'XUDQWHORVVLJORVVLJXLHQWHVVHPHMDQWHYLVLyQ
VHDSOLFDUtDGHPDQHUDHVWULFWDSHURGXUDQWHORVVLJORV;,, \;,,,GHMDUtD
GH PDQLILHVWR D OR TXH SRGtD OOHJDU DO DSOLFDUVH HQ PDVD D GRV
PRYLPLHQWRVTXHFRQWDURQFRQXQDFRQVLGHUDEOHFDSDFLGDGGHH[SDQVLyQ
DSHVDUGHODYLROHQFLDLQVWLWXFLRQDOTXHSUHWHQGtDIUHQDUORV'HODSXJQD
HQWUHHOGHVHRGHH[SRQHULGHDVFRQWUDULDVDODHQVHxDQ]D\ODYLGDGHOD
LJOHVLD FDWyOLFD \ HO DQVLD GH HVWD GH DSODVWDU D ORV TXH DVt DFWXDEDQ
VXUJLUtD XQ PHFDQLVPR PiV VRILVWLFDGR GH UHSUHVLyQ FX\D VLQLHVWUD
DFWXDFLyQVHH[WHQGHUtDGXUDQWHORVVLJORVVLJXLHQWHV/DSULPHUDYtFWLPD
PDVLYD GH HVWH QXHYR VLVWHPD GH UHSUHVLyQ IXHURQ ORV FiWDURV WDPELpQ
FRQRFLGRVFRPRDOELJHQVHV
/D GHQRPLQDFLyQ FiWDUR HV XQD FODUD WUDQVFULSFLyQ GHO WpUPLQRV
JU L HJRND]DUyV TXH VLJQLILFD OLPSLR SXUR DXQTXH VXV HQHPLJRV
LQVLVWLHURQ HQ TXH GHULYDED GHO ODWtQFDWWXV JDWR IRUPD TXH KDEUtDQ
DGRSWDGRFHQWXHVWDPHQWHSDUDSDUWLFLSDUHQFHUHPRQLDVGHDGRUDFLyQGHO
'LDEOR/DFDOXPQLDDXQTXHJURVHUDQRGHMDEDGHVHUHIHFWLYDDODKRUD
GHLQIDPDUDXQFROHFWLYR\IDFLOLWDUVXH[WHUPLQLR/RPLVPRSXHGHTXH
VXFHGLHUD FRQ HO WpUPLQR DOELJHQVHV 6H KD TXHULGR UHODFLRQDU FRQ OD
ORFDOLGDGRFFLWDQDGH$OELFRPRSXQWRGHRULJHQGHOPRYLPLHQWRSHUROR
FLHUWR HV TXH ORV FiWDURV VH FHQWUDURQ PiV HQ 7RXORXVH TXH HQ HO
PHQFLRQDGRHQFODYH(VSRVLEOHTXHHOWpUPLQRVHRULJLQDUDHQODSDODEUD
DOEL HV GHFLU EODQFRV HQ ODWtQ VLJQLILFDQGR WDO FRORU OD SXUH]D TXH
GHVHDEDYLYLUHOJUXSR
(ORULJHQGHORVFiWDURVSXHGHKDEHUVHHQFRQWUDGRHQHOPDQLTXHtVPR
XQDKHUHMtDRULHQWDOTXHWXYRXQHQRUPHp[LWRHQORV~OWLPRVWLHPSRVGHO
LPSHULR\DODTXHSHUWHQHFLy$JXVWtQGH+LSRQDHQVXMXYHQWXG$SHVDU
GH OD SHUVHFXFLyQ FRQWUD HOORV ORV PDQLTXHRV VLJXLHURQ H[LVWLHQGR FRQ
PD\RU R PHQRU IRUWXQD HQ ODV FHUFDQtDV GHO LPSHULR GH %L]DQFLR GH
GRQGH IXHURQ GHVDORMDGRV 'HVGH DOOt LQIOXLUtDQ HQ OD DSDULFLyQ GH RWURV
JUXSRVFRPRORVERJRPLOHVGH7UDFLD
/RV FiWDURV QR HUDQ PDQLTXHRV HVWULFWRV \ GHVGH PXFKRV SXQWRV GH
YLVWD SDUHFH TXH UHFLELHURQ XQ LQIOXMR GLUHFWR GH FRUULHQWHV JQyVWLFDV
$Vt VX WHRORJtD HUD UDGLFDOPHQWH GXDOLVWD (QVHxDEDQ SXHV TXH D
GLIHUHQFLDGHORVRVWHQLGRHQODV(VFULWXUDVHQHOVHQWLGRGHTXHHOPXQGR
DFWXDOIXHFUHDGREXHQRSHURSDGHFHODFRQVHFXHQFLDGHOD&DtGDH[LVWHQ
HQUHDOLGDGGRVPXQGRVHQSHUSHWXRFRQIOLFWR'HHVWRVGRVFRVPRVXQR
GH FDUiFWHU HVSLULWXDO IXH FUHDGR SRU 'LRV PLHQWUDV TXH HO RWUR GH
FDUiFWHUPDWHULDOGHEHVXH[LVWHQFLDDO'LDEOR$VtPLHQWUDV'LRVIRUPy
ODV DOPDV \ HO FLHOR 6DWDQiV FUHy HO PXQGR PDWHULDO 4XH HVWH PXQGR
PDWHULDOHVSHUYHUVRSRGtDSHUFLELUVHFRQFODULGDGVRORFRQSRVDUODYLVWD
VREUHpO(OGRORUODHQIHUPHGDGODVJXHUUDVRODPXHUWHFRQVWLWXtDQXQD
SUXHEDLQGLVFXWLEOH&RPRFRQVHFXHQFLDGHXQSHFDGRFRPHWLGLWRRQRHQ
ODWLHUUDVLQRHQHOFLHORODVDOPDVKDEtDQGHVFHQGLGRDHVWHPXQGR\VH
KDEtDQ YLVWR DSULVLRQDGDV HQ FXHUSRV PDWHULDOHV /D VDOYDFLyQ FRQVLVWtD
SXHVHQSRGHUHVFDSDUGHOXQLYHUVRPDWHULDO\HOHYDUVHDOHVSLULWXDO(Q
RWUDV SDODEUDV ORV FiWDURV HQ XQD YLVLyQ SURSLD GHO JQRVWLFLVPR VH
RSRQtDQIURQWDOPHQWHDGRFWULQDVFULVWLDQDVHVHQFLDOHVFRPRHUDODGHOD
HQFDUQDFLyQRODGHODH[SLDFLyQGHORVSHFDGRVUHDOL]DGDSRU&ULVWRHQOD
FUX]\SUHVHQWDEDQODVDOYDFLyQFRPRODIXJDGHOSUHVHQWHPXQGRPDWHULDO
DWUDYpVGHXQDJQRVLVRFRQRFLPLHQWRGHHVWDVUHDOLGDGHVHVSLULWXDOHV
+LVWyULFDPHQWHHOJQRVWLFLVPRKDGDGROXJDUDGRVOtQHDVGHFRQGXFWD
WRWDOPHQWH RSXHVWDV (Q XQRV FDVRV OD FUHHQFLD HQ OD FHQWUHPDFtD GH OR
HVSLULWXDOKDOOHYDGRDFRQVLGHUDUVLQYDORUORPDWHULDO\DRSWDUSRUXQD
IRUPD GH YLGD OLEHUWLQD GDGR TXH OR UHDOL]DGR SRU HO FXHUSR HQ QDGD
LQIOXLUtDHQHOGHVWLQRILQDO(QRWURVVLQHPEDUJRODFRQYLFFLyQGHTXH
OR PDWHULDO HV PDOYDGR KD HPSXMDGR D ORV JQyVWLFRV D IRUPDV GH
DVFHWLVPRTXHHQFXHQWUDQVXSDUDOHORHQUHOLJLRQHVGHO([WUHPR2ULHQWH
/D VXPD GH FRQRFLPLHQWR UHVHUYDGR SDUD ORV LQLFLDGRV GH ORV ULWXDOHV
DSURSLDGRV\GHDVFHVLVVHUtDVXVFHSWLEOHGHD\XGDUDOILHODHVFDSDUVHGHO
PXQGRPDWHULDO\OOHJDUDOHVSLULWXDO
1RHVVHJXURTXHFRPRHQRWUDVIRUPDVGHHVSLULWXDOLGDGJQyVWLFDORV
FiWDURVFUH\HUDQHQODUHHQFDUQDFLyQ6tHVWiGRFXPHQWDGRTXHSUHWHQGtDQ
YLYLUXQDH[LVWHQFLDGHODTXHHVWDEDQDXVHQWHVODVUHODFLRQHVVH[XDOHV\
HOFRQVXPRGHDOLPHQWRVSURFHGHQWHVGHODJHQHUDFLyQFRPRODFDUQHORV
KXHYRV\ODOHFKHDXQTXHQRHOSHVFDGRSRUTXHVHFRQVLGHUDEDXQIUXWR
HVSRQWiQHRGHODVDJXDV
7RGDV HVWDV FDUDFWHUtVWLFDV \D FRQYHUWtDQ D ORV FiWDURV HQ XQRV
GLVLGHQWHVVXVFHSWLEOHVGHVHUSHUVHJXLGRVSRUODLJOHVLDFDWyOLFDSHURHV
TXH SRU DxDGLGXUD SUHWHQGtDQ VHU FRPR KDEtD \D VXFHGLGR HQ ORV
SULPHURV VLJORV GH QXHVWUD HUD HO ~QLFR FULVWLDQLVPR YHUGDGHUR (VH
FULVWLDQLVPR QR VROR WHQtD XQD GRFWULQD GH OD VDOYDFLyQ HVSHFtILFD VLQR
TXH DGHPiV QHJDED VDFUDPHQWRV FRPR HO PDWULPRQLR SXHUWD GH ODV
LQGLJQDVUHODFLRQHVVH[XDOHVRHOEDXWLVPRTXHXWLOL]DEDXQHOHPHQWRWDQ
PDWHULDOFRPRHODJXD3DUDFROPRDSHODEDDXQDIRUPDGHDVFHWLVPRTXH
QDGD WHQtD TXH YHU FRQ HO (YDQJHOLR SHUR TXH GHVGH KDFtD VLJORV OD
LJOHVLD FDWyOLFD KDEtD LGHQWLILFDGR FRQ pO $Vt ORV FiWDURV SRGtDQ
SUHVHQWDUVH FRPR PRGHORV GH XQD IRUPD GH YLGD HQ WHRUtD VDQWD \ TXH
FRQWUDVWDEDIXHUWHPHQWHFRQORVKiELWRVPXQGDQRVGHOFOHUR
/RVSULPHURVFiWDURVDSDUHFLHURQHQ/HPRVtQHQXQDIHFKDVLWXDGDHQWUH
 \  (Q  DOJXQRV IXHURQ GHVFXELHUWRV HQ 7RXORXVH HQ HO
/DQJXHGRF\VHSURFHGLyDVXHMHFXFLyQ6LQHPEDUJRDTXHOODVPXHUWHV
QR DFDEDURQ FRQ HO PRYLPLHQWR (Q  XQ VtQRGR FHOHEUDGR HQ
&KDUURX[FRQGHQyDORVFiWDURVXQDFRQGHQDTXHVHYROYLyDUHSHWLUHQHO
VtQRGRGH7RORVDGH$SDUWHGHORVDQDWHPDVHFOHVLiVWLFRVWDPELpQ
VH KDEtD HQYLDGR D OD ]RQD D SUHGLFDGRUHV HQFDUJDGRV GH GHQLJUDU D ORV
FiWDURVSHURQRSDUHFHTXHWXYLHUDQPXFKRp[LWRDODKRUDGHH[WLUSDUOD
LQIOXHQFLDGHORVKHUHMHV1RVRORHVR(VWDFUHFLyFRQHOSDVRGHOWLHPSR
HQ QR HVFDVD PHGLGD SRU HO GHVFUpGLWR HQ TXH KDEtD LQFXUULGR OD LJOHVLD
FDWyOLFD WDPELpQ FHQVXUDGD SRU RWURV SUHGLFDGRUHV PiV RUWRGR[RV FRPR
3HGUR GH %UX\V \ (QULTXH GH /DXVDQD 3DUD GHVJUDFLD GH OD LJOHVLD
FDWyOLFD*XLOOHUPRGXTXHGH$TXLWDQLDGHFLGLyEULQGDUOHVVXSURWHFFLyQ
\DTXHORVFRQVLGHUDEDXQRVV~EGLWRVLQRIHQVLYRV
/DLQTXLHWXGQDFLGDGHODLPSRVLELOLGDGGHDFDEDUFRQORVFiWDURVDFDEy
OOHJDQGR D OD 6DQWD 6HGH (Q  HO SDSD (XJHQLR ,,, HQYLy XQ OHJDGR
FRQOD~QLFDPLVLyQGHIUHQDUHODYDQFHFiWDUR6LQHPEDUJR%HUQDUGRGH
&ODUDYDO VDQWR \ GRFWRU GH OD LJOHVLD FDWyOLFD TXH WHQGUtD XQ SDSHO
HVHQFLDO HQ ODV GLVSXWDV SRU HO WURQR SDSDO OD VHJXQGD FUX]DGD \ HO
LPSXOVR D OD GHYRFLyQ PDULDQD IUDFDVy HVWUHSLWRVDPHQWH D OD KRUD GH
FRQWHQHU D ORV FiWDURV 1R WXYLHURQ PXFKR PiV p[LWR HO FDUGHQDO 3HGUR
HQYLDGRD7RORVD\HO7RORVDGRHQQL(QULTXHFDUGHQDORELVSRGH
$OEDQR HQ  (O IUDFDVR UHVXOWD HVSHFLDOPHQWH OODPDWLYR HQ HO
~OWLPRFDVRSRUTXH(QULTXHGH$OEDQRGLULJtDXQDYHUGDGHUDH[SHGLFLyQ
SXQLWLYD TXH LQFOXVR OOHJy D DSRGHUDUVH GH OD IRUWDOH]D GH /DYDXU &RQ
WRGR QR GHEHUtD VRUSUHQGHU 3DUD PXFKRV HO FRPSRUWDPLHQWR GH OD
LJOHVLD FDWyOLFD D OD KRUD GH WUDWDU D ORV TXH QR VH VRPHWtDQ D VX YLVLyQ
VRORVHUYtDSDUDFRQILUPDUODYLVLyQTXHGHHOODWHQtDQORVFiWDURVFRPR
GHXQDLQVWLWXFLyQSHUYHUVD
(O TXH ODV FRQGHQDV IXHUDQ SURQXQFLDGDV \D QR SRU VtQRGRV VLQR SRU
FRQFLOLRV HO GH 7RXUV GH  \ HO ,,, GH /HWUiQ GH  WDPSRFR
DOWHUyODVLWXDFLyQ(QHOSDSD,QRFHQFLR,,,LPSXOVyLQFOXVRXQD
GHILQLFLyQ GH IH OD GHO ,9 FRQFLOLR GH /HWUiQ GLULJLGD H[SUHVDPHQWH
FRQWUD ORV FiWDURV /DV LQWHQFLRQHV SDSDOHV SURYRFDURQ XQD KRQGD
LQTXLHWXG QR VROR HQ HO GXFDGR GH 7RORVD VLQR WDPELpQ HQ OD &RURQD GH
$UDJyQ(OUHVXOWDGRIXHTXHDSHVDUGHKDEHUVLGRKDVWDHQWRQFHVULYDOHV
HOGXFDGR\ODFRURQDSDVDURQDVHUDOLDGRVDQWHORTXHFRQVLGHUDEDQXQD
YHUGDGHUDDPHQD]DSURFHGHQWHGHOD6DQWD6HGH(QVHFRQFHUWyHO
PDWULPRQLRHQWUH5DPyQ9,GH7RORVD\(OHRQRUGH$UDJyQKHUPDQDGH
3HGUR,,HO&DWyOLFR(Q3HGUR,,GH$UDJyQFHOHEUyVXVQXSFLDVFRQ
0DUtD OD ~QLFD KHUHGHUD GH *XLOOHUPR 9,,, GH 0RQWSHOOLHU \ VXPy HO
/DQJXHGRF D OD &RURQD GH $UDJyQ (VH PLVPR DxR HO UH\ DUDJRQpV
SUHVLGLy XQ GHEDWH VRVWHQLGR SRU VDFHUGRWHV FDWyOLFRV \ SUHGLFDGRUHV
FiWDURVHQ%p]LHUV3RVLEOHPHQWHSHUVHJXtDHYLWDUORSHRU1RFDEHGXGD
GH TXH HVWULFWDPHQWH KDEODQGR ORV FiWDURV QR SRGtDQ DSR\DUVH HQ ODV
(VFULWXUDV SDUD GHIHQGHU VXV SXQWRV GH YLVWD SHUR DXQ DVt QR IXHURQ
GHUURWDGRV SRU ORV FOpULJRV FDWyOLFRV /D UHVSXHVWD GHO SDSD IXH
IXOPLQDQWH $Vt VXVSHQGLy OD DXWRULGDG GH ORV RELVSRV GH OD ]RQD
VHJXUDPHQWHHQODFRQYLFFLyQGHTXHHUDQGHPDVLDGROD[RVDODKRUDGH
DFDEDUFRQORVFiWDURV6LQHPEDUJRWDPSRFRHVWDPHGLGDOOHYyDREWHQHU
HOUHVXOWDGRGHVHDGR
(O SDSD LQWHQWy DSR\DUVH HQ )HOLSH ,, UH\ GH )UDQFLD SDUD DFDEDU FRQ
ORV FiWDURV SHUR HO PRQDUFD HVWDED D OD VD]yQ HQIUHQWDGR FRQ -XDQ VLQ
7LHUUDUH\GH,QJODWHUUD\GHVDWHQGLyODVSUHWHQVLRQHVSDSDOHV3HGUR,,
GH $UDJyQ DSURYHFKy HO UHVSLUR TXH OH SURSRUFLRQDED OD VLWXDFLyQ SDUD
DFXGLUD5RPD\GHFODUDUVHYDVDOORGHOD6DQWD6HGH/DPHGLGDWXYRXQD
VHULHLQPHGLDWDGHUHSHUFXVLRQHV1RVHWUDWDEDVRORGHTXHOD&RURQDGH
$UDJyQVHFRPSURPHWtDDDERQDUXQWULEXWRDFDPELRGHODFRURQDFLyQD
PDQRV GHO SDSD VLQR GH TXH DGHPiV DGTXLULy VX SDEHOOyQ $XQTXH ODV
OH\HQGDVSRVWHULRUHVORUHODFLRQDUtDQFRQXQPtWLFR9LIUHGRHO9HOORVROR
FLHUWRHVTXHHOSDEHOOyQDUDJRQpVVHOLPLWyDUHSURGXFLUHOURMR\HORUR
ORVFRORUHVGHOSDSDGR6LDGHPiVGHORPHQFLRQDGR3HGUR,,SUHWHQGtD
FRQMXUDUHOSHOLJURGHXQDFUX]DGDRDOPHQRVFRQVHJXLUODGLUHFFLyQGH
ODPLVPDQRGHELyGHWDUGDUHQTXHGDUGHFHSFLRQDGR(Q,QRFHQFLR
,,, FRQYRFy OD FUX]DGD FRQWUD ORV FiWDURV (O HVSDxRO 'RPLQJR GH
*X]PiQ IXQGDGRU GH ORV GRPLQLFRV WDPELpQ KDEtD IUDFDVDGR HQ VX
LQWHQWRGHDFDEDUFRQORVFiWDURVPiVDOOiGHDOJXQDVDSRVWDVtDVDLVODGDV
5HVXOWDED REYLR TXH VLJXLHQGR HO FDPLQR GH OD SHUVXDVLyQ OD LJOHVLD
FDWyOLFDHVWDEDFRQGHQDGDDOIUDFDVR
$OHFFLRQDGRSRUHOUHVXOWDGRQHJDWLYRGHVXDQWHULRULQWHQWRHVWDYH]HO
SDSD QR VH GLULJLy VROR DO UH\ GH )UDQFLD VLQR TXH KL]R H[WHQVLYR HO
OODPDPLHQWR DO GXTXH GH %RUJRxD \ D RWURV QREOHV FRPR ORV FRQGHV GH
1HYHUV %DU \ 'UHX[ 3RU DxDGLGXUD HVH PLVPR DxR HQ XQD QXHYD
PXHVWUDGHODDJUHVLYDSROtWLFDGHOD6DQWD6HGHHOOHJDGRSDSDOHOPRQMH
FLVWHUFLHQVH3HGURGH&DVWHOQDXSURFHGLyDH[FRPXOJDUD5DLPXQGR9,
FRQGHGH7RORVD/DVUD]RQHVGHODVHYHUDPHGLGDHFOHVLiVWLFDFRQVWLWXtDQ
WRGRXQUHWUDWRGHODSROtWLFDGHODLJOHVLDFDWyOLFD(OFRQGHHUDDUURMDGR
GHODFRPXQLyQGHODLJOHVLDQRVRORSRUQHJDUVHDSHUVHJXLUDORVFiWDURV
VLQRWDPELpQSRUKDEHUSHUPLWLGRTXHKXELHUDMXGtRVHQODDGPLQLVWUDFLyQ
GH VXV GRPLQLRV (Q HQHUR GH  5DLPXQGR \ 3HGUR GH &DVWHOQDX
PDQWXYLHURQXQiVSHURHQFXHQWURHQODDEDGtDGH6DLQW*LOOHV1RVDOLyGH
pO QLQJ~Q DFXHUGR 3RU DxDGLGXUD HO  GH HQHUR GH  3HGUR GH
&DVWHOQDX IXH DVHVLQDGR FHUFD GH OD DEDGtD (O DXWRU GHO FULPHQ IXH XQ
HVFXGHUR GHO FRQGH GH 7RORVD TXH QHJy KDEHU DFWXDGR SRU RUGHQ GH VX
VHxRU(VGLItFLOVDEHUVLHIHFWLYDPHQWHIXHDVtSHURGHORTXHQRFDEH
QLQJXQDGXGDHVGHTXHOD6DQWD6HGHWHQtDDKRUDHOSUHWH[WRSHUIHFWRSDUD
LQWHQWDU DFDEDU FRQ HO FRQGH \ FRQ ORV FiWDURV GH OD PDQHUD PiV
H[SHGLWLYD
(O SRQWtILFH VXPy ORV DOLFLHQWHV HVSLULWXDOHV D ORV PDWHULDOHV SDUD
FRQVHJXLUDSR\RVSROtWLFRVSDUDODFUX]DGD$VtDOSHUGyQGHORVSHFDGRV
SDUD ORV TXH FRPEDWLHUDQ DO PHQRV FXDUHQWD GtDV FRQWUD ORV FiWDURV
DxDGLy OD SURPHVD GH TXH SRGUtDQ FRQILVFDUVH WRGDV ODV WLHUUDV TXH
SHUWHQHFLHUDQ D ORV FiWDURV (O OODPDPLHQWR GLItFLOPHQWH KXELHUD SRGLGR
WHQHUPiVDWUDFWLYR

'HVSRMDG D ORV KHUHMHV GH VXV WLHUUDV /D IH KD GHVDSDUHFLGR OD SD] KD PXHUWR OD
SHVWHKHUpWLFD\ODFyOHUDJXHUUHUDKDQFREUDGRQXHYRDOLHQWR2VSURPHWRODUHPLVLyQ
GH YXHVWURV SHFDGRV D ILQ GH TXH SRQJiLV FRWR D WDQ JUDQGHV SHOLJURV 3RQHG WRGR
YXHVWURHPSHxRHQGHVWUXLUODKHUHMtDSRUWRGRVORVPHGLRVTXH'LRVRVLQVSLUDUi&RQ
PiVILUPH]DWRGDYtDTXHDORVVDUUDFHQRVSXHVWRTXHVRQPiVSHOLJURVRVFRPEDWLGD
ORVKHUHMHVFRQPDQRGXUD

3XHGH UHVXOWDU OODPDWLYR TXH HO SDSD FRQVLGHUDUD D ORV KHUHMHV PiV
SHOLJURVRV TXH D ORV PXVXOPDQHV SHUR GHVGH FLHUWR SXQWR GH YLVWD DVt
HUD/RVTXHFUHtDQHQHOLVODPHVWDEDQVLWXDGRVHQWLHUUDVOHMDQDVRFRPR
HQHOFDVRGH(VSDxDHUDQFRPEDWLGRVHQXQDGLODWDGDOXFKDGHOLEHUDFLyQ
QDFLRQDO 1R VLJQLILFDEDQ QLQJ~Q GHVDItR D GHFLU YHUGDG SDUD HO SRGHU
SDSDO (O KHUHMH VLQ HPEDUJR SODQWHDED QR VROR HO SUREOHPD GH OD
FHUFDQtDVLQRDGHPiVHOGHOGHVDItRDOPRQRSROLRHVSLULWXDOTXHVHKDEtD
DGMXGLFDGR GHVGH KDFtD VLJORV (Q HO FDVR GH ORV FiWDURV SRU DxDGLGXUD
KDEtD GHMDGR GH PDQLILHVWR TXH GHVGH XQ SXQWR GH YLVWD PHUDPHQWH
GLDOpFWLFR QL HUD LQIHULRU QL IiFLO GH GHUURWDU 3DUWLHQGR GH OD SURSLD
FRQFHSFLyQFDWyOLFDVRORFDEtDH[WHUPLQDUORVKDVWDHO~OWLPR
)HOLSH ,, YROYLy D GHFOLQDU OD SDUWLFLSDFLyQ HQ OD FUX]DGD DXQTXH
SHUPLWLy TXH VXV YDVDOORV VH VXPDUDQ D HOOD 'H PDQHUD QDGD
VRUSUHQGHQWHODQREOH]DGHOQRUWHGH)UDQFLDHQVXSUiFWLFDWRWDOLGDGVH
GLULJLyKDFLDHOVXU
/DFUX]DGDGHJHQHUyFRQDVRPEURVDUDSLGH]HQXQDVHULHGHFRQIOLFWRV
TXH LQFOXtDQ GH OD JXHUUD FLYLO D OD OXFKD GH FODVHV 0LHQWUDV HO FRQGH
5DLPXQGR9,GH7RORVDLQWHQWDEDFRQWHQHUDORVFUX]DGRVHQ7RORVDHO
RELVSR )ROTXHW VH YDOtD GH OD GHPDJRJLD SDUD ODQ]DU D ORV VHFWRUHV PiV
SRSXODUHVFRQWUDORVMXGtRV\ORVFiWDURV/RVFUX]DGRVHUDQFRQVFLHQWHV
GHTXHODYLFWRULDVRORVHUtDSRVLEOHYDOLpQGRVHGHOWHUURU\DHVDWiFWLFD
VH DIHUUDURQ GHVGH HO SULQFLSLR (O  GH MXOLR GH  ORV FUX]DGRV
GLULJLGRVSRU6LPyQGH0RQWIRUWVHKDOODEDQVLWXDGRVGHODQWHGH%p]LHUV
(O FURQLVWD &HViUHR GH +HLVWHUEDFK FRQVLJQDUtD GHVSXpV TXH $UQDOGR
$PDOULFR HO OHJDGR SDSDO GLR OD RUGHQ GH GDU PXHUWH D WRGRV ORV
KDELWDQWHVGH%p]LHUVLQGHSHQGLHQWHPHQWHGHVLHUDQRQRFiWDURV\DTXH
'LRV VH RFXSDUtD GH VHSDUDUORV GHVSXpV (O Q~PHUR GH YtFWLPDV HVWXYR
FHUFDGHODVYHLQWHPLOORTXHLQFOXVRGHDFXHUGRFRQORVFULWHULRVGHOD
pSRFD LPSOLFDED XQ SDYRURVR GHVSOLHJXH GH YLROHQFLD (O KRUURU TXH
LPSOLFDEDUHDOPHQWHODDFWXDFLyQGHXQDVIXHU]DVEHQGHFLGDVSRUOD6DQWD
6HGH KD VLGR HYDOXDGR SRU XQ DXWRU FDWyOLFR 3HWHU GH 5RVD GH XQD
PDQHUD TXH UHVXOWD LUUHIXWDEOH 6H KD VHxDODGR TXH HQ OD ~OWLPD \ PiV
VDOYDMH SHUVHFXFLyQ GHO HPSHUDGRU 'LRFOHFLDQR HQ WRUQR D GRV PLO
FULVWLDQRVSHUHFLHURQHQWRGRHOPXQGR(QHOSULPHUWHUULEOHLQFLGHQWHGH
ODFUX]DGDGHOSDSD,QRFHQFLRVHGLRPXHUWHDGLH]YHFHVHVHQ~PHURGH
SHUVRQDV 1R WRGRV HUDQ DOELJHQVHV QL PXFKR PHQRV &RQVWLWX\H XQ
WUDXPD HO GHVFXEULU TXH GH XQ JROSH XQ SDSD DVHVLQy D PiV FULVWLDQRV
TXH'LRFOHFLDQR6LQHPEDUJRQRVHWUDWDEDGHXQDYLROHQFLDFLHJD
(O OHJDGR SDSDO HUD FRQVFLHQWH GH TXH DTXHOOD PDWDQ]D HQ PDVD
SHUSHWUDGD HQ QR HVFDVD PHGLGD HQ OD LJOHVLD GH OD 0DGHOHLQH GRQGH VH
KDEtDQ UHIXJLDGR ORV GHVGLFKDGRV KDELWDQWHV GH %p]LHUV FRQVWLWXtD XQD
DSOLFDFLyQGHXQDSROtWLFDGHWHUURUOODPDGDDWHQHUp[LWR(IHFWLYDPHQWH
DVtIXH
(OGHDJRVWRGH&DUFDVRQDHPSDYRUHFLGDSRUODVQRWLFLDVGHOR
DFRQWHFLGR HQ %p]LHUV FDSLWXOy 3HGUR ,, GH $UDJyQ FDEDOJy KDVWD OD
FLXGDGSDUDVROLFLWDUFRQGLFLRQHVGHSD]TXHUHVXOWDUDQDFHSWDEOHVSDUDVX
VREULQR 5DPyQ 5RJHU 7UHQFDYHO DSUHVDGR HQ OD FLXGDG GH OD TXH HUD
VHxRU (O OHJDGR SDSDO VH UHYHOy LPSODFDEOH 6ROR 5DPyQ 5RJHU \ GRFH
DFRPSDxDQWHV SRGUtDQ DEDQGRQDU OD FLXGDG /DV FRQGLFLRQHV HUDQ
LQDFHSWDEOHV \ 7UHQFDYHO FRQ VROR YHLQWLFXDWUR DxRV PRULUtD HQ ODV
PD]PRUUDVGH&DUFDVRQD
 /DFUX]DGDLEDGLVFXUULHQGRDJXVWRGHOD6DQWD6HGH\HOOHJDGRSDSDO
H[LJLyHQSRFRGHVSXpVGHODFDtGDGH&DUFDVRQDTXH5DLPXQGR9,
\ ORV FyQVXOHV GH 7RORVD OH HQWUHJDUDQ D ORV FiWDURV UHIXJLDGRV HQ OD
FLXGDG /D UHVSXHVWD GHO QREOH RFFLWDQR IXH QHJDWLYD 1R FRPSDUWtD ODV
FUHHQFLDV GH ORV KHUHMHV SHUR WDPSRFR HVWDED GLVSXHVWR D SRQHUORV HQ
PDQRVGHODVDXWRULGDGHVSRQWLILFLDVSDUDTXHORVTXHPDUDQ/DUHVSXHVWD
GHOOHJDGRIXHXQDVHJXQGDVHQWHQFLDGHH[FRPXQLyQFRQWUD5DLPXQGR9,
\XQLQWHUGLFWRFRQWUDODFLXGDGGH7RORVD
5DVH] 0RQWUpDO 3UHL[DQ )DQMHDX[ \ RWUDV FLXGDGHV IXHURQ FD\HQGR
DQWHHOHPSXMHGHVSLDGDGRGHORVFUX]DGRV(QMXQLRGHIXHWRPDGD
0LQHUYH(QHOODVHSURFHGLyDTXHPDUYLYRVDFLHQWRFXDUHQWDFiWDURV$
ILQDOHVGHDxR6LPyQGH0RQWIRUWHMHUFtDVXGRPLQLRVREUHHO/DQJXHGRF
RULHQWDO KDEtD VLGR QRPEUDGR YL]FRQGH GH 5DVH] \ VH HQFRQWUDED HQ
FRQGLFLRQHVGHDWDFDUORVGRPLQLRVGHORVGRVVHxRUHVPiVSRGHURVRVGH
2FFLWDQLDORVFRQGHVGH7RORVD\)RL[
5DLPXQGR 9, QHFHVLWDED LPSHULRVDPHQWH QHXWUDOL]DU OD FUX]DGD \ FRQ
HVD ILQDOLGDG VH UHXQLy FRQ GLYHUVRV PRQDUFDV FRPR 2WyQ ,9 HO
HPSHUDGRU JHUPiQLFR )HOLSH ,, GH )UDQFLD \ 3HGUR ,, GH $UDJyQ 6LQ
HPEDUJRQLQJXQRGHORVVREHUDQRVHVWDEDGLVSXHVWRDHQIUHQWDUVHFRQHO
SDSD /D ~QLFD VDOLGD HUD QHJRFLDU FRQ ,QRFHQFLR ,,, (O SRQWtILFH HUD
VDEHGRUGHODLVODPLHQWRTXHVXIUtDHOFRQGHRFFLWDQR\GHFLGLyDSURYHFKDU
ODVLWXDFLyQ(QODVUHXQLRQHVFRQFLOLDUHVGH6DLQW*LOOHVMXOLRGH\
0RQWSHOOLHUIHEUHURGHHOOHJDGRSDSDO$UQDOGR$PDOULFLPSXVR
FRQGLFLRQHVFRPRODH[SXOVLyQGHORVFDEDOOHURVGHODFLXGDG\VXSDUWLGD
D 7LHUUD 6DQWD$FHSWDUODV KDEUtD LPSOLFDGR QR VROR XQD FDSLWXODFLyQ HQ
WRGDUHJODVLQRHOTXHGDUVHLQHUPHIUHQWHDPiVTXHSRVLEOHVDJUHVLRQHV
IXWXUDV
(O  GH PD\R GH  ORV FUX]DGRV HQWUDURQ HQ /DYDXU D VDQJUH \
IXHJR6XVHxRU$\PHULGH0RQWUpDO\RFKHQWDGHVXVFDEDOOHURVIXHURQ
DKRUFDGRVVXKHUPDQD*XLUDXGHHPEDUD]DGDIXHODSLGDGDHQHOIRQGRGH
XQSR]R\VHSURFHGLyDDUURMDUDODKRJXHUDDFXDWURFLHQWRVFiWDURV(O
VLJXLHQWH SDVR HUD PDUFKDU FRQWUD 7RXORXVH \ HQIUHQWDUVH GLUHFWDPHQWH
FRQ 5DLPXQGR 9, /D FLXGDG QR FD\y \ SRU DxDGLGXUD HO FRQGH TXH
KDEtD SHGLGR OD D\XGD GH 3HGUR ,, GH $UDJyQ QR HVWDED GLVSXHVWR D
GHMDUVH GREOHJDU (Q VHSWLHPEUH GH DTXHO PLVPR DxR RFFLWDQRV \
FUX]DGRVFKRFDURQHQ&DVWHOQDXGDU\/DVEDMDVUHVXOWDURQFRQVLGHUDEOHV
SHURHOUHVXOWDGRIXHLQGHFLVRSRUORTXHQRSXHGHVRUSUHQGHUTXHDPERV
EDQGRVUHFODPDUDQODYLFWRULD/DVLWXDFLyQLEDDFDPELDUFRQODOOHJDGD
GH3HGUR,,GH$UDJyQ
(Q  HO PRQDUFD DUDJRQpV KDEtD SDUWLFLSDGR HQ HO JUDQ WULXQIR
FRQWUD ORV LQYDVRUHV QRUWHDIULFDQRV HQ ODV 1DYDV GH 7RORVD 6X SDSHO
FLHUWDPHQWH KDEtD VLGR PHQRU SHUR HO SUHVWLJLR GHULYDGR GH OD GHFLVLYD
YLFWRULDUHVXOWDEDLQQHJDEOH(QUHDOLGDG3HGUR,,HO&DWyOLFRQXQFDKDEtD
VLGRWROHUDQWHFRQORVFiWDURVSHURWHQtDODREOLJDFLyQGHGHIHQGHUDVXV
YDVDOORV IUHQWH D 6LPyQ GH 0RQWIRUW \ D ORV FUX]DGRV WRWDOPHQWH
HQWUHJDGRV DO VDTXHR &LHUWDPHQWH 6LPyQ GH 0RQWIRUW KDEtD SDFWDGR HO
PDWULPRQLR GH VX KLMD$PLFLD FRQ -DLPH HO KLMR GH 3HGUR HO &DWyOLFR
SHURQRHVWDEDGLVSXHVWRDUHQXQFLDUDORVH[SROLRVTXHFRQOHJLWLPDFLyQ
SDSDOHVWDEDSUDFWLFDQGRHQORVELHQHVGHORVYDVDOORVRFFLWDQRVGHOUH\
DUDJRQpV 3HGUR HO &DWyOLFR EXVFDED OOHJDU D XQ DFXHUGR \ VH GLULJLy D
,QRFHQFLR,,,(OSDSDDILQGHFXHQWDVVHxRUIHXGDOGHOUH\GH$UDJyQ
HVWDED REOLJDGR D HVFXFKDUOR 6X GHFLVLyQ VLQ HPEDUJR QR YHQGUtD
GHWHUPLQDGDSRUUD]RQHVGHMXVWLFLDVLQRGHVLPSOHFRQYHQLHQFLDSROtWLFD
$ LQLFLRV GH  ,QRFHQFLR ,,, RUGHQy D VX OHJDGR$UQDOGR$PDOULF
LQLFLDU ODV QHJRFLDFLRQHV FRQ 3HGUR ,, HO &DWyOLFR (O UHVXOWDGR IXH OD
FHOHEUDFLyQ GHO FRQFLOLR GH /DYDXU 5DLPXQGR 9, FRQVFLHQWH GH OD
GHOLFDGDVLWXDFLyQVHPDQLIHVWyGLVSXHVWRDDFHSWDUODVFRQGLFLRQHVGHOD
6DQWD 6HGH 6LQ HPEDUJR D HVDV DOWXUDV \ WUDV UHSHWLGRV WULXQIRV ORV
FUX]DGRV QR HVWDEDQ GLVSXHVWRV D UHQXQFLDU D XQD YLFWRULD TXH QR IXHUD
DEVROXWD$QWHHOUH\DUDJRQpV6LPyQGH0RQWIRUWVHQHJyDOOHJDUDXQD
VROXFLyQQHJRFLDGD\DERJySRUGHSRQHUDOFRQGHGH7RORVD3HGUR,,HO
&DWyOLFRLQWHQWyHYLWDUODWUDJHGLDGHFODUiQGRVHSURWHFWRUGHORVEDURQHV
RFFLWDQRV\GH7RORVD6HWUDWDEDGHXQSDVRLQ~WLOSRUTXHORVLQWHUHVHVGH
ODLJOHVLDFDWyOLFDQRSDVDEDQSRUOOHJDUDXQDVROXFLyQSDFWDGD,QRFHQFLR
,,,DSR\yD6LPyQGH0RQWIRUW(OFKRTXHDUPDGRHUDLQHYLWDEOH
(QHOYHUDQRGH3HGUR,,\DKDEtDOOHJDGRD2FFLWDQLD(OGH
DJRVWRSXVRFHUFRDOFDVWLOORGH0XUHWVLWXDGRDXQRVYHLQWHNLOyPHWURV
DO VXURHVWH GH 7RXORXVH (Q OD IRUWDOH]D VH HQFRQWUDEDQ D OD VD]yQ WDQ
VRORXQDWUHLQWHQDGHFUX]DGRVSHUR6LPyQGH0RQWIRUWDFXGLyHQVHJXLGD
DVRFRUUHUORVFRQXQPLOODUGHFDEDOOHURV(ODVDOWRILQDOWXYROXJDUHO
GHVHSWLHPEUH
(QSXULGDGODVWURSDVDUDJRQHVDVVXPDGDVDODVRFFLWDQDVWHQGUtDQTXH
KDEHUVH DO]DGR FRQ HO WULXQIR IUHQWH D XQ HQHPLJR PX\ LQIHULRU
QXPpULFDPHQWH 6LQ HPEDUJR ORV FUX]DGRV FRQYLUWLHURQ ODV HVWUHFKDV
FDOOHV GH 0XUHW HQ XQ ODEHULQWR LQH[SXJQDEOH /D DOLDQ]D RFFLWDQR
DUDJRQHVDVXIULyXQQ~PHURGHEDMDVQRLQIHULRUDGLH]PLO(QWUHHOODVVH
HQFRQWUDEDHOSURSLRUH\3HGUR,,/DVFRQVHFXHQFLDVGHODGHUURWDIXHURQ
SXQWR PHQRV TXH IXOPLQDQWHV (Q SRFR 6LPyQ GH 0RQWIRUW SDVy D
FRQWURODU)RL[1DUERQD\&RPPLQJHV3RUORTXHVHUHILHUHDOD&RURQD
GH$UDJyQSRGtDGDUSRUWHUPLQDGDVXH[SDQVLyQDOQRUWHGHORV3LULQHRV
JUDFLDVDODDFFLyQGLUHFWDGHVXVHxRUQDWXUDOHOSDSD
(QQRYLHPEUHGHHO,9FRQFLOLRGH/HWUiQGHFUHWyTXH5DLPXQGR
GH7RORVD\5DLPXQGRGH7UHQFDYHOTXHGDEDQGHVSRVHtGRVGHVXVWLHUUDV
DODYH]TXH6LPyQGH0RQWIRUWVHFRQYHUWtDHQGXTXHGH1DUERQDFRQGH
GH7RORVD\YL]FRQGHGH&DUFDVRQD\5DVH]DODYH]TXHHOOHJDGRSDSDO
SDVDEDDVHUDU]RELVSRGH1DUERQD/RVKHFKRVIXHURQFRQILUPDGRVSRUHO
SURSLRUH\GH)UDQFLD(QHQODFRUWHGH3DUtV6LPyQGH0RQWIRUW
SUHVWy KRPHQDMH DO UH\ )HOLSH ,, $XJXVWR GH )UDQFLD FRPR GXTXH GH
1DUERQDFRQGHGH7RORVD\YL]FRQGHGH%p]LHUV\&DUFDVRQD(OSDSD\
HOMHIHGHORVFUX]DGRVGLVIUXWDUtDQSRFRGHVXVWULXQIRV(QIDOOHFLy
,QRFHQFLR,,,$SHQDVXQRVPHVHVGHVSXpVHQHVWDOOyHQ/DQJXHGRF
XQD UHYXHOWD GLULJLGD SRU 5DLPXQGR HO -RYHQ TXH DFDEDUtD VLHQGR
5DLPXQGR9,,GH7RORVD\HQ6LPyQGH0RQWIRUWFD\yGXUDQWHHO
DVHGLRGH7RORVD
/DGHVDSDULFLyQGHORVGRVJUDQGHVDUWtILFHVUHOLJLRVR\PLOLWDUGH
OD FUX]DGD FRQWUD ORV FiWDURV R DOELJHQVHV LPSOLFy XQ IUHQR HQ VXV
SURSyVLWRV (Q  ORV FUX]DGRV KDEtDQ UHWURFHGLGR KDVWD DOFDQ]DU
SRVLFLRQHV VLPLODUHV D ODV TXH WHQtDQ DO LQLFLR GH VX RIHQVLYD 8QD YH]
PiV OD 6DQWD 6HGH GHFLGLy VXPDU D ODV DUPDV FDQyQLFDV ODV EpOLFDV (O
SDSD +RQRULR ,, H[FRPXOJy DO KLMR \ VXFHVRU GHO FRQGH GH 7RORVD \
FRQYHQFLy D\XGDGR SRU %ODQFD GH &DVWLOOD D /XLV 9,,, GH )UDQFLD SDUD
TXHDVXPLHUDODGLUHFFLyQGHODFUX]DGD(QODVWURSDVFUX]DGDVVH
HQFDPLQDURQKDFLDHOYDOOHGHO5yGDQR$ODxRVLJXLHQWHODJXHUUDHVWDED
FRQFOXLGD(OGHMXQLRGH7UHQFDYHOHO~OWLPRQREOHTXHUHVLVWtD
D ORV FUX]DGRV KX\y D %DUFHORQD WUDV GHMDU HVFULWD XQD FDUWD HQ OD TXH
HQFRPHQGDEDODSURWHFFLyQGHVXVWLHUUDVD5RJHU%HUQDUGGH)RL[
(Q  HQ YLUWXG GHO WUDWDGR GH 3DUtV HO PRQDUFD IUDQFpV SULYy D OD
FDVDGH7RORVDGHODPD\RUSDUWHGHVXVSRVHVLRQHV\DODGH%p]LHUVORV
7UHQFDYHO GH OD WRWDOLGDG 6LQ HPEDUJR OD FDXVD LQLFLDO GH DTXHOODV
GpFDGDV GH GHUUDPDPLHQWR GH VDQJUH SHUVLVWtD /RV FiWDURV KDEtDQ
VREUHYLYLGR
(Q  VREUH XQD WLHUUD HVTXLOPDGD VH HVWDEOHFLy OD ,QTXLVLFLyQ
6LQHPEDUJRQLODWRUWXUDQLHOWHUURUQLODVKRJXHUDVORJUDURQH[WLUSDUD
ORVFiWDURV(QHOFRQFLOLRGH1DUERQDGHFUHWyQXHYDVSHQDVFRQWUD
ORVKHUHMHV6XUHVXOWDGRIXHOLPLWDGR7RGDYtDHQDOJXQRVGHHOORV
VHGLVSXVLHURQDSUHVHQWDUUHVLVWHQFLDHQODFLXGDGHODGH0RQWVHJXUIUHQWH
D ODV IXHU]DV GHO VHQHVFDO GH &DUFDVRQD \ GHO DU]RELVSR GH 1DUERQD /D
UHSUHVLyQ TXH VLJXLy D OD WRPD GH OD FLXGDG FRPR VLHPSUH UHVXOWy
GHVSLDGDGD0iVGHGRVFLHQWRVFiWDURVIXHURQDUURMDGRVDXQDKRJXHUDHQ
HO GHQRPLQDGRSUDWGHORVFUHPDWV SUDGR GH ORV TXHPDGRV DO ODGR GHO
FDVWLOOR0RQWVHJXUSXGRVHUHO~OWLPREDVWLyQIRUWLILFDGRSHURQRHOILQDO
GHORVFiWDURV(QHOSDSDPHGLDQWHODEXOD$GH[WLUSDQGDDFHQWXDED
D~QPiVODSROtWLFDGHH[WHUPLQLR
$SHQDVSXHGHLPDJLQDUVHORTXHIXHODH[LVWHQFLDGHORVFiWDURVTXH\D
QR FRQWDEDQ QL VLTXLHUD FRQ OD PtQLPD SURWHFFLyQ GH ORV QREOHV \ TXH
WXYLHURQ TXH HVFRQGHUVH HQ ERVTXHV \ PRQWHV FRQ OD ~QLFD LQWHQFLyQ GH
VDOYDU OD YLGD HQ PHGLR GH OR TXH VROR SXHGH FDOLILFDUVH FRPR SROtWLFD
JHQRFLGD GH OD LJOHVLD FDWyOLFD &DXVD YHUGDGHUD LPSUHVLyQ TXH FDVL XQ
VLJOR GHVSXpV HQ  WRGDYtD OD ,QTXLVLFLyQ VLJXLHUD LQVWUX\HQGR
SURFHVRV FRQWUD ORV FiWDURV HQ 2FFLWDQLD 1R SURGXFH VLQ HPEDUJR
VRUSUHVDTXHLQWHQWDUDQHVFDSDUH[LOLiQGRVH
*XLDGRV SRU JHQWH TXH UHFLELy HO QRPEUH GH SDVDGRUHV ORV FiWDURV
FUX]DURQ ORV 3LULQHRV HQ GLUHFFLyQ D ORV UHLQRV KLVSDQRV EXVFDQGR OD
VLPSOH FHQWHUYLYHQFLD ItVLFD )XH DVt FRPR ORV FiWDURV VH DVHQWDURQ HQ
$QGRUUD \ ORV WHUULWRULRV GH ODV FRURQDV GH &DVWLOOD \ $UDJyQ &DEH
LQFOXVRODSRVLELOLGDGGHTXHQRVHOLPLWDUDQDOD3HQtQVXOD\OOHJDUDQD
ODV%DOHDUHV\DTXHHOFiWDUR5RQFHOLQRGH)RVIXHVHxRUGHODODJXQDGH
%HUUH HQ HO VXU GH )UDQFLD \ YDVDOOR GHO UH\ GH 0DOORUFD +XER
LPSRUWDQWHVFRPXQLGDGHVFiWDUDVHQ&LXUDQDFHUFDGH*HURQD\WDPELpQ
HVWiGRFXPHQWDGDODH[LVWHQFLDGHXQSHUIHFWRTXHUHVSRQGtDDOQRPEUH
GH*XLOOpQGH6DQW0HOp\FHOHEUDEDUHXQLRQHVHQODLJOHVLDEDUFHORQHVD
GH 6DQW 3DX GHO &DPS ,JXDOPHQWH HVWi GRFXPHQWDGR TXH HVWDEOHFLHURQ
FRPXQLGDGHVHQHQFODYHVFRPR/HyQ%XUJRV3DOHQFLD$VWRUJD+DUR\
DOJXQRV OXJDUHV GH$VWXULDV TXL]i VLJXLHQGR HO &DPLQR GH 6DQWLDJR 1R
HQFRQWUDUtDQWROHUDQFLDQLSD]
/XFDV GH 7X\ VDFHUGRWH OHRQpV KD GHMDGR QDUUDGD OD KLVWRULD GH OD
OOHJDGD GH ORV FiWDURV D /HyQ 8Q FiWDUR GH RULJHQ SURYHQ]DO OODPDGR
$UQDOGR DO SDUHFHU FRSLVWD GH OLEURV FRPHQ]y D SUHGLFDU HO PHQVDMH
HQWUH ORV SREUHV OHRQHVHV \ REWXYR XQ FLHUWR p[LWR$UQDOGR GHQXQFLDED
FRQYDOHQWtDODFRUUXSFLyQHFOHVLDO\OOHJyDFRQWDUFRQXQDFDSLOODSURSLD
DOSDUHFHUFHUFDQDD6DQ,VLGRUR/DUHVSXHVWDGHODLJOHVLDFDWyOLFDIXH
IXOPLQDQWH ([LJLy GH )HUQDQGR ,,, TXH DFDEDUD FRQ ORV FiWDURV (O
PRQDUFD WROHUDQWH FRQ ORV MXGtRV VH PRVWUy VLQ HPEDUJR GHVSLDGDGR
FRQ ORV KHUHMHV /RV FiWDURV IXHURQ DUURMDGRV D FDOGHUDV KLUYLHQWHV \ HO
PLVPR PRQDUFD OOHJy D HQFHQGHU DOJXQDV GH ODV SLUDV &RPR GLUtD HO
SDGUH0DULDQDGH)HUQDQGR,,,GHORVKHUHMHVHUDWDQHQHPLJRTXHQR
FRQWHQWRVFRQKDFHOORVFDVWLJDUDVXVPLQLVWURVpOPLVPRFRQVXSURSLD
PDQROHVDUULPDEDODOHxD\OHVSHJDEDIXHJR(QWUHORVHMHFXWDGRVVH
HQFRQWUDED $UQDOGR FX\RV UHVWRV SRVWHULRUPHQWH VHUtDQ H[KXPDGRV \
DUURMDGRVDXQHVWHUFROHUR
 /DWHUULEOHLQWROHUDQFLDDXQTXHQRH[LVWLHUDXQDLQTXLVLFLyQIRUPDO
OD VLJXLy PRVWUDQGR )HUQDQGR ,,, HO 6DQWR D PHGLGD TXH DYDQ]DED OD
5HFRQTXLVWD (Q ORV IXHURV RWRUJDGRV D &yUGRED 6HYLOOD \ &DUPRQD HO
PRQDUFD LPSXVR OD SHQD GH PXHUWH \ OD FRQILVFDFLyQ GH ELHQHV GH ORV
KHUHMHV (Q  VHJ~Q LQIRUPDQ ORV$QDOHV WROHGDQRV HO UH\ HQIRUFy
PXFKRVKRPHVHFRFLyPXFKRVHQFDOGHUDV
(QOD&RURQDGH$UDJyQGHPDQHUDVHPHMDQWH-DLPH,HQH[FOX\y
H[SUHVDPHQWH GH ODV FRQVWLWXFLRQHV GH SD] \ WUHJXD RWRUJDGDV HQ
%DUFHORQD D WRGRV ORV KHUHMHV IDXWRUHV \ UHFHSWRUHV 7UHV DxRV
GHVSXpV ODV FRQVWLWXFLRQHV RWRUJDGDV HQ OD PLVPD FLXGDG H[FOXtDQ
LJXDOPHQWH D ORV KHUHMHV PDQLILHVWRV FUH\HQWHV IDXWRUHV \
GHIHQVRUHV6REUHORVYDVDOORVGH-DLPH,UHFDtDODREOLJDFLyQQRVRORGH
UHKXLUHOWUDWRGHORVKHUHMHVVLQRWDPELpQGHGHODWDUORV/DVGLVSRVLFLRQHV
UHJLDVQRGHELHURQGHWHQHUWRGRHOp[LWRHVSHUDGRSRUTXHGHQXHYRHO
GH IHEUHUR GH  -DLPH , SURPXOJy ODV FRQVWLWXFLRQHV GH 7DUUDJRQD
DQWH ORV RELVSRV GH *HURQD 9LF /pULGD =DUDJR]D \ 7RUWRVD \ ORV
PDHVWUHV GH ODV yUGHQHV PLOLWDUHV GHO 7HPSOH \ GHO +RVSLWDO (Q HOODV
LQWHQWDEDFRUWDUGHUDt]ODPHQRUSRVLELOLGDGGHH[SDQVLyQGHODKHUHMtD
6H SURKLEtD HQ SULPHU OXJDU GLVFXWLU HQ S~EOLFR R HQ SULYDGR OD IH
FDWyOLFD VR SHQD GH H[FRPXQLyQ \ GH VHU FRQVLGHUDGR VRVSHFKRVR GH
KHUHMtD6HRUGHQDEDHQWUHJDUDORELVSRGHOOXJDUHQHOSOD]RGHRFKRGtDV
FXDOTXLHU HMHPSODU GHO $QWLJXR R GHO 1XHYR 7HVWDPHQWR HQ OHQJXD
URPDQFH SDUD TXH VH SURFHGLHUD D DUURMDUOR DO IXHJR ,JXDOPHQWH ODV
FRQVWLWXFLRQHV VHxDODEDQ OD SHQD GH FRQILVFDFLyQ SDUD ORV TXH KXELHUDQ
DOEHUJDGR D KHUHMHV \ HQWUHJDED D OD ,QTXLVLFLyQ OD LQYHVWLJDFLyQ GH ODV
FDXVDV DGYLUWLHQGR GH VHYHURV FDVWLJRV SDUD HO TXH QR FXPSOLHUD
GLOLJHQWHPHQWHFRQHVDWDUHD'HHVWHGRFXPHQWRSDUWHODLPSODQWDFLyQGH
OD,QTXLVLFLyQHQ(VSDxDDVtFRPRVXIXQFLRQDPLHQWR(OFOpULJRVHxDODED
OD KHUHMtD /RV GRV OHJRV TXH VHUYtDQ D OD ,QTXLVLFLyQ HQWUHJDEDQ DO
GHWHQLGR DO YHJXHU R DO EDLOH GHO OXJDU (O RELVSR GLFWDED VHQWHQFLD \
HQFDUJDEDDOEUD]RVHFXODUTXHSURFHGLHUDDFDVWLJDUOR
(QDFXVDGRVGHKHUHMtDDOELJHQVHIXHURQFRQGHQDGDVFLQFXHQWD\
FLQFRSHUVRQDVHQHOYL]FRQGDGRGH&HUGDxD\&DVWHOOEy'HHOODVTXLQFH
IXHURQ TXHPDGDV YLYDV \ GLHFLRFKR HQ HILJLH &RPR KDEtD VXFHGLGR DO
QRUWHGHORV3LULQHRVODUHSUHVLyQDSHVDUGHVXULJRUQRORJUyDFDEDUFRQ
ORV FiWDURV (Q  ORV LQTXLVLGRUHV GH %DUFHORQD FRQGHQDURQ D
5DLPXQGR GH )RUFDOTXLHU \ 8UJHO RUGHQDQGR TXH VH SURFHGLHUD D
GHVHQWHUUDU VXV KXHVRV 'RV DxRV GHVSXpV VH GLFWy VHQWHQFLD VLPLODU
FRQWUD $UQDOGR YL]FRQGH GH &DVWHOOEy \ &HUGDxD \ FRQWUD VX KLMD
(PHUVLQGDPXMHUGH5RJHU%HUQDUGR,,FRQGHGH)RL[
-XQWRFRQODH[WLUSDFLyQGHODOLEHUWDGGHH[SUHVLyQ\ODUHSUHVLyQYLQR
ODSURKLELFLyQGHOD%LEOLD/DSHUVHFXFLyQOOHYDGDDFDERSRUODLJOHVLD
FDWyOLFD FRQWUD ODV (VFULWXUDV WXYR DGHPiV GH VDxD p[LWR 1R OOHJDUtD
KDVWDQXHVWURVGtDVXQVRORIUDJPHQWRDQWHULRUDOVLJOR;9TXHSURFHGLHUD
GHORVWHUULWRULRVGHOD&RURQDGH$UDJyQ
3RVLEOHPHQWH ORV FiWDURV GHVDSDUHFLHURQ GH ORV UHLQRV KLVSiQLFRV
GXUDQWH HO VLJOR;,,, $O RWUR ODGR GH ORV 3LULQHRV VX H[LVWHQFLD VH
SURORQJDUtDKDVWDHOVLJOR;,9$OILQ\DODSRVWUHODSROtWLFDJHQRFLGDGH
OD6DQWD6HGHVHYLRFRURQDGDSRUHOp[LWR1RWXYRODPLVPDIRUWXQDHQ
RWURSUR\HFWRGHH[WHUPLQLRDOJXQRVGHFX\RVFDStWXORVWDPELpQWXYLHURQ
OXJDUHQ(VSDxD1RVUHIHULPRVDORVYDOGHQVHV

/$3(56(&8&,1'(/269$/'(16(6

6L ORV FiWDURV SUHGLFDEDQ XQ PHQVDMH UHOLJLRVR KHWHURGR[R TXH

FRQHFWDED FRQ HO JQRVWLFLVPR GH ORV SULPHURV VLJORV ORV YDOGHQVHV
VLJQLILFDURQ XQ PRYLPLHQWR GH UHQRYDFLyQ HVSLULWXDO TXH GHVFDQVDED
GLUHFWDPHQWH VREUH ODV HQVHxDQ]DV GHO 1XHYR 7HVWDPHQWR \ TXH
LQLFLDOPHQWH QR SUHWHQGtD OD UXSWXUD QL HO HQIUHQWDPLHQWR FRQ OD LJOHVLD
FDWyOLFD VLQR VX SXULILFDFLyQ (Q WHRUtD FRPR HQ RWURV FDVRV VHPHMDQWH
DFWLWXG GHEHUtD KDEHU DFWXDGR D VX IDYRU (Q UHDOLGDG HVD FLUFXQVWDQFLD
FRQVWLWXtDXQH[WUDRUGLQDULRULHVJRGDGDODHVFDQGDORVDPXQGDQDOLGDGGH
ODLQVWLWXFLyQ\ODPDQHUDHQTXHHQWRGRVORVVHQWLGRVVHKDEtDGHVYLDGR
GHOPHQVDMHRULJLQDOGH-HV~V
(O PRYLPLHQWR GHULYy VX QRPEUH GH 3HGUR 9DOGR XQ FRPHUFLDQWH GH
/\RQ FDVDGR \ FRQ GRV KLMDV 9DOGR HUD XQ KRPEUH GH LQTXLHWXGHV
HVSLULWXDOHV\ORJUyTXHXQFRQRFLGRDFFHGLHUDDWUDGXFLUOHXQDSDUWHGHO
(YDQJHOLR XQD REUD \D VHFXHVWUDGD SRU OD MHUDUTXtD H LQDFFHVLEOH
WRWDOPHQWH D ORV ILHOHV D OD OHQJXD YHUQiFXOD 9DOGR VH HQWUHJy D OD
OHFWXUD GH DTXHOOD DQWRORJtD \ H[SHULPHQWy XQD SURIXQGD FRQYHUVLyQ
HVSLULWXDO 1R VROR HVR /OHJy D OD FRQFOXVLyQ GH TXH GHEtD FDPELDU
UDGLFDOPHQWH GH YLGD DVXPLHQGR FRPR SURSLDV ODV SDODEUDV TXH -HV~V OH
GLMRDOMRYHQULFR\TXHDSDUHFHQUHFRJLGDVHQ0DWHR6LTXLHUHV
VHUSHUIHFWRYHYHQGHWXVELHQHV\GDDORVSREUHV\WHQGUiVWHVRURHQHO
FLHOR\OXHJRYHQ\VtJXHPH$GLIHUHQFLDGHRWURVTXHDORODUJRGHOD
+LVWRULD GH OD LJOHVLD FDWyOLFD GHFLGLHURQ WRPDU XQD GHFLVLyQ VHPHMDQWH
VLQSUHRFXSDUVHGHORVVX\RV9DOGRGLYLGLyVXVSRVHVLRQHVGHPDQHUDTXH
SXGLHUDQDWHQGHUDODVQHFHVLGDGHVGHVXHVSRVD\GHVXVKLMDVHQWUHJyHO
PRQWDQWHUHVWDQWHDORVSREUHV\FRPHQ]yDSUHGLFDUGHIRUPDLWLQHUDQWH
HO(YDQJHOLR(OPHQVDMHTXHSURFODPDEDHQODVFDOOHVGH/\RQUH]XPDED
ODHVHQFLDGHOFULVWLDQLVPRSULPLWLYR(UDXQOODPDPLHQWRDODFRQYHUVLyQ
HV GHFLU D YROYHUVH D 'LRV DEDQGRQDQGR WRGR DTXHOOR TXH REVWDFXOL]DUD
HVDUHODFLyQSHUVRQDOHQWUHHOILHO\VX&UHDGRU3DUDD\XGDUDODWDUHDGH
HYDQJHOL]DFLyQ FRPHQ]y DGHPiV D GLVWULEXLU IUDJPHQWRV GH OD %LEOLD
WUDGXFLGDDOSURYHQ]DOODOHQJXDGHOD]RQD
(O LPSDFWR GH OD VHQFLOOD SUHGLFDFLyQ GH 9DOGR IXH FRQVLGHUDEOH
3DVDQGR SRU HQFLPD GH GLYLVLRQHV FRPR ODV H[LVWHQWHV HQWUH FOpULJRV \
ODLFRV R LQFOXVR KRPEUHV \ PXMHUHV ORV DKRUD GHQRPLQDGRV 3REUHV GH
/\RQ FRPHQ]DURQ D FHOHEUDU UHXQLRQHV \ D VHJXLU OODPDQGR D RWUDV
SHUVRQDV D OD FRQYHUVLyQ D FDPELDU GH YLGD VLJXLHQGR D -HV~V HQ ORV
WpUPLQRVFRQWHQLGRVHQOD%LEOLDXQWH[WRTXHDKRUDSRUSULPHUDYH]HQ
PiV GH PHGLR PLOHQLR OOHJDED DO SXHEOR OODQR 9DOGR QR SRGtD VDEHUOR
SHURHVWDEDVXUFDQGRXQDVHQGDTXHVHJXLUtDQRWURVSHUVRQDMHVSRVWHULRUHV
FRPR :\FOLI \ +XVV KDVWD OOHJDU D OD 5HIRUPD GHO VLJOR ;9, OD GH
GHYROYHUOD%LEOLDDODVPDVDVSDUDTXHVHDSUR[LPDUDQD'LRV7DPELpQ
FRPRHQHVRVFDVRV9DOGRHVSHUDEDTXHODLJOHVLDFDWyOLFDVHOLEHUDUtDGH
ODVH[FUHFHQFLDVH[LVWHQWHVGHWRGRORDxDGLGRDODSXUH]DGHO(YDQJHOLR
GH DTXHOOR TXH VH FRQWUDGLMHUD FRQ OD HQVHxDQ]D GH -HV~V 1R SXGR
HTXLYRFDUVHPiVJUDYHPHQWH6XSUHGLFDFLyQQRVRORGLVFXUUtDOLEHUDGDGH
IUHQRVMHUiUTXLFRVVLQRTXHDGHPiVSUHWHQGtDXQUHJUHVRDORULJLQDOTXH
VRORSRGtDQWHUPLQDUFXHVWLRQDQGRORTXHHQWRQFHVH[LVWtD/RTXHpOIXH
LQFDSD]GHSHUFLELUORFDSWyDODSHUIHFFLyQOD6DQWD6HGH
(Q $OHMDQGUR ,,, SURKLELy TXH 9DOGR \ VXV VHJXLGRUHV SXGLHUDQ
DQXQFLDUHO(YDQJHOLRVLQXQSHUPLVRH[SUHVRGHORELVSRORFDO3RUORTXH
D HVWH VH UHILHUH %HOOHVPDLQV GH /\RQ DSURYHFKy LQPHGLDWDPHQWH OD
RFDVLyQSDUDLPSHGLUTXH9DOGR\ODJHQWHTXHHVWDEDFRQpOFRQWLQXDUDQ
SUHGLFDQGR $O LJXDO TXH RWURV UHIRUPDGRUHV TXH LQLFLDOPHQWH QR
DVSLUDEDQ D VHUOR 9DOGR VH YLR DWUDSDGR HQ XQD GLItFLO WHVLWXUD 3RU XQ
ODGR HVWDED OD REHGLHQFLD D OD LQVWLWXFLyQ TXH VH SUHVHQWDED FRPR
UHSUHVHQWDQWH GH &ULVWR HQ OD WLHUUD SRU HO RWUR OD HQVHxDQ]D GH &ULVWR
9DOGRGHFLGLyREHGHFHUODVHJXQGDDSHODQGRDXQSULQFLSLRFRQWHQLGRHQ
HO 1XHYR 7HVWDPHQWR HO PLVPR TXH H[SUHVDURQ ORV DSyVWROHV FXDQGR OD
DXWRULGDGVDFHUGRWDODODTXHWHyULFDPHQWHGHEtDQVRPHWHUVHOHVRUGHQy
TXH QR GHMDUDQ GH SUHGLFDU 7HQHPRV TXH REHGHFHU DQWHV D 'LRV TXH D
ORVKRPEUHV+HFKRV&RPRVLODRUGHQSDSDOQRWXYLHUDODPHQRU
LPSRUWDQFLD 9DOGR \ VXV FRPSDxHURV FRQWLQXDURQ SUHGLFDQGR HO
(YDQJHOLR
(QHOSDSD/XFLR,,,H[FRPXOJyD9DOGR\DORVSREUHVGH/\RQ
(ORELVSRSURFHGLyDFWRVHJXLGRDH[SXOVDUORVIXHUDGHODGLyFHVLV/DV
DXWRULGDGHV HFOHVLiVWLFDV KDEtDQ SHQVDGR TXH GH HVD PDQHUD DFDEDUtDQ
FRQ HO PRYLPLHQWR GHVDUUDLJDGR GH VX EDVH LQLFLDO 6LQ HPEDUJR FRPR
KDEtD VXFHGLGR WDPELpQ FRQ ORV SULPHURV FULVWLDQRV REOLJDGRV D KXLU GH
-HUXVDOpQ SRU ODV DXWRULGDGHV GHO 7HPSOR +HFKRV   9DOGR \ VXV
FRPSDxHURVVRORYLHURQDPSOLDGRVVXVKRUL]RQWHV&XDQGR9DOGRIDOOHFLy
HQ  KDEtD OOHJDGR KDVWD 3RORQLD HQ OD PLVPD IURQWHUD GH 5XVLD VLQ
GHMDUGHSUHGLFDUODFRQYHUVLyQD'LRV\HOVHJXLPLHQWRGHODVHQVHxDQ]DV
GH-HV~V
 (OGLVWDQFLDPLHQWRQRSRUYROXQWDGSURSLDGHODMHUDUTXtD\HOHVWXGLR
GHODV(VFULWXUDVHQODOHQJXDYXOJDUOOHYyDORVFRPSDxHURVGH9DOGR
PRWHMDGRVDKRUDFRPRYDOGHQVHVDHODERUDUXQDUPD]yQGRFWULQDO\XQD
SUiFWLFDFRWLGLDQDFDGDYH]PiVGLVWDQWHVGHODLJOHVLDFDWyOLFD(QSULPHU
OXJDU ORV YDOGHQVHV DILUPDEDQ TXH OD %LEOLD OHtGD SRU WRGRV HQ VX
SURSLD OHQJXD HUD OD ~QLFD UHJOD GH IH \ FRQGXFWD \ GHVGH HO SULPHU
PRPHQWR VH HVIRU]DEDQ HQ DSUHQGHUOD VLQ UHDOL]DU QLQJ~Q WLSR GH
GLVWLQFLyQ GHELGD D FODVH VRFLDO VH[R R FRQGLFLyQ FOHULFDO (Q VHJXQGR
OXJDU ORV YDOGHQVHV UHGHVFXEULHURQ OD GRFWULQD QHRWHVWDPHQWDULD GH OD
VDOYDFLyQSRUJUDFLDDWUDYpVGHODIHTXHDSDUHFHFODUDPHQWHFRQWHQLGDHQ
ORV HVFULWRV GH 3DEOR (IHVLRV   \ -XDQ -XDQ     /DV
REUDV SRU FHQWXHVWR WHQtDQ UHOHYDQFLD HQ OD PHGLGD HQ TXH SHUPLWtDQ
GHMDUGHPDQLILHVWRTXHODFRQYHUVLyQHUDDXWpQWLFDSHURQRHUDQODFDXVD
GH OD VDOYDFLyQ VLQR VX FRQVHFXHQFLD (Q WHUFHU OXJDU ODV SUiFWLFDV
HFOHVLDOHV IXHURQ VRPHWLGLWRDV D XQ HVFUXWLQLR D OD OX] GH OD %LEOLD TXH
OOHYyDORVYDOGHQVHVDH[FOXLUHOFXOWRDODVLPiJHQHVGHDFXHUGRFRQOR
HVWDEOHFLGR HQ HO 'HFiORJR e[RGR   \ D FRQVLGHUDU TXH VROR
&ULVWRHUDPHGLDGRU,7LPRWHR,JXDOPHQWHQHJDURQHOYDORUGHODV
LQGXOJHQFLDVVLTXLHUDSRUTXHQRKD\UHIHUHQFLDVEtEOLFDVDOSXUJDWRULR
 R TXH OD PLVD SXGLHUD VHU XQ VDFULILFLR \D TXH &ULVWR VH KDEtD
RIUHFLGRFRPRWDOGHXQDYH]\SDUDVLHPSUH+HEUHRV,QFOXVR
HO VLVWHPD VDFUDPHQWDO HVSHFLDOPHQWH DUTXLWUDEDGR GXUDQWH HO VLJOR;,,,
HQTXHVHGLFWyHOGRJPDGHODWUDQVXEVWDQFLDFLyQIXHFXHVWLRQDGR/HMRV
GH DFHSWDU OD WDUGtD IRUPXODFLyQ GH VLHWH VDFUDPHQWRV ORV YDOGHQVHV
LQVLVWtDQHQTXHODV(VFULWXUDVVRORVHUHIHUtDQDOEDXWLVPR\DOD&HQDGHO
6HxRU\TXHHVWD~OWLPDVRORWHQtDFRPRILQDOLGDGHOUHFRUGDUODPXHUWHGH
&ULVWR KDVWD TXH eO UHJUHVDUD , &RULQWLRV   )LQDOPHQWH ORV
YDOGHQVHV UHDOL]DURQ XQD UHOHFWXUD GH OR TXH YHUGDGHUDPHQWH HUD OD
LJOHVLD (VWD QR SRGtD QL GHEtD VHU LGHQWLILFDGD FRQ OD RUJDQL]DFLyQ
TXHQRWHQtDLQFRQYHQLHQWHHQXWLOL]DUODYLROHQFLDSDUDPDQWHQHUVXSRGHU
\ DXPHQWDU VXV SULYLOHJLRV HQ VHSDUDUVH GH ODV (VFULWXUDV TXH
SUHYLDPHQWH KDEtD KXUWDGR DO SXHEOR \ HQ FRPSRUWDUVH GH XQD PDQHUD
TXHVROROHMDQDPHQWHUHFRUGDEDDODVHQVHxDQ]DVGH-HV~V(QHVHVHQWLGR
HO SDSDGR VROR SRGtD VHUHO KRPEUH GH SHFDGR DO TXH VH KDEtD UHIHULGR
3DEOR HQ OD VHJXQGD HStVWROD D ORV 7HVDORQLFHQVHV   VV OD LQVWLWXFLyQ
TXHVHFRORFDEDHQOXJDUGH'LRVDVXPLHQGRSRGHUHV\DWULEXFLRQHVTXH
VRORSHUWHQHFtDQDeO
(Q DUPRQtD FRQ HVD YLVLyQ GRFWULQDO GH UHJUHVR D ODV (VFULWXUDV ORV
YDOGHQVHV FUHtDQ HQ XQD H[LVWHQFLD LQVSLUDGD HQ ORV SULQFLSLRV pWLFRV
FRQWHQLGRV HQ HO 6HUPyQ GHO PRQWH $Vt FRQGHQDEDQ HO MXUDPHQWR OD
JXHUUD OD SHQD FDSLWDO \ WRGR WLSR GH GHUUDPDPLHQWR GH VDQJUH $O
UHVSHFWR QR GHMD GH VHU OODPDWLYD OD PDQHUD HQ TXH ORV GHVFULELy HO
LQTXLVLGRUGH1DVVDX

6H OHV SXHGH FRQRFHU SRU VXV FRVWXPEUHV \ VXV FRQYHUVDFLRQHV 2UGHQDGRV \
PRGHUDGRV HYLWDQ HO RUJXOOR HQ HO YHVWLGR TXH VRQ GH WHODV QL YLOHV QL OXMRVDV 1R
HQWUDQ HQ QHJRFLRV SDUD QR YHUVH H[SXHVWRV D PHQWLU D MXUDU QL HQJDxDU &RPR
WUDEDMDGRUHVYLYHQGHORTXHKDFHQFRQVXVPDQRV6XVPLVPRVPDHVWURVVRQWHMHGRUHV
R]DSDWHURV1RDFXPXODQULTXH]DV\VHFRQWHQWDQFRQORQHFHVDULR6RQFDVWRVVREUH
WRGR ORV OLRQHVHV \ PRGHUDGRV HQ VXV FRPLGDV 1R IUHFXHQWDQ ODV WDEHUQDV QL ORV
EDLOHVSRUTXHQRJXVWDQGHHVDFODVHGHIULYROLGDGHV3URFXUDQQRHQRMDUVH6LHPSUH
HVWiQWUDEDMDQGR\VLQHPEDUJRHQFXHQWUDQWLHPSRSDUDHVWXGLDU\HQVHxDU7DPELpQ
VH OHV SXHGH FRQRFHU SRU VXV FRQYHUVDFLRQHV TXH VRQ D OD YH] VDELDV \ GLVFUHWDV
KX\HQ GH OD PXUPXUDFLyQ \ VH DEVWLHQHQ GH KDEODU GH PDQHUD RFLRVD R EXUORQD DVt
FRPR GH PHQWLU 1R MXUDQ \ QL VLTXLHUD GLFHQHVYHUGDG RFLHUWDPHQWH SRUTXH SDUD
HOORVHTXLYDOGUtDDMXUDU

3DUDHOLQTXLVLGRUGH3DVVDXHUDREYLR\QRVHHTXLYRFDEDTXHORV
YDOGHQVHV HUDQ PiV SHOLJURVRV TXH QLQJ~Q RWUR PRYLPLHQWR \ OR HUDQ
SRUTXH SUHWHQGtDQ HO VHQFLOOR UHJUHVR D OD %LEOLD $ SHVDU GH TXH ORV
YDOGHQVHV QR FRQWDEDQ FRQ OD SURWHFFLyQ QRELOLDULD GH TXH KDEtDQ
GLVIUXWDGRORVFiWDURVVXH[LVWHQFLDHUDPXFKRPiVDPHQD]DGRUDSDUDOD
LJOHVLD FDWyOLFD /RV FiWDURV FLHUWDPHQWH SRGtDQ VHU GHVOHJLWLPDGRV
DSHODQGRDVXFDUiFWHUJQyVWLFR\DOKHFKRGHTXHQHJDEDQGRFWULQDVWDQ
HVHQFLDOHVSDUDHOFULVWLDQLVPRFRPRODHQFDUQDFLyQGHO+LMRGH'LRV3RU
HO FRQWUDULR ORV YDOGHQVHV FRQVWLWXtDQ XQD HQPLHQGD D OD WRWDOLGDG GHO
VLVWHPDFDWyOLFR\SDUDHOORSDUWtDQGHOUHJUHVRDOD%LEOLD
(Q SRFDV GpFDGDV ORV YDOGHQVHV OOHJDURQ KDVWD ODV IURQWHUDV GH 5XVLD
FRQVWLWX\HQGR FRPXQLGDGHV HQ HO VXU GH $OHPDQLD 6XL]D \ )UDQFLD
)LQDOPHQWHWDPELpQDOFDQ]DURQOD3HQtQVXOD,EpULFD6XDYDQFHGHELyGH
VHUPX\QRWDEOHSRUTXHHOFOHURVROLFLWyODDVLVWHQFLDGHOSDSD&HOHVWLQR
,,,(QHOSDSDHQYLyDXQGHOHJDGRTXHFRQYRFyXQDDVDPEOHDGH
SUHODGRV \ QREOHV D OD TXH DVLVWLy HO PLVPR $OIRQVR ,, GH $UDJyQ (O
PRQDUFD DUDJRQpV SURPXOJy XQ GHFUHWR TXH DPHQD]DED FRQ WHUULEOHV
SHQDV D ORV TXH SURSRUFLRQDUDQ FRELMR D ORV YDOGHQVHV \ D OD YH]
RWRUJDEDPDQRVOLEUHVDFXDOTXLHUDTXHOHVFDXVDUDGDxR

2UGHQDPRV D WRGR YDOGHQVH TXH HQ YLVWD GH TXH HVWiQ H[FRPXOJDGRV GH OD 6DQWD
,JOHVLDVRQHQHPLJRVGHFODUDGRVGHHVWHUHLQR\WLHQHQTXHDEDQGRQDUORHLJXDOPHQWH
WRGRVORVHVWDGRVGHQXHVWURVGRPLQLRV(QYLUWXGGHHVWDRUGHQFXDOTXLHUDTXHGHVGH
KR\VHSHUPLWDUHFLELUHQVXFDVDDORVVXVRGLFKRVYDOGHQVHVDVLVWLUDVXVSHUQLFLRVRV
GLVFXUVRV R SURSRUFLRQDUOHV DOLPHQWRV DWUDHUi SRU HVWR OD LQGLJQDFLyQ GH 'LRV
7RGRSRGHURVR \ OD QXHVWUD VXV ELHQHV VHUiQ FRQILVFDGRV VLQ DSHODFLyQ \ VHUi
FDVWLJDGR FRPR FXOSDEOH GHO GHOLWR GH OHVD PDMHVWDG DGHPiV FXDOTXLHU QREOH R
SOHEH\RTXHHQFXHQWUHGHQWURGHQXHVWURVHVWDGRVDXQRGHHVWRVPLVHUDEOHVVHSDTXH
VL ORV XOWUDMD ORV PDOWUDWD R ORV SHUVLJXH QR KDUi FRQ HVWR QDGD TXH QR QRV VHD
DJUDGDEOH

&RPR HUD GH HVSHUDU ORV YDOGHQVHV QR WDUGDURQ HQ HQFRQWUDUVH
VRPHWLGLWRRV D XQ DFRVR GHVSLDGDGR <D KHPRV VHxDODGR ODV
FRQVWLWXFLRQHVSURPXOJDGDVSRU-DLPH,SDUDSHUVHJXLUDORVKHUHMHVTXH
FRQFOX\HURQ HQ OD LPSODQWDFLyQ GH OD ,QTXLVLFLyQ D HVWH ODGR GH ORV
3LULQHRV/DUHSUHVLyQIXHFLHUWDPHQWHIHUR](Q*HURQDFLHQWRFDWRUFH
YDOGHQVHVIXHURQTXHPDGRVHQXQRGHORVSURFHVRVDUURMiQGRVHOXHJRVXV
FHQL]DVDOUtR7HU2FDVLRQDOPHQWHDOJ~QRELVSRFRPRHOGH+XHVFDOHV
GLRDPSDURSRUVXQREOH]DGHFRVWXPEUHVSHURVHWUDWyGHXQDH[FHSFLyQ
TXH FRQILUPDED OD UHJOD GH OD WHUULEOH SHUVHFXFLyQ (Q  FXDUHQWD \
FLQFRIXHURQGHWHQLGRVHQ&DVWHOOyQTXHPiQGRVHDTXLQFHGHHOORVHQOD
KRJXHUD
(QWXYROXJDUHQ7DUUDJRQDVLHQGRVXRELVSR3HGURGH$OEDODWOD
FHOHEUDFLyQ GH XQ FRQFLOLR FRQWUD ORV YDOGHQVHV 'H PDQHUD ELHQ
VLJQLILFDWLYD HQWUH ODV FRQGXFWDV TXH VH FRQVLGHUDEDQ PiV FHQVXUDEOHV
HVWDEDQODRSRVLFLyQDOMXUDPHQWR\DODDSOLFDFLyQGHSHQDVFRUSRUDOHV
DPEDVHQVHxDQ]DVFDUDFWHUtVWLFDVGHORVYDOGHQVHV(OKHUHMHLPSHQLWHQWH
VHUtD HQWUHJDGR DO EUD]R VHFXODU SDUD VX HMHFXFLyQ DXQTXH HQ FDVR GH
DUUHSHQWLUVHVHUtDFDVWLJDGRVRORFRQODSULVLyQSHUSHWXD$GHFLUYHUGDG
~QLFDPHQWH DTXHOORV TXH KXELHUDQ FRQIHVDGR D XQ VDFHUGRWH OD KHUHMtD
DQWHVGHTXHORVLQYHVWLJDUDOD,QTXLVLFLyQWHQtDQDOJXQDRSRUWXQLGDGGH
HVFDSDUGHOFDVWLJR
$OILQ\DODSRVWUHFRPRKDEtDVXFHGLGRFRQORVFiWDURVORVYDOGHQVHV
IXHURQ WRWDOPHQWH H[WHUPLQDGRV HQ OD 3HQtQVXOD ,EpULFD 6LQ HPEDUJR D
GLIHUHQFLDGHORVDOELJHQVHVVXGHVWLQRVHUtDPiVYHQWXURVRHQHOUHVWRGH
(XURSD 6REUHYLYLHURQ D SHVDU GH OD LQTXLVLFLyQ HQ GLVWLQWRV OXJDUHV
LQVLVWLHQGR HQ GLVWULEXLU ODV (VFULWXUDV HQ OHQJXD YHUQiFXOD DOJR
LPSRVLEOHHQORVUHLQRVKLVSiQLFRV\SUHGLFDUHO(YDQJHOLR(QHOVLJOR
;9,ORVYDOGHQVHVVHVXPDURQDOD5HIRUPDDOHQFRQWUDUHQHVWDHOPLVPR
PHQVDMHTXHOOHYDEDQSURFODPDQGRFRQKDUWRFRVWRGHVGHKDFtDVLJORV
 

(OMXGtRFRPRDUFKLHQHPLJR,9
HODQWLVHPLWLVPRFRPRDUPDSROtWLFD

/26-8'26(1$5$*1'(),1$/(6
'(/6,*/2;,,,$,1,&,26'(/6,*/2;,9

$GLIHUHQFLDGHORVXFHGLGRFRQ$OIRQVR;,ODVXHUWHGHORVMXGtRVHQ
$UDJyQQRGHMyGHHPSHRUDUGXUDQWHORVDxRVILQDOHVGHOVLJOR[LLL\ODV
SULPHUDV GpFDGDV GHO VLJOR [LY <D GXUDQWH HO UHLQDGR GH -DLPH ,, OD
H[SHGLFLyQGH6LFLOLDGLItFLODUGXD\FRVWRVDUHFD\yHQEXHQDPHGLGD
VREUH ODV HVSDOGDV GH ORV MXGtRV SHUR D SHVDU GH HVD FLUFXQVWDQFLD XQD
FpGXOD H[SHGLGD HO  GH QRYLHPEUH GH  HQ OD FLXGDG GH 9DOHQFLD
RWRUJDED GHUHFKRV D ORV MXGtRV VROR D FRQGLFLyQ GH TXH DEMXUDUDQ GHO
MXGDtVPR\VHEDXWL]DUDQHQRWUDVSDODEUDVDTXHGHMDUDQGHVHUMXGtRV
3RUVLIXHUDSRFRORVQRFRQYHUVRVVHYHtDQVRPHWLGLWRRVDODREOLJDFLyQ
GHHVFXFKDUDORVSUHGLFDGRUHVFDWyOLFRV
(Q ODV &RUWHV GH /pULGD  =DUDJR]D  \ $ODJyQ 
-DLPH,,GLVSXVRHOSHUGyQGHODVGHXGDVTXHORVFULVWLDQRVSXGLHUDQWHQHU
FRQORVMXGtRV6LQGXGDVHWUDWyGHXQDPHGLGDSRSXODUSHURGHMXVWLFLD
GLVFXWLEOH \ HQ FXDOTXLHU FDVR WRPDGD FRQ HO GLQHUR DMHQR 1R FDXVD
VRUSUHVD TXH DQWH VHPHMDQWH HVWDGR GH FRVDV ORV MXGtRV FRPHQ]DUDQ D
DEDQGRQDUORVWHUULWRULRVGHOD&RURQDGH$UDJyQ3RUTXpWHQGUtDQTXH
SHUPDQHFHU HQ OXJDUHV GRQGH VH OHV REOLJDED D HVFXFKDU SUHGLFDFLRQHV
FX\DILQDOLGDGHUDOOHYDUORVDODDSRVWDVtDDODSDUTXHVHOHVDUUDQFDEDHO
GLQHUR \ VH OHV REOLJDED D FRQWULEXLU RQHURVDPHQWH D ODV HPSUHVDV GHO
UH\"
/DKXLGDDODUPyQRSRGtDVHUPHQRVD-DLPH,,\SDUDUHWHQHUORV
HQVXVUHLQRVWXYRTXHUHFXUULUDORVH[SHGLHQWHVDFRVWXPEUDGRVHVGHFLU
OLEUDUyUGHQHVDVXVIXQFLRQDULRVSDUDTXHSURWHJLHUDQDORVMXGtRVGHORV
DEXVRV \ FRQFHGHUOHV DOJXQRV SULYLOHJLRV 6LQ HPEDUJR HO DOLYLR
SURSRUFLRQDGR D ORV MXGtRV GXUDQWH ORV ~OWLPRV DxRV GH VX UHLQDGR IXH
HItPHUR(OTXHVHOHVREOLJDUDDHVFXFKDUODVSUHGLFDFLRQHVGHOPDHVWUR
+XHVFD\RWURVGRPLQLFRVRORVDUJXPHQWRVUHOLJLRVRVVXPLQLVWUDGRVSRU
HO FOHUR D OD JHQWH GHO SXHEOR OODQR TXH \D HQYLGLDED \ DERUUHFtD D ORV
MXGtRV VROR VLUYLHURQ SDUD TXH OD KXLGD GH 9DOHQFLD$UDJyQ \ &DWDOXxD
FRQWLQXDUD &XDQGR HQ  HO WURQR IXH RFXSDGR SRU 3HGUR ,9 OD
VLWXDFLyQ HUD YHUGDGHUDPHQWH ODVWLPRVD 4XH DGHPiV HUD HQRUPHPHQWH
SHUMXGLFLDOSDUDORVLQWHUHVHVGHODFRURQDIXHXQDUHDOLGDGWHVWDUXGDTXH
VHYLVOXPEUDEDSRUPXFKRTXHTXLVLHUDQHJDUVH
(QODV&RUWHVGH=DUDJR]DFRQYRFDGDVWUDVHOGHVDVWUHGH(SLOD
3HGUR ,9 GHYROYLy D ORV MXGtRV OD FDSDFLGDG GH UHDOL]DU SUpVWDPRV
XVXUDULRV\ORMXVWLILFyVHxDODQGRTXHORKDFtDQRVRORSDUDIDYRUHFHUDORV
KLMRVGH$EUDKDPVLQRWDPELpQDOUHVWRGHODSREODFLyQ/DDILUPDFLyQGH
VHJXURIXHPDOUHFLELGDSRUDOJXQRVVHFWRUHVSHURQRGHMDEDGHHQFHUUDU
XQD JUDQ YHUGDG OD GH TXH OD VDOLGD GH ORV MXGtRV HUD XQD SpUGLGD
LPSRVLEOHGHFRPSHQVDU1RHUDHOUH\HO~QLFRTXHORYHtDDVt&RQWRGR
HQ ODV GpFDGDV VLJXLHQWHV HO DQWLVHPLWLVPR SUHGLFDGR GH PDQHUD
FRQVWDQWH SRU HO FOHUR VLJXLHQGR ODV GLUHFWULFHV SDSDOHV VH LED D
FRQYHUWLUHQXQDSHOLJURVDDUPDSROtWLFD

(/$17,6(0,7,602&202$50$32/7,&$,
1$9$55$<$5$*1+$67$

$ OR ODUJR GHO VLJOR ;,9 VH IXH KDFLHQGR FDGD YH] PiV PDQLILHVWD OD
GLIHUHQFLDHQWUHORTXHYHtDQFRQKDUWDUD]yQHOUH\\DOJXQRVGHORV
SHUVRQDMHVSULQFLSDOHVGHODFRURQD\ORTXHGHVHDEDHOFOHUR\VHQWtD
TXHQRUHIOH[LRQDEDHOSXHEOR1RVRORHVR(ODQWLVHPLWLVPRSDVyGH
VHUXQDLGHRORJtDLPSXOVDGDGHPDQHUDVLVWHPiWLFDSRUOD6DQWD6HGH\HO
FOHUR D WUDQVIRUPDUVH HQ XQ DUPD LGHROyJLFD GH HQRUPH UHSHUFXVLyQ
SROtWLFD (Q &DWDOXxD SRU HMHPSOR VH SURGXMR XQD YHUGDGHUD ROHDGD GH
DWDTXHV FRQWUD ODV MXGHUtDV TXH WXYLHURQ VXV SHRUHV TXH QR ~QLFDV
PDQLIHVWDFLRQHVHQWHUULEOHVPDWDQ]DVGHMXGtRVSHUSHWUDGDVHQ%DUFHORQD
\*HURQDGXUDQWHHODxR(VWHGHWHULRURGHODVLWXDFLyQGHORVMXGtRV
HQOD&RURQDGH$UDJyQWXYRVXSDUDOHORHQ1DYDUUD(QODDOMDPD
GH (VWHOOD KDEtD VLGR \D VRPHWLGLWRD D XQD WHUULEOH LQFXUVLyQ 6LQ
HPEDUJRD~QSHRUIXHORVXFHGLGRGXUDQWHODGHQRPLQDGDJXHUUDGHORV
SDVWRUHVTXHSURFHGHQWHVGH)UDQFLDVHDGHQWUDURQHQQ~PHURGHWUHLQWD
PLOHQ1DYDUUD\DWDFDURQODVMXGHUtDVGHOUHLQR/RVKDELWDQWHVORFDOHVVH
VXPDURQ D ORV DJUHVRUHV OR TXH VH WUDGXMR HQ HO DUUDVDPLHQWR GH FLHQWR
YHLQWHDOMDPDV(VFLHUWRTXHHQHO$PHMRUDPLHQWRGHO)XHUR*HQHUDOGH
1DYDUUDHOUH\GHFODUyTXHORVMXGtRVHUDQFRVDVX\DSURSLDSHURHOPDO
HVWDED KHFKR /DV H[DFFLRQHV FRQWUD ORV MXGtRV SURVLJXLHURQ \ HQ
DGHODQWHODVHVFDVDVIDPLOLDVFHQWHUYLYLHQWHVLQWHQWDUtDQEXVFDUXQVXHOR
HQHOTXHDVHQWDUVHOHMRVGHOWHUULWRULRQDYDUUR(OPiVWHQWDGRULEDDVHU
HQDTXHOODpSRFDHOUHJLGRSRUOD&RURQDGH&DVWLOOD6LQHPEDUJRFRPR
YHUHPRVPiVDGHODQWHQLVLTXLHUDDOOtHODQWLVHPLWLVPRSUHGLFDGRSRUOD
LJOHVLDFDWyOLFDSXGRVHUQHXWUDOL]DGR$GHFLUYHUGDGLEDDFRQYHUWLUVHHQ
XQLQVWUXPHQWRSULYLOHJLDGRHQHOFXUVRGHXQDJXHUUDFLYLOTXHHQIUHQWyD
3HGUR,FRQHOEDVWDUGR(QULTXHGH7UDVWiPDUD
/DV ~OWLPDV GpFDGDV GHO VLJOR;,9IXHURQHVSHFLDOPHQWHGXUDVSDUDORV
MXGtRVGH(XURSDDFDXVDGHODSROtWLFDVHJXLGDFRQWUDHOORVSRUODLJOHVLD
FDWyOLFD 'XUDQWH ORV DxRV  \  VH FRQYLUWLHURQ HQ$OHPDQLD HQ
YtFWLPDVGHPDWDQ]DVSURYRFDGDVSRUHOFOHURTXHSURSDOyODDFXVDFLyQGH
TXHHQYHQHQDEDQODVDJXDV\ORVSR]RV/DSUXHEDDSDUHQWHGHVHPHMDQWH
FDUJRHUDTXHGXUDQWHODVHSLGHPLDVPLHQWUDVHOSXHEOROODQRPRUtDORV
MXGtRV VREUHYLYtDQ QR GHO WRGR SHUR Vt HQ PD\RU PHGLGD /D UD]yQ GH
VHPHMDQWHFLUFXQVWDQFLDHUDVLPSOHPHQWHODPD\RUKLJLHQHSHURQRFRVWy
PXFKR D OD IDQWDVtD SRSXODU LGHQWLILFDU OD PD\RU UHVLVWHQFLD D OD
HQIHUPHGDG FRQ XQD FRQMXUD FRQWUD ORV QRMXGtRV 'HVGH $OHPDQLD HO
LQFHQGLRVHH[WHQGLySRUWRGD(XURSD\DOFDQ]yOD3HQtQVXOD,EpULFD/D
PDUHD GH YLROHQFLD DQWLVHPLWD VH H[WHQGLy SRU *DOLFLD /HyQ \ &DVWLOOD
HQWUyHQ1DYDUUD\ILQDOPHQWHSHQHWUyHQORVWHUULWRULRVGHOD&RURQDGH
$UDJyQFDXVDQGRHVWUDJRVHVSHFLDOHVHQ]RQDVFRPRHO$PSXUGiQ&RPR
HUDGHHVSHUDUHVWiPiVTXHGRFXPHQWDGRTXHKXERMXGtRVTXHPXULHURQ
HQPHGLRGHODHSLGHPLD\TXHORVFHQWHUYLYLHQWHVLQWHQWDURQKXLUGHORV
OXJDUHV GRQGH VH HQFRQWUDEDQ SDUD HOXGLU OD PXHUWH 6LQ HPEDUJR HVD
UHDOLGDGQLFRQWXYRODSURSDJDQGDDQWLVHPLWDGHOFOHURQLLPSLGLyTXHHO
SXHEOR OODQR EXVFDUD HQ ORV MXGtRV XQ FKLYR H[SLDWRULR GH VXV
FDODPLGDGHV(Q*HURQDSRUHMHPSORIXHDWDFDGRHOFHPHQWHULRMXGtR\
WUDV OOHYDUVH D FDER HO GHVHQWLHUUR GH ORV FDGiYHUHV IXHURQ HVWRV
TXHPDGRV (O H[HFUDEOH HSLVRGLR KXER GH VHU FRQWHPSODGR SRU DOJXQRV
MXGtRVDORVTXHQRVRORVHREOLJyDHVWDUSUHVHQWHVVLQRTXHDGHPiVVH
GLRPXHUWHDFRQWLQXDFLyQDUURMDQGRVXVUHVWRVDODVOODPDV1RVHWUDWy
GHXQDH[FHSFLyQ
(Q 1DYDUUD OD FRPELQDFLyQ GH FDUJDV UHJLDV FRQ DFXVDFLRQHV QR SRU
GHOLUDQWHV PHQRV GDxLQDV FRQYLUWLy HQ LQVRSRUWDEOH OD H[LVWHQFLD GH ORV
MXGtRV/DKXLGDGHOUHLQR\DFRPHQ]DGDWLHPSRDWUiVOOHJyDH[WUHPRV
HVFDORIULDQWHV 8Q SDGUyQ JHQHUDO HODERUDGR SRU RUGHQ GHO UH\ &DUORV ,,
QRV PXHVWUD TXH H[FOXLGD OD MXGHUtD GH 3DPSORQD KDEtD FXDWURFLHQWRV
YHLQWLWUpV KRJDUHV MXGtRV HQ ODV FXDWUR PHULQGDGHV GHO UHLQR /D FLIUD
UHVXOWDHVFDORIULDQWHVLVHWLHQHHQFXHQWDTXHXQRVDxRVDQWHVWDQVRORHQ
ODPHULQGDGGH7XGHODKDEtDPHGLRPLOODUGHKRJDUHV
'XUDQWHODV~OWLPDVGpFDGDVGHOVLJOR;,9HQHOUHLQRGH1DYDUUDDSHQDV
TXHGDEDQDOJXQRVKLMRVGH$EUDKDPHQODVMXGHUtDVGH3DPSORQD(VWHOOD
\ 7XGHOD (Q  \ QXHYDPHQWH HQ  LQWHQWDURQ OOHJDU D DOJ~Q
DFXHUGRFRQHOUH\SDUDYLYLUHQSD]HQ1DYDUUDDFDPELRGHFRQWULEXLUGH
PDQHUDVREUHVDOLHQWHDVRSRUWDUODVFDUJDVGHOUHLQR(QRIUHFLHURQ
XQDLPSRUWDQWHVXPDDOUH\GH1DYDUUDSDUDVXIUDJDUVXYLDMHD)UDQFLD
3HURDHVDVDOWXUDVODVLWXDFLyQHQWRGDOD3HQtQVXODHUDGHVHVSHUDGD
(Q ORV WHUULWRULRV GH OD &RURQD GH $UDJyQ ODV PDWDQ]DV GH MXGtRV VH
LQLFLDURQ HO PLVPR DxR TXH HQ$OHPDQLD$Vt HQ  ORV YDOHQFLDQRV
DVDOWDEDQ OD MXGHUtD GH 0XUYLHGUR HQ XQ HVWDOOLGR GH LUD SRSXODU
SURYRFDGR SRU HO FOHUR (Q *HURQD SRU HO FRQWUDULR ODV PDWDQ]DV GH
MXGtRVVHGHELHURQDORVSURSLRVDOPRJiYDUHVGHOUH\GH$UDJyQ
$ODVH[SORVLRQHVVDQJULHQWDVVHVXPDURQORVLQWHQWRVFRQWLQXDGRVSRU
FHUFHQDU ORV iPELWRV GRQGH SRGtDQ YLYLU ORV MXGtRV (Q  9DOHQFLD
VROLFLWDED GH 3HGUR ,9 TXH ORV MXGtRV QR SXGLHUDQ WUDVFHQGHU GH ORV
OtPLWHVGHODMXGHUtD$ODxRVLJXLHQWHHOUH\DFHSWDEDODSHWLFLyQILMDQGR
XQDPXOWDGHYHLQWHPDUDYHGtHVGHRURSDUDFXDOTXLHUDTXHWUDVSDVDUDORV
PXURV GH OD DOMDPD 1L VLTXLHUD OD PXHUWH GHO UH\ 3HGUR ,9 VXDYL]y OD
VLWXDFLyQGHORVMXGtRV(QODVFRUWHVGH0RQ]yQSLGLHURQDOQXHYR
PRQDUFDTXHYROYLHUDDPDQWHQHUDORVMXGtRVHQORVOtPLWHVGHODMXGHUtD
GH9DOHQFLD(OUH\DFFHGLyHLQFOXVRQRPEUyDOEDLOHGHODFLXGDGSDUD
TXH VROYHQWDUD OD VLWXDFLyQ GH IRUPD GHILQLWLYD 1R OOHJy D KDFHUOR (Q
 OD YLGD GH ORV MXGtRV GH WRGD (VSDxD VH YHUtD GUDPiWLFDPHQWH
VDFXGLGD

(/$17,6(0,7,602&202$50$32/7,&$,,
&$67,//$

/DPXHUWHGH$OIRQVR;,DQWH*LEUDOWDUVXPLyD&DVWLOODHQXQD

GLILFLOtVLPD WHVLWXUD KLVWyULFD TXH HQIUHQWy D OD UHLQD YLXGD GRxD 0DUtD
GHFLGLGDDGHIHQGHUDVXKLMRHOSUtQFLSHGRQ3HGURFRQORVEDVWDUGRVGHO
UH\ (O UHVXOWDGR IXH XQD WHUULEOH JXHUUD FLYLO FRQIOLFWR HQ HO TXH ORV
MXGtRVWHQGUtDQXQSDSHOLPSRUWDQWH
/RVDGYHUVDULRVGH3HGURODQ]DURQGHVGHHOSULQFLSLRODHVSHFLHGHTXH
SRUODVYHQDVGHOLQIDQWHFRUUtDVDQJUHMXGtD3RUDxDGLGXUDORVEDVWDUGRV
HVSHFLDOPHQWH (QULTXH GH 7UDVWiPDUD MXJDURQ OD FDUWD GHO
DQWLVHPLWLVPRSUHVHQWiQGRVHFRPRORVYDOHGRUHVGHOSXHEOROODQRIUHQWHD
ORV MXGtRV 6H WUDWDED GH XQD PDQLREUD TXH WHQGUtD XQD IHFXQGD \
VREUHFRJHGRUDWUD\HFWRULDTXHOOHJDUtDDORVSDUWLGRVFDWyOLFRVDQWLVHPLWDV
DLQLFLRVGHOVLJOR;;\DOQDFLRQDOVRFLDOLVPRJHUPiQLFRGH+LWOHU3HGUR
QLHUDXQKHUHMHMXGDL]DQWHQLWHQtDVDQJUHMXGtD6tHVFLHUWRTXHWUDWyD
ORVMXGtRVFRQFRQVLGHUDEOHKXPDQLGDGIXQGDPHQWDOPHQWHSRUTXHKDEtD
OOHJDGRDODFRQFOXVLyQDFHUWDGDGHTXHHUDQV~EGLWRVILDEOHV\KiELOHV(Q
 SRU HMHPSOR QRPEUy WHVRUHUR PD\RU HO FDUJR TXH KDEtD
VXVWLWXLGRDOGHDOPRMDULIHD6DPXHOKD/HYt,QLFLDOPHQWHQRHQFRQWUy
PXFKDUHVLVWHQFLD6LQHPEDUJRODVXELGDGHQRSRFRVMXGtRVDFDUJRVGH
UHOHYDQFLD QR WDUGy HQ VHU HPSOHDGD SRU HO EDVWDUGR (QULTXH GH
7UDVWiPDUD TXH FHQWR FRPSDJLQDU OD DFFLyQ GLUHFWD FRQ OR TXH DKRUD
GHQRPLQDUtDPRVRIHQVLYDPHGLiWLFD3HUR/ySH]GH$\DODSRUHMHPSOR
WUD]yYHUVRVTXHVHxDODEDQDORVMXGtRVFRPRIXHQWHGHWRGRVORVPDOHV\
GHSDVRDUURMDEDQODUHVSRQVDELOLGDGVREUHHOUH\3HGUR'HPDQHUDELHQ
UHYHODGRUD 3HUR /ySH] GH$\DOD HUD VREULQR GHO FDUGHQDO 3HGUR *yPH]
%DUURVR \ KDEtD UHFLELGR LQVWUXFFLyQ FOHULFDO 'H KHFKR VL QR SURIHVy
FRPRFOpULJRVHGHELyDOKHFKRGHTXHVXKHUPDQRPD\RUIDOOHFLy\GHELy
KDFHUVH FDUJR GH ORV GHEHUHV SURSLRV GH OD SULPRJHQLWXUD 6XV WH[WRV
GHVGH OXHJR VRQ ELHQ HORFXHQWHV \ UHYHODQ HO PHQVDMH TXH HO FOHUR
GLIXQGtDVREUHORVMXGtRVDORVTXHSUHVHQWDEDFRPRFXOSDEOHVGHWRGDVODV
GHVJUDFLDV
$OOtYLHQHQMXGtRVTXHHVWiQDSDUHMDGRV
3DUDEHEHUODVDQJUHGHORVSXHEORVFX\WDGRV
3UHVHQWDQVXVHVFULSWRVTXHWLHQHQFRQFHUWDGRV
(SURPHWHQVXVMR\DVHGRQHVDSULYDGRV

$OOtIDFHQMXGtRVHOVXUHSDUWLPLHQWR
6REUHHOSXHEORTXHPXHUHSRUPDOGHIHQGLPLHQWR
(WHOORVHQWUHVtDSDUWDQPHGLRFXHQWR
4XHKDQGHDYHUSULYDGRVTXDORFKHQWDTXDOFLHQWR
(WGLFHQORVSULYDGRV6HUYLPRVFDGDGtD
$OUH\TXDQGR\DQWDPRVHVPiVGHPHGLRGtD
 (YHODPRVODQRFKHTXHHVOXHQJDHWPX\IUtD
3RUFRQFHUWDUVXVFXHQWDVHWODVXDWDVPtD
'LFHQOXHJRDO5H\3RUFLHUWRYRVWHQHGHV
-XGtRVVHUYLGRUHVHWPHUFHGOHVIDUHGHV
&DYRVSXMDQODVUHQWDVSRUFLPDODVSHUHGHV
2WRUJiGVHODV6HxRUFDEXHQUHFDEGRDYUHGHV

'LFHOXHJRHOUH\$PLSODFHGHJUDGR
'HOHVIDFHUSODFHUFDPXFKRKDQSXMDGR
2JDQQRODVPLDVUHQWDV(QRQFDWDHOFX\WDGR
4XHWRGDHVWDVDQJUHVDOHGHOVXFRVWDGR

'HVWDJXLVDTXHR\GHVSDVDGHFDGDGtD
(OSXHEORPX\ODVUDGRFODPDQGRStDStD
/DV FRQVHFXHQFLDV GH VHPHMDQWH SURSDJDQGD QR UHVXOWDEDQ GLItFLOHV GH
LPDJLQDU&XDQGRILDGRVHQODEHQHYROHQFLDGHOUH\ORVMXGtRVDO]DURQHQ
XQDVLQDJRJDQXHYDHQ7ROHGRODLQGLJQDFLyQGHFLHUWRVHVWDPHQWRV
VXELy GH WRQR KDVWD UR]DU OD VXEOHYDFLyQ 'H KHFKR HVH PLVPR DxR ORV
EDVWDUGRV(QULTXH\7HOORDSR\DGRVSRU3HGURHO&HUHPRQLRVRHOUH\GH
$UDJyQGHVDWDURQODJXHUUDFRQWUDHOUH\GH&DVWLOOD\VHDSRGHUDURQGH
1iMHUD )XH XQD HPSUHVD VLQ ULHVJRV QL RSRVLFLyQ HQ HO FXUVR GH OD FXDO
DSURYHFKDURQSDUDVDTXHDUODMXGHUtD\GDUPXHUWHDORVMXGtRV(OFUXHQWR
HSLVRGLR SURYRFy XQD LQPHGLDWD UHDFFLyQ HQ FDGHQD TXH WXYR FRPR
FRQVHFXHQFLD GLUHFWD OD DQLTXLODFLyQ GH OD MXGHUtD GH 0LUDQGD GH (EUR
/RV FDPSRV TXHGDEDQ GHOLPLWDGRV HQ DSDULHQFLD 3RU XQ ODGR HO UH\
3HGUR \ ORV MXGtRV SRU HO RWUR ORV EDVWDUGRV VHJXLGRV SRU ORV TXH
SHQVDEDQTXHHVWDEDDODOFDQFHGHODPDQROLEUDUVHGHORVKLMRVGH,VUDHO
RULJHQGHWRGRVVXVPDOHV$VtHQ(QULTXHOOHJyKDVWD7ROHGRFRQ
ODLQWHQFLyQGHDSRGHUDUVHGHODMXGHUtDSULQFLSDOIXHUWHPHQWHSURWHJLGD
SRU PXUDOODV JUDQMHDUVH DVt OD YROXQWDG SRSXODU \ DVDOWDU OD
LPSRUWDQWtVLPD FLXGDG &RPR SULPHU SDVR (QULTXH DVDOWy OD MXGHUtD
SHTXHxDTXHQRFRQWDEDFRQGHIHQVDV0LOGRVFLHQWRVMXGtRVLQFOX\HQGR
PXMHUHV \ QLxRV IXHURQ GHJROODGRV SRU ODV IXHU]DV GH (QULTXH /D
PDWDQ]DQRVHUHSLWLyHQODMXGHUtDJUDQGHVLPSOHPHQWHSRUTXHHOHMpUFLWR
GH3HGUR,OOHJyD7ROHGR\(QULTXHVHYLRREOLJDGRDUHWLUDUVH
(O EDVWDUGR QR KDEtD ORJUDGR VX REMHWLYR LQPHGLDWR SHUR VH JDQy XQD
DXUHRODGHHQHPLJRGHORVMXGtRVTXHQRSXGRUHVXOWDUOHPiVEHQHILFLRVD
$QWH EXHQD SDUWH GHO SXHEOR OODQR SRGtD SUHVHQWDUVH FRPR VX SURWHFWRU
IUHQWHDODVH[DFFLRQHVGHORVRGLDGRVKHEUHRVSHURVREUHWRGRUHFLELyHO
DSODXVR GHO FOHUR /D GHPDJRJLD WUiJLFDPHQWH QR VH GHWXYR HQ ORV
FUXHQWRV DFRQWHFLPLHQWRV GH 7ROHGR (Q  (QULTXH DOHQWy D ORV
YHFLQRV GH 1iMHUD \ 0LUDQGD GH (EUR SDUD GHJROODU D WRGRV ORV YHFLQRV
MXGtRV VLQ H[FHSFLyQ DOJXQD (Q  VXV PHUFHQDULRV IUDQFHVHV D ODV
yUGHQHV GH %HOWUiQ 'X *XHVFOLQ GLHURQ PXHUWH D WRGRV ORV MXGtRV GH
%ULYLHVFD (VH PLVPR DxR (QULTXH IXH FRURQDGR UH\ GH &DVWLOOD FRQ HO
DSR\RGH$UDJyQ\)UDQFLDPLHQWUDV3HGUR,PDUFKDEDDEXVFDUD\XGDGH
,QJODWHUUD 'H HVD PDQHUD FRPR HQ WDQWRV HSLVRGLRV GH OD +LVWRULD
DQWHULRU\SRVWHULRU(VSDxDHQWUDEDHQORVGRVEDQGRVGHXQFRQIOLFWR
HXURSHR HQ HVWH FDVR OD JXHUUD GH ORV &LHQ $xRV $Vt PLHQWUDV TXH
(QULTXHHVWDEDDOLDGRFRQ)UDQFLD3HGURVHDSR\DEDHQ,QJODWHUUD$OILQ
\DODSRVWUH3HGURHQFRQWUDUtDODPXHUWHHQ0RQWLHODPDQRVGH(QULTXH
GH 7UDVWiPDUD \ GHO PHUFHQDULR IUDQFpV %HOWUiQ 'X *XHVFOLQ TXH DQWHV
GHGDUOHPXHUWHOHDFXVyGHILGHSXWDMXGtR/DLQMXULDQRWHQtDSXQWR
GH FRQWDFWR FRQ OD UHDOLGDG ([SUHVDED VLQ HPEDUJR WRGR XQ HVWDGR GH
iQLPR 3RU OR TXH VH UHIHUtD D ORV MXGtRV VH DEUtD XQD pSRFD GH
LQFHUWLGXPEUH DXQTXH VHJXUDPHQWH OD PD\RUtD QR OR FRPSUHQGLy
HQWRQFHV (Q  ODV &RUWHV GH 7RUR DFDEDURQ SRU DSUREDU OD QRUPD
SDSDODODTXHWDQWRVHKDEtDQUHVLVWLGRORVUH\HVGH&DVWLOOD(QDGHODQWH
SHVDUtDVREUHORVMXGtRVODREOLJDFLyQGHOOHYDUXQDGLYLVDGLVWLQWLYD
7UDVODPXHUWHGH(QULTXHGH7UDVWiPDUD-XDQ,LQWHQWySURWHJHUDORV
MXGtRV GH OD ROHDGD GH DQWLMXGDtVPR TXH UHFRUUtD VXV WHUULWRULRV$Vt HQ
ODV &RUWHV GH  SURPXOJy PRWX SURSULR XQD OH\ TXH FRORFDED ODV
MXGHUtDV YLVLWDGDV SRU VX FRUWH EDMR OD SURWHFFLyQ GH ORV PRQWHURV GH
(VSLQRVD6LQHPEDUJRHOPDOHVWDUVRFLDOHUDLQPHQVR\HQVHSWLHPEUHGH
 ODV &RUWHV GH 6RULD SURSXVLHURQ DO UH\ TXH GLFWDUD XQD VHULH GH
PHGLGDVFRQWUDULDVDORVMXGtRV(OPRQDUFDLQVLVWLySRUHOFRQWUDULRHQ
GLVSHQVDUOHV VX SURWHFFLyQ 'DGR TXH ORV MXGtRV HUDQ DVDOWDGRV SRU ORV
FDPLQRV DO UHFRQRFHUVH OD GLYLVD TXH OOHYDEDQ HQ FXPSOLPLHQWR GH ODV
GLVSRVLFLRQHVGHOD6DQWD6HGHHOUH\GLVSXVRTXHVHSHQDUDFRQODPXOWD
GH VHLV PLO PDUDYHGtHV D ODV SREODFLRQHV HQ FX\RV WpUPLQRV VH KXELHUD
FRPHWLGLWRR HO FULPHQ 3HUR OD SUHVLyQ QR FHMy (Q  ODV &RUWHV GH
9DOODGROLGREWXYLHURQODH[FOXVLyQGHORVKHEUHRVGHODDGPLQLVWUDFLyQGH
ODVUHQWDVS~EOLFDV(QHOiQLPRGH-XDQ,SHVyGHFLVLYDPHQWHODFRQGXFWD
GHXQFOHURTXHREHGHFtDSXQWXDOPHQWHODVGLVSRVLFLRQHVDQWLVHPLWDVGHOD
6DQWD 6HGH $Vt ORV SiUURFRV VH QHJDEDQ D DGPLQLVWUDU ORV DX[LOLRV
HVSLULWXDOHVHQFDVRGHHQIHUPHGDGRPXHUWHDORVFULVWLDQRVTXHVHUYtDQ
RYLYtDQFRQMXGtRV(QHVWDVDFFLRQHVSHVDEDLJXDOPHQWHODFRGLFLDTXH
GHVGH KDFtD VLJORV FDUDFWHUL]DED LQGHIHFWLEOHPHQWH OD FRQGXFWD GH OD
LJOHVLDFDWyOLFDQRVRORHQ(VSDxD/DJHVWLyQGHORVLPSXHVWRVUHDOL]DGD
KDVWD HQWRQFHV SRU ORV MXGtRV SDVy D SUHODGRV \ FOpULJRV 'H PDQHUD
FRQVLGHUDEOHPHQWHLQJHQXDSHQVDEDQORVSURFXUDGRUHVTXHHVHFDPELRVH
WUDGXFLUtD HQ XQD VLWXDFLyQ ILVFDO PHQRV RQHURVD \ PiV FRPSDVLYD
'LItFLOPHQWHVHKXELHUDQSRGLGRHTXLYRFDUPiV/RVKRPEUHVGHLJOHVLD
GHPRVWUDURQVHUPHQRVHILFDFHVHQVXVDFWXDFLRQHVORTXHSHUMXGLFDED
D ORV LQWHUHVHV GHO UHLQR SHUR QR UHVXOWDURQ PiV PLVHULFRUGLRVRV
4XHGyDVtH[SXHVWDGHPDQHUDGHVFDUQDGDXQDGHODVFLUFXQVWDQFLDVPiV
GUDPiWLFDV GHO PXQGR PHGLHYDO OD LJOHVLD FDWyOLFD HUD LQFDSD] GH
GHVHPSHxDUIXQFLRQHVDGPLQLVWUDWLYDVHVHQFLDOHVSHURQRHUDSRUUD]RQHV
GH ERQGDG HVSLULWXDO VLQR SRU PHUD LQFRPSHWHQFLD XQD LQFRPSHWHQFLD
UH]XPDQWHGHFRGLFLD6HUtDXQDWHUULEOHVLWXDFLyQTXHVHUHSHWLUtDYH]WUDV
YH]SURYRFDQGRODGHYROXFLyQGHORVGHEHUHVDGPLQLVWUDWLYRVDORVMXGtRV
\ FRQ HOOR HO HQFRQDPLHQWR GHO DQWLVHPLWLVPR FDWyOLFR TXH QR SRGtD
WROHUDU OR TXH YLYtD FRPR XQD KXPLOODFLyQ LQWROHUDEOH SDUD VX FRPSOHMR
GHKLSHUOHJLWLPLGDG/RVIUXWRVGHHVHDQWLVHPLWLVPRLPSXOVDGRGHVGHOD
PLVPD 6DQWD 6HGH FRVHFKDUtDQ DEXQGDQWHV IUXWRV GH H[SROLR VDQJUH \
PXHUWHGXUDQWHORVVLJXLHQWHVDxRV
 

/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWD
GHODLJOHVLDFDWyOLFD,ORVSRJURPRV
GHOD~OWLPDGpFDGDGHOVLJOR;,9

(/&,60$'(2&&,'(17(

8QR GH ORV DUJXPHQWRV SURSDJDQGtVWLFRV PiV XWLOL]DGRV SRU OD LJOHVLD
FDWyOLFDDORODUJRGHORVVLJORVKDVLGRHOGHVXXQLGDGFHQWXHVWDPHQWH
VROR URWD SRU KHUHMHV \ FLVPiWLFRV 6LQ GXGD VHPHMDQWH SURFODPDFLyQ
SRVHH XQD FDSDFLGDG GH VXJHVWLyQ QRWDEOH 6LQ HPEDUJR SODQWHD XQ
SUREOHPD QDGD EDODGt \ HV TXH QR VH FRUUHVSRQGH HQ DEVROXWR FRQ OD
UHDOLGDGKLVWyULFD'HKHFKRODVOXFKDVLQWHUQDVPHURVHQIUHQWDPLHQWRV
SRU HO SRGHU GHVQXGR HQ HO VHQR GH OD LJOHVLD FDWyOLFD KDQ WHQLGR XQD
PiVTXHSUREDGDFDSDFLGDGSDUDGLYLGLUODKDVWDHOSXQWRGHSURGXFLUVHOD
H[LVWHQFLD VLPXOWiQHD GH YDULRV SUHWHQGLHQWHV DO WURQR SDSDO /D
H[LVWHQFLDGHSDSDV\DQWLSDSDVVLQTXHVREUHODLGHQWLGDGGHXQRV\GH
RWURV H[LVWD XQ DFXHUGR WRWDO IXH XQD FRQVWDQWH D OR ODUJR GH OD (GDG
0HGLD &RQ WRGR HO PD\RU HQIUHQWDPLHQWR WXYR OXJDU GHO DxR  DO
HQORTXHVHKDGHQRPLQDGRHO*UDQ&LVPDGH2FFLGHQWH/DVUDtFHV
GHOFLVPDHQHOTXHOOHJyDHQIUHQWDUVHORTXH/DV]OR3DVVXWKGHQRPLQy
XQSyTXHUGHSDSDVVHHQFRQWUDEDQHQORVSULPHURVDxRVGHOVLJOR;,9
(Q  %HUWUDQG GH *RW DU]RELVSR GH %XUGHRV Q F  IXH
HOHJLGRSDSDJUDFLDVDODSR\RGHORVFDUGHQDOHVIDYRUDEOHVDODPRQDUTXtD
IUDQFHVD 7ULEXWDULR GH HVWD DFFLyQ %HUWUDQG TXH WRPy HO QRPEUH
SRQWLILFLR GH &OHPHQWH 9 WUDVODGy OD UHVLGHQFLD GH OD 6DQWD 6HGH GHVGH
5RPD D$YLxyQ 'XUDQWH ODV VLJXLHQWHV VLHWH GpFDGDV HO UH\ GH )UDQFLD
FRQWUROy GH PDQHUD FDVL WRWDO ORV DVXQWRV SDSDOHV R FRPR VHxDOD /RUW]
HOSDSDVHFRQYLHUWHFDVLHQRELVSRGHODFRUWHIUDQFHVD&OHPHQWH9
FRQGHQySRUKHUHMHHLQPRUDODVXSUHGHFHVRUHOSDSD%RQLIDFLR9,,,
TXH VH KDEtD HQIUHQWDGR FRQ )UDQFLD \ RUGHQy HO SURFHVR GH ORV
7HPSODULRVFX\DVULTXH]DVFRGLFLDEDHOUH\JDOR
$ODPXHUWHGH&OHPHQWH9ODVHGHSDSDOHVWXYRYDFDQWHSRUHVSDFLRGH
PiVGHGRVDxRV\FXDQGRILQDOPHQWHIXHHOHJLGRSDSD-DFTXHV'XqVHVH
WUDWy GH XQ FDQGLGDWR GH FRPSURPLVR TXH FRQWDED FRQ HO UHVSDOGR GH
)HOLSHGH)UDQFLD\GH5REHUWRUH\GH1iSROHV\TXHDGRSWyHOQRPEUH
GH -XDQ ;;,, YLpQGRVH VX SRQWLILFDGR DPDUJDPHQWH PDUFDGR SRU ODV
DFXVDFLRQHVGHKHUHMtD(QHO&DStWXORJHQHUDOGHORVIUDQFLVFDQRV
GHFODUy TXH -HV~V \ ORV DSyVWROHV QR KDEtDQ WHQLGR QLQJXQD SRVHVLyQ
PDWHULDO /D UHVSXHVWD GHO SDSD -XDQ ;;,, FRQVLVWLy HQ UHQXQFLDU D OD
WLWXODULGDG GH ORV ELHQHV GH ORV IUDQFLVFDQRV TXH IRUPDOPHQWH HUD
SDSDOSHURHQODSUiFWLFDHVWDEDHQPDQRVGHODRUGHQIUDQFLVFDQD\D
FRQWLQXDFLyQ SURFHGHU D FRQGHQDU FRPR KHUHMtD OD GHFODUDFLyQ GHO
&DStWXOR JHQHUDO /D UHDFFLyQ GH ORV IUDQFLVFDQRV DQWH HVWDV PHGLGDV
SDSDOHV FRQVLVWLy HQ DFXVDU D VX YH] DO SDSD GH KHUHMH (Q GHIHQVD GH
VHPHMDQWHSRVWXUDORVIUDQFLVFDQRVFRQWDEDQFRQSUHFHGHQWHVSDSDOHV\D
TXH HQ  HO SDSD 1LFROiV ,,, VH KDEtD GHFLGLGR HQ IDYRU GH OD WHVLV
GHIHQGLGDSRUORVIUDQFLVFDQRVVHxDODQGRTXHODUHQXQFLDDORVELHQHVHQ
FRPXQLGDG SRGtD VHU XQ FDPLQR GH VDOYDFLyQ 'HVHRVR GH FRQYHUWLU OD
GHFLVLyQ SDSDO HQ LUUHYRFDEOH HO IUDQFLVFDQR 3HGUR 2OLYL UHGDFWy OD
SULPHUDGHIHQVDWHROyJLFDGHODLQIDOLELOLGDGSDSDOHQFXHVWLRQHVGHIH\
FRVWXPEUHV -XDQ ;;,, SRU OR WDQWR QR SRGtD UHYRFDU DTXHOOR VREUH OR
TXHVHKDEtDSURQXQFLDGRSUHYLDPHQWH1LFROiV,,,6LQHPEDUJRFXDQGR
ORV IUDQFLVFDQRV DSHODURQ D OD FUHHQFLD HQ OD LQIDOLELOLGDG SDSDO SDUD
RSRQHUVHD-XDQ;;,,HVWHFRQGHQyODPHQFLRQDGDGRFWULQDFRPRREUD
GHO GLDEOR EXOD4XL TXRUXQGDP GH  1R GHMDED GH VHU XQ SDVR
UHOHYDQWH SRUTXH HQ  HO &RQFLOLR 9DWLFDQR , GHILQLUtD FRPR GRJPD
GH IH OD LQIDOLELOLGDG SDSDO TXH SUHFLVDPHQWH XQ SDSD KDEtD GHFODUDGR
REUDGHOGLDEORFDVLVHLVVLJORVDQWHV'DQGRXQSDVRPiVDOOiHQ
HOSDSDHQYLUWXGGHODEXOD4XLDYLUUHSUREXV GHFODUyTXHODSURSLHGDG
SULYDGD H[LVWtD DQWHV GH OD &DtGD GH$GiQ \ TXH ORV DSyVWROHV FRQWDEDQ
FRQSRVHVLRQHVSURSLDV
2WUR SUREOHPD GH FDUiFWHU WHROyJLFR GHULYDGR GHO PLVPR SDSD VH
RULJLQyFXDQGRHQHOSRQWtILFHGHFODUyTXHORVVDOYRVTXHHVWiQHQ
HO FLHOR VROR YHQ OD KXPDQLGDG GH &ULVWR \ QR SRGUiQ FRQWHPSODU
SOHQDPHQWHD'LRVKDVWDGHVSXpVGHO-XLFLR)LQDO(QHVWDWHVLVIXH
FRQGHQDGDSRUOD8QLYHUVLGDGGH3DUtVFRPRKHUpWLFDFLUFXQVWDQFLDTXH
DSURYHFKy /XLV ,9 HO %iYDUR SDUD LQWULJDU FRQWUD HO SDSD \ SUHSDUDU XQ
FRQFLOLR JHQHUDO TXH OR GHSXVLHUD <D HQ VX OHFKR GH PXHUWH -XDQ
;;,, PX\ DIHFWDGR SRU ODV DFXVDFLRQHV GH FRUUXSFLyQ TXH VH ODQ]DEDQ
FRQWUDpO\ODGHVHVSHUDGDVLWXDFLyQSROtWLFDVHUHWUDFWyGHVXGHFODUDFLyQ
VREUHHOHVWDGRGHORVELHQDYHQWXUDGRV\DILUPyTXHORVPLVPRVYHtDQOD
HVHQFLDGLYLQDWDQFODUDPHQWHFRPRORSHUPLWHVXFRQGLFLyQ
6LQ GXGD ORV IUXWRV GHO WUDVODGR GH OD 6DQWD 6HGH GH 5RPD D$YLxyQ
UHVXOWDEDQPX\DPDUJRV\XQRGHORVPHQRUHVQRIXHSUHFLVDPHQWHHOGH
TXH VH DUWLFXODUDQ GHIHQVDV GH SURIXQGR FDODGR LQWHOHFWXDO HQ FRQWUD GHO
SDSDGR $O UHVSHFWR HO%UHYLORTXLXP GH SULQFLSDWX W\UDQQLFR SDSDH
 GH *XLOOHUPR GH 2FFDP R HO'HIHQVRU 3DFLV  GH
0DUVLOLR GH 3DSXD 6LQ HPEDUJR D SHVDU GH WRGR WUDV HO GUDPiWLFR
SRQWLILFDGR GH -XDQ ;;,, OD 6DQWD 6HGH VH PDQWXYR HQ $YLxyQ FRQ
1LFROiV 9  GH PD\R GH  GH MXOLR GH  TXH VXHOH VHU
LQFOXLGRHQODOLVWDGHORVDQWLSDSDV%HQHGLFWR;,,GHGLFLHPEUHGH
 GH DEULO GH  &OHPHQWH 9,  GH PD\R GH   GH
GLFLHPEUH GH  ,QRFHQFLR 9,  GH GLFLHPEUH GH  GH
VHSWLHPEUH GH  \ 8UEDQR 9  GH VHSWLHPEUH GH  GH
GLFLHPEUHGH(QHVWH~OWLPRSDSDDEDQGRQy$YLxyQFRQOD
LQWHQFLyQGHYROYHUDHVWDEOHFHUODVHGHSDSDOHQ5RPD$OOtVHWUDVODGy\
SHUPDQHFLy KDVWD  3DUD HVD IHFKD OD SUHVLyQ GH ORV FDUGHQDOHV
IUDQFHVHV\ODDQWLSDWtDTXHOHSURIHVDEDHOSXHEORGH5RPDOHOOHYDURQD
FRQVLGHUDUODQHFHVLGDGGHUHJUHVDUD$YLxyQGRQGHYROYLyDHVWDEOHFHUVH
HQVHSWLHPEUHGHOFLWDGRDxR+DVWDQRUHJUHVyD5RPDVXVXFHVRU
*UHJRULR;,HQXQDFWRTXHVLJQLILFyODFRQFOXVLyQGHODFDXWLYLGDGGH
$YLxyQ (O UHJUHVR D OD VHGH SDSDO GH VLJORV IXH VLQ GXGD SURYHFKRVR
SDUD OD LQVWLWXFLyQ SHUR QR LPSOLFy XQD UHFXSHUDFLyQ HVSLULWXDO QL
WDPSRFRXQDFXUDSDUDODPDOWUHFKDLPDJHQGHOSDSDGR3RUHOFRQWUDULR
FRQVWLWX\y HO SUHiPEXOR GH XQD FULVLV D~Q PiV JUDYH TXH UHFLELUtD HO
QRPEUHGH&LVPDGH2FFLGHQWH$ODPXHUWHGH*UHJRULR;,HOSXHEOR
GH 5RPD TXH WHPtD OD HOHFFLyQ GH XQ SDSD IUDQFpV \ HO UHJUHVR GH OD
6DQWD6HGHD$YLxyQH[LJLyTXHHOQXHYRSRQWtILFHIXHUDURPDQRRDO
PHQRVLWDOLDQR$WHUURUL]DGRVDQWHODSRVLELOLGDGGHTXHVHSURGXMHUDXQ
GHUUDPDPLHQWR GH VDQJUH ORV FDUGHQDOHV YRWDURQ FDVL XQiQLPHPHQWH D
3ULJQDQRTXHVXELyDOWURQRSDSDOFRQHOQRPEUHGH8UEDQR9,8QDYH]
PiV FXHVWLRQHV PHUDPHQWH SROtWLFDV WXYLHURQ FRQVHFXHQFLDV
HVSLULWXDOPHQWHWUiJLFDV
$O DQXQFLDU 8UEDQR 9, TXH WHQtD HO SURSyVLWR GH FUHDU QXHYRV
FDUGHQDOHV SDUD FRQWDU FRQ XQD PD\RUtD LWDOLDQD HQ HO 6DJUDGR &ROHJLR
ORV FDUGHQDOHV IUDQFHVHV SURFODPDURQ OD QXOLGDG GH VX HOHFFLyQ \
HOLJLHURQ D &OHPHQWH 9,, HQ VX OXJDU $XQTXH 8UEDQR 9, UHVSRQGLy
HMHFXWDQGRDFLQFRFDUGHQDOHVSRUFRQVSLUDFLyQ\VRPHWLHQGRDRWURVVHLV
DWRUWXUDPXULyVLQFRQVHJXLUTXHVXSRQWLILFDGRIXHUDDFHSWDGRSRUWRGD
ODFULVWLDQGDGFDWyOLFD(QDODPXHUWHGH8UEDQR9,IXHHOHJLGRHO
QXHYR SRQWtILFH %RQLIDFLR ,; SRU FDWRUFH FDUGHQDOHV URPDQRV 6X
SURSyVLWR HUD DOFDQ]DU XQD VROXFLyQ GH FRPSURPLVR TXH SHUPLWLHUD
VROYHQWDU HO &LVPD GH 2FFLGHQWH 'HVJUDFLDGDPHQWH QR IXH DVt \
%RQLIDFLR,;IXHH[FRPXOJDGRSRUHOSDSDGH$YLxyQ&OHPHQWH9,,/D
PXHUWHGHHVWHSRQWtILFHKXELHUDSRGLGRVLJQLILFDUHOILQDOGHO&LVPD6LQ
HPEDUJR ORV FDUGHQDOHV GH $YLxyQ RSWDURQ SRU HOHJLU D XQ QXHYR
SRQWtILFH HO DUDJRQpV 3HGUR GH /XQD TXH DFFHGLy DO WURQR SDSDO FRQ HO
QRPEUH GH %HQHGLFWR ;,,, 8QD YH] PiV HO SDSD GH$YLxyQ VH QHJy D
FHGHU DQWH OD VHGH URPDQD SHUSHWXDQGR DVt OD GLYLVLyQ GH OD LJOHVLD
FDWyOLFDHQGRVEDQGRV
(OGUDPDTXHLPSOLFDEDVHPHMDQWHVLWXDFLyQXQDXQLGDGHFOHVLDOURWD
HQ OD F~VSLGH SRU GRV SDSDV TXH VH DQDWHPDWL]DEDQ UHFtSURFDPHQWH
OOHYyDGLVWLQWDVLQVWDQFLDVSROtWLFDVDLQWHQWDUXQDPHGLDFLyQTXHOOHYDUD
D%HQHGLFWR;,,,DDEGLFDU\SHUPLWLHUDODFRQWLQXDFLyQGHODOtQHDSDSDOD
WUDYpV GH XQ SRQWtILFH FRQ VHGH HQ 5RPD $Vt HQ  &DUORV 9, GH
)UDQFLDOHLQVWyLQIUXFWXRVDPHQWHSDUDTXHDEGLFDUD\QRPHMRUUHVXOWDGR
REWXYLHURQXQDOHJDFLyQDQJORIUDQFHVDHQ\RWUDDOHPDQDHQ
(O &LVPD GH 2FFLGHQWH QR GHMy GH WHQHU VX UHSHUFXVLyQ HQ ORV UHLQRV
KLVSDQRV (Q GLFLHPEUH GH  (QULTXH ,, GH &DVWLOOD FRQYRFy XQD
DVDPEOHD SDUD HVWXGLDU HO DVXQWR HQ ,OOHVFDV \D TXH QR HUD IiFLO GHFLGLU
FXiO GH ORV SDSDV HUD HO OHJtWLPR /D UHXQLyQ GH ,OOHVFDV QR GLR HO
UHVXOWDGR HVSHUDGR \ HO PRQDUFD FDVWHOODQR GHFLGLy HOHYDU QXHYDV
FRQVXOWDV 'RV DxRV GHVSXpV WUDV XQ VtQRGR FHOHEUDGR HQ 0HGLQD GHO
&DPSR&DVWLOODGHFLGLyVXPDUVHDOEDQGRFOHPHQWLVWD(QPD\RGH
VH DQXQFLy RILFLDOPHQWH OD WRPD GH SRVLFLyQ GH OD FRURQD VL ELHQ \D HUD
REYLRTXHXQDSDUWHGHOFOHURFRQVLGHUDEDTXHORPHMRUSDUDORVLQWHUHVHV
GHODLJOHVLDFDWyOLFDHUDFRQYRFDUXQFRQFLOLRGRQGHVHGLULPLHUDHOJUDYH
FRQWHQFLRVR
7RGDYtD PHQRV DIRUWXQDGD IXH OD VLWXDFLyQ HQ OD &RURQD GH $UDJyQ
3HGUR ,9 VH HQIUHQWy FRQ HO KHFKR GH TXH QLQJXQD GH ODV SDUWHV HQ
FRQIOLFWR UHVXOWDED OR VXILFLHQWHPHQWH SHUVXDVLYD OR TXH OR OOHYy D
GHFODUDU VX QHXWUDOLGDG HQ HO FLVPD \ D GLVSRQHU GH OD ILQDQFLDFLyQ GHO
FOHUR DVXPLHQGR WDPELpQ ODV UHQWDV GH OD &iPDUD DSRVWyOLFD 8QD
SRVLFLyQ GH QHXWUDOLGDG IXH WDPELpQ DGRSWDGD SRU &DUORV ,, GH 1DYDUUD
PLHQWUDVTXH)HUQDQGR,GH3RUWXJDOUHVSDOGyDORVFOHPHQWLVWDVHQ
SDUD HQ  VXPDUVH D ORV XUEDQLVWDV \ HQ  UHJUHVDU D OD
REHGLHQFLD DO SDSD GH $YLxyQ (Q XQ QXHYR TXLHEUR HQ  WUDV OD
EDWDOODGH$OMXEDUURWD3RUWXJDOVHSDVyHVWDYH]GHPDQHUDGHILQLWLYDDO
EDQGRGHORVXUEDQLVWDV
'H PDQHUD ELHQ VLJQLILFDWLYD FXDQGR HQ  )UDQFLD VH DSDUWy GH OD
REHGLHQFLD D %HQHGLFWR 1DYDUUD \ &DVWLOOD GLHURQ HO PLVPR SDVR
VLWXiQGRORHQXQDSRVLFLyQPX\GHOLFDGD%HQHGLFWR;,,,OOHJyLQFOXVRD
YHUVHFRQILQDGRHQVXSDODFLR&RQWRGRHQORJUyHVFDSDUGLVIUD]DGR
\HVDPXHVWUDGHDXGDFLDVHWUDGXMRHQODUHFXSHUDFLyQGHODREHGLHQFLDGH
VXVFDUGHQDOHVDVtFRPRGHODGH)UDQFLD\&DVWLOOD(Q%HQHGLFWR
;,,, SURSXVR OOHJDU D XQ DFXHUGR FRQ HO SRQWtILFH URPDQR SHUR HO
SUR\HFWRIUDFDVy)LQDOPHQWHHQYLUWXGGHOWUDWDGRGH0DUVHOODGHGH
DEULO GH  *UHJRULR ;,, GH 5RPD \ %HQHGLFWR ;,,, GH $YLxyQ
DFRUGDURQHQWUHYLVWDUVHHQ6DYRQDSDUDFRQFOXLUHOFLVPD(OHQFXHQWURQR
WXYR QXQFD OXJDU \ DO DxR VLJXLHQWH OD FRURQD IUDQFHVD OD SULPHUD
LQWHUHVDGD HQ PDQWHQHU HO SDSDGR GH$YLxyQ YROYLy D DSDUWDUVH GH OD
REHGLHQFLDD%HQHGLFWR;,,,HLQFOXVRRUGHQyVXGHWHQFLyQ
$HVDVDOWXUDVODWHVLVGHTXHXQFRQFLOLRWHQtDDXWRULGDG\OHJLWLPLGDG
VXILFLHQWHSDUDGHSRQHUDOSDSDVHKDEtDLPSXHVWRVLTXLHUDSRUODYtDGHO
SUDJPDWLVPR \D TXH QR VH SHUFLEtD RWUD VDOLGD SDUD XQD FULVLV
LQVWLWXFLRQDO \ HVSLULWXDOPHQWH HVFDQGDORVD $Vt %HQHGLFWR ;,,, TXH
KDEtD KXLGR D 3HUSLxiQ WXYR DOOt QRWLFLD GH TXH HO FRQFLOLR GH 3LVD GH
 OH KDEtD GHSXHVWR WDQWR D pO FRPR DO SDSD *UHJRULR $ ORV SRFRV
GtDV $OHMDQGUR 9 IXH HOHJLGR FRPR QXHYR \ FHQWXHVWDPHQWH
GHILQLWLYR\OHJtWLPRSDSD
(Q WHRUtD OD VROXFLyQ FRQFLOLDULVWD HV GHFLU OD GHSRVLFLyQ GH ORV
SRQWtILFHV\VXVXVWLWXFLyQUHVXHOWDSRUXQFRQFLOLRFHQWHULRUDHOORVGHEtD
KDEHU DFDEDGR FRQ HO &LVPD GH 2FFLGHQWH 'HVJUDFLDGDPHQWH D FRUWR
SOD]R VROR VLUYLy SDUD FRPSOLFDUOR D~Q PiV$SR\iQGRVH HQ ORV UHLQRV
KLVSiQLFRV \ HQ (VFRFLD %HQHGLFWR ;,,, H[FRPXOJy D VXV RSRVLWRUHV \
PDQWXYR VXV SUHWHQVLRQHV GH VHU HO SRQWtILFH OHJtWLPR /D H[LVWHQFLD GH
WUHV SDSDV XQ KHFKR VLQ SUHFHGHQWHV IRUWDOHFLy ODV WHVLV GH ORV
SDUWLGDULRV GHO FRQFLOLDULVPR TXH DKRUD FRQWDEDQ FRQ HO UHVSDOGR
LPSHULDO SDUD LQWHQWDU DFDEDU FRQ HO &LVPD $Vt HO HPSHUDGRU DOHPiQ
6HJLVPXQGR DFXGLy D 3HUSLxiQ SDUD LQVWDU D DEGLFDU DO DUDJRQpV
%HQHGLFWR;,,,1RORFRQVLJXLy'HKHFKR%HQHGLFWR;,,,VHPDQWXYRHQ
VX SRVLFLyQ HQ VXV WUHFH KDVWD VX IDOOHFLPLHQWR HQ HO FDVWLOOR GH
3HxtVFRODHQ
6LHOSDSDDUDJRQpVLEDDSDVDUDOD+LVWRULDFRPRXQSDUDGLJPDGHOD
WHVWDUXGH] QR PiV HMHPSODU UHVXOWy OD FRQGXFWD GH %DOGDVVDUH &RVWD
1DFLGR HQ 1iSROHV GH IDPLOLD DULVWRFUiWLFD &RVWD IXH SLUDWD HQ VX
MXYHQWXGSHURHQIXHFUHDGRFDUGHQDOSRU%RQLIDFLR,;\QRPEUDGR
OHJDGRHQ5RPDxD\%RORQLD(PSHGHUQLGRPXMHULHJRGHpOVHFRQWDED
TXH KDEtD VHGXFLGR D PiV GH GRVFLHQWDV PXMHUHV PLHQWUDV GHVHPSHxDED
HVWDV IXQFLRQHV &RVWD URPSLy FRQ *UHJRULR ;,, \ VH XQLy D ORV
FDUGHQDOHV TXH KDEtDQ DEDQGRQDGR D %HQHGLFWR ;,,, \ HQ HO FXUVR GHO
FRQFLOLRGH3LVDPDU]RDJRVWRGHYRWyDIDYRUGHODGHSRVLFLyQGH
*UHJRULR ;,, \ GH %HQHGLFWR ;,,, \ GH OD HOHFFLyQ GH $OHMDQGUR 9
&XDQGR HVWH PXULy HQYHQHQDGR DO SDUHFHU SRU yUGHQHV GHO SURSLR
%DOGDVVDUH&RVWDHVWHORJUyVHUHOHJLGRVXVXFHVRU
&RVWDTXHWRPyHOQRPEUHGH-XDQ;;,,,FRQVLJXLyGLVIUXWDUGHXQ
DPSOLR UHVSDOGR HQ )UDQFLD ,QJODWHUUD \ YDULRV HVWDGRV LWDOLDQRV \
DOHPDQHV 'HFLGLGR D DFDEDU FRQ OD FULVLV SRU OD TXH DWUDYHVDED HO
SRQWLILFDGR FRQGHQy OD HQVHxDQ]D GH ORV UHIRUPDGRUHV -RKQ :\FOLIIH \
-DQ+XVV\HQFRQYRFyHOFRQFLOLRGH&RQVWDQ]DFRQODLQWHQFLyQGH
TXH VH FRQILUPDUD OD GHSRVLFLyQ GH *UHJRULR ;,, \ %HQHGLFWR ;,,, /D
SURSXHVWDHUDVHQVDWDSHURDHVDVDOWXUDVODWHVLVGHODFHQWHULRULGDGGHO
FRQFLOLR VREUH HO SDSD HVWDED WDQ DILDQ]DGD TXH HQ IHEUHUR GH  HO
FRQFLOLRGHFLGLyTXHWDPELpQ-XDQ;;,,,GHEtDDEGLFDU
$QWHDTXHOODLQLFLDWLYD-XDQ;;,,,GHFLGLyKXLUFRQYHQFLGRGHTXHFRQ
HVHDFWRFRQFOXLUtDHOFRQFLOLRSHURQRIXHDVt(QVXVVHVLRQHV,9\9
GH PDU]R \  GH DEULO GH  HO FRQFLOLR SURFODPy VX FHQWHULRULGDG
VREUH HO SDSD \ WUDV GHWHQHU D -XDQ ;;,,, OR GHSXVR HQ OD VHVLyQ
GXRGpFLPDGHPD\RDFXViQGRORGHVLPRQtDSHUMXULRHLQPRUDOLGDG
/D UHVSXHVWD GH -XDQ ;;,,, IXH GHFODUDU TXH HO FRQFLOLR HUD LQIDOLEOH \
UHQXQFLDU D FXDOTXLHU GHUHFKR TXH SXGLHUD WHQHU DO SDSDGR 'HVSXpV GH
TXHHOFRQFLOLRGH&RQVWDQ]DGHSXVLHUDD-XDQ;;,,,\D%HQHGLFWR;,,,\
UHFLELHUDODDEGLFDFLyQGH*UHJRULR;,,HQHOFXUVRGHXQFyQFODYHTXH
WDQ VROR GXUy WUHV GtDV IXH HOHJLGR SDSD HO FDUGHQDO 2GGR &RORQQD TXH
WRPyHOQRPEUHGH0DUWtQ9
(OFLVPDD~QSHUGXUDUtDKDVWDHOSRQWLILFDGRGH&OHPHQWH9,,,VXFHVRU
GH %HQHGLFWR ;,,, SHUR \D FRQ HVFDVRV FDWyOLFRV TXH QR UHFRQRFLHUDQ
FRPR SRQWtILFH OHJtWLPR D 0DUWtQ 9$ SDUWLU GH  HQ XQ LQWHQWR GH
IRUWDOHFHU VX DXWRULGDG \ GH UHFXSHUDU HO SUHVWLJLR GH OD 6DQWD 6HGH
0DUWtQ9FRPHQ]yDQHJRFLDUFRQFRUGDWRVFRQ$OHPDQLD)UDQFLD,WDOLD
(VSDxD H ,QJODWHUUD \ HQ  YROYLy D UHVLGLU HQ 5RPD SHVH D ODV
SUHVLRQHVSDUDHVWDEOHFHUVHHQ$OHPDQLDR$YLxyQ
(O &LVPD GH 2FFLGHQWH KDEtD GHMDGR GH PDQLILHVWR KDVWD TXp SXQWR OD
XQLGDG GH OD &ULVWLDQGDG RFFLGHQWDO UHVXOWDED IUiJLO \ FyPR SDUD
UHFXSHUDUOD KDEtD UHVXOWDGR IRU]RVR DUELWUDU PHGLGDV TXH FRORFDEDQ OD
DXWRULGDGGHOFRQFLOLRSRUHQFLPDGHODGHORVSRQWtILFHV6LQHPEDUJRQR
VLJQLILFyODUHFXSHUDFLyQGHODXQLGDG'XUDQWHORVDxRVVLJXLHQWHVTXHGy
GHPDQLILHVWRHVDGHVXQLyQHQHSLVRGLRVFRPRORVRtGRVVRUGRVSUHVWDGRV
SRU ODV GLYHUVDV QDFLRQHV D ORV OODPDGRV SDSDOHV SDUD VRFRUUHU D
&RQVWDQWLQRSODTXHFD\yDQWHORVWXUFRVHQ\VREUHWRGRHQOD
VHSDUDFLyQ GH %RKHPLD GH 5RPD VLJXLHQGR ODV WHVLV WHROyJLFDV GH -XDQ
+XVV XQ WHyORJR TXHPDGR HQ OD KRJXHUD GXUDQWH HO FRQFLOLR GH
&RQVWDQ]D &RQ WRGR \ GH PDQHUD KDUWR VLJQLILFDWLYD HO &LVPD GH
2FFLGHQWHLEDDVHUSDUDOHORHQ(VSDxDDXQRGHORVKHFKRVPiVKRUULEOHV
GH OD SURORQJDGD +LVWRULD GHO DQWLVHPLWLVPR FDWyOLFR ORV SRJURPRV GH


)(5510$571(=<(/$17,6(0,7,602

&$7/,&2'(),1$/(6'(/6,*/2;,9

/RV DxRV ILQDOHV GHO VLJOR;,9 FRQVWLWX\HURQ XQD HWDSD GH HVSHFLDO
GLILFXOWDGSDUDORVMXGtRVHVSDxROHV&LHUWDPHQWHODUHYXHOWD+LVWRULDGH
ODV FRURQDV GH &DVWLOOD$UDJyQ \ 1DYDUUD TXH WDQWR SHVy HQ HO SDUyQ
H[SHULPHQWDGR SRU OD 5HFRQTXLVWD QR FRQVWLWXtD XQ FRQWH[WR SURSLFLR
SDUDODSD]\HOVRVLHJR3HURDHVHLPSRUWDQWHIDFWRUVHXQLHURQRWURV3RU
XQ ODGR VH HQFRQWUDED HO HQGXUHFLPLHQWR FUHFLHQWH GH ODV GLVSRVLFLRQHV
SDSDOHV GLULJLGDV FRQWUD ORV MXGtRV 6L GXUDQWH HO VLJOR [LLL ODV PLVPDV
KDEtDQVLGRGHVRtGDVSRUPRQDUFDVGHODWDOODGH)HUQDQGR,,,HO6DQWRR
GH$OIRQVR;HO6DELRQRVXFHGLyORPLVPRGXUDQWHHOVLJXLHQWHKDVWDHO
SXQWR GH TXH SRU SULPHUD YH] HQ OD +LVWRULD HVSDxROD VH DFHSWy TXH
OOHYDUDQ GLYLVDV GLVWLQWLYDV XQD PHGLGD ERFKRUQRVD TXH OOHJy KDVWD ODV
LQIDPHVOH\HVGH1UHPEHUJGHHQHO7HUFHU5HLFK$HOORVHVXPy
OD SUROLIHUDFLyQ GH OH\HQGDV DQWLVHPLWDV TXH ORV FXOSDEDQ GH OD
SURSDJDFLyQ GH OD SHVWH \ GHO HQYHQHQDPLHQWR GH IXHQWHV \ SR]RV \
VREUH WRGR OD PDQLSXODFLyQ GHO SXHEOR OODQR SHUSHWUDGD SRU HO FOHUR
FDWyOLFR FRQYHQFLpQGROH GH TXH ORV MXGtRV HUDQ ORV FXOSDEOHV GH VXV
GHVGLFKDV
6LORVPRQDUFDVVHSOHJDURQDODVSUHVLRQHVSRSXODUHVHQFRQWUDGHORV
LQWHUHVHV GHO UHLQR HO FOHUR FDWyOLFR Vt DFWXy HQ EHQHILFLR SURSLR 'H
KHFKR QR IDOWDURQ ORV SUHODGRV \ FOpULJRV TXH DPELFLRQDEDQ DSRGHUDUVH
GH ORV SXHVWRV ILQDQFLHURV GH ORV TXH VH GHVSRMDED D ORV MXGtRV R TXH
VLPSOHPHQWHFRQVLGHUDEDQTXHHUDVXREOLJDFLyQREHGHFHUODQRUPDWLYD
SDSDO GHVFDUJDQGR VXV JROSHV VREUH ORV DERUUHFLGRV MXGtRV 4XH GH HVD
FRPELQDFLyQ GH IDFWRUHV DFDEDUtD VXUJLHQGR HO GUDPD HQ VXV WpUPLQRV
PiVOHWDOHVIXHTXHGDQGRGHPDQLILHVWRDTXt\DOOiDORODUJRGHOVLJOR
/D JUDQ H[SORVLyQ HVWDUtD UHODFLRQDGD FRQ XQ SHUVRQDMH SHFXOLDU 1RV
UHIHULPRV SUHFLVDPHQWH D XQ PLHPEUR GHO FOHUR D )HUUiQ 0DUWtQH]
FDQyQLJRGH6DQWD0DUtDDUFHGLDQRGHeFLMD\SURYLVRUGHODU]RELVSDGR
GH6HYLOOD
'RQ )HUUiQ QR KDEtD RFXOWDGR QXQFD VX SDUFLDOLGDG DQWLVHPLWD 'H
KHFKR HQ VX FDOLGDG GH SURYLVRU KDEtD DFWXDGR FRPR MXH] GHOHJDGR GHO
DU]RELVSRHQGLVWLQWRVSOHLWRVGRQGHWHQtDSRUFRVWXPEUHIDOODUHQFRQWUD
GHORVMXGtRV7RGDYtDHQYLGDGH(QULTXH,,ODMXGHUtDGH6HYLOODVHKDEtD
YLVWRREOLJDGDDTXHMDUVHDQWHHOUH\SRUODVLQMXVWLFLDVFRPHWLGLWRDVSRU
HO FOpULJR /DV DFXVDFLRQHV VH FRUUHVSRQGtDQ GH WDO PDQHUD FRQ OD WULVWH
UHDOLGDG TXH HO  GH DJRVWR GH  HO PRQDUFD GLFWy XQ DOEDOi HQ
YLUWXG GHO FXDO SULYDED D GRQ )HUUiQ GH OD FDSDFLGDG SDUD FRQRFHU ORV
SOHLWRVGHORVMXGtRV6HPHMDQWHGHFLVLyQWHQGUtDTXHKDEHUVROXFLRQDGRHO
SUREOHPD SHUR GRQ )HUUiQ QR HVWDED GLVSXHVWR D GDUVH SRU YHQFLGR 'H
KHFKRFXDWURDxRVGHVSXpVODMXGHUtDGH6HYLOODVHYLRREOLJDGDGHQXHYR
DODPHQWDUODVLWXDFLyQDQWHHOPRQDUFD
(O  GH PDU]R GH  -XDQ , YROYLy D H[LJLU GH GRQ )HUUiQ HO
FXPSOLPLHQWR GHO DOEDOi \ OH RUGHQy TXH ORV SOHLWRV GH MXGtRV SDVDUDQ
GLUHFWDPHQWHDVHUFRQRFLGRVSRUHODU]RELVSRDODYH]TXHLQVLVWtDHQTXH
DTXHOORVVHKDOODEDQEDMRODSURWHFFLyQUHJLD)XHXQDYH]PiVLQ~WLO\
DODxRVLJXLHQWHGHQXHYRODMXGHUtDWXYRTXHSUHVHQWDUVXVTXHMDVDQWHHO
PRQDUFD
(QDLQVWDQFLDVGHOSDSD&OHPHQWH9,,VHUHXQLHURQHQ3DOHQFLD
WUHV PHWURSROLWDQRV \ YHLQWLFLQFR RELVSRV SDUD SURFHGHU D OD UHIRUPD GH
ODV FRVWXPEUHV (V PiV TXH GXGRVR TXH OR FRQVLJXLHUDQ SHUR Vt
HVWDEOHFLHURQ TXH MXGtRV \ FULVWLDQRV GHEtDQ YLYLU VHSDUDGRV 0X\
SRVLEOHPHQWHHODUFHGLDQRVHYLOODQRGHELyLQWHUSUHWDUODVGHFLVLRQHVGHO
VtQRGRFRPRXQDPXHVWUDGHKDVWDTXpSXQWRVHKDOODEDHQSRVHVLyQGHOD
YHUGDG<HVTXHORJUDYHGHODVLWXDFLyQQRVHUHGXFtDDTXHGRQ)HUUiQ
GHVREHGHFLHUDODVUHSHWLGDVyUGHQHVUHJLDVVLQRTXHDGHPiVXWLOL]DEDVXV
VHUPRQHV SDUD GLIXQGLU XQD SURSDJDQGD GH VRPEUtR DQWLVHPLWLVPR (Q
HOORV DILUPDED SRU HMHPSOR TXH OH FRQVWDED TXH WDQWR HO UH\ FRPR OD
UHLQD YHUtDQ FRQ EXHQRV RMRV D WRGR DTXHO TXH PDWDVH R KLULHVH GH
JUDYHGDGDMXGtRV
(ODUGRUDQWLVHPLWDGHODUFHGLDQRVHYLRIUHQDGRGXUDQWHDOJRPiVGHXQ
DxR D FDXVD GH ODV DFWLYLGDGHV GH XQD MXQWD GH OHWUDGRV \ WHyORJRV TXH
LQYHVWLJy VX FRQGXFWD \ DQWH OD TXH GRQ )HUUiQ UHFRQRFLy VLQ UHER]R
DOJXQRODYHUDFLGDGGHVXVDFXVDFLRQHV(OUHVSLURFRQFOX\yFXDQGRHO
GH RFWXEUH GH  IDOOHFLy HO UH\ -XDQ , (O FOpULJR FRQVLGHUy HQWRQFHV
TXHKDEtDOOHJDGRHOPRPHQWRDGHFXDGRSDUDDFDEDUFRQORVDERUUHFLGRV
MXGtRV
 /2632*52026'(

(O IDOOHFLPLHQWR GH -XDQ , WRWDOPHQWH LQHVSHUDGR SURYRFy XQD FULVLV
LQVWLWXFLRQDOGHQRHVFDVDHQYHUJDGXUD/DUD]yQIXHTXHODFRURQDUHFDtD
HQ XQ SUtQFLSH GH RQFH DxRV \ TXH HQ FRQWUD GH OR HVWDEOHFLGR HQ ODV
3DUWLGDV HO PRQDUFD LQVWLWX\y XQ FRQVHMR GH WXWRUHV \ JREHUQDGRUHV
FRPSXHVWRSRUVHLVSUHODGRV\PDJQDWHV\VHLVFLXGDGDQRVHOHJLGRVSRU
ODVFLXGDGHVGH%XUJRV7ROHGR/HyQ6HYLOOD&yUGRED\0XUFLD&XDQGR
D ILQDOHV GH  VH SURGXMR OD GHVWUXFFLyQ GH ODV VLQDJRJDV VLWDV HQ HO
WHUULWRULR GHO DU]RELVSDGR GH 6HYLOOD ORV MXGtRV DFXGLHURQ FRQ VXV
SURWHVWDVDOFRQVHMR/DUHVSXHVWDGHHVWHRUJDQLVPRIXHHQYLDUD&yUGRED
\ 6HYLOOD D GRV FDEDOOHURV SDUD TXH GHWXYLHUDQ ORV GHVPDQHV 6LQ
HPEDUJROOHJDGRVDODFLXGDGGHO*XDGDOTXLYLUQRVHDWUHYLHURQQLHOORV
QL ODV DXWRULGDGHV VHYLOODQDV D DUUHVWDU DO UHVSRQVDEOH GH OR VXFHGLGR
6HPHMDQWHFRPSRUWDPLHQWRWXYRWUiJLFDVFRQVHFXHQFLDV(OGHMXQLRGH
ODSREODFLyQGH6HYLOODDJLWDGDSRUODVSUHGLFDFLRQHVGHODUFHGLDQR
GRQ )HUUiQ \ GLULJLGD SRU pO PLVPR DVDOWy OD MXGHUtD HQ XQD
PDQLIHVWDFLyQGHEUXWDOLGDGTXHVHUHSHWLUtDKLVWyULFDPHQWHHQHSLVRGLRV
FRPRODWULVWHPHQWHFpOHEUH.ULVWDOQDFKGHHQHO7HUFHU5HLFK8QD
YH] PiV OD WXUED VH FRQVLGHUDED OHJLWLPDGD PRUDOPHQWH SDUD GHVWUXLU
VDTXHDU \ DUUDQFDU OD YLGD D JHQWH LQRFHQWH$ GHFLU YHUGDG HO FRVWH HQ
YLGDV GHO SRJURPR GH 6HYLOOD IXH PiV RQHURVR HQ YLGD TXH OD 1RFKH GH
ORV FULVWDOHV URWRV 0iV GH FXDWUR PLO MXGtRV IXHURQ DVHVLQDGRV \ VROR
FRQVLJXLHURQVDOYDUODYLGDDOJXQRVTXHFHQWOLFDURQTXHORVEDXWL]DUDQHQ
HO VHQR GH OD LJOHVLD FDWyOLFD 3RU OR TXH VH UHILHUH D ORV HGLILFLRV
VDJUDGRV \ SURIDQRV TXH OHV SHUWHQHFtDQ IXHURQ VDTXHDGRV \ DUUDVDGRV
3RUDxDGLGXUDODPDWDQ]DGH6HYLOODQRIXHHOILQDOVLQRTXHVHFRQYLUWLy
HQODFKLVSDTXHHQFHQGLyXQDKRJXHUDHQWRGD(VSDxD
'XUDQWHORVGtDVVLJXLHQWHVHODQWLVHPLWLVPRFDWyOLFRKL]RSUHVDHQODV
MXGHUtDVGH$OFDOiGH*XDGDLUD&DUPRQDeFLMD6DQWD2ODOOD&D]DOOD\
)UHJHQDO 'H 6HYLOOD HO LQFHQGLR SDVy DO RELVSDGR GH &yUGRED (Q OD
DQWLJXDFDSLWDOGHOFDOLIDWRIXHURQDVHVLQDGRVPiVGHGRVPLOMXGtRVVLQ
KDFHUH[FHSFLyQFRQORVDQFLDQRVODVPXMHUHV\ORVQLxRV'HVGHDOOtODV
PDWDQ]DVVHH[WHQGLHURQD0RQWRUR\$QGXMDUOOHJDQGRD-DpQ/XHJRVH
SURSDJDUtDQDEHGD\%DH]DDOFDQ]DUtDQ9LOOD5HDOKR\&LXGDG5HDO
 +XHWH \ &XHQFD $ HVDV DOWXUDV D OD FRUULHQWH KRPLFLGD
GHVHQFDGHQDGD HQWUH HO SXHEOR OODQR \D VH KDEtDQ VXPDGR ORV SURSLRV
IXQFLRQDULRVGHORVFRQFHMRVTXHGHEtDQKDEHUOHVHUYLGRGHPHFDQLVPRGH
FRQWHQFLyQ
/D ROHDGD GH VDQJUH QR VH GHWXYR HQ ODV IURQWHUDV GH OD &RURQD GH
&DVWLOODVLQRTXHVHDGHQWUyHQORVWpUPLQRVGHODGH$UDJyQ(OGRPLQJR
 GH MXOLR VH SURGXMR OD SULPHUD PDWDQ]D TXH WXYR FRPR HVFHQDULR OD
FLXGDG GH 9DOHQFLD /D FDUQLFHUtD IXH HVFDORIULDQWH \ FRQ VHJXULGDG
KXELHUD DOFDQ]DGR FRWDV D~Q PiV WHUULEOHV GH QR PHGLDU OD ILJXUD GH XQ
IUDLOH GRPLQLFR OODPDGR 9LFHQWH )HUUHU (O SUHGLFDGRU GHWXYR ORV
DVHVLQDWRVEDMRXQDWHUULEOHFRQGLFLyQODGHTXHORVMXGtRVSDUDVDOYDUOD
YLGDDSRVWDWDUDQGHODIHGHVXVSDGUHV\SLGLHUDQHOEDXWLVPR
(O  GH DJRVWR IHVWLYLGDG GH 1XHVWUD 6HxRUD GH ODV 1LHYHV IXH
DQLTXLODGD OD MXGHUtD GH PiV UDQFLR DEROHQJR GH (VSDxD OD VLWXDGD HQ
7ROHGR (O HVSDQWRVR DFRQWHFLPLHQWR WHQtD XQ SDUDOHOR FURQROyJLFR \
IiFWLFR HQ HO DUUDVDPLHQWR GH OD DOMDPD GH %DUFHORQD (O JULWR GH ORV
DJUHVRUHV HUD XQD YHUGDGHUD GHFODUDFLyQ GH SULQFLSLRV 0XHUD WRGR
KRPEUH\YLYDHOUH\\HOSXHEOR(QUHDOLGDGHOSXHEORTXHFRPHWtDODV
DWURFLGDGHV HUD XQ PHUR LQVWUXPHQWR GHO FOHUR FDWyOLFR \ DFWXDED
EUXWDOPHQWHFRQYHQFLGRGHTXHHOUH\GHVGHOXHJRVXVIXQFLRQDULRV
WHQtD TXH UHVSDOGDUODV 'H ORV MXGtRV EDUFHORQHVHV WDQ VROR VDOYDURQ OD
YLGDDTXHOORVTXHFHQWOLFDURQVHUEDXWL]DGRV
$QWHVGHOOHJDUDPHGLDGRVGHOPHVGHDJRVWRHOGUDPDYLYLGRSRUORV
MXGtRV GH 7ROHGR \ %DUFHORQD VH UHSHWtD HQ 3DOPD /pULGD *HURQD
0DOORUFD %XUJRV /RJURxR =DUDJR]D +XHVFD 7HUXHO 3DOHQFLD \ /HyQ
&XDQGRHOGtDGHOFLWDGRPHVVHGHWXYLHURQODVSULQFLSDOHVPDWDQ]DVGH
MXGtRV OD LQPHQVD PD\RUtD GH ODV MXGHUtDV KDEtD GHMDGR GH H[LVWLU 8QD
WHUFHUD SDUWH GH VXV FRPSRQHQWHV KDEtD SHUHFLGR RWUR WHUFLR VH KDEtD
FRQYHUWLGR GH PDQHUD ELHQ VLJQLILFDWLYD DO FDWROLFLVPR (Q RWUDV
SDODEUDVORVMXGtRVKDEtDQTXHGDGRUHGXFLGRVDXQWHUFLRHQDSHQDVXQDV
VHPDQDV /DV SpUGLGDV KXPDQDV SXGLHURQ FHQWHUDU ORV FLQFXHQWD PLO
PXHUWRV ODV PDWHULDOHV IXHURQ LQFDOFXODEOHV 7RGR XQ WHMLGR VRFLDO
UHODFLRQDGRFRQODHFRQRPtDFRQODJHVWLyQGHORVQHJRFLRVGHORVUHLQRV
FRQ OD LQGXVWULD FRQ OD FXOWXUD VH KDEtD FRQYHUWLGR OLWHUDOPHQWH HQ
FHQL]DV /DV FRQVHFXHQFLDV VLJQLILFDURQ SRU OR WDQWR XQD LQFRPSDUDEOH
GHVJUDFLDTXHVLQHPEDUJRQRVRORDIHFWyDORVMXGtRV3RUXQDGHHVDV
WHUULEOHVLURQtDVTXHVHGDQHQOD+LVWRULDHOSXHEOROODQRIXHXQRGHORV
VHFWRUHV PiV SHUMXGLFDGRV SRU ODV PLVPDV DWURFLGDGHV TXH KDEtD
FRPHWLGLWRR3ULYDGDVGHORVLQJUHVRVTXHOHVSURSRUFLRQDEDQORVMXGtRV
QXPHURVDV LQVWLWXFLRQHV EHQpILFDV YLQFXODGDV D OD LJOHVLD FDWyOLFD VH
YLHURQ REOLJDGDV D UHGXFLU VXV VHUYLFLRV R LQFOXVR GHVDSDUHFLHURQ 6LQ
GXGDFUHtDHOSXHEOROODQRTXHODWHD\HOKLHUURLEDQDPHMRUDUVXVXHUWH
6XFHGLy FRPR HQ WDQWRV SURFHVRV HQ ORV TXH VH GHVERUGDQ ORV PDUFRV
OHJDOHV H[DFWDPHQWH OR FRQWUDULR $OJXQDV LJOHVLDV FDWHGUDOHV \
GLyFHVLVSULYDGDVGHODVUHQWDVMXGLHJDVQRKXELHUDQSRGLGRVREUHYLYLUD
OD FRQVXQFLyQ VLQ XQ UHVSDOGR UHQRYDGR GH ORV PRQDUFDV (O UHVSDOGR
FLHUWDPHQWHYLQRSHURKD\TXHGHFLUOR"IXHFRVWHDGRSRUHOSXHEOR
OODQR 8QD HVSHFLH GH MXVWLFLD FyVPLFD GHVFDUJDED VREUH VXV FDEH]DV ODV
FRQVHFXHQFLDVGHODWHUULEOHYLROHQFLDTXHKDEtDQSHUSHWUDGRLPSXOVDGRV
SRUHOFOHURFDWyOLFR
'XUDQWHORVDxRVVLJXLHQWHVQRVHHVFXFKyXQDVRODFRQGHQDGHDTXHOODV
WHUULEOHV PDWDQ]DV 'HVGH OXHJR QR OD HPLWLHURQ ORV UHSUHVHQWDQWHV
HOHJLGRVSRUHOSXHEOR1LODV&RUWHVGH0DGULGGHQLODVGH6HJRYLD
GH  QL ODV GH 7RUGHVLOODV GH  FHQVXUDURQ ORV KHFKRV R
SURWHVWDURQ FRQWUD HOORV 7RGDYtD PHQRV SURQXQFLy UHSUHQVLyQ DOJXQD OD
LQVWLWXFLyQ TXH KDEtD LQVWLJDGR ORV SDYRURVRV KHFKRV 3UHFLVDPHQWH
SRUTXH ODV UHVSRQVDELOLGDGHV HVWDEDQ PiV TXH FRPSDUWLGDV \ ORV
EHQHILFLDULRVUHVXOWDEDQREYLRVFRQYHUWLUIRUPDOPHQWHD)HUUiQ0DUWtQH]
HQ HO ~QLFR UHVSRQVDEOH UHVXOWDED WHQWDGRU &RQ WRGR QL VLTXLHUD
VHPHMDQWH FRQGXFWD VH DEULy FDPLQR VLQ GLILFXOWDG 'H KHFKR KXER TXH
HVSHUDU KDVWD FXDWUR DxRV SDUD TXH (QULTXH ,,, RUGHQDUD GHWHQHU D GRQ
)HUUiQ SRU DOERURWDGRU GHO SXHEOR 1R VXIULy XQ GHVWLQR VHYHUR 'H
PDQHUD ELHQ VLJQLILFDWLYD DSHQDV XQRV DxRV GHVSXpV IXQGy FRQ HO PiV
TXHUHYHODGRUUHVSDOGRGHOFDELOGRVHYLOODQRHOKRVSLWDOGH6DQWD0DUtD
GRQGHWHUPLQyVXVGtDVURGHDGRSRUXQDIDPDGHYLUWXG
(Q HQHUR GH  HO UH\ OHMRV GH LQWHQWDU UHVWLWXLU D VXV OHJtWLPRV
SURSLHWDULRV VXV ELHQHV \ GHUHFKRV KDFtD GRQDFLyQ D VXV PDJQDWHV \
IDYRULWRVGHWRGDVODVVLQDJRJDVWLHUUDV\FDVDVGHORVMXGtRVVHYLOODQRV
1RIXHPiVMXVWRHOUH\GH$UDJyQ(QPHGLRGHXQDYHUGDGHUDROHDGDGH
SUHGLFDFLRQHV GH 9LFHQWH )HUUHU IUXWR GH ODV FXDOHV VH EDXWL]DURQ
LQFOXVRUDELQRVLOXVWUHVFRPR6DORPyQKD/HYtTXHVHFRQYLUWLyHQ3DEOR
GH 6DQWD 0DUtD HQ  VH FRQFHGLy HQ 9DOHQFLD XQ LQGXOWR JHQHUDO
H[WHQVLEOH D ORV DXWRUHV GH WRGRV ORV FUtPHQHV FRPHWLGLWRRV FRQWUD OD
MXGHUtD(OHSLVRGLRQRSXHGHGHMDUGHSURYRFDUXQFRPSUHQVLEOHKRUURU
/DVWHUULEOHVPDWDQ]DVTXHGDURQLPSXQHVGHFHQDVGHPLOHVGHSHUVRQDV
VH YLHURQ REOLJDGDV D FRQYHUWLUVH DO FDWROLFLVPR SDUD VDOYDU OD YLGD \
9LFHQWH)HUUHUSHUSHWUDGRUGHDFFLRQHVHVSDQWRVDVIXHFDQRQL]DGRSRUOR
TXH VH FRQVLGHUDURQ YLUWXGHV H[FHSFLRQDOHV &RPR HQ WDQWDV RFDVLRQHV
DQWHV \ GHVSXpV OD KLVWRULD UHDO GH XQ VDQWR FDQRQL]DGR SRU OD LJOHVLD
FDWyOLFD UHVXOWDED PiV VXVFHSWLEOH GH SURYRFDU SDYRU \ UHSXOVLyQ TXH
DGPLUDFLyQ\VHJXLPLHQWR
(O SDVDGR UHFLHQWH KDEtD VLGR XQD WHUULEOH ROHDGD GH PDWDQ]DV VHJXLGD
SRUODLPSXQLGDGFDVLDEVROXWDGHORVFXOSDEOHV3RUORTXHVHUHIHUtDDOD
VLWXDFLyQGHORVMXGtRVHQHOIXWXURTXHGyQtWLGDPHQWHGHPDQLILHVWRHQ
ODV&RUWHVGH9DOODGROLGGH6HOHVSHUPLWLUtDTXHGDUVHHQORVUHLQRV
SHURVRORSRUTXHDVV\ORPDQGDEDOD6DFWD,JOHVLDHVHDYtDQGHWRUQDUD
ODIH(QRWUDVSDODEUDVVXGHVWLQRHUDH[WLQJXLUVHFRPRFROHFWLYR\OD
FDXVDGHHVHSODQQRSRGtDUHVXOWDUPiVREYLD/DSUHJXQWDHUDTXpOHVLED
D GHSDUDU HO IXWXUR VL QR HVWDEDQ GLVSXHVWRV D VRPHWHUVH D VHPHMDQWH
HYHQWXDOLGDG
 

/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWD
GHODLJOHVLDFDWyOLFD,,HOSUREOHPDFRQYHUVR

(/18(92352%/(0$&219(562,
'(/$6(3$5$&,1'(/26&219(5626
$/$',6387$'(725726$

(O TXH GHVDSDUHFLHUDQ HQ DSHQDV XQRV GtDV SRU PXHUWH R FRQYHUVLyQ
GRV WHUFHUDV SDUWHV GH ORV MXGtRV KLVSDQRV OD PLVPD SURSRUFLyQ
GHPRJUiILFD TXH GHVDSDUHFLy HQ ORV WHUULWRULRV RFXSDGRV SRU HO 7HUFHU
5HLFK FRQVWLWX\y XQ DFRQWHFLPLHQWR YHUGDGHUDPHQWH H[WUDRUGLQDULR
/DV FRQYHUVLRQHV PDVLYDV VH GHELHURQ VLQ GXGD D OD YLROHQFLD SHUR
IXHURQ DFRPSDxDGDV \ SUHFHGLGDV SRU RWUDV TXH IXHURQ IUXWR GH OD
FRQYLFFLyQ\HVWXYLHURQUHODFLRQDGDVFRQODSURSLDGHFDGHQFLDPiVTXH
FRPSUHQVLEOH WUDV GpFDGDV GH JROSHV GHO MXGDtVPR HVSDxRO (VWD
FRPELQDFLyQGHIDFWRUHVOOHYyDQRSRFRVDSODQWHDUVHTXHHIHFWLYDPHQWH
OD DVLPLODFLyQ GH ORV MXGtRV SRGtD VHU XQD PHWD UHODWLYDPHQWH IiFLO GH
DOFDQ]DUSRUSULPHUDYH]HQOD+LVWRULD/DFXHVWLyQVLQHPEDUJRQRHUD
WDQ VHQFLOOD FRPR SRGtDQ SHQVDU DOJXQRV FRQWHPSRUiQHRV 3ULPHUR
SRUTXH ORV MXGtRV TXH D~Q VHJXtDQ VLpQGROR HQ QR SRFDV RFDVLRQHV
UHVXOWDEDQ HVSHFLDOPHQWH ILUPHV HQ VXV FRQYLFFLRQHV FyPR QR VHUOR
WUDV VREUHYLYLU VHPHMDQWH VXFHVLyQ GH WUDJHGLDV" \ VHJXQGR SRUTXH
H[LVWtD OD SRVLELOLGDG GH TXH QR SRFRV GH ORV FRQYHUVRV DIORMDGD OD
SUHVLyQODPHQWDUDQGHWRGRFRUD]yQHOSDVRGDGRHLQWHQWDUDQUHJUHVDUD
VXUHOLJLyQRULJLQDO
1DWXUDOPHQWH OD LJOHVLD FDWyOLFD QR LJQRUDED HO SHOLJUR GH TXH ORV
FRQYHUVRV UHWRUQDUDQ D VX DQWLJXD IH 9LFHQWH )HUUHU XQR GH ORV
SHUVRQDMHVFODYHHQODVFRQYHUVLRQHVPDVLYDVQRKDEtDVLGRWDQRSWLPLVWD
RWDQLQJHQXRFRPRSDUDSHQVDUTXHWRGDVSHUGXUDUtDQ6LQHPEDUJR
HVD FRQWHPSODFLyQ GH OD UHDOLGDG QR OR FRQYLUWLy HQ PiV WROHUDQWH R
VLPSOHPHQWHHQPiVFRPSDVLYRRVHQVDWR3RUHOFRQWUDULRSDUDHYLWDUHO
UHJUHVR DO MXGDtVPR GH ORV FRQYHUVRV KDEtD DERJDGR SRU OD VHSDUDFLyQ
HQWUH HOORV \ ORV MXGtRV (VH GLVWDQFLDPLHQWR GHEtD HMHFXWDUVH DXQTXH
LPSOLFDUD VHSDUDU FUXHOPHQWH D ODV IDPLOLDV 1R IXH HO ~QLFR TXH OR YLR
DVt (O  GH DJRVWR GH  -XDQ , GH$UDJyQ RUGHQy OD VHSDUDFLyQ GH
MXGtRV\FRQYHUVRV\SURKLELyDHVWRV~OWLPRVUH]DURFRPHUFRQHOORV
/D LQIOXHQFLD GH 9LFHQWH )HUUHU QR TXHGy FLUFXQVFULWD D ORV WHUULWRULRV
GH OD &RURQD GH $UDJyQ 'RWDGR GH XQD PHQWH SULYLOHJLDGD D pO VH
GHELy SRU HMHPSOR HO FRPSURPLVR GH &DVSH TXH SXVR ILQ DO FRQIOLFWR
GLQiVWLFR DUDJRQpV QRPEUDQGR VXFHVRU DO FDVWHOODQR )HUQDQGR GH
$QWHTXHUD D VX LQIOXHQFLD \ D OD GHO FRQYHUVR 3DEOR GH 6DQWD 0DUtD
TXHVHUtDRELVSRGH&DUWDJHQD\GH%XUJRVVHGHELHURQODVRUGHQDQ]DVGH
9DOODGROLGGHGHHQHURGHTXHSURKLEtDQDORVMXGtRVWHQHUFDUJRV
HQ HO UHLQR ORV FRQILQDEDQ D XQ EDUULR HVSHFtILFR \ OLPLWDEDQ
HQRUPHPHQWHVXVUHODFLRQHVFRQFDWyOLFRV
1R IXHURQ DTXHOODV GLVSRVLFLRQHV ODV ~QLFDV TXH PDUFDURQ GH PDQHUD
VLQLHVWUDHODxRGHSDUDORVMXGtRV'XUDQWHHOPLVPRHOSDSD/XQD
%HQHGLFWR ;,,, RUGHQy OD FHOHEUDFLyQ GH XQD GLVSXWD HQWUH H[SHUWRV
FULVWLDQRV \ MXGtRV VREUH DOJXQDV FXHVWLRQHV GH FDUiFWHU WHROyJLFR /D
GLVSXWDTXHWXYROXJDUHQ7RUWRVDFRPHQ]yHQHQHURGH\GXUy
KDVWD HO  GH QRYLHPEUH GH $XQTXH FRQVWLWXtD XQD UHSHWLFLyQ GH
ORV HSLVRGLRV TXH KDEtDQ WHQLGR FRPR HVFHQDULR 3DUtV \ %DUFHORQD VX
DOWXUDIXHPXFKRPD\RU
$ORODUJRGHVHVHQWD\QXHYHHQFXHQWURVHOMXGtRGH$OFDxL]<HKRVXD
KD/RUTXt DKRUD EDXWL]DGR FRPR -HUyQLPR GH 6DQWD )H VH HQIUHQWy D
GRFH UDELQRV \ SHUVRQDOLGDGHV MXGtDV GH$UDJyQ -HUyQLPR KDEtD HVWDGR
H[DPLQDQGRGXUDQWHYHLQWHDxRVODVHQVHxDQ]DVGHODVGRVUHOLJLRQHV\DO
ILQDOKDEtDOOHJDGRDODFRQFOXVLyQGHTXHHOFULVWLDQLVPRHUDYHUGDGHUR\
TXH GH KHFKR FRQVWLWXtD OD FRQVXPDFLyQ GHO MXGDtVPR FRQWHQLGR HQ OD
%LEOLD (O 7DOPXG OD EDVH GHO MXGDtVPR GH VX pSRFD FRQWHQtD VLQ
HPEDUJR JUDYHV HUURUHV TXH GHEtDQ VHU UHFKD]DGRV &RQ HO WLHPSR
-HUyQLPR OOHJDUtD D HVFULELU GRV REUDV DSRORJpWLFDV WLWXODGDV&RQWUD
SHUILGLDPLXGDHRUXP\'H,XGDHLVHUURULEXVH[7DOPXW SHURDOLQLFLRGH
OD GLVSXWD \D VH OH SRGtD FRQVLGHUDU XQ YHUGDGHUR H[SHUWR HQ ORV WHPDV
DERUGDGRV
/DSULPHUDSDUWHGHODGLVSXWDGXUyKDVWDPDU]RGH$HVDVDOWXUDV
ORV UDELQRV TXH HUDQ FRQVFLHQWHV GH ORV SHOLJURV TXH VXIUtDQ VXV
FRPXQLGDGHVKDEtDQDOHJDGRTXHHOHSLVRGLRGHEtDFRQFOXLUSRUTXHODV
MXGHUtDVVHUHVHQWtDQGHVXDXVHQFLD6LQHPEDUJRHOFRQYHUVR-HUyQLPR
GH6DQWD)HHVWDEDGHFLGLGRDDO]DUVHFRQXQDYLFWRULDHQWRGDUHJOD(Q
DEULO GH  SUHVHQWy XQD OLVWD GH SDVDMHV GHO 7DOPXG TXH GHEtDQ VHU
FHQWULPLGRV SRUTXH UHVXOWDEDQ LQMXULRVRV SDUD HO FDWROLFLVPR &RPR \D
KHPRV LQGLFDGR OD DFXVDFLyQ VH FRUUHVSRQGtD FRQ OD UHDOLGDG \ ORV
UDELQRV VH YLHURQ REOLJDGRV D VHxDODU TXH VROR ORV VDELRV GHO 7DOPXG
SRGtDQ GDU XQD UHVSXHVWD VREUH HVD FXHVWLyQ 6H WUDWDED GH XQ HVIXHU]R
FDUJDGR GH SUXGHQFLD DXQTXH GLItFLOPHQWH FRQYLQFHQWH GH VDOYDU XQD
VLWXDFLyQ DUULHVJDGD $O ILQDO HQ QRYLHPEUH GH  SUHVHQWDURQ HO
~OWLPRPHPRULDO\VHOOHJyDOILQDOGHODGLVSXWD
6XV UHVXOWDGRV FRPR VH WHPtD IXHURQ PX\ QHJDWLYRV SDUD ODV
FRPXQLGDGHV MXGtDV /RV DUJXPHQWRV GH -HUyQLPR GH 6DQWD )H XQ
KRPEUH TXH KDEtD PHGLWDGR HQ VX FRQYHUVLyQ GXUDQWH GRV GpFDGDV
GLVWDEDQPXFKRGHFDUHFHUGHVROLGH]\QRIXHURQSRFRVORVTXHVHYLHURQ
SHUVXDGLGRVSRUHOORV\VROLFLWDURQUHFLELUHOEDXWLVPR3RUDxDGLGXUDVH
SURFHGLy D H[SXUJDU GHO 7DOPXG ORV SDVDMHV LQMXULRVRV SDUD HO
FDWROLFLVPR SDVDMHV TXH FRPR SXHGH FRPSUHQGHUVH QR FRQWULEX\HURQ
SUHFLVDPHQWHDPHMRUDUODLPDJHQS~EOLFDGHORVMXGtRV
'XUDQWHORVDxRVVLJXLHQWHVDSDUHFLHURQREUDVMXGtDV\FDWyOLFDVHQODV
TXH VH H[SRQtDQ FRQ QRWDEOH DFULWXG WRGR KD\ TXH GHFLUOR ODV
SRVLFLRQHV GH DPEDV UHOLJLRQHV )XQGDPHQWDOPHQWH VH WUDWDURQ GH
HVFULWRVSDUDFRQVXPRLQWHUQRTXHKR\QRVUHVXOWDQGHVXJHVWLYRLQWHUpV
SDUDHOHVWXGLRGHOD+LVWRULDGHOSHQVDPLHQWRUHOLJLRVRHQOD(GDG0HGLD
6LQHPEDUJRHQDTXHOODpSRFDHOLQWHUpVTXHGHVSHUWDURQGLVWyPXFKRGH
VHU PHUDPHQWH LQWHOHFWXDO 6L SRU XQ ODGR HUD XQ LQWHQWR GH HYLWDU XQ
SURFHVR GH DVLPLODFLyQ TXH VH KDEtD DFHOHUDGR GHVGH  SRU HO RWUR
FRQVWLWXtD WRGD XQD SDQRSOLD GH DUJXPHQWRV SDUD MXVWLILFDUOR
'HVJUDFLDGDPHQWH HO GHEDWH QR TXHGy FLUFXQVFULWR DO WHUUHQR GH OD
GLVFXVLyQ

(/18(92352%/(0$&219(562,,
'(/$$&86$&,1'(&5,0(15,78$/
$/265(<(6&$7/,&26

/DV GpFDGDV TXH SUHFHGLHURQ DO UHLQDGR GH ORV 5H\HV &DWyOLFRV
HVWXYLHURQHUL]DGDVGHGLILFXOWDGHVSDUDORVMXGtRVTXHSRUHQpVLPDYH]
HVWXYLHURQUHODFLRQDGDVFRQODDFFLyQGLUHFWDGHODLJOHVLDFDWyOLFD$ODV
SUHVLRQHV SDUD OD FRQYHUVLyQ VH VXPDURQ ORV DFWRV GH YLROHQFLD ODV
UHVWULFFLRQHV OHJDOHV \ GH PDQHUD ELHQ VLJQLILFDWLYD OD GLIXVLyQ GH
KLVWRULDVUHODFLRQDGDVFRQHOFULPHQULWXDO/DDFXVDFLyQGHFULPHQULWXDO
ODQ]DGDFRQWUDORVMXGtRVFRQVWLWX\HXQDGHODVSHRUHVPDQLIHVWDFLRQHVGH
DQWLVHPLWLVPR D OR ODUJR GH OD +LVWRULD \ HVWi UHODFLRQDGD ~QLFD \
H[FOXVLYDPHQWH FRQ OD LJOHVLD FDWyOLFD 1LQJXQD RWUD FRQIHVLyQ
FULVWLDQD FRQVLGHUy TXH VHPHMDQWH FDUJR VH SXGLHUD FRUUHVSRQGHU FRQ OD
UHDOLGDG SHUR OD LJOHVLD FDWyOLFD OR PDQWXYR \ H[SUHVy HQ PHGLRV
RILFLDOHVLQFOXVRGHVSXpVGHOLQLFLRGHO+RORFDXVWR\FRQWLQ~DDGtDGH
KR\ FHOHEUiQGROR OLW~UJLFDPHQWH HQ GLVWLQWDV ORFDOLGDGHV GH (VSDxD 1R
VH WUDWD SXHV GH H[FHVRV DLVODGRV \ VLQ UHODFLyQ FRQ OD MHUDUTXtD
HFOHVLiVWLFD VLQR GH XQD LQIDPLD ODQ]DGD VREUH ORV MXGtRV SRU HO SURSLR
SDSDGR\TXHKDWHQLGRFRQVHFXHQFLDVFUXHQWDVKDVWDKDFHSRFRVDxRV
 (Q&DVWLOODHQVHSWLHPEUHGHFXDWURDxRVDQWHVGHOD'LVSXWDGH
7RUWRVD ORV UDELQRV GH DOJXQDV GH ODV SULQFLSDOHV VLQDJRJDV VHJRYLDQDV
IXHURQDFXVDGRVGHKDEHUSURIDQDGRXQDKRVWLDFRQVDJUDGD/RVDFXVDGRV
VRPHWLGLWRRVDWRUWXUDFRQIHVDURQHOFULPHQ\HORELVSRHQFDUJDGRGHO
FRQRFLPLHQWRGHODFDXVDORVFRQGHQyDPRULUHQODKRUFD$FWRVHJXLGR
FRQILVFy OD VLQDJRJD \ OD GHGLFy DO FXOWR FULVWLDQR /D UHVSXHVWD GH ORV
MXGtRV VHJRYLDQRV IXH SODQHDU HO DVHVLQDWR GHO RELVSR 3HQVDURQ HQ
SHUSHWUDUOR YDOLpQGRVH GHO YHQHQR SHUR GHVFXELHUWRV DQWHV GH HMHFXWDU
VXV SURSyVLWRV IXHURQ FRQGHQDGRV D PXHUWH (O HSLVRGLR SRGUtD KDEHU
DFDEDGRHQXQDVDOWRDODMXGHUtDGHQRKDEHUPHGLDGRODLQWHUYHQFLyQGHO
RELVSR SDUD LPSHGLUOR SHUR VHPHMDQWH SDVR QR VLJQLILFy HO ILQDO GH ODV
SUHVLRQHV VREUH ORV MXGtRV$ HOODV FRQWULEX\HURQ QR SRFR ORV FRQYHUVRV
TXH KDEtDQ HVFDODGR SDUD SURIXQGR GHVDJUDGR GHO SXHEOR OODQR ODV
DOWXUDVPiVHOHYDGDVGHODFRUWH\GHOSRGHUHFOHVLDO
(QHOFRQYHUVR3DEORGH6DQWD0DUtDSXEOLFyGRVREUDVHQIRUPD
GHGLiORJRHQODVTXHDUUHPHWtDFRQWUDHOMXGDtVPRWHROyJLFDPHQWH\OR
TXH HUD PXFKR PiV JUDYH OHJLWLPDED ODV PDWDQ]DV GH  DODEDQGR
WDPELpQD(QULTXHGH7UDVWiPDUDSRUKDEHUVLGRHOSULPHUUH\TXHKDEtD
REOLJDGRDORVMXGtRVDOOHYDUGLYLVDVGLVWLQWLYDV3DEORGH6DQWD0DUtDQR
HUD XQ SHUVRQDMH GH HVFDVD UHOHYDQFLD (OHYDGR D OD VHGH HSLVFRSDO GH
%XUJRV WXYR XQD SDUWH HVHQFLDO HQ OD FDtGD GH GRQ OYDUR GH /XQD HO
WRGRSRGHURVR YDOLGR GHO UH\ GH &DVWLOOD \ FRQFLELy FRPR XQD GH VXV
PHWDV FRQVHJXLU OD DVLPLODFLyQ GH ORV MXGtRV HQ (VSDxD XQD WDUHD TXH
GHMyHQFRPHQGDGDDRWURVFRQYHUVRVFXDQGRYLRDSUR[LPDUVHHOPRPHQWR
GHVXPXHUWH
1RIXHPHMRUODVLWXDFLyQHQOD&RURQDDUDJRQHVD$OJUDQWUDXPDTXH
VLJQLILFDURQODVPDWDQ]DVGHVLJXLHURQODVGLVSRVLFLRQHVFRQWUDULDV
GHOFRQFLOLRGH7RUWRVDGHODSUDJPiWLFDGH)HUQDQGR,GHOD
GLVSXWDGH7RUWRVDDODTXHQRVKHPRVUHIHULGRFRQDQWHULRULGDG\ODEXOD
GHOSDSD/XQDGH1RVRUSUHQGHTXHEXHQQ~PHURGHIDPLOLDVMXGtDV
RSWDUD SRU HO H[LOLR R SRU XQD FRQYHUVLyQ DO FDWROLFLVPR PiV R PHQRV
VLQFHUD 7DPSRFR HV GH H[WUDxDU TXH ODV DOMDPDV IXHUDQ GHVDSDUHFLHQGR
FRPRIUXWRVTXHFDHQGHXQiUEROKHULGR(QORVMXGtRVGH0DOORUFD
IXHURQ REMHWR GH XQ DVDOWR TXH FRQFOX\y FRQ VX EDXWLVPR HQ PDVD \ OD
GHVDSDULFLyQGHODDOMDPD1RVHWUDWDEDGHXQKHFKRH[FHSFLRQDO$GHFLU
YHUGDG HO MXGDtVPR KDEtD HQWUDGR HQ XQD IDVH GH FUHFLHQWH \ YHUGDGHUD
DJRQtD (Q  SRU HMHPSOR VDEHPRV TXH HQ WRGD &DWDOXxD VROR OD
MXGHUtD GH *HURQD FRQWULEXtD \D D ODV FHQDV UHDOHV HQ 9DOHQFLD
~QLFDPHQWH ODV GH &DVWHOOyQ %XUULDQD \ 0XUYLHGUR \ SRFDV PiV HQ
$UDJyQ
5RGHDGRV SRU HVWH HQWRUQR DELHUWDPHQWH KRVWLO ORV MXGtRV TXH
GHFLGLHURQSHUPDQHFHUHQODIHGHVXVSDGUHVIXHURQORVPiVFRQYHQFLGRV
\ILHOHVSHURQRODPD\RUtD4XpHQRUPHFRQYLFFLyQ\HQWHUH]DQRKDEtD
TXH WHQHU SDUD QHJDUVH D HVFDSDU GH ODV SUHVLRQHV \ SDUD UHFKD]DU XQ
FDPLQROOHQRGHSRVLELOLGDGHVGHSURVSHUDU\GHVXELUHQODHVFDODVRFLDO
\PiVFXDQGRKDVWDVREUDEDQORVDUJXPHQWRVWHROyJLFRVSDUDMXVWLILFDUHO
SDVR6LQHPEDUJRODVLWXDFLyQGHORVFRQYHUVRVQRWDUGyHQFKRFDUFRQ
GLILFXOWDGHV /D YLROHQFLD GLULJLGD FRQWUD HOORV FRPR KDEtD VXFHGLGR
GXUDQWHHOVLJORDQWHULRUFRQVXVDQWLJXRVFRUUHOLJLRQDULRVWXYRVXRULJHQ
\VXFRQVXPDFLyQHQHVWDPHQWRVSRSXODUHVSUHYLDPHQWHDWL]DGRVSRUODV
FRQVLJQDVDQWLVHPLWDVGHOFOHUR
(OGHHQHURGHODSREODFLyQGH7ROHGRVHDO]y(OPRWLYRGHO
WXPXOWRIXHHOFRPSRUWDPLHQWRGHORVUHFDXGDGRUHVGHLPSXHVWRV$HVDV
DOWXUDV\DQRHUDQMXGtRVSHURVtHUDQFRQYHUVRV(OGHPD\RGH
ORV WROHGDQRV HQYLDURQ DO UH\ -XDQ ,, XQD FHQWOLFDFLyQ HQ OD TXH VH
H[SUHVDED DELHUWDPHQWH OD FHUWH]D GH TXH H[LVWtD XQD FRQMXUD GH ORV
FRQYHUVRVSDUDDSRGHUDUVHGHWRGRVORVUHVRUWHVGHODFRURQD\DWUDYpVGH
HOORV GRPLQDU &DVWLOOD 6DEHPRV TXH QR SRFRV GH ORV PLHPEURV GH ODV
FODVHV DOWDV WROHGDQDV FRQVLGHUDURQ OD DFXVDFLyQ XQ YHUGDGHUR GLVSDUDWH
SHUR XQD YH] PiV HO SXHEOR OODQR DGRFWULQDGR SRU HO FOHUR KDEtD
HQFRQWUDGR XQ FROHFWLYR DO TXH DWULEXLU WRGRV VXV PDOHV UHDOHV R
LPDJLQDGRV &RQ HO WLHPSR HVD WHRUtD GH OD FRQVSLUDFLyQ FRQYHUVD VHUtD
DUWLFXODGDPiVGHSXUDGDPHQWHHQORVHVFULWRVGH0DUFRV*DUFtDGH0RUD
3UHFLVDPHQWH SRU HOOR \ DSHODQGR D GLVSRVLFLRQHV OHJDOHV GH VLJORV VH
URJDEDDOUH\TXHORVGHVSRMDUDGHFXDOTXLHUFDUJRS~EOLFR
'XUDQWH ORV DxRV VLJXLHQWHV HO HQIUHQWDPLHQWR HQWUH FRQYHUVRV \
FULVWLDQRVYLHMRVROLQGRVQRGHMyGHHQFRQDUVH'HKHFKRORVFRQYHUVRV
VH FRQYLUWLHURQ RFDVLRQDOPHQWH HQ XQD EHVWLD QHJUD PiV WHUULEOH TXH ORV
SURSLRV MXGtRV /RV GDWRV DO UHVSHFWR VRQ ELHQ UHYHODGRUHV 7ROHGR IXH
HVFHQDULR GHO  GH MXOLR DO  GH DJRVWR GH  GH WXPXOWRV TXH
WXYLHURQ FRPR YtFWLPDV QR D ORV MXGtRV VLQR D ORV FRQYHUVRV 6HLV DxRV
GHVSXpVVHSURGXMRXQQXHYRHVWDOOLGRGHHVHWLSRHVWDYH]HQ&yUGRED
(QYtVSHUDVGHODOOHJDGDDOWURQRGHORV5H\HV&DWyOLFRVODVLWXDFLyQGH
ORVMXGtRVGLVWDEDPXFKRGHVHUKDODJHxD/RVTXHD~QSURIHVDEDQODIH
GHVXVSDGUHVQRKDEtDQGHMDGRGHUHFLELUXQJROSHWUDVRWURGHVGH\
DSHVDUGHFRQWDUFRQDOJXQRVSHUVRQDMHVGHUHOLHYHHQVXVILODVQRHUDQ
VLQR XQD VRPEUD GH ORV WLHPSRV SDVDGRV 1L GHPRJUiILFD QL VRFLDO QL
SROtWLFDPHQWH SRGtDQ FRPSDUDUVH FRQ OR TXH KDEtDQ VLGR HQ ORV WLHPSRV
GH )HUQDQGR ,,, HO 6DQWR GH $OIRQVR ; HO 6DELR R GH $OIRQVR ;, (Q
DOJXQDV ]RQDV GH (VSDxD GRQGH KDEtDQ GHVWDFDGR RWURUD SUiFWLFDPHQWH
KDEtDQ GHVDSDUHFLGR HQ OD ULDGD GH OD DVLPLODFLyQ R LPSXOVDGRV SRU HO
KXUDFiQGHOH[LOLR
3RU OR TXH VH UHIHUtD D ORV FRQYHUVRV LQLFLDOPHQWH VX VLWXDFLyQ KDEtD
VLGRYHUGDGHUDPHQWHHQYLGLDEOHVLQGXGDUHVXOWyHQYLGLDGDSHURODV
PDQLIHVWDFLRQHV FRQWUD HOORV LEDQ HQ DXPHQWR SHUPLWLHQGR SUHVDJLDU OR
SHRU3UHFLVDPHQWHORTXHD~QHVWDEDSRUYHQLU(OWUiJLFRGHVHQODFHILQDO
VHGHEHUtDFRPRVLHPSUHDODDFFLyQGLUHFWDGHODLJOHVLDFDWyOLFDTXH
LEDDVHUSDUWHGHFLVLYDHQODFRQILJXUDFLyQGHOD(VSDxDUHXQLILFDGDXQD
(VSDxD FX\D DOPD TXHGDUtD PDUFDGD GH PDQHUD LQGHOHEOH SDUD ORV
VLJXLHQWHVVLJORV
 



/DFRQVXPDFLyQGHOPHQVDMHDQWLVHPLWD
GHODLJOHVLDFDWyOLFD,,,GHODDFXVDFLyQ
GHFULPHQULWXDODODH[SXOVLyQ

/265(<(6&$7/,&26,

/26,1,&,26'(/$,148,6,&,1

3RFRV UHLQDGRV KDQ WHQLGR XQD UHOHYDQFLD VLPLODU HQ OD +LVWRULD GH
(VSDxDFRPRHOGHORV5H\HV&DWyOLFRV$HOORVVHGHELyODUHXQLILFDFLyQ
GH (VSDxD DXQTXH UHVXOWDUD LQFRPSOHWD SRUTXH QR SXGR LQWHJUDU D
3RUWXJDO HO ILQDO GH OD 5HFRQTXLVWD HO SDVR WULXQIDO D ,WDOLD \ HO
GHVFXEULPLHQWR GH$PpULFD &RQ HOORV VH FRQVXPy XQ SURFHVR LQLFLDGR
VLJORV DWUiV SHUR QXQFD FRQFOXLGR GH PRGHODFLyQ GHO DOPD QDFLRQDO
VREUH ORV SDWURQHV \ ORV LQWHUHVHV GH OD LJOHVLD FDWyOLFD (Q HVD
PRGHODFLyQ HVSHFtILFD PiV OLJDGD D OD UHOLJLyQ TXH DO VHQWLPLHQWR
QDFLRQDO PiV YLQFXODGD D OD DJHQGD GH OD LJOHVLD FDWyOLFD TXH D ORV
LQWHUHVHV SXUDPHQWH QDFLRQDOHV WHQGUtDQ XQ SDSHO H[WUDRUGLQDULR GRV
GHFLVLRQHV WUDVFHQGHQWDOHV LPSXOVDGDV SRU ORV 5H\HV &DWyOLFRV /D
SULPHUDIXHODLPSODQWDFLyQGHOD,QTXLVLFLyQ\ODVHJXQGDODH[SXOVLyQ
GHORVMXGtRV
 (Q  HO IUDQFLVFDQR $ORQVR GH (VSLQD KDEtD VROLFLWDGR FRQ HO
UHVSDOGR GH RWURV PLHPEURV GH VX RUGHQ TXH HO UH\ (QULTXH ,9
HVWDEOHFLHUD XQD LQTXLVLFLyQ JHQHUDO HQ ORV WHUULWRULRV GH OD &RURQD GH
&DVWLOOD 6H WUDWDED GH XQ SDVR KDELWXDO HQ ODV yUGHQHV PHQGLFDQWHV
HQWUHJDGDV GH PDQHUD HVSHFLDO D OD SHUVHFXFLyQ GH GLVLGHQWHV \ D OD
SURSDJDFLyQGHODQWLVHPLWLVPR/DILQDOLGDGGHODQXHYDLQVWLWXFLyQGHEtD
VHU HO GHVFXEULU D DTXHOORV FRQYHUVRV TXH SUDFWLFDEDQ HO MXGDtVPR HQ
VHFUHWR \ FDVWLJDUORV FRQ OD SHQD GH KRJXHUD VL IXHUD HVWLPDGR
FRQYHQLHQWH /D ,QTXLVLFLyQ WHQtD SUHFHGHQWHV IXHUD GH (VSDxD GRQGH
KDEtDVLGRXWLOL]DGDHQODSHUVHFXFLyQGHKHUHMHVFRPRORVYDOGHQVHV\ORV
FiWDURV (Q WHRUtD VH WUDWDED SXHV GH XQ LQVWUXPHQWR GH HILFDFLD
FRQWUDVWDGD6LQHPEDUJR(QULTXH,9QRTXHGyQDGDFRQYHQFLGRSRUORV
DUJXPHQWRV GH $ORQVR GH (VSLQD )LQDOPHQWH TXHGy VRPHWLGLWRD D ORV
RELVSRV \ VROR DFWXy HQ 7ROHGR (O UHVXOWDGR IXH TXH ODV DXWRULGDGHV
HFOHVLiVWLFDV OOHJDURQ D OD FRQFOXVLyQ GH TXH OD FHQWXHVWD H[LVWHQFLD GH
PXOWLWXGHVGHFULSWRMXGtRVHUDXQPLWR\TXHDGHPiVSXHVWRVDHQFRQWUDU
KHUHMHV OR PLVPR VH KDOODEDQ HQWUH ORV FULVWLDQRV QXHYRV TXH HQWUH ORV
OLQGRV R YLHMRV (O GDWR UHVXOWD GH HQRUPH LPSRUWDQFLD SRUTXH PXHVWUD
KDVWDTXpSXQWRODWHVLVGHTXH(VSDxDHVWDEDUHERVDQWHGHMXGtRVRFXOWRV
FDUHFH VLPSOHPHQWH GH EDVH &LHUWDPHQWH QR IXHURQ SRFRV ORV TXH
SLGLHURQHOEDXWLVPRSRUWHPRURSRUFRQYHQLHQFLDSHURDOFDERGHXQDV
GpFDGDVWDQWRHOORVFRPRVXVKLMRVVHKDEtDQDVLPLODGRWRWDOPHQWH
6LQHPEDUJRXQDFRVDHUDODUHDOLGDG\RWUDORTXHQRSRFRVGHVHDEDQ
FUHHU \ HQ XQD VRFLHGDG HQ TXH ORV FRQYHUVRV HVWDEDQ GHPRVWUDQGR XQD
H[WUDRUGLQDULD FDSDFLGDG SDUD DVFHQGHU HUD WHQWDGRU DVXPLU TXH HQ
UHDOLGDG QR HUDQ VLQR XQ KDWDMR GH SHOLJURVRV KLSyFULWDV \ KHUHMHV (Q
VXPDVHWUDWDEDGHXQFROHFWLYRDOTXHKDEtDTXHFDVWLJDUSRUVXSHUILGLD
\ GH SDVR SULYDU GH VXV SRVLFLRQHV 7RGR HOOR DFRQWHFtD DOHQWDGR SRU
yUGHQHV UHOLJLRVDV TXH D WUDYpV GHO PHFDQLVPR GHO PLHGR HUDQ
FRQVFLHQWHVGHODXPHQWRGHVXSHVRVRFLDO
/D OXFKD SRU HO SRGHU XWLOL]DQGR FRPR DUPD HO DQWLVHPLWLVPR UHVXOWD
LQQHJDEOHORVSXHVWRVSRUORVTXHVHOXFKDEDIiFLOHVGHLGHQWLILFDU(QOD
&RURQDGH$UDJyQODYLFHFDQFLOOHUtDUHJLDODGHVHPSHxDEDPLFHU$OIRQVR
GHOD&DEDOOHUtDPLFHU-DLPHGHOD&DEDOOHUtDHUDFRQVHMHURUHJLRPRVpQ
0LJXHOGH$OPD]iQKLMRGHMXGtRV\*DVSDUGH%DUUDFKLQDGHFRQYHUVRV
HUDQ VHFUHWDULRV HO EDLOH JHQHUDO GH $UDJyQ HUD HO FRQYHUVR /XLV
6iQFKH](QWUHRWURVFDUJRVRFXSDGRVSRUFRQYHUVRVVHKDOODEDQORVGH
FRSHURGHVSHQVHURPD\RUOXJDUWHQLHQWHGHOWHVRUHURJHQHUDOJREHUQDGRU
GH $UDJyQ HVFULEDQR UDFLRQDO FRQVHUYDGRU GH $UDJyQ R VHFUHWDULR GH
PDQGDPLHQWRVGHMXVWLFLD
/DVLWXDFLyQQRHUDGLIHUHQWHHQOD&RURQDGH&DVWLOOD&RQYHUVRVHUDQ
ORV FRQVHMHURV 3HGUR GH &DUWDJHQD \ 3HGUR$ULDV 'iYLOD HO FRQWDGRU GH
FXHQWDV *RQ]DOR )UDQFR IUD\ $ORQVR GH %XUJRV -XDQ GH 0DOXHQGD
RELVSRGH&RULD$OIRQVRGH9DOODGROLGRELVSRGHHVWDFLXGDG$ORQVRGH
3DOHQ]XHOD RELVSR GH &LXGDG 5RGULJR -XDQ $ULDV 'iYLOD RELVSR GH
6HJRYLDTXHPHGLyHQHOPDWULPRQLRGH,VDEHOGH&DVWLOOD\)HUQDQGRGH
$UDJyQRHOSURSLRFRQIHVRUGHODUHLQDIUD\+HUQDQGRGH7DODYHUD(O
LQWHUURJDQWH HUD VL ,VDEHO \ )HUQDQGR DGRSWDUtDQ VXV GHFLVLRQHV VREUH OD
EDVHGHORVLQWHUHVHVGH(VSDxDRGHODLJOHVLDFDWyOLFD
(OGHRFWXEUHGHVHSUHVHQWyDQWHORVUH\HVTXHVHHQFRQWUDEDQ
HQ &yUGRED IUD\$ORQVR GH 2MHGD (O IUDLOH OHV FRPXQLFy TXH VH KDEtD
GHVFXELHUWRHQ6HYLOODXQFRQYHQWtFXORGHVHLVFULSWRMXGtRVTXHGXUDQWHOD
IHVWLYLGDGGH-XHYHV6DQWRVHEXUODEDQGHODIHFDWyOLFD(OHSLVRGLRFDXVy
XQHQRUPHHVFiQGDORHQWUHODSREODFLyQVHYLOODQDDXQTXHGHEHVHxDODUVH
TXH HUD REYLDPHQWH PHQRU \ TXH QR MXVWLILFDED QL OHMDQDPHQWH OD
LPSODQWDFLyQ GH XQD LQVWLWXFLyQ FRPR OD ,QTXLVLFLyQ /RV UH\HV VLQ
HPEDUJR FRQVLGHUDURQ TXH KDEtD TXH UHFXUULU D PHGLRV GH HQYHUJDGXUD
(Q  GLHURQ VX SHUPLVR SDUD TXH VH SURFHGLHUD D HVWDEOHFHU OD
,QTXLVLFLyQ
$ LQLFLRV GH  VH SURGXMR XQD ROD GH GHWHQFLRQHV GH FRQYHUVRV GH
HOHYDGD SRVLFLyQ (O  GH IHEUHUR HQ SUHVHQFLD GH IUD\ $ORQVR HUDQ
TXHPDGRV VHLV UHRV HQ ORV FDPSRV GH 7DEODGD 1R SRFRV FRQYHUVRV
WHPLHURQTXHVHWUDWDUDWDQVRORGHOLQLFLR\RSWDURQSRUKXLUDWLHUUDVGH
3RUWXJDOHLQFOXVRGHOUHLQRPRURGH*UDQDGD1RVHHTXLYRFDURQHQVXV
WHPRUHV$O SRFR DUGtDQ HQ HO TXHPDGHUR GH 7DEODGD FOpULJRV IUDLOHV H
LQFOXVRORVKXHVRVGHFRQYHUVRVPXHUWRVWLHPSRDWUiV
6LQ HPEDUJR OD UHLQD ,VDEHO QR HVWDED GLVSXHVWD D TXH ORV
DFRQWHFLPLHQWRVVHGHVERUGDUDQ(VHPLVPRMXVWRXQDxRDQWHVGH
FRPHQ]DU OD JXHUUD FRQWUD ORV PRURV GH *UDQDGD ,VDEHO SURPXOJy XQ
HGLFWR GH JUDFLD OODPDQGR D OD SHQLWHQFLD \ D OD UHFRQFLOLDFLyQ D WRGRV
DTXHOORV TXH KDEtDQ DOHQWDGR R SDUWLFLSDGR HQ DVDOWRV FRQWUD ORV MXGtRV
0iVGHYHLQWHPLOSHUVRQDVVHDFRJLHURQDOHGLFWRHQWUHHOODVQRSRFRV
FOpULJRV \ PRQMDV OR TXH GHMDED GH PDQLILHVWR OD YLUXOHQFLD GHO
DQWLVHPLWLVPR TXH SRGtDQ VXIULU QR \D ORV MXGtRV VLQR ORV PLVPRV
FRQYHUVRV (UD VROR HO LQLFLR 7HUPLQDGR HO WLHPSR GH JUDFLD ORV
GRPLQLFRV LQVWDURQ D ORV UH\HV SDUD TXH HO 6DQWR 2ILFLR VH LQVWDODUD HQ
&DVWLOOD\$UDJyQ/RFRQVLJXLHURQ(OGHIHEUHURGHDSHWLFLyQ
GH ORV UH\HV HO SDSD 6L[WR ,9 RWRUJy VX DXWRUL]DFLyQ SDUD FUHDU XQ
&RQVHMR FHQWUHPR GH OD ,QTXLVLFLyQ 6X SUHVLGHQFLD VH FRQILy D IUD\
7RPiVGH7RUTXHPDGDSULRUGH6DQWD&UX]GH6HJRYLD
(O  GH RFWXEUH GH  7RUTXHPDGD HUD LQYHVWLGR SRU XQD EXOD
LQTXLVLGRU JHQHUDO GH $UDJyQ 9DOHQFLD \ &DWDOXxD (Q DEULO GHO DxR
VLJXLHQWH SURFHGtD D QRPEUDU LQTXLVLGRUHV HQ$UDJyQ$FWR VHJXLGR VH
SURGXMRXQDROHDGDGHGHWHQFLRQHV\FRQGHQDVTXHOOHYDEDQDSDUHMDGDOD
FRQILVFDFLyQGHELHQHV/DVLWXDFLyQHUDDQJXVWLRVD\FXDQGRWXYROXJDU
HOHQFDUFHODPLHQWRGH/HRQDUGRGH(OtTXHHQVXpSRFDMXGtDDQWHVKDEtD
WHQLGRHOQRPEUHGH6DPXHODOJXQRVFRQYHUVRV]DUDJR]DQRVGHHVSHFLDO
UHOHYDQFLD VH ODQ]DURQ SRU HO FDPLQR GH OD FRQVSLUDFLyQ SDUD GHWHQHU OD
YLROHQFLD TXH VH KDEtD GHVHQFDGHQDGR VREUH HOORV 5HXQLGRV HQ 6DQWD
(QJUDFLD OOHJDURQ D OD FRQFOXVLyQ GH TXH OD ~QLFD PDQHUD GH GHWHQHU
DTXHOSURFHVRHUDDVHVLQDUDDOJXQRGHORVLQTXLVLGRUHVFHQWXHVWDPHQWH
XQDFWRGHHVHWLSRLQIXQGLUtDHOWHUURUHQRWURVTXHGHFLGLUtDQDEDQGRQDU
$UDJyQRVHYHUtDQGLVXDGLGRVGHDFXGLUDDTXHOORVWHUULWRULRV
(O  GH VHSWLHPEUH GH  XQ JUXSR GH FRQYHUVRV DSURYHFKy XQD
PLVDTXHVHFHOHEUDEDHQOD6HRGH=DUDJR]DSDUDDVHVLQDUDSXxDODGDVDO
LQTXLVLGRU 3HGUR $UEXpV $O GtD VLJXLHQWH ORV GHWDOOHV GHO FULPHQ
FLUFXODEDQ\DSRUODVFDOOHVGHODFLXGDG/RV]DUDJR]DQRVDOJULWRGH$O
IXHJRORVFRQYHUVRVVHDSUHVWDURQDODPDWDQ]D6LHVWDQRWXYROXJDUVH
GHELy D OD HQpUJLFD LQWHUYHQFLyQ GHO DU]RELVSR$OIRQVR KLMR QDWXUDO GHO
UH\)HUQDQGR
(OSURFHVRGHORVDVHVLQRVGH$UEXpVFRQFOX\yFRQHOGHVFXDUWL]DPLHQWR
\PXHUWHHQODKRJXHUDGHDOJXQRVGHHOORVHQWUHORVTXHVHFRQWDEDSRU
HMHPSOR )UDQFLVFR GH 6DQWD )H KLMR GHO SURWDJRQLVWD FDWyOLFR GH OD
'LVSXWD GH 7RUWRVD 4XHGDURQ DGHPiV HQ HQWUHGLFKR \ VRPHWLGLWRRV D
S~EOLFD SHQLWHQFLD SHUVRQDMHV GH OD WDOOD GH $OIRQVR GH OD &DEDOOHUtD
YLFHFDQFLOOHUGH$UDJyQ/XLVGHOD&DEDOOHUtDFDQyQLJR\FDPDUHURGHO
3LODU/RSH;LPpQH]GH8UUHDSULPHUFRQGHGH$UDQGDRGRQ-DLPHGH
1DYDUUD VREULQR GHO UH\ )HUQDQGR 'H QLQJXQR GH HOORV FDEH GXGDU TXH
IXHUDQFDWyOLFRV6LQHPEDUJRQRHVWDEDQGLVSXHVWRVDGHMDUVHGHVSRMDUR
DVHVLQDU SDUD VDWLVIDFFLyQ GH FOpULJRV DPELFLRVRV R GH V~EGLWRV
HQYLGLRVRV
(OUH\)HUQDQGRWXYRTXHKDFHUJDODGHVXVPHMRUHVGRWHVGHJREHUQDQWH
SDUD LPSHGLU TXH ORV DUDJRQHVHV GHVHQFDGHQDUDQ XQD PDWDQ]D GH MXGtRV
HQYHQJDQ]DSRUHODVHVLQDWRGHDOJXLHQDOTXHFRQVLGHUDEDQXQYHUGDGHUR
VDQWR \ TXH GH KHFKR DFDEy VLHQGR FDQRQL]DGR 3RU VL IXHUD SRFR HO
HSLVRGLR VLUYLy SDUD IRUWDOHFHU OD FUHHQFLD GH TXH ORV FRQYHUVRV HUDQ
IDUVDQWHVTXHKDEtDQFDPELDGRGHUHOLJLyQWDQVRORSDUDHVFDODUFRQPiV
IDFLOLGDG SRVLFLRQHV HQ OD FRUWH 7DO \ FRPR VH KDEtD HVFXFKDGR HQ ORV
VLJORVDQWHULRUHVVHDILUPDEDTXHDTXHOORVTXHDFDEDEDQGHHQWUDUHQOD
LJOHVLD REWHQtDQ GH HVD PDQHUD XQDV SUHEHQGDV TXH D ORV TXH YHQtDQ GH
FDVWD GH FULVWLDQRV YLHMRV OHV HVWDEDQ YHGDGDV 4XH HQ OD SURWHVWD KDEtD
PD\RUHV GRVLV GH UHQFRU \ GH HQYLGLD TXH GH YHUGDG \ UD]yQ HV FLHUWR
SHURQRSRUHOORUHVXOWDEDPiVIiFLOFRQWHQHU\DPDQVDUVXViQLPRV
(OGHMXOLRGHOD,QTXLVLFLyQHQWUDEDHQ%DUFHORQD$OIUHQWHVH
KDOODED IUD\ $ORQVR GH (VSLQD DO TXH VH KD LGHQWLILFDGR HUUyQHD \
UHSHWLGDPHQWHFRPRFRQYHUVR(QUHDOLGDGQRORHUD6tHUDFLHUWDSRUHO
FRQWUDULRVXREVHVLyQFRQODSUHVXQWDFRQMXUDGHORVFULVWLDQRVQXHYRV(O
 GH HQHUR GH  JUDFLDV D VX GLOLJHQFLD LQTXLVLWRULDO WHQtD OXJDU HO
SULPHUDXWRGHIHHQ%DUFHORQD(VHPLVPRDxRVHSURFHGLyDODUHIRUPD
GHODVOH\HVX2UGHQDQ]DVGHO6DQWR2ILFLRTXHIXHURQSXEOLFDGDVFRQHO
WtWXOR GH ,QVWUXFFLRQHV 6XV YHLQWLRFKR DUWtFXORV DXPHQWDUtDQ D WUHLQWD \
QXHYHHQ\DFLQFXHQWD\FXDWURHQHODxRGHOIDOOHFLPLHQWRGH
7RUTXHPDGD 3DUD HQWRQFHV FRPR WHQGUHPRV RFDVLyQ GH YHU KDEUtD
SDVDGRPiVGHXQOXVWURGHODH[SXOVLyQGHORVMXGtRV

/265(<(6&$7/,&26,,/$$&86$&,1
'(&5,0(15,78$/

6L OD VLWXDFLyQ GH ORV FRQYHUVRV HQYLGLDEOH GHVGH PXFKRV SXQWRV GH
YLVWD IXH HPSHRUDQGR EDMR HO UHLQDGR GH ,VDEHO \ )HUQDQGR \ HQWUy HQ
XQDSHOLJURVDGHULYDFRQHOHVWDEOHFLPLHQWRGHO6DQWR2ILFLRQRIXHPiV
KDODJHxD OD GH ORV MXGtRV (Q  VH UHXQLHURQ ODV &RUWHV HQ 7ROHGR
SDUDMXUDUDOKHUHGHUR(QWUHODVSHWLFLRQHVSUHVHQWDGDVDORVUH\HVHVWXYR
ODGHTXHREOLJDUDQDORVMXGtRVDYLYLUUHFOXLGRVHQEDUULRVGLVWLQWRVGH
ORV RFXSDGRV SRU ORV FDWyOLFRV /D SHWLFLyQ IXH DGPLWLGD \ UHFLELy XQD
HMHFXFLyQLQFOXVRPiVUHVWULFWLYDHQFDVRVFRPRHOGHO$\XQWDPLHQWRGH
9LWRULDGRVDxRVGHVSXpV
&LHUWDPHQWH ORV UH\HV QR HVWDEDQ GLVSXHVWRV D UHQXQFLDU D ORV EXHQRV
VHUYLFLRV TXH SRGtDQ SUHVWDUOHV ORV MXGtRV 'RQ ,VDDF $EUDEDQHO \ GRQ
$EUDKDP 6HQLRU VH RFXSDURQ SRU HMHPSOR GHO DEDVWHFLPLHQWR \ OD
DGPLQLVWUDFLyQ GH ORV HMpUFLWRV UHJLRV HQ RFDVLyQ WDQ UHOHYDQWH FRPR OD
JXHUUDGH*UDQDGD/RKLFLHURQFRPRRWURVTXHORVKDEtDQSUHFHGLGRHQ
PHQHVWHUHVVHPHMDQWHVGHPDQHUDH[FHOHQWH&RPRPXFKRVRWURVMXGtRV
SRUHMHPSORORVGH*HURQDTXHVDOLHURQDEDLODUGHDOHJUtDDODVFDOOHV
SDUDFHOHEUDUODUHFRQTXLVWDGH*UDQDGDVHFRQVLGHUDEDQRUJXOORVRVGH
FRODERUDUHQODWDUHDGHUHFXSHUDFLyQGHOWHUULWRULRQDFLRQDOTXHVHKDEtD
H[WHQGLGRDORODUJRGHFDVLRFKRVLJORV/DFRODERUDFLyQGHORVMXGtRVHQ
ODJXHUUDKDEtDVLGRWDQQRWDEOHTXHDPHGLGDTXHVHLEDUHFRQTXLVWDQGR
HO UHLQR GH *UDQDGD VH RWRUJDEDQ ODV PLVPDV FRQGLFLRQHV GH SD] \
YDVDOODMHDORVKHEUHRVTXHDORVPRURV)XHORTXHVXFHGLySRUHMHPSOR
HOGHIHEUHURGHFRQORVMXGtRVTXHYLYtDQHQHOUHLQRQD]DUt6H
WUDWDEDGHSULYLOHJLRVOODPDGRVDUHVXOWDUHItPHURV
/D JXHUUD GH *UDQDGD DFDEy HQ ORV ~OWLPRV GtDV GH  &RQ OD
FRQFOXVLyQGHOD5HFRQTXLVWDLEDQDGDUFRPLHQ]RRWUDVHPSUHVDVGHQR
HVFDVD LPSRUWDQFLD HQ HO UHLQDGR GH ORV 5H\HV &DWyOLFRV 1R KDEtDQ
SDVDGR D~Q WUHV PHVHV GHO ILQDO GH OD JXHUUD FXDQGR HQ HO PLVPR
FDPSDPHQWR GH 6DQWD )H GRQGH VH XOWLPy OD UHQGLFLyQ GH *UDQDGD
GHFLGLHURQ)HUQDQGRH,VDEHOH[SXOVDUDORVMXGtRVGHVXVWHUULWRULRVHQHO
SOD]RGHWUHVPHVHVVRSHQDGHPXHUWH\FRQILVFDFLyQ
1L)HUQDQGRQL,VDEHOKDEtDQPRVWUDGRQXQFDDQLPDGYHUVLyQFRQWUDORV
MXGtRV (Q OD FRUWH DEXQGDEDQ ORV TXH OR HUDQ \ ORV TXH OR KDEtDQ VLGR
,QFOXVR)HUQDQGRFRQWDEDHQWUHVXVDQWHSDVDGRVDDOJXQDMXGtDTXHKDEtD
PH]FODGRVXVDQJUHFRQODFDVWHOODQDGHORV$QWHTXHUD7DPSRFRSDUHFH
TXHQLQJXQRGHORVGRVUH\HVSHQVDUDTXHGHEtDREOLJDUVHDORVMXGtRVD
FUHHU HQ XQD UHOLJLyQ GLIHUHQWH GH DTXHOOD D OD TXH GH WRGR FRUD]yQ
GHVHDUDQ HQWUHJDUVH 3HUR XQD FRVD HUD OR TXH SHQVDEDQ ORV 5H\HV
&DWyOLFRV\RWUDORVVHQWLPLHQWRVTXHDEULJDEDQQRSRFRVGHVXVV~EGLWRV
GHVGHKDFtDVLJORVD]X]DGRVSRUHOFOHUR4XHPXFKDJHQWHPiVHQORV
WHUULWRULRV GH OD &RURQD GH$UDJyQ TXH HQ ORV GH &DVWLOOD ORV RGLDED
HVWiIXHUDGHFXHVWLyQ4XHHQHVHVHQWLPLHQWRQRSHVDEDQDGDODUHIOH[LyQ
VHUHQDVREUHORVLQWHUHVHVGH(VSDxDUHVXOWDLQGLVFXWLEOH
6L ILQDOPHQWH ORV 5H\HV &DWyOLFRV UHFXUULHURQ DO H[SHGLHQWH GH OD
H[SXOVLyQVHGHELyDGLYHUVDVFLUFXQVWDQFLDV/DSULPHUDIXHODFUHHQFLD
HQ OD SRVLELOLGDG GH DOFDQ]DU OD XQLGDG UHOLJLRVD TXH QXQFD KDEtD
H[LVWLGR JUDFLDV DO ILQDO GH OD 5HFRQTXLVWD \ D OD GLVROXFLyQ TXH
DIHFWDED GHVGH KDFtD PXFKRV DxRV D ODV DOMDPDV /DV SUHVLRQHV GHVGH
ILQDOHV GHO VLJOR;,,, LQFOXLGDV ODV GLVSXWDV HQ WRUQR DO 7DOPXG
FHOHEUDGDVHQOD&RURQDGH$UDJyQKDEtDQLGRLQFUHVFHQGRHQSDUDOHOR
FRQ XQ GHELOLWDPLHQWR GH ODV SURSLDV FRPXQLGDGHV MXGtDV$ ILQDOHV GHO
VLJOR;9 QR HUDQ SRFRV ORV MXGtRV MyYHQHV TXH VLQ FUHHU HQ OD OH\ GH
0RLVpV SHUR WDPSRFR FUH\HQGR HQ HO FDWROLFLVPR GHMDEDQ OD UHOLJLyQ GH
VXVSDGUHV\VHEDXWL]DEDQHQXQDTXHOHVHUDLQGLIHUHQWH 4XH VH OHV
LPSLGLHUD GDU HVH SDVR UHVXOWDED LPSHQVDEOH HQ SDUWH SRUTXH OD LJOHVLD
FDWyOLFD FRQWHPSODED FRQ DJUDGR ODV FRQYHUVLRQHV \ HQ SDUWH SRUTXH
H[LVWtD XQD VDWLVIDFFLyQ JHQHUDOL]DGD DO YHU TXH KRPEUHV LQWHOLJHQWHV \
FDSDFHV DEDQGRQDEDQ VX IH SDUD DEUD]DU OD FRQVLGHUDGD YHUGDGHUD
6LJXLHURQ MXGDL]DQGR HQ VHFUHWR DTXHOORV FRQYHUVRV SRFR FRQYHQFLGRV"
/RVHVWXGLRVGH%1HWDQ\DKXKDQGHMDGRGHPDQLILHVWRSDUWLHQGRGH
ODVSURSLDVIXHQWHVKHEUHDVTXHHVDHYHQWXDOLGDGVHSURGXMRWDQVRORGH
PDQHUD H[FHSFLRQDO (V FLHUWR TXH HQ DOJXQRV FDVRV DO YHU TXH HO
FRQYHUVRSRULQWHUpVGXGDEDGHOSDVRGDGRRVHVHQWtDDWRUPHQWDGRHQVX
FRQFLHQFLD R VLPSOHPHQWH UHFRUGDED \ EXVFDED D FXDOTXLHU SUHFLR OD
FHUFDQtD GH XQRV IDPLOLDUHV TXH DKRUD OH FRQVLGHUDEDQ PXHUWR \ VH
QHJDEDQ D GLULJLUOH OD SDODEUD DSDUHFtD DOJ~Q UDELQR TXH OH LQVWDED D
DSRVWDWDUGHODLJOHVLDFDWyOLFDSDUDUHJUHVDUDODVHQGDWUDQVLWDGDSRUVXV
SDGUHV 7DPELpQ SDUHFH HVWDEOHFLGR TXH DOJXQRV GH HVRV FRQYHUVRV
GHVPRUDOL]DGRV SRUTXH OD YLGD QR VH OHV KDEtD PRVWUDGR WDQ DJUDGDEOH
FRPR KDEtDQ HVSHUDGR SRUTXH QR KDEtDQ FRQVHJXLGR PHGUDU FRPR
GHVHDEDQ DO ILQ \ D OD SRVWUH UHJUHVDEDQ D VXV DQWLJXRV FDPLQRV 6LQ
HPEDUJR LQVLVWDPRV HQ HOOR ORV FDVRV IXHURQ PX\ FRQWDGRV &XHVWLyQ
DSDUWHHVTXHFRPR\DKHPRVYLVWRVHH[WHQGLHUDODHVSHFLHGHTXHORV
FRQYHUVRV HUDQ IDOVRV FULVWLDQRV HQ SDUWH SRUTXH OLVD \ OODQDPHQWH VH
ORV HQYLGLDED \ HQ SDUWH SRUTXH HO YXOJR HVWDED GLVSXHVWR D FUHHU
FXDOTXLHUFRVDTXHLQIDPDUDDXQVHFWRUGHODVRFLHGDGDERUUHFLGR\HQ
SDUWHQRPtQLPDSRUTXHFLHUWRVVHFWRUHVGHOFOHURVHEHQHILFLDEDQGHHVH
DQWLVHPLWLVPR
3UHFLVDPHQWH HQ HVH FRQWH[WR HQ HO TXH EXHQD SDUWH GHO SXHEOR
LPSXOVDGR SRU OD LJOHVLD FDWyOLFD RGLDED D ORV MXGtRV \ ORV PRQDUFDV
FRQVWLWXtDQHO~QLFRYDOODGDUGHSURWHFFLyQWXYROXJDUXQDFRQWHFLPLHQWR
TXH VHJXUDPHQWH LQIOX\y GH IRUPD GHFLVLYD HQ OD H[SXOVLyQ 1RV
UHIHULPRVDOSURFHVRSRUFULPHQULWXDOGHO1LxRGHOD*XDUGLD
(Q  XQ MXGtR OODPDGR <XFp )UDQFR IXH DFXVDGR GH KDEHU GDGR
PXHUWHDXQQLxRHQXQDEODVIHPDFHUHPRQLDTXHSUHWHQGtDEXUODUVHGHOD
PXHUWH GH -HV~V 4XH HVWH WLSR GH DFXVDFLRQHV VH FRQVLGHUDUDQ
SODXVLEOHPHQWHFRQHFWDGDVFRQODUHDOLGDGHVDOJRTXHHVWDEDHQODPHQWH
GH PXFKRV GHVGH KDFtD QR PHQRV GH GRV VLJORV 5HFRUGHPRV SRU
HMHPSORTXHHQHOOLEUR9,,GHODV3DUWLGDV$OIRQVR;KDFHUHIHUHQFLDD
ORVUXPRUHVTXHFRUUtDQVREUHHVHWHPD\VHSUHRFXSDEDGHDQXQFLDUTXH
FDVRGHSURGXFLUVHXQFDVRVHPHMDQWHHQVXWHUULWRULRVHFDVWLJDUtDFRQOD
SHQD FDSLWDO 3RVLEOHPHQWH HQ XQ LQWHQWR GH GLOXFLGDU OD YHUGDG HQ XQD
FXHVWLyQ TXH WDQWR SRGtD HQFHQGHU ODV SDVLRQHV ,VDEHO RUGHQy TXH VH
RFXSDUD GHO FDVR 7RUTXHPDGD LQVLVWLpQGROH HQ TXH VH WRPDUD WRGR HO
WLHPSRQHFHVDULR\HQTXHVHJXDUGDUDQWRGDVODVIRUPDOLGDGHVOHJDOHV
/RV DSRORJLVWDV FDWyOLFRV KDQ LQVLVWLGR HQ TXH HO SURFHVR VH DMXVWy DO
RUGHQDPLHQWRMXUtGLFRGHODpSRFD$Vt7RUTXHPDGDQRPEUyLQVWUXFWRUHV
GH OD FDXVD FRQ HO HQFDUJR H[SUHVR GH SURFHGHU HQ FRQFLHQFLD DO
HVFODUHFLPLHQWR GH OD YHUGDG GHELHQGR DEVROYHU D ORV GHWHQLGRV TXH
UHVXOWDUDQOLEUHVGHFXOSD$OSURSLR<XFp)UDQFRVHOHSHUPLWLyQRPEUDU
KDVWDWUHVGHIHQVRUHVDORVTXHVHGHMyDFWXDUFRQWRGDOLEHUWDGSDUDYHODU
SRU VXV LQWHUHVHV H LQFOXVR FXDQGR HO DFXVDGRU ILVFDO VH RSXVR D TXH VH
DGPLWLHUDQ GLVWLQWDV SUXHEDV GH GHVFDUJR WRGDV HOODV VH DFHSWDURQ SDUD
TXH QR TXHGDUD VRPEUD GH GXGD VREUH OD YHUDFLGDG GH OR MX]JDGR 6LQ
HPEDUJRHVWDVFLUFXQVWDQFLDVHQDEVROXWRSXHGHQVHUYLUSDUDRFXOWDUTXH
)UDQFRIXHVRPHWLGLWRRDKRUULEOHVWRUWXUDV\FRPRQRSRGtDVHUPHQRV
DFDEy DFXViQGRVH GH KDEHU FRPHWLGLWRR XQ FULPHQ GHO TXH QR WHQtD HO
PHQRUFRQRFLPLHQWR
'LODWDGDUHVXOWyODLQVWUXFFLyQ\XQDYH]TXHWRGDODGRFXPHQWDFLyQGHO
SURFHVRTXHGyFRQFOXLGDVHHQWUHJyDXQMXUDGRGHOTXHIRUPDEDQSDUWH
YDULRVSURIHVRUHVSUHVWLJLRVRVGHOD8QLYHUVLGDGGH6DODPDQFD/RVVLHWH
PLHPEURVGHOMXUDGRHVWXYLHURQUHXQLGRVGXUDQWHWUHVGtDV\ILQDOPHQWH
SURQXQFLDURQ XQ YHUHGLFWR XQiQLPH GH FXOSDELOLGDG FRQWUD<XFp )UDQFR
TXH GHEtD VHU HQWUHJDGR D OD MXVWLFLD UHJLD \ FX\RV ELHQHV KDEtDQ GH VHU
FRQILVFDGRV3HURODFDXVDQRFRQFOX\yDKt
$LQLFLRVGHQRYLHPEUHGHFXDQGR\D*UDQDGDHVWDEDDSXQWRGH
VHUUHFRQTXLVWDGDODFDXVDIXHH[SXHVWDDQWHRWURMXUDGRIRUPDGRDKRUD
SRU KRPEUHV OHWUDGRV GH YLOD 7RGRV HOORV GH PDQHUD XQiQLPH
DSUHFLDURQ TXH HO WULEXQDO GH LQTXLVLGRUHV KDEtD DFWXDGR
FRPSHWHQWHPHQWH\TXH<XFp)UDQFRHUDFXOSDEOH&RQFOX\HURQTXHDTXHO
MXGtRHQFRPSDxtDGHRWURVKDEtDSURFHGLGRDVHFXHVWUDUDXQQLxRGHOD
*XDUGLDGHWUHVRFXDWURDxRV\WUDVIODJHODUORORKDEtDQFUXFLILFDGRXQ
GtDGH9LHUQHV6DQWR$PHGLDGRVGHQRYLHPEUH)UDQFR\VXVSUHVXQWRV
FyPSOLFHVIXHURQDMXVWLFLDGRVHQYLOD
4XpKXERGHFLHUWRHQODVDFXVDFLRQHVIRUPXODGDVGXUDQWHHOSURFHVR
GHO 1LxR GH OD *XDUGLD" 'XUDQWH VLJORV ORV HVFULWRUHV FDWyOLFRV KDQ
VRVWHQLGR TXH VH FRUUHVSRQGtDQ FRQ OD UHDOLGDG \ TXH VLPSOHPHQWH VH
KDEtD HMHFXWDGR MXVWLFLD 6HPHMDQWH FRQGXFWD QR GHEHUtD FDXVDU VRUSUHVD
\DTXHGXUDQWHHOPLVPR+RORFDXVWRSXEOLFDFLRQHVFDWyOLFDVGHFDUiFWHU
RILFLDO VLJXLHURQ GHIHQGLHQGR \ SURSDODQGR OD DFXVDFLyQ GH FULPHQ
ULWXDO (Q HO VLJOR;; SRU HO FRQWUDULR VH LQVLVWLy HQ TXH WRGR KDEtD
VLGR XQ PRQWDMH RUJDQL]DGR DO HVWLOR GH ORV SURFHVRV GH 0RVF~ HQ OD
8566\TXHHOFULPHQQLVLTXLHUDKDEtDWHQLGROXJDU'HVGHOXHJRWRGR
LQGLFD TXH VH WUDWy GH XQ SURFHVR DUWLFXODGR SRU HO FOHUR SDUD FHEDU HO
DQWLVHPLWLVPR GH XQ SXHEOR \ IRUWDOHFHU XQD OH\HQGD FULPLQDO \ FDUHQWH
GH EDVH $O UHVSHFWR ORV GDWRV REMHWLYRV UHVXOWDQ GHPROHGRUHV 3DUD
HPSH]DU HO FDGiYHU GHO QLxR QXQFD IXH HQFRQWUDGR (V FLHUWR TXH ORV
FXOSDEOHV SRGUtDQ KDEHU ROYLGDGR HO OXJDU HQ HO TXH KDEtDQ DEDQGRQDGR
ORVUHVWRVGHODYtFWLPDSHURODFLUFXQVWDQFLDQRFRQWULEX\HDFUHHUHQOD
YHUDFLGDGGHODVDFXVDFLRQHV
(QVHJXQGROXJDUODVSUXHEDVVHUHGXMHURQSUiFWLFDPHQWHDODFRQIHVLyQ
GHORVHQFDXVDGRVREWHQLGDDGHPiVEDMRWRUPHQWR7DQWRODSUiFWLFDGHOD
WRUWXUD FRPR OD DFHSWDFLyQ GH OD FRQIHVLyQ FRPR SUXHED UHLQD HUDQ
KDELWXDOHVHQDTXHOODpSRFDSHURHVRQRJDUDQWL]DTXHORVKHFKRVTXHVH
FRQVLGHUDURQSUREDGRVFRUUHVSRQGLHUDQFRQODUHDOLGDG3RUHOFRQWUDULR
REOLJDDVRVSHFKDUGHVXYHUDFLGDG
7RGRSDUHFHLQGLFDUTXHORVHQFDXVDGRVIXHURQDFXVDGRVGHXQFULPHQ
WDQ KRUULEOH FRPR IDOVR TXH EDMR WRUPHQWR DFDEDURQ FRQIHVDQGR TXL]i
SRUTXH HO GRORU HUD LQVRSRUWDEOH R TXL]i SRUTXH FUHtDQ TXH HQFRQWUDUtDQ
FOHPHQFLDVLDFHSWDEDQODVDFXVDFLRQHVGHTXHHUDQREMHWRRDOPHQRVVH
OLEUDUtDQ GH OD WRUWXUD /DPHQWDEOHPHQWH WRGDYtD HQ OD DFWXDOLGDG VH
VLJXH FHOHEUDQGR OLW~UJLFDPHQWH XQD ILHVWD FDWyOLFD UHODFLRQDGD FRQ HVWH
QLxRTXHQXQFDH[LVWLyFX\RVUHVWRVQXQFDVHKDOODURQ\TXHIXHRULJHQGH
XQFULPHQHVWHFLHUWRGHFDUiFWHUMXGLFLDOSRUHOTXHQXQFDVHSLGLy
SHUGyQ 4XL]iV KXER TXLHQ HVSHUy TXH HQ OD VHQWHQFLD \ VX HMHFXFLyQ
GHEtDKDEHUFRQFOXLGRWRGR1RIXHDVt(QUHDOLGDGVHKDEtDGLVSDUDGRHO
SLVWROHWD]RGHVDOLGDSDUDHOSURFHVRGHH[SXOVLyQGHORVMXGtRV

/265(<(6&$7/,&26,,,/$(;38/6,1

1RKDQIDOWDGRORVLQWHQWRVGHH[SOLFDUODH[SXOVLyQGHORVMXGtRVGHXQD
PDQHUD TXH VLTXLHUD LQGLUHFWDPHQWH OD GLVFXOSDUD R LQFOXVR OD
OHJLWLPDUD <D DQWDxR 6iQFKH] $OERUQR] WDQ O~FLGR \ DFHUWDGR DO
DERUGDU RWURV WHPDV GH OD +LVWRULD HVSDxROD DILUPy TXH ORV MXGtRV
IRUPDEDQXQDHVSHFLHGHFXHUSRH[WUDxRTXHPiVWDUGHRPiVWHPSUDQR
WHQGUtD TXH YHUVH DUURMDGR GHO WHUULWRULR QDFLRQDO 0iV UHFLHQWHPHQWH
/XLV6XiUH]KDDERJDGRSRUXQDFHQWXHVWDLQHYLWDELOLGDGGHODH[SXOVLyQ
'DGRTXHORVMXGtRV\DKDEtDQVLGRH[SXOVDGRVGHRWURVOXJDUHVGDGRTXH
OD GLV\XQWLYD GH OD FRQYHUVLyQ R OD H[SXOVLyQ KDEtD VLGR DSXQWDGD SRU
SHUVRQDMHV GH OD FDWHJRUtD GH 5DLPXQGR /XOLR \ GDGR TXH ORV 5H\HV
&DWyOLFRVFRQWDEDQFRQXQDSRVLELOLGDGGRUDGDGHSURSRUFLRQDUODXQLGDG
GHUHOLJLyQDODQDFLyQHVSDxRODOD([SXOVLyQHUDXQSDVRSUiFWLFDPHQWH
QDWXUDO (Q XQD HQWUHYLVWD UDGLRIyQLFD PDQWHQLGD FRQ HO DXWRU GH HVWDV
SiJLQDVHQUHODFLyQFRQHODQLYHUVDULRGH,VDEHOOD&DWyOLFD/XLV6XiUH]
QRGHMyGHOHJLWLPDUWDQH[HFUDEOHKHFKR\HOXGLyFDOLILFDUVLTXLHUDFRPR
HUURU OD H[SXOVLyQ R H[SUHVDU VX RSLQLyQ VREUH VL SXGR WHQHU DOJXQD
UHODFLyQFRQHOFDVRGHFULPHQULWXDOHQHOTXHSHUHFLHURQ<XFp)UDQFR\
RWURV MXGtRV (O PHQRU FXHVWLRQDPLHQWR GH XQD UHLQD FX\R SURFHVR GH
EHDWLILFDFLyQVHVLJXHLPSXOVDQGRHUDLPSHQVDEOHSDUDHODQWDxRSURIHVRU
4XL]i GHVGH OD SHUVSHFWLYD GH FDWyOLFR SHUWHQHFLHQWH DO FRPLWp SDUD OD
EHDWLILFDFLyQGH,VDEHOOD&DWyOLFD\PLHPEURGHO2SXV'HLWDOFRQGXFWD
HUD FRKHUHQWH 'HVGH OD GHO KLVWRULDGRU UHVXOWDED DEVROXWDPHQWH
LQWROHUDEOH
(Q UHDOLGDG OD FULVLV GH  FRQ HO DVHVLQDWR GHO LQTXLVLGRU
$UEXpV \ HO SURFHVR SRU FULPHQ ULWXDO GHO 1LxR GH OD *XDUGLD SRGtD
KDEHU VLGR QHXWUDOL]DGD VLQ UHFXUULU DO H[SHGLHQWH GH OD H[SXOVLyQ (V
FLHUWR TXH OD LJOHVLD FDWyOLFD OOHYDED VLJORV DWL]DQGR OD KRJXHUD GHO
DQWLVHPLWLVPR \ TXH WDQ YLO FRQGXFWD KDEtD UHFLELGR XQ QXHYR LPSXOVR
FRQODDSDULFLyQGHODVyUGHQHVPHQGLFDQWHV(VFLHUWRTXHH[LVWtDHQWUHOD
SREODFLyQ XQ F~PXOR GH VHQWLPLHQWRV DQWLVHPLWDV TXH YHQtD GH VLJORV
DWUiV \ TXH QR VROR VH GLULJtD FRQWUD ORV MXGtRV VLQR WDPELpQ FRQWUD ORV
FRQYHUVRV (V FLHUWR TXH ORV FLWDGRV HSLVRGLRV H[DFHUEDURQ
FRQVLGHUDEOHPHQWHHVRVVHQWLPLHQWRV7RGRHOORVLQGXGDHVFLHUWRSHUR
QR OR HV PHQRV TXH ORV 5H\HV &DWyOLFRV KXELHUDQ SRGLGR RSWDU SRU XQD
VROXFLyQGLIHUHQWHDODGHFDSLWXODUDQWHODFULVLVFRPRGLFKRVHDGHSDVR
KDEtDQ KHFKR RWURV PRQDUFDV TXH ORV KDEtDQ SUHFHGLGR ,QLFLDOPHQWH
SDUHFLyTXHDVtVHUtD
$SHQDV KDEtDQ SDVDGR XQRV GtDV GH OD HMHFXFLyQ GH ORV SURFHVDGRV
FXDQGRODVWXUEDVVHODQ]DURQDODFDOOHHQYLOD\HQRWURVPXFKRVVLWLRV
GHFLGLGDVDGHVFDUJDUVXFyOHUDVREUHORVMXGtRV3UHFLVDPHQWHSDUDHYLWDU
HVDV VLWXDFLRQHV \ VLJXLHQGR P~OWLSOHV SUHFHGHQWHV MXVWR DO PHV GH OD
HMHFXFLyQ GH )UDQFR )HUQDQGR H ,VDEHO GLFWDURQ XQ GHFUHWR HQ HO TXH
SURFODPDEDQ VX DPSDUR SDUD FRQ ORV MXGtRV \ VXV SURSLHGDGHV 6LQ
HPEDUJRODPHGLGDQRORJUyGHPRPHQWRFRQMXUDUODFULVLV
/DV YRFHV TXH SHGtDQ OD H[SXOVLyQ IXHURQ DXPHQWDQGR \ FRQWDEDQ
DGHPiVFRQDOJ~QSUHFHGHQWHFHUFDQR'XUDQWHDxRVORV5H\HV&DWyOLFRV
KDEtDQ LPSHGLGR TXH VH H[SXOVDUD D ORV MXGtRV GH *XLS~]FRD SHUR HQ
 KDEtDQ DFHSWDGR DTXHOOD H[SXOVLyQ HQ DOJXQDV ]RQDV GH$QGDOXFtD
FRPRHOEDUULRGH7ULDQDRHO&RUUDOGH-HUH]\ORPLVPRKDEtDVXFHGLGR
HQ=DUDJR]D\$OEDUUDFtQGHVSXpVGHODVHVLQDWRGH$UEXpV
/DV UD]RQHV SDUD QR H[WHQGHU OD PHGLGD D OD WRWDOLGDG GHO WHUULWRULR
QDFLRQDOUHVXOWDEDQREYLDV/RVMXGtRVHUDQYDVDOORV~WLOHV\HOSURFHVRGH
DVLPLODFLyQVHKDEtDFRQYHUWLGRHQJDORSDQWHHQDOJXQRVOXJDUHVDOPHQRV
GHVGH KDFtD XQ VLJOR 6LQ HPEDUJR ORV 5H\HV &DWyOLFRV HQ 
GHFLGLHURQ QDYHJDU VREUH OD PDUHD DQWLMXGtD HQ OXJDU GH FRQWHQHUOD
&LHUWDPHQWH FRQ HVD GHFLVLyQ SHUGtDQ QR VROR UHQWDV \ GLQHURV VLQR
SHUVRQDOFXDOLILFDGRFLHUWDPHQWHORVMXGtRVOHVRIUHFLHURQFRPRWDQWDV
YHFHVHQORVVLJORVDQWHULRUHVGLQHURSDUDSHUPDQHFHUHQVXHORHVSDxRO
3HUR OD GHFLVLyQ GH ORV 5H\HV &DWyOLFRV VH LQFOLQy SRU HVFXFKDU PiV HO
FODPRUGHOFOHUR\GHFLHUWRVVHFWRUHVGHOSXHEORD]X]DGRVSRUHOPLVPR
TXHSRUFRQWHQHUORV)XHXQJUDYtVLPRHUURUMXQWRFRQODLPSODQWDFLyQ
GHOD,QTXLVLFLyQHOPD\RUGHVXUHLQDGRTXHSHUPDQHFHUtDFRPRXQD
GH ODV SiJLQDV PiV QHJUDV HQ OD +LVWRULD GH ORV MXGtRV \ TXH DGHPiV
WHQGUtD FRQVHFXHQFLDV IXQHVWDV SDUD (VSDxD SRU PiV TXH LUULWH D ORV
DSRORJLVWDV FDWyOLFRV R D ORV TXH WRGDYtD VLJXHQ LPSXOVDQGR OD FDXVD GH
EHDWLILFDFLyQGH,VDEHOOD&DWyOLFD
(O  GH PDU]R GH  D ORV WUHV PHVHV GH FRQFOXLUVH OD JXHUUD GH
*UDQDGD )HUQDQGR H ,VDEHO SURPXOJDURQ XQD SUDJPiWLFD GRQGH VH
RUGHQDEDODH[SXOVLyQGHORVMXGtRV(QHOODVHVHxDODEDTXHGXUDQWHORV
~OWLPRVDxRVQRKDEtDQVLGRSRFRVORVMXGtRVTXHKDEtDQHQJDxDGRDORV
FRQYHUVRVSDUDTXHDEDQGRQDUDQODUHOLJLyQTXHKDEtDQDEUD]DGRFUHDQGR
WDQVRORGLVFRUGLDV\JUDQGHGDxR(ODUJXPHQWRWHQtDFLHUWDFRQH[LyQFRQ
OD UHDOLGDG SHUR PX\ HVFDVD \ GHVGH OXHJR DELHUWDPHQWH LQVXILFLHQWH
FRPRSDUDMXVWLILFDUXQDPHGLGDFRPRODGHOD([SXOVLyQ
'H DFXHUGR FRQ HO WH[WR WRGRV ORV MXGtRV GHEtDQ DEDQGRQDU ORV UHLQRV
DQWHV GHO  GH MXOLR \ QR RVDU UHJUHVDU D HOORV VR SHQD GH PXHUWH \
FRQILVFDFLyQGHELHQHV3RGtDQHPSHURVDFDUWRGDVVXVSRVHVLRQHVFRQOD
H[FHSFLyQ GHO RUR OD SODWD R OD PRQHGD HV SDUD SUHJXQWDUVH SRU ORV
ELHQHVTXHOHVTXHGDUtDQWUDVHVDVH[FHSFLRQHV\DGHPiVFRQWDUtDQFRQ
HOVHJXURDPSDUR\GHIHQGLPLHQWRGHORVUH\HVSDUDSUHSDUDUVXVDOLGD\
QHJRFLDUVXVELHQHV
$QWH OD WHUULEOH PHGLGD DOJXQRV MXGtRV VH EDXWL]DURQ HQ OD LJOHVLD
FDWyOLFD FRPR HO UDEt $EUDKDP TXH IXH DSDGULQDGR SRU HO FDUGHQDO
0HQGR]D\HOQXQFLRGHOSDSDR$EUDKDP6HQLRU\VX\HUQRHOUDEt0D\U
DORVTXHDSDGULQDURQORVSURSLRV5H\HV&DWyOLFRV2WURVUHFXUULHURQDXQ
H[SHGLHQWH\DDQWLJXRTXHHQRFDVLRQHVKDEtDUHVXOWDGRHOGHHQWUHJDUHO
RURTXHIXHUDVXILFLHQWHSDUDSHUPDQHFHUHQWLHUUDVGH&DVWLOOD\$UDJyQ
'H KHFKR $EUDEDQHO \ RWURV MXGtRV SULQFLSDOHV OOHJDURQ D RIUHFHU
WUHVFLHQWRV PLO GXFDGRV D )HUQDQGR SDUD TXH VH YROYLHUD DWUiV GH OD
GHFLVLyQ6HWUDWyGHXQDHQWUHYLVWDVHFUHWD\DOSDUHFHUHOUH\)HUQDQGR
VH VLQWLy PiV TXH WHQWDGR GH DFHSWDU DTXHO GLQHUR \ GHVDQGDU OR \D
GHFLGLGR &RPR KDQ UHFRQRFLGR DXWRUHV GH OD WDOOD GH % 1HWDQ\DKX
)HUQDQGR QR HUD DQWLVHPLWD \ HV SRVLEOH TXH FRQVLGHUDUD TXH HO
GHVHPEROVR SRGtD FRPSHQVDU HO PDOHVWDU TXH VH FUHDUtD HQWUH HO FOHUR \
FLHUWRV VHFWRUHV GHO SXHEOR OODQR VL ORV MXGtRV ILQDOPHQWH QR HUDQ
H[SXOVDGRV 3RU RWUR ODGR OD WHQWDFLyQ HUD JUDQGH SRUTXH JUDQGH HUD OD
QHFHVLGDG HFRQyPLFD TXH VXIUtDQ ORV 5H\HV &DWyOLFRV WUDV OD JXHUUD GH
*UDQDGD4XLHQLPSLGLyTXHFDPELDUDGHRSLQLyQIXHDOSDUHFHUODUHLQD
,VDEHO$VXMXLFLRVHJXUDPHQWHORTXHFRQVLGHUDEDODSD]HOVRVLHJROD
FDOPDGHOUHLQR\GHODLJOHVLDFDWyOLFD\ODXQLGDGUHOLJLRVDHUDQYDORUHV
TXH QR SRGtDQ VHU YHQGLGRV \ TXH FRPSHQVDEDQ VREUDGDPHQWH ORV
SHUMXLFLRV GHULYDGRV GH OD H[SXOVLyQ GH ORV MXGtRV 'H HVD PDQHUD OD
GHFLVLyQVHFRQYLUWLyHQXQSURFHVRLUUHYHUVLEOH
(O  GH MXOLR GH  ,VDEHO \ )HUQDQGR GLFWDURQ XQD UHDO SURYLVLyQ
SDUD TXH JR]DUDQ GH SURWHFFLyQ DTXHOORV MXGtRV PLHQWUDV VH HQFRQWUDUDQ
HQQXHVWURVUHLQRV\QDGLHOHVSULYDUDGHORVX\RQLOHVLPSXVLHUDWULEXWRV
DEXVLYRV 6LQ HPEDUJR HO UHVSHWR SRU ODV IRUPDOLGDGHV PiV HVWULFWDV QR
SXHGHRFXOWDUODUHDOLGDGDQJXVWLRVDGHODLQMXVWDWUDJHGLD
5LVDV\OiJULPDVVHMXQWDURQFXDQGRORVMXGtRVDEDQGRQDURQORVUHLQRV
5LVDV GH PXFKRV TXH SHQVDEDQ TXH FRQ HOORV VH LEDQ VX RSUHVLyQ \ VX
SHVDU \ WDPELpQ GH RWURV TXH YHtDQ DKRUD YDFtRV ORV SXHVWRV TXH
DPELFLRQDEDQ OiJULPDV GH ORV TXH WHQtDQ TXH DEDQGRQDU OD WLHUUD HQ OD
TXH OOHYDEDQ YLYLHQGR VLJORV \ VH VHQWtDQ WHQWDGRV D GDU FXDOTXLHU SDVR
FRQWDOGHSHUPDQHFHUHQHOOD$OJXQRVRSWDURQSRUGHMDUVHEDXWL]DUHQHO
VHQR GH OD LJOHVLD FDWyOLFD FRPR VXFHGLy HQ 0iODJD GRQGH VHWHFLHQWRV
UHFLpQEDXWL]DGRVUHFLELHURQGHYXHOWDVVLQPHUPDVXVFDVDV\KDFLHQGDV
 $O ILQDO OD PD\RUtD GH ORV MXGtRV XQRV FLHQ PLO PDUFKy D 3RUWXJDO
SHQVDQGR HTXLYRFDGDPHQWH TXH GHVGH DOOt SRGUtDQ UHJUHVDU FRQ
PD\RU SUHVWH]D 2WURV VH HQFDPLQDURQ D 1DYDUUD GH GRQGH VHUtDQ
DUURMDGRV HQ  /RV KXER LQFOXVR TXH VH GLULJLHURQ D ODV WLHUUDV GHO
SDSDDOUHLQRGH1iSROHVRDIULFDDWLHUUDVFRQWURODGDVSRUHOLVODP
&HQVXUDURQ HVWD SURWHFFLyQ QR SRFRV H[WUDQMHURV SHUR VH PDQLIHVWy
HQWXVLDVPDGD FRQ OD H[SXOVLyQ VL QR WRGRV OD DSODVWDQWH PD\RUtD GH
FDWyOLFRV6HWUDWDEDGHXQDPD\RUtDTXHLEDGHVGHHOSDSDTXHRUGHQy
TXHVHFHOHEUDUDXQDFRUULGDGHWRURVSDUDPRVWUDUVXDOHJUtDKDVWDORV
FDUGHQDOHVGHVGHORVPRQDUFDVGHRWUDVQDFLRQHVKDVWDORVSURIHVRUHVGH
ODVXQLYHUVLGDGHV,QFOXVRQRIDOWDURQORVTXHGLMHURQTXHDOILQDO(VSDxD
KDEtDGHFLGLGRVHJXLUODVHQGDTXHHOORVOOHYDEDQWUDQVLWDQGRGHVGHKDFtD
YDULRVVLJORV
(OGH$EGHODxRGHVGHODFUHDFLyQGHOPXQGRHOGHMXOLRGH
 IXH HO ~OWLPR GtD TXH ORV MXGtRV SDVDURQ HQ (VSDxD 7DUGDUtDQ
PXFKR WLHPSR GHPDVLDGR HQ SRGHU UHJUHVDU OHJDO \ DELHUWDPHQWH /D
SULQFLSDO UHVSRQVDEOH GH DTXHO GUDPD SDYRURVR DO LJXDO TXH KDEtD
VXFHGLGRHQHOUHVWRGH(XURSDKDEtDVLGRODLJOHVLDFDWyOLFD
 7(5&(5$3$57(
/D(VSDxDGHOD&RQWUDUUHIRUPD
 



/DDYHQWXUDLPSHULDOGH&DUORV9

(/352<(&72,03(5,$/'(&$5/269

(Q  PXULy HQ 0HGLQD GHO &DPSR ,VDEHO , $ VX PXHUWH (VSDxD
HVWDEDUHXQLILFDGDSHURHOWHMLGRGHODQDFLyQGLItFLOPHQWHKXELHUDSRGLGR
HQFRQWUDUVHPiVSUHxDGRGHVHPLOODVGHGHVJUDFLD$SDUWHGHQRKDOODUVH
FRQFOXLGD OD UHXQLILFDFLyQ IDOWDEDQ 1DYDUUD \ 3RUWXJDO SDUD UHFXSHUDU
ORVOtPLWHVGHODPRQDUTXtDYLVLJRGDHOFLPLHQWRQRHUDHOVHQWLPLHQWR
QDFLRQDO VLQR XQD XQLGDG UHOLJLRVD TXH QR VROR VH KDEtD WUDGXFLGR HQ OD
H[SXOVLyQ GH ORV MXGtRV VLQR HQ OD FRQILJXUDFLyQ GH XQ HVWDGR
SURIXQGDPHQWHUDFLVWDJUDFLDVDODVH[LJHQFLDVGHOLPSLH]DGHVDQJUH
(OSDSD-XOLR,,DILUPDUtDTXHORVHVSDxROHVHUDQXQDUHSXJQDQWHQDFLyQ
PHVWL]D UHSOHWD GH PRURV \ PDUUDQRV +DEtD QR SRFR GH FLHUWR HQ OD
DSUHFLDFLyQTXHGHVHDEDVHULQMXULRVDGHOSRQWtILFHSHURPiVYHUGDGHUD
HOKHFKRGHTXHODLQVLVWHQFLDFDWyOLFDHQODXQLIRUPLGDGUHOLJLRVDKDEtD
FUHDGRXQSUREOHPDTXHVHH[WHQGHUtDDORODUJRGHORVVLJORVFRQSpVLPDV
FRQVHFXHQFLDV1RVRUSUHQGHTXHFRQWDQH[LJXRFHPHQWRQLVLTXLHUDOD
XQLyQWHUULWRULDOSRULQFRPSOHWDTXHIXHUDHVWXYLHUDDVHJXUDGD
(QYLUWXGGHOWHVWDPHQWRGH,VDEHOTXHGyFRPRKHUHGHUDGHOD&RURQD
GH&DVWLOODVXKLMD-XDQDQDFLGDHQ7ROHGRHQ\FDVDGDFRQ)HOLSHHO
+HUPRVR HQ  HQ XQ LQWHQWR SRU DQXGDU ORV OD]RV H[LVWHQWHV HQWUH
&DVWLOOD\OD(XURSDGHO1RUWH&RQWRGRHOWHVWDPHQWRHVWDEOHFtDTXHHQ
FDVR GH TXH QR SXGLHUD JREHUQDU -XDQD OD UHJHQFLD UHFDHUtD VREUH
)HUQDQGRHO&DWyOLFRHVSRVRGHODGLIXQWD\SDGUHGHODKHUHGHUDKDVWD
TXHHOLQIDQWHGRQ&DUORVKLMRGH-XDQDDOFDQ]DUDODHGDGGHYHLQWHDxRV
(O  GH HQHUR GH  ODV &RUWHV GH &DVWLOOD \ /HyQ OD SURFODPDURQ
UHLQDSHURVXPDULGR)HOLSHDOHJyTXHVXIUtDORFXUD\UHFODPySDUDVtHO
JRELHUQR GH &DVWLOOD (O  GH MXQLR GH  )HUQDQGR \ )HOLSH VH
UHXQLHURQHQ3XHEODGH6DQDEULD)HUQDQGRSDUDHYLWDUGLVFRUGLDVDFHSWy
UHWLUDUVHD$UDJyQ\GHMDUHOJRELHUQRGH&DVWLOODHQPDQRVGHVX\HUQR
6LQHPEDUJRQRGLRHVHSDVRJUDWLV3UHYLDPHQWHVHKL]RFRQHOFREURGH
ODPLWDGGHODVUHQWDVGHOUHLQR
)HOLSH HO +HUPRVR PXULy DQWHV GH XQ DxR GH UHLQDGR HO  GH
VHSWLHPEUHGHFHQWXHVWDPHQWHSRUEHEHUDJXDIUtDWUDVLQWHUYHQLU
HQXQMXHJRGHSHORWDHOGtDGHOPLVPRPHV(Q&DVWLOODVHIRUPyXQ
&RQVHMR GH 5HJHQFLD SUHVLGLGR SRU &LVQHURV TXH OODPy D )HUQDQGR HO
&DWyOLFR/DORFXUDGH-XDQDOD/RFDFRPELQDGDFRQODSUHPDWXUDPXHUWH
GH )HOLSH HO +HUPRVR SURYRFy XQD VXFHVLyQ GH UHJHQFLDV SUHYLDV D OD
HQWURQL]DFLyQGHXQMRYHQFtVLPR&DUORV6LQHPEDUJR&DUORVSXGRKDEHU
KHUHGDGR VRODPHQWH ORV WHUULWRULRV GH OD &RURQD GH &DVWLOOD 'H KHFKR
)HUQDQGR FRQFLELy OD LGHD GH FUHDU XQD QXHYD OtQHD VXFHVRULD \ DVt HQ
 FRQWUDMR PDWULPRQLR FRQ XQD MRYHQ GH GLHFLRFKR DxRV OODPDGD
*HUPDQDGH)RL['HHOOD)HUQDQGRWXYRXQKLMRHQTXHPXULy'H
KDEHU VREUHYLYLGR HO LQIDQWH OD ODERU GH UHXQLILFDFLyQ GH (VSDxD
FRQVWUXLGD QR VREUH XQ VHQWLPLHQWR QDFLRQDO VLQR VREUH OD LQWROHUDQFLD
UHOLJLRVD VH KDEUtD TXHEUDGR \ OD QDFLyQ KDEUtD YXHOWR D GLYLGLUVH HQ
GRVFRURQDVLQGHSHQGLHQWHVODVGH&DVWLOOD\$UDJyQ'HKHFKRVHKDEUtD
PDORJUDGRODWDUHDSUHYLDGH,VDEHO\)HUQDQGRGHMDQGRGHPDQLILHVWRVX
HQRUPHIUDJLOLGDG
(Q  )HUQDQGR IXH UHFRQRFLGR UH\ GH 1DYDUUD SRU ODV &RUWHV
QDYDUUDV 6XV WtWXORV HUDQ VX SDUHQWHVFR FRQ HO SUtQFLSH GH 9LDQD HO
DSR\R GH ORV EHDPRQWHVHV HQ OD JXHUUD FLYLO GH 1DYDUUD \ HO UHVSDOGR
SDSDO SRUTXH ORV UH\HV GH 1DYDUUD VH KDEtDQ RSXHVWR D OD /LJD 6DQWD
FRQWUD )UDQFLD ILUPDQGR FRQ HVWH UHLQR HO WUDWDGR GH %ORLV (VD ~OWLPD
FLUFXQVWDQFLD SURYRFy TXH )HUQDQGR HQYLDUD D 1DYDUUD D ODV WURSDV
FDVWHOODQDV DO PDQGR GHO GXTXH GH $OED &RQ XQ UHFRQRFLPLHQWR TXH
DEDUFDEDGHORVQDYDUURVDODVLQVWLWXFLRQHVLQWHUQDFLRQDOHVFRPROD6DQWD
6HGH 1DYDUUD TXHGy UHLQWHJUDGD HQ (VSDxD 3RU FHQWXHVWR FRPR IXH
VLHPSUH FRP~Q HQ OD +LVWRULD GH &DVWLOOD VH UHVSHWDURQ VXV IXHURV H
LQVWLWXFLRQHV
(Q  PXULy )HUQDQGR VLQ WHQHU PiV KLMRV \ OH VXVWLWX\y HQ OD
UHJHQFLDHOFDUGHQDO&LVQHURV(OLOXVWUHFDUGHQDOPXULyHQ5RD%XUJRV
HQFXDQGRLEDDUHFLELUD&DUORVHOQXHYRUH\GH(VSDxD/DORFXUD
GH VX PDGUH -XDQD \ OD PXHUWH GH VX SDGUH )HOLSH HO +HUPRVR KDEtDQ
VLWXDGR D VX KLMR &DUORV HQ HO WURQR HVSDxRO FRQ LQXVLWDGD UDSLGH] 6X
UHLQDGR IXH XQ SHUtRGR WUDVFHQGHQWDO SDUD OD +LVWRULD GH (VSDxD QR VROR
SRUTXH PDUFy VX KHJHPRQtD HQ (XURSD VLQR WDPELpQ SRUTXH HQOD]y OD
+LVWRULDQDFLRQDOFRQXQDVHULHGHFDXVDVTXHHQSXULGDGQDGDWHQtDQTXH
YHU FRQ ORV LQWHUHVHV SDWULRV DXQTXH Vt VH UHODFLRQDEDQ SURIXQGDPHQWH
FRQORVGHODGLQDVWtDDODTXHSHUWHQHFtD&DUORV\WRGDYtDPiVFRQORVGH
ODSROtWLFDLQWHUQDFLRQDOGHODLJOHVLDFDWyOLFD
/D KHUHQFLD WHUULWRULDO GH &DUORV , VROR SXHGH VHU GHVFULWD FRPR
YHUGDGHUDPHQWHLPSUHVLRQDQWH3RUXQODGRHVWDEDQODVSRVHVLRQHVGHOD
(VSDxD GH ORV 5H\HV &DWyOLFRV TXH LQFOXtD $PpULFD ORV WHUULWRULRV HQ
,WDOLD \ ODV SOD]DV HQ HO QRUWH GH IULFD 3RU RWUR ODGR VH KDOODEDQ ORV
HVWDGRVGH0DUtDGH%RUJRxDHQHOQRUWHGH(XURSD)LQDOPHQWHDWRGROR
DQWHULRU VH DFDEDUtD VXPDQGR HO LPSHULR DOHPiQ OR TXH LPSOLFDED XQ
SHVRFODURHQ(XURSD3RUGHVJUDFLDSDUD(VSDxDTXHSURSRUFLRQDEDORV
UHFXUVRV ORV HMHV GH OD SROtWLFD H[WHULRU GH &DUORV IXHURQ
IXQGDPHQWDOPHQWHORVQRHVSDxROHV\GHPDQHUDPX\HVSHFLDO%RUJRxD
\$OHPDQLD (VD FLUFXQVWDQFLD OOHYy D &DUORV D LPSOLFDUVH HQ GLIHUHQWHV
JXHUUDVFRQ)UDQFLDFRQORVWXUFRV\FRQORVSURWHVWDQWHV/DVSULPHUDV
TXL]iVHKDEUtDQSURGXFLGRGHWRGDVIRUPDVODVVHJXQGDVSRGUtDQKDEHUVH
GHVDUUROODGR GH RWUD PDQHUD \ ODV WHUFHUDV QR KXELHUDQ WHQLGR OXJDU (Q
TXH &DUORV , VLJXLHUD VHPHMDQWH UXPER UHDOPHQWH GHVDVWURVR SDUD
(VSDxD WXYLHURQ XQ SDSHO DEVROXWDPHQWH GHFLVLYR ORV LQWHUHVHV GH OD
LJOHVLD FDWyOLFD )XHURQ HVRV LQWHUHVHV GHIHQGLGRV D VDQJUH \ IXHJR ORV
TXH HPSXMDURQ D (VSDxD D XQD VHULH GH FRQIOLFWRV TXH QR SRFDV YHFHV
GHPRVWUDURQ QR VHU QL QHFHVDULRV QL FRQYHQLHQWHV (Q SDUDOHOR D HVD
SROtWLFDH[WHULRUQRSXHGHGHFLUVHHQSXULGDGTXHH[LVWLHUDXQDSROtWLFD
LQWHULRUGH&DUORVVDOYRODHQFDPLQDGDDGUHQDUORVUHFXUVRVHVSDxROHV
HVSHFLDOPHQWHGH&DVWLOOD\ODV$PpULFDVSDUDILQDQFLDUVXVFRQIOLFWRV
HQHOFHQWURGH(XURSD$VtGXUDQWHODSULPHUDIDVHGHOUHLQDGRGH&DUORV
,ODGHQRPLQDGDGHPDQHUDFRQYHQFLRQDOERUJRxRQD(VSDxDVHFRQYLUWLy
HQ HO JUDQHUR FRQ HO TXH PDQWHQHU XQD SROtWLFD \D DUFDLFD D OD VD]yQ
SRUTXHVHRULJLQDEDHQXQDURPiQWLFD\GDxLQDLQWHQFLyQGHUHFRQVWUXLUOD
pSRFD GH &DUORPDJQR 'H PDQHUD ELHQ VLJQLILFDWLYD FXDQGR (XURSD LED
DYDQ]DQGR D ULWPRV GLIHUHQWHV KDFLD HO 5HQDFLPLHQWR SUHOXGLR GH OD
5HIRUPD\GHOD0RGHUQLGDG&DUORVLEDDLPSULPLUD(VSDxDXQGHVWLQR
YLQFXODGRFRQFRQFHSFLRQHVPHGLHYDOHV\DREVROHWDV
1RSXHGHVRUSUHQGHUTXHODOOHJDGDGH&DUORV,D(VSDxDUHVXOWDUDPX\
FRQIOLFWLYD /RV HVSDxROHV VH SHUFDWDURQ HQVHJXLGD GH TXH &DUORV YHtD D
(VSDxDPHUDPHQWHFRPRXQDUFyQGHOTXHVDFDUGLQHURSDUDVXSROtWLFD\
DGHPiVFRQWHPSODURQFRQGHVDJUDGRTXHQRPEUDUDVRORDIODPHQFRVSDUD
ORVSXHVWRVSULQFLSDOHV(VDSROtWLFDGH&DUORVSURYRFyODUHEHOLyQGHODV
&RPXQLGDGHVHQ&DVWLOOD\ODGHODV*HUPDQtDVHQ9DOHQFLD
 /RV &RPXQHURV QR LQWHQWDEDQ GHUURFDU D &DUORV , 6H
TXHMDEDQ HVR Vt GHO SRFR DPRU \ GHO HVFDVR FXLGDGR TXH &DUORV WHQtD
SDUDFRQVXVUHLQRV\HQHVSHFLDOGHOGHVSRMRGH&DVWLOOD(OGHDEULO
GHORV&RPXQHURVVXIULHURQODGHUURWDGH9LOODODU/RVFDEHFLOODVGH
OD UHYXHOWD 3DGLOOD %UDYR \ 0DOGRQDGR IXHURQ GHFDSLWDGRV (Q
DGHODQWH OD SROtWLFD GH &DUORV QR WXYR IUHQRV \ HVWDUtD FDGD YH] PiV
GHWHUPLQDGDSRUVXSDSHOGHHPSHUDGRUFDWyOLFRGH$OHPDQLD
/D HOHFFLyQ LPSHULDO GH &DUORV UHVXOWD XQ HSLVRGLR GH HVSHFLDO
UHOHYDQFLD SRUTXH SHUPLWH YHU OD GXSOLFLGDG GH OD LJOHVLD FDWyOLFD KDFLD
(VSDxD \ D OD YH] OD PDQHUD HQ TXH OD QDFLyQ IXH VDFULILFDGD D ORV
LQWHUHVHVGHHVWDUHOLJLyQ4XHOD6DQWD6HGHFRQWHPSODEDFRQYHUGDGHUD
UHSXJQDQFLD FXDOTXLHU DYDQFH HVSDxRO HUD S~EOLFR \ QRWRULR &RQ OD
H[FHSFLyQGH$OHMDQGUR9,%RUJLDDILQGHFXHQWDVXQHVSDxROORV
SDSDV REVHUYDURQ FRQ HQRUPH DYHUVLyQ HO DYDQFH GH ORV 7HUFLRV SRU OD
SHQtQVXODLWDOLDQD'HHOORVWHPtDQXQUHFRUWHGHVXLQIOXHQFLDSROtWLFDH
LQFOXVRGHVXH[WHQVLyQWHUULWRULDO/ODPDGHVGHOXHJRODDWHQFLyQFyPR
ORV SDSDV VH UHIHUtDQ D ORV HVSDxROHV GH OD pSRFD HQ WpUPLQRV QR VROR
GHVSHFWLYRVVLQRSURIXQGDPHQWHUDFLVWDV/DLGHDSXHVGHTXHXQUH\GH
(VSDxD SXGLHUD DGHPiV FHxLUVH OD FRURQD GHO LPSHULR DOHPiQ UHVXOWDED
LQVRSRUWDEOH 'H PDQHUD H[SUHVD HO SDSD KL]R FDPSDxD HQ FRQWUD GH OD
HOHFFLyQGH&DUORVFRPRHPSHUDGRU(VDSRVLFLyQSDSDOVLQHPEDUJRLED
DUHVXOWDUSURYLGHQFLDOSDUDODFDXVDGHOD5HIRUPDSURWHVWDQWH
(OGHRFWXEUHGHXQPRQMHDJXVWLQROODPDGR0DUWtQ/XWHUR
ILMy QRYHQWD \ FLQFR WHVLV VREUH ODV LQGXOJHQFLDV HQ ODV SXHUWDV GH OD
LJOHVLDGHOFDVWLOORGH:LWWHQEHUJ(ORULJHQGHHVWHSDVRTXHFDPELDUtDOD
+LVWRULD XQLYHUVDO VH HQFRQWUDED HQ ODV SUiFWLFDV HFRQyPLFDV GH FLHUWDV
MHUDUTXtDV FDWyOLFDV LQFOXLGR HO SDSD (Q $OEHUWR GH %UDQGHEXUJR
DU]RELVSR GH 0DJGHEXUJR \ DGPLQLVWUDGRU GH +DOEHUVWDGW IXH HOHJLGR
DU]RELVSRGH0DJXQFLD(QDTXHOODpSRFDORVFDUJRVHSLVFRSDOHVQRVROR
LPSOLFDEDQ XQDV WDUHDV SDVWRUDOHV VLQR TXH OOHYDEDQ DQHMRV XQRV
EHQHILFLRV SROtWLFRV \ HFRQyPLFRV H[WUDRUGLQDULRV KDVWD WDO SXQWR TXH
EXHQ Q~PHUR GH HOORV HUDQ FXELHUWRV SRU PLHPEURV GH OD QREOH]D TXH
FRQWDEDQ DVt FRQ ELHQHV \ SRGHU PiV TXH VXILFLHQWHV SDUD FRPSHWLU FRQ
RWURV WtWXORV (O DU]RELVSDGR GH 0DJXQFLD HUD XQR GH ORV SXHVWRV PiV
DPELFLRQDGRV QR VROR SRU ODV UHQWDV LQKHUHQWHV DO PLVPR VLQR WDPELpQ
SRUTXHSHUPLWtDSDUWLFLSDUHQODHOHFFLyQGHOHPSHUDGRUGH$OHPDQLDXQ
SULYLOHJLROLPLWDGRDXQQ~PHURPX\UHGXFLGRGHSHUVRQDV\VXVFHSWLEOH
GH FRQYHUWLU D VX GHWHQWDGRU HQ UHFHSWRU GH DEXQGDQWHV VRERUQRV $O
DFFHGHUDHVWDVHGH$OEHUWRGH%UDQGHEXUJRDFXPXODEDVLQHPEDUJRXQD
H[WUDRUGLQDULDFDQWLGDGGHEHQHILFLRV\SRUHOORVHOHKDFtDQHFHVDULDXQD
GLVSHQVDSDSDO&RQWRGRODGLVSHQVDHQVtVRORSODQWHDEDXQSUREOHPD\D
TXHHOSDSDVLHPSUHHVWDEDGLVSXHVWRDFRQFHGHUODDFDPELRGHODERQRGH
XQD FDQWLGDG SURSRUFLRQDO DO IDYRU FRQFHGLGR (Q HVWH FDVR H[LJLy GH
$OEHUWRODGHGXFDGRVXQDFLIUDIDEXORVDLPSRVLEOHGHHQWUHJDUDO
FRQWDGR &RPR XQD PDQHUD GH D\XGDUOH D FXEULUOD HO SDSD RIUHFLy D
$OEHUWRODFRQFHVLyQGHOSHUPLVRSDUDODSUHGLFDFLyQGHODVLQGXOJHQFLDV
HQ VXV WHUULWRULRV 'H HVWD DFFLyQ WRGDYtD LEDQ D OXFUDUVH PiV SHUVRQDV
3RU XQ ODGR SRU FHQWXHVWR VH HQFRQWUDED$OEHUWR TXH ORJUDUtD SDJDU DO
SDSD OD GLVSHQVD SDUD RFXSDU VX FRGLFLDGR DU]RELVSDGR SHUR DGHPiV OD
EDQFD GH ORV )XJJHU UHFLELUtD GLQHUR D FDPELR GH DGHODQWDU SDUWH GH ORV
IXWXURV LQJUHVRV GH OD YHQWD GH ODV LQGXOJHQFLDV HO HPSHUDGRU
0D[LPLOLDQR REWHQGUtD SDUWH GH ORV GHUHFKRV \ VREUH WRGR HO SDSD VH
HPEROVDUtDHOFLQFXHQWDSRUFLHQWRGHODUHFDXGDFLyQTXHSHQVDEDGHVWLQDU
D FRQFOXLU OD FRQVWUXFFLyQ GH OD EDVtOLFD GH 6DQ 3HGUR HQ 5RPD (O
QHJRFLRSXHVUHVXOWDEDHVSHFWDFXODU\EHQHILFLDEDDQRSRFRVHVWDPHQWRV
SULYLOHJLDGRV
3DUD FRPSUHQGHU OR TXH VLJQLILFDED OD YHQWD GH LQGXOJHQFLDV KD\ TXH
VLWXDUVHHQODPHQWDOLGDGGHOD(XURSDGHO%DMR0HGLHYR(QHVRVVLJORV
FREUy XQD HQRUPH LPSRUWDQFLD OD FUHHQFLD HQ HO SXUJDWRULR $XQTXH HO
GRJPD QR IXH GHILQLGR FRPR WDO KDVWD HO VLJOR;9 \D FRQWDED FRQ
SUHFHGHQWHVGHVGHHOVLJOR;,,\KDEtDUHFLELGRXQLQPHQVRLPSXOVRFRPR
FRQVHFXHQFLD GH GRV UD]RQHV IXQGDPHQWDOHV /D SULPHUD HUD OD DEVROXWD
FRQYLFFLyQ GH TXH OD PD\RUtD GH ORV VHUHV KXPDQRV QR UHVXOWDEDQ WDQ
SHUYHUVRVFRPRSDUDLUDOLQILHUQRQLWDQERQGDGRVRVFRPRSDUDPHUHFHU
HO FLHOR 'H DKt VH GHVSUHQGtD TXH SDUD ORV KLMRV ILHOHV SHUR EDVWDQWH
SHFDGRUHVGHODLJOHVLDGHEtDH[LVWLUXQOXJDULQWHUPHGLRHQHOTXHIXHUDQ
SXULILFDGRV GXUDQWH XQ WLHPSR PiV R PHQRV SURORQJDGR SHUR GHVGH
GRQGH SXGLHUDQ ILQDOPHQWH DOFDQ]DU HO FLHOR /D VHJXQGD FRQVLVWtD HQ HO
KHFKR WHUULEOH GH OR HItPHUR GH OD H[LVWHQFLD XQD FLUFXQVWDQFLD
DQJXVWLRVDPHQWHFODUDHQXQRVDxRVHQORVTXHODSHVWHRODJXHUUDKDEtDQ
GHVSREODGRFDVLSRUFRPSOHWRUHJLRQHVHQWHUDVGH(XURSD
,QLFLDOPHQWH OD FUHHQFLD HQ HO SXUJDWRULR QR KDEtD HVWDGR OLJDGD D ODV
LQGXOJHQFLDV SHUR QR WDUGy PXFKR HQ HVWDEOHFHUVH XQD UHODFLyQ HQWUH
DPEDV 5HVXOWDED REYLR TXH VL HO SDSD HUD HO FXVWRGLR GHO WHVRUR GH ORV
PpULWRVGH&ULVWR\GHORVVDQWRVSRGtDDSOLFDUORVDORVILHOHVSDUDTXHD
FDPELR GH FLHUWDV SUiFWLFDV HVWRV VXIULHUDQ SRU PHQRV WLHPSR HQ HO
SXUJDWRULR1RSDVDURQPXFKRVDxRVDQWHVGHTXHVHPHMDQWHVFRQFHVLRQHV
IXHUDQ REWHQLGDV PHGLDQWH SDJR \ FUHDUDQ FRPR TXHGD VHxDODGR XQ
QHJRFLRGHVFRPXQDO
&RPR RWUDV YHQWDV GHVWLQDGDV D ODV PDVDV \ D REWHQHU SLQJHV
EHQHILFLRV HVWD WDPELpQ XWLOL]DED UHFXUVRV SURSDJDQGtVWLFRV
H[WUDRUGLQDULRV 6XV YHQGHGRUHV DILUPDEDQ SRU HMHPSOR TXH DSHQDV
VRQDEDQ HQ HO SODWLOOR ODV PRQHGDV FRQ ODV TXH VH KDEtDQ FRPSUDGR ODV
LQGXOJHQFLDV HO DOPD SULVLRQHUD HQ HO SXUJDWRULR YRODED OLEUH KDVWD HO
FLHOR $GHPiV GDGR TXH VHPHMDQWH EHQHILFLR SRGtD DGTXLULUVH QR VROR
SDUDXQRPLVPRVLQRWDPELpQSDUDRWURVQRSRFDVIDPLOLDVGHGLFDEDQXQD
SDUWH GH VXV UHFXUVRV D EHQHILFLDU D VXV VHUHV TXHULGRV \D GLIXQWRV TXH
FHQWXHVWDPHQWHSDGHFtDQHQHOSXUJDWRULR
0DUWtQ/XWHURFRQVLGHUyTXHVHPHMDQWHFRQGXFWDHUDLQGLJQD\GHFLGLy
FRPXQLFDUOR HQ XQ HVFULWR SULYDGR \ PX\ UHVSHWXRVR D VX RELVSR HO
SUHODGRGH%UDQGHEXUJR\D$OEHUWRGH0DJXQFLDTXHHUDHOUHVSRQVDEOH
GH DTXHOOD FDPSDxD FRQFUHWD GH YHQWD GH LQGXOJHQFLDV /R KL]R DGHPiV
VLJXLHQGR HO XVR SURSLR GH ORV SURIHVRUHV XQLYHUVLWDULRV HV GHFLU
UHGDFWDQGR XQ FRQMXQWR GH WHVLV TXH SRGtDQ VHU GLVFXWLGDV FRQ GLYHUVRV
DUJXPHQWRV D IDYRU R QHJDGDV FRQ RWURV HQ FRQWUD $Vt QDFLHURQ ODV
QRYHQWD\FLQFR7HVLV/DVSULPHUDV7HVLVGH/XWHURDSXQWDQDOKHFKRGH
TXH -HVXFULVWR RUGHQy KDFHU SHQLWHQFLD OLWHUDOPHQWH DUUHSHQWtRV HQ
HOWH[WRGHO(YDQJHOLRSHURTXHHVWDHVXQDDFWLWXGGHYLGDTXHFHQWHUD
HO VDFUDPHQWR GHO PLVPR QRPEUH 3UHFLVDPHQWH SRU HOOR HO SDSD QR
SXHGHUHPLWLUQLQJXQDSHQDDPHQRVTXHSUHYLDPHQWHORKD\DKHFKR'LRV
R TXH VHD XQD SHQD LPSXHVWD SRU Vt PLVPR 'H HVWR VH GHVSUHQGtD TXH
DILUPDU TXH OD FRPSUD GH ODV LQGXOJHQFLDV VDFDED D ODV DOPDV GHO
SXUJDWRULRGHPDQHUDLQGLVFULPLQDGDQRHUDVLQRPHQWLU\DTXHHOSDSDQR
GLVSRQtD GH HVH SRGHU 7HVLV      $ ILQ GH FXHQWDV OD
SUHGLFDFLyQ GH ODV LQGXOJHQFLDV QR VROR VH EDVDED HQ XQD LQFRUUHFWD
OHFWXUD GHO GHUHFKR FDQyQLFR VLQR TXH DGHPiV VHUYtD SDUD VDWLVIDFHU OD
DYDULFLD GH GHWHUPLQDGDV SHUVRQDV \ FRORFDU HQ JUDYH SHOLJUR GH
FRQGHQDFLyQ D DTXHOORV TXH FUHtDQ VXV SUpGLFDV FDUHQWHV GH EDVH UHDO
7HVLV      (Q UHDOLGDG VHJ~Q /XWHUR PHGLDQWH
SUHGLFDFLRQHVGHHVWHWLSRVHHVWDEDSDVDQGRSRUDOWRTXH'LRVSHUGRQDD
ORV FUH\HQWHV HQ &ULVWR TXH VH DUUHSLHQWHQ \ QR D ORV TXH FRPSUDQ XQD
FDUWD GH LQGXOJHQFLD /D FODYH GHO SHUGyQ GLYLQR VH KDOOD HQ TXH OD
SHUVRQD VH YXHOYD D eO FRQ DUUHSHQWLPLHQWR \ QR HQ TXH VH DGTXLHUDQ
LQGXOJHQFLDV &RQ DUUHSHQWLPLHQWR \ VLQ LQGXOJHQFLDV HV SRVLEOH HO
SHUGyQ SHUR VLQ DUUHSHQWLPLHQWR \ FRQ LQGXOJHQFLDV OD FRQGHQDFLyQ HV
VHJXUD 3RU RWUR ODGR KDEtD TXH LQVLVWLU WDPELpQ HQ HO KHFKR GH TXH ODV
LQGXOJHQFLDV QXQFD SXHGHQ VHU FHQWHULRUHV D GHWHUPLQDGDV REUDV GH OD
YLGDFULVWLDQD$~QPiVHOKHFKRGHQRD\XGDUDORVSREUHVSDUDDGTXLULU
LQGXOJHQFLDV R GH SULYDU D OD IDPLOLD GH OR QHFHVDULR SDUD FRPSUDUODV
FRQVWLWXtDXQDDERPLQDFLyQTXHGHEtDVHUFRPEDWLGD7HVLV
(QPXOWLWXGGHFROHFWLYRVUtJLGDPHQWHMHUDUTXL]DGRVRGRQGHOD
SHUVRQDOLGDGGHOPi[LPRGLULJHQWHHVHVHQFLDOSDUDODFRKHVLyQVXHOHVHU
FRP~QDQWHORVDEXVRVXQDUHDFFLyQSVLFROyJLFDFRQVLVWHQWHHQFXOSDUGH
HOORVQRDODFDEH]DVLQRDORVHVWUDWRVLQWHUPHGLRVHLQFOXVRSHQVDUTXHVL
ODFDEH]DFHQWLHUDUHDOPHQWHORTXHHVWiVXFHGLHQGRFRUWDUtDSRUORVDQR
(Q HVWH PLVPR VHQWLGR /XWHUR TXH VHJXtD VLHQGR XQ ILHO KLMR GH OD
LJOHVLDFDWyOLFDHVWLPDEDTXHHOHVFiQGDORGHODVLQGXOJHQFLDVQRWHQtD
UHODFLyQ FRQ HO SDSD \ TXH HVWH OR FHQWULPLUtD GH UDt] GH VDEHU OR TXH
HVWDED VXFHGLHQGR 7HVLV     3DUD /XWHUR TXH WHQtD XQ
FRQFHSWR LGHDOL]DGR GHO SDSD TXH IUDQFDPHQWH QR VH FRUUHVSRQGtD HQ
HVWH FDVR FRQ OD UHDOLGDG UHVXOWDED REYLR TXH HO FHQWUR GH OD YLGD
FULVWLDQD TXH GHEtD JLUDU HQ WRUQR D OD SUHGLFDFLyQ GHO (YDQJHOLR QR
SRGtD YHUVH VXVWLWXLGR SRU OD YHQWD GH LQGXOJHQFLDV (VD HUD OD FXHVWLyQ
IXQGDPHQWDOODGHTXHODPLVLyQGHODLJOHVLDHUDSUHGLFDUHO(YDQJHOLR
$OSHUPLWLUTXHFXHVWLRQHVFRPRODVLQGXOJHQFLDVFHQWUDUDQODDWHQFLyQGH
ODV SHUVRQDV OR ~QLFR TXH VH ORJUDED HUD TXH DSDUWDUDQ VX YLVWD GHO
YHUGDGHURPHQVDMHGHVDOYDFLyQ7HVLV
3UHFLVDPHQWH SDUWLHQGR GH HVWRV SXQWRV GH YLVWD LQLFLDOHV OD
GHVYHUJHQ]D \ OD FRGLFLD GH ORV SUHGLFDGRUHV GH LQGXOJHQFLDV OD
FRQYLFFLyQGHTXHHOSDSDQRSRGtDHVWDUGHDFXHUGRFRQDTXHOORVDEXVRV
\ODLPSRUWDQFLDFHQWUDOGHODSUHGLFDFLyQGHO(YDQJHOLR/XWHURSRGtD
DILUPDUTXHODVLQGXOJHQFLDVHQVtSHVHDVXFDUiFWHUGHHVFDVDUHOHYDQFLD
QRHUDQPDODV\TXHSUHFLVDPHQWHSRUHOORUHVXOWDEDLPSHUDWLYRTXHOD
SUHGLFDFLyQ UHIHULGD D ODV PLVPDV VH VXMHWDUD D XQRV OtPLWHV PiV TXH
GHVERUGDGRV HQ DTXHO PRPHQWR 'H OR FRQWUDULR OD LJOHVLD FDWyOLFD
WHQGUtDTXHH[SRQHUVHDFUtWLFDVQRH[HQWDVGHPDODIH\GHFKDFRWDSHUR
DODYH]QXWULGDVGHUD]yQTXHVRORSRGtDQKDFHUGDxRSRUODSDUWHPD\RU
RPHQRUGHYHUGDGTXHFRQWHQtDQ7HVLV

3DUD /XWHUR DTXHOODV REMHFLRQHV QR LPSOLFDEDQ PDOD IH HQ WpUPLQRV
JHQHUDOHV 3RU HO FRQWUDULR FRQVWLWXtDQ XQ JULWR GH SUHRFXSDFLyQ TXH
SRGtD EURWDU GH ODV JDUJDQWDV PiV VLQFHUDPHQWH OHDOHV DO SDSDGR \
SUHFLVDPHQWHSRUHOORPiVDQJXVWLDGDVSRUORTXHHVWDEDVXFHGLHQGR/D
VROXFLyQGHVGHVXSXQWRGHYLVWDQRSRGtDFRQVLVWLUHQVRIRFDUDTXHOORV
FODPRUHV UHSULPLpQGRORV VLQR HQ DFDEDU FRQ XQRV DEXVRV TXH
PHUHFLGDPHQWHFDXVDEDQHOHVFiQGDORGHORVILHOHVIRUPDGRVGHIRUPDEDQ
ODV FRQFHSFLRQHV HVSLULWXDOHV GH ORV PiV VHQFLOORV \ DUURMDEDQ XQ QDGD
SHTXHxRGHVFUpGLWRVREUHODMHUDUTXtD7HVLV
(QVXFRQMXQWRSRUORWDQWRODVQRYHQWD\FLQFR7HVLVHUDQXQHVFULWR
SURIXQGDPHQWH FDWyOLFR H LPSUHJQDGR GH XQD HQFRPLDEOH SUHRFXSDFLyQ
SRUHOSXHEORGH'LRV\ODLPDJHQGHODMHUDUTXtDDQWHHVWH$GHPiVHQ
EXHQDPHGLGDORH[SXHVWRSRU/XWHUR\DKDEtDVLGRVHxDODGRSRUDXWRUHV
DQWHULRUHVHLQFOXVRFDEHGHFLUTXHFRQPD\RUYLUXOHQFLD6LQHPEDUJRHO
PRQMH DJXVWLQR QR FHQWR FDSWDU TXH OD FR\XQWXUD QR SRGtD VHU
KXPDQDPHQWH PiV GHVIDYRUDEOH 1L HO SDSD QL ORV RELVSRV HUDQ WDQ
GHVLQWHUHVDGRV FRPR pO SDUHFtD FUHHU \ GHVGH OXHJR HQ DTXHOORV
PRPHQWRV QHFHVLWDEDQ GLQHUR FRQ XQD IXHU]D PD\RU GH OD TXH OHV
LPSXOVDEDDFXEULUVXODERUSDVWRUDO
4XL]iGHQRKDEHUVLGRHVDODVLWXDFLyQGHQRKDEHUUHTXHULGRHOSDSD
VXPDVWDQFXDQWLRVDVSDUDFRQFOXLUODFRQVWUXFFLyQGHODEDVtOLFDGH6DQ
3HGUR HQ 5RPD GH QR KDEHU QHFHVLWDGR $OEHUWR GH %UDQGHEXUJR WDQWR
GLQHURSDUDSDJDUODGLVSHQVDSDSDOODUHVSXHVWDKXELHUDVLGRFRPHGLGD\
WRGR KXELHUD TXHGDGR HQ XQ PHUR LQWHUFDPELR GH RSLQLRQHV WHROyJLFDV
TXH HQ QDGD DIHFWDEDQ DO HGLILFLR HFOHVLDO 6LQ HPEDUJR ODV FRVDV
GLVFXUULHURQ GH XQD PDQHUD PX\ GLIHUHQWH \ ODV QRYHQWD \ FLQFR 7HVLV
FDPELDURQ GH PDQHUD UDGLFDO H LQHVSHUDGD OD +LVWRULD /XWHUR IXH
WDFKDGR LQPHGLDWDPHQWH GH KHUHMH VH YLR VRPHWLGLWRR DO DFRVR WDQ
FRP~Q GH ORV IDQiWLFRV \ VHJXUDPHQWH OR KDEUtD SDVDGR PX\ PDO GH
QRFRQWDUFRQHOUHVSDOGRGHOSUtQFLSHGHOOXJDUGRQGHVHKDOODEDDVHQWDGR
VXPRQDVWHULR)HGHULFRGH6DMRQLD(OSUtQFLSHSRUDxDGLGXUDHUDXQRGH
ORVTXHGHWHUPLQDEDQFRQVXHOHFFLyQODILJXUDGHOHPSHUDGRU$VtLEDQD
HQWUHFUX]DUVHORVLQWHUHVHVGH&DUORV,FRQORVGHOD6DQWD6HGH\FRQHO
LQLFLRGHOD5HIRUPDSURWHVWDQWH
$ OD VD]yQ HO HPSHUDGRU 0D[LPLOLDQR HVWDED GDQGR WRGRV ORV SDVRV
SRVLEOHV SDUD FRQVHJXLU TXH VX QLHWR &DUORV OH VXFHGLHUD 6HPHMDQWH
FRQVHFXFLyQ QR HUD IiFLO HQ OD PHGLGD HQ TXH OD FRURQD LPSHULDO QR HUD
KHUHGLWDULDVLQRTXHGHSHQGtDGHOYRWRGHYDULRVHOHFWRUHV\HQQRHVFDVD
PHGLGDGHOUHVSDOGRSDSDOTXHGHEtDXQJLUDOQXHYRHPSHUDGRU&DUORV
VLQ HPEDUJR HUD XQ FDQGLGDWR TXH QR JXVWDED DO SRQWtILFH (Q DTXHOORV
PRPHQWRV HUD UH\ GH (VSDxD \ DFXPXODED WHUULWRULRV HQ ,WDOLD \ ORV
3DtVHV %DMRV 6L DGHPiV VH FRQYHUWtD HQ HPSHUDGRU FRQWDUtD FRQ XQD
IXHU]D TXH HUD FRQWHPSODGD FRPR XQD DPHQD]D SRU OD 6DQWD 6HGH (O
SDSDGRFRQVLGHUDEDFRPRORKDEtDKHFKRDQWHV\ORVHJXLUtDKDFLHQGR
GHVSXpV TXH FXDOTXLHU SRGHU SROtWLFR IXHUWH SRGtD OOHJDU D FXHVWLRQDU
VXV SULYLOHJLRV \ SRU WDQWR GHEtD VHU DERUWDGR DQWHV GH TXH DOFDQ]DUD
WRGR VX YLJRU R DO PHQRV GHELOLWDGR &RQ WRGR HO KHFKR GH TXH GH
UHSHQWH DSDUHFLHUD XQ KHUHMH FRQWUD HO TXH VH SRGtD DFWXDU HQ EHQHILFLR
GHO SDSD IXH YLVWR SRU HO HPSHUDGRU 0D[LPLOLDQR FRPR XQD YtD SDUD
FDPELDUHOSXQWRGHYLVWDSDSDOVREUHODVXFHVLyQGHOLPSHULR4XL]iVLHO
SRQWtILFH IXHUD FRQVFLHQWH GHO FHOR UHOLJLRVR GHO HPSHUDGRU GHMDUtD GH
RSRQHUVH D OD HOHFFLyQ GH VX QLHWR &DUORV FRPR VX VXFHVRU 'H PDQHUD
LQPHGLDWD 0D[LPLOLDQR HVFULELy DO SDSD SDUD LQGLFDUOH TXH GHEtD
LQWHUYHQLU FRQWUD HO KHUHMH /XWHUR \ TXH SRU FHQWXHVWR FRQWDED FRQ VX
DSR\R 6L VH H[DPLQD IUtDPHQWH OD VLWXDFLyQ KD\ TXH UHFRQRFHU TXH OD
SRVLFLyQGHODJXVWLQRKDEtDHPSHRUDGRH[WUDRUGLQDULDPHQWHHQPX\SRFR
WLHPSR/XWHURKDEtDFRQWDGRKDVWDHQWRQFHVFRQODSURWHFFLyQGHO(OHFWRU
\FRQHOUHVSDOGRGHORVHUXGLWRVSHURODFRDOLFLyQGHOHPSHUDGRUFRQHO
SDSD GHEtD VHU FRQVLGHUDGD FRPR XQD IXHU]D LPSRVLEOH GH UHVLVWLU (Q
DSDULHQFLDODVXHUWHGH0DUWtQ/XWHURHVWDEDHFKDGD
6LQHPEDUJRHOSDSDHUDPiVTXHFRQVFLHQWHGHTXHODOXFKDFRQWUDOD
KHUHMtDQRHUDXQDILQDOLGDGHQVtFRPRFUHHQPXFKRVFDWyOLFRVVLQR
WDQ VROR XQ PHGLR SDUD PDQWHQHU HO SRGHU GH OD 6DQWD 6HGH /R TXH VH
GLVFXWtD SXHV HQ FRQWUD GH OR TXH SXGLHUD SHQVDU HO HPSHUDGRU
0D[LPLOLDQRQRHUDVLODKHUHMtDGHEtDVHUH[WLUSDGDVLQRTXpFDPLQRHUD
HOPiVIHFXQGRSDUDPDQWHQHUHOSRGHUSDSDOVLQLQWHUIHUHQFLDV(QRWUDV
SDODEUDV HUD PHMRU DFDEDU FRQ XQ KHUHMH \ D FDPELR WHQHU DO UH\ GH
(VSDxD FRPR HPSHUDGRU R LPSHGLU TXH &DUORV VH FLxHUD OD FRURQD
LPSHULDO DXQTXH HO KHUHMH VH HVFDSDUD" (O SDSD RSWy SRU OD VHJXQGD
SRVLELOLGDG $Vt QR UHDFFLRQy FRQWUD /XWHUR SRUTXH GHVHDED REWHQHU HO
YRWR GH VX SUtQFLSH )HGHULFR GH 6DMRQLD SDUD VX FDQGLGDWR$ SHVDU GH
WRGR &DUORV IXH HOHJLGR HPSHUDGRU ORV VRERUQRV SHVDURQ PiV TXH OD
REHGLHQFLDDOSDSDHQWUHORVSLDGRVRVSUtQFLSHVFDWyOLFRV\HOSRQWtILFH
VHHQFRQWUyFRQHOHVFHQDULRLWDOLDQRTXHKDEtDGHVHDGRHYLWDU'HPDQHUD
LQGLUHFWD SXHV OD FDQGLGDWXUD GH &DUORV \ VREUH WRGR OD LQTXLQD TXH
FRQWUD HOOD DEULJDED OD 6DQWD 6HGH SURYRFy XQ UHVSLUR D OD FDXVD GH OD
5HIRUPD)XHFLHUWDPHQWHOD~QLFDEHQHILFLDGDHQDTXHOODHQUHGDGHUDGH
LQWHUHVHVSRFRQREOHVSRUTXHODHOHFFLyQFRQVDJUyODYLVLyQPHGLHYDOGHO
DKRUD&DUORV9TXHXQFLyDHOODD(VSDxD\DXPHQWyORVUHVTXHPRUHV
GHOD6DQWD6HGHFRQWUDHOQXHYRHPSHUDGRU6HUtD(VSDxDODTXHSDJDUtD
DTXHOODDYHUVLyQSDSDO\ORKDUtDGHPDQHUDQROLYLDQD
(OHQIUHQWDPLHQWRHQWUH(VSDxD\)UDQFLDWXYROXJDUSUHFLVDPHQWHHQOD
SHQtQVXODLWDOLDQD&DUORV9QRSRGtDVDEHUORSHURDOILQ\DODSRVWUHVX
SROtWLFDHQ,WDOLDHVWDEDFRQGHQDGDDOIUDFDVRSRUODGHFLVLyQH[SUHVDGHOD
6DQWD6HGH(Q)UDQFLVFR,GH)UDQFLDIXHGHUURWDGRSRU&DUORV9
HQ 3DYtD \ D FRQWLQXDFLyQ HQYLDGR D 0DGULG GRQGH VH OH UHFOX\y HQ OD
WRUUHGHORV/XMDQHV5HQXQFLyHOUH\IUDQFpVDVXVSUHWHQVLRQHVIUDQFHVDV
VREUH0LOiQ\%RUJRxD6LQHPEDUJRXQDYH]HQOLEHUWDG)UDQFLVFR,VH
DOLyFRQOD6DQWD6HGHTXHVHJXtDVLHQGRIXULEXQGDPHQWHDQWLHVSDxROD
HQODGHQRPLQDGD/LJDGH&RJQDF\YROYLyDHQIUHQWDUVHFRQ&DUORV9
(QRWUDVSDODEUDVWRGRYROYtDDOSXQWRGHSDUWLGDSRUTXHHOSDSDGHFLGLy
DOLDUVHFRQHOUH\GH)UDQFLDHQFRQWUDGH(VSDxD
(Q  ODV WURSDV LPSHULDOHV OOHJDURQ D 5RPD OD WRPDURQ \ OD
VDTXHDURQ 7RGDYtD HQ ORV OLEURV GH WH[WR GH OD (VSDxD GH ORV DxRV
VHWHQWD VH LQWHQWy MXVWLILFDU HVH HSLVRGLR VHxDODQGR TXH KDEtDQ VLGR
PHUFHQDULRV OXWHUDQRV TXH VHUYtDQ DO HPSHUDGRU ORV TXH VH KDEtDQ
DWUHYLGRDSURIDQDUOD&LXGDG(WHUQD/DUHDOLGDGKLVWyULFDTXHVDOWDGH
ORVWH[WRVGHODpSRFDIXHPX\GLVWLQWD/DVIXHU]DVHVSDxRODVDUUDVDURQ
5RPDSRUTXHHVWDEDQFRQYHQFLGDVGHTXHHUDXQDVHQWLQDGHYLFLRVGHORV
FXDOHVHOPHQRUQRHUDSUHFLVDPHQWHODSROtWLFDDQWLKLVSDQDGHOSDSD1R
GHMDGHVHUVLJQLILFDWLYRTXHDXWRUHVFRPR)UDQFLVFR'HOLFDGRR$OIRQVR
GH9DOGpVYLHUDQODDFFLyQGHODVWURSDVLPSHULDOHVFRPRXQMXVWRFDVWLJR
GH 'LRV (O SULPHUR VDFHUGRWH pO PLVPR KDEtD GHMDGR WUD]DGR FRQ
VLQJXODU JUDFHMR HQ VX QRYHOD/D OR]DQD DQGDOX]D XQ SDQRUDPD GH
HVFDQGDORVD FRUUXSFLyQ TXH OOHJDED KDVWD ODV PiV DOWDV MHUDUTXtDV
HFOHVLiVWLFDVHOVHJXQGRHQVX'LiORJRGHODVFRVDVDFDHFLGDVHQ5RPD
QRVRORGHVFULEtDODGXSOLFLGDGGHOUH\IUDQFpVVLQRWDPELpQODD~QPHQRV
HVFUXSXORVDSROtWLFDGHOD6DQWD6HGH3RUFHQWXHVWRVHWUDWyGHXQPHUR
SDUpQWHVLV5HFXpUGHVHTXHPXFKRPiVWDUGHWDQVRORHQWUH\
HO SDSD FRPEDWLy HQ VHLV JXHUUDV GH JUDQ FDODGR \ WRGDYtD HQ  OD
EDQGHUDSDSDOWUHPRODEDHQEDUFRVGHJXHUUD
/DILUPDGHODSD]GH&DPEUD\HQWUH)UDQFLVFR,\&DUORV9LED
DRFXOWDUHVDWHUULEOHUHDOLGDGGHODTXH(VSDxDHUDODSULQFLSDOSDJDGRUD
$RFXOWDUTXHQRDHOLPLQDURVXDYL]DU7RGRORFRQWUDULR$HVDVDOWXUDV
&DUORV9\DKDEtDVLGRYLVWRSRUHOSDSDGRFRPRHOLQVWUXPHQWRLGHDOSDUD
GHVDUUROODU VXV RIHQVLYDV HQ HO H[WHULRU (O HPSHUDGRU QR VROR QR VH
SHUFDWy GH ORV ULHVJRV GH HVH FDPELR GH YLVLyQ VLQR TXH OR DEUD]y
HQWXVLDVPDGRHQODHPEULDJXH]TXHOHSURGXFtDSHQVDUTXHSRGUtDVHUXQD
ILJXUD FRPR ODV GHO PHGLHYDO 6DFUR ,PSHULR 5RPDQR*HUPiQLFR /D
6DQWD 6HGH GLR PDUFKD DWUiV HQ VX SROtWLFD DQWLHVSDxROD ~QLFD \
H[FOXVLYDPHQWHSRUODQHFHVLGDGTXHWHQtDGHTXH&DUORV9SHUVLJXLHUDHO
SURWHVWDQWLVPR HQ VXV WHUULWRULRV \ GH PDQHUD HVSHFLDO HQ HO LPSHULR
DERUWDQGRFXDOTXLHUSRVLELOLGDGGHUHIRUPD
,QLFLDOPHQWHODVSUHVLyQTXHVLJQLILFDEDQIUDQFHVHV\WXUFRVHQ
ORV WXUFRV FRQTXLVWDURQ +XQJUtD \ HQ  OOHJDURQ D ODV SXHUWDV GH
9LHQDGHGRQGHIXHURQUHFKD]DGRVREOLJDURQD&DUORV,DSDFWDUFRQORV
SURWHVWDQWHVXQDFLHUWDWROHUDQFLD3HURWDQWRHOSDSDFRPRpOQRSHQVDEDQ
UHVSHWDUOD 3RFR LPSRUWDED TXH SUHJXQWDGR SRU HO HPSHUDGRU &DUORV
(UDVPR KXELHUD UHVSRQGLGR TXH /XWHUR WHQtD UD]yQ DXQTXH KDEtD
FRPHWLGLWRRGRVHUURUHVIDWDOHVHOGHDWDFDUODSDQ]DGHORVPRQMHV\OD
WLDUDGHORVFDUGHQDOHVHQRWUDVSDODEUDVHOGHFXHVWLRQDUVXFRGLFLD\VX
DQVLDGHSRGHU/DWROHUDQFLDHUD~QLFD\H[FOXVLYDPHQWHXQEUHYHUHVSLUR
XQDHItPHUDWUHJXDHQPHGLRGHXQDEDWDOODTXHFRPRHQHOFDVRGHORV
FiWDURVVRORSRGtDDFDEDUFRQHOH[WHUPLQLRGHORVGLVLGHQWHVDPDQRVGH
ORV HMHFXWRUHV GH OD 6DQWD 6HGH /D EDWDOOD GH 0KOEHUJ GH OD TXH HO
~QLFR EHQHILFLR VHUtD XQ PDJQtILFR UHWUDWR HFXHVWUH GH 7L]LDQR IXH
FLHUWDPHQWHXQDPXHVWUDGHTXHORVSURWHVWDQWHVLEDQDVHUSHUVHJXLGRVD
VDQJUH \ IXHJR SHUR VH WUDWy GH XQD YLFWRULD SDVDMHUD HQ PHGLR GH XQ
SDQRUDPD HQ HO TXH ORV ULYDOHV GH &DUORV 9 DFWXDEDQ FRQ PiV
SUDJPDWLVPR
0LHQWUDV&DUORV9VHHPSHxDEDHQDVHQWDUXQQXHYRLPSHULRFDWyOLFR
DOHPiQ FDOFDGR GH OD YLVLyQ PHGLHYDO GH &DUORPDJQR \ ORV 2WRQHV \
GHFLGLGR D DSODVWDU D ORV GLVLGHQWHV UHOLJLRVRV VXV YHUGDGHURV HQHPLJRV
HQWRQFHV HUDQ )UDQFLVFR , GH )UDQFLD \ HO LPSHULR GH OD 6XEOLPH 3XHUWD
HQWRQFHVHQH[SDQVLyQ3RUORTXHVHUHILHUHDOD,QJODWHUUDFLVPiWLFDGH
(QULTXH9,,,\DORVSURWHVWDQWHVDOHPDQHVQLODXQDQLORVRWURVGHVHDEDQ
XQFRQIOLFWRDUPDGRFRQHOHPSHUDGRU$GHFLUYHUGDGKXELHUDQVXVFULWR
XQD DOLDQ]D FRQ (VSDxD FRQ YHUGDGHUR DJUDGR 6ROR OD LQVLVWHQFLD GH
&DUORV9HQVHUYLUORVLQWHUHVHVGHOD6DQWD6HGHSRUHQFLPDGHRWURWLSR
GH FRQVLGHUDFLyQ DFDEy SRU HQDMHQDUOH OD SRVLELOLGDG GH XQ DFXHUGR FRQ
HVWRVDOLDGRVSRWHQFLDOHVHLPSHGLUOHWULXQIDUVREUHORVHQHPLJRVUHDOHV
3RGUiGHFLUVHHQVXH[FXVDTXHVRORVHJXtDHOHVStULWXGHODpSRFD3RGUi
GHFLUVHSHURQRGHMDUiGHVHUXQFUDVRHUURU)UDQFLVFR,HUDFDWyOLFRSHUR
QRHVWDEDGLVSXHVWRDVRPHWHUDVXQDFLyQDORVLQWHUHVHVGHOD6DQWD6HGH
6LVHDOLDEDFRQ)UDQFLDHOSDSDHUDXQEXHQDOLDGRSHURVLQRORKDFtDQR
SRU HVR )UDQFLVFR , VH VRPHWHUtD D VXV GHFLVLRQHV $Vt HO PRQDUFD
IUDQFpV D SHVDU GH VX LQIHULRULGDG GH PHGLRV FHQWR DSURYHFKDU OD
VLWXDFLyQLQWHUQDFLRQDOHQEHQHILFLRSURSLR\VHDOLyVLQQLQJ~QSUREOHPD
GH FRQFLHQFLD SUHVXPtD GHO FDWROLFLVPR GH VX FRURQD FRQ HO WXUFR
6ROLPiQHO0DJQtILFRHQ,QFOXVREULQGyVXDSR\RDORVSURWHVWDQWHV
DOHPDQHV HQ OD PHGLGD HQ TXH DPERV SDVRV SRGtDQ VRFDYDU HO SRGHU
LPSHULDO GH &DUORV 9 (O PRQDUFD IUDQFpV VDEtD TXH OD EDVH GH ORV
LQWHUHVHVGHVXQDFLyQQRSRGtDVHUODUHOLJLyQ\DFWXDEDHQFRQVHFXHQFLD
&DUORV 9 SRU HO FRQWUDULR VHJXtD OD HVWHOD WUD]DGD SRU ORV 5H\HV
&DWyOLFRVFRQSpVLPDVFRQVHFXHQFLDV
0LHQWUDVORVQDYtRVSRUWDGRUHVGHOPHWDODPHULFDQRQLVLTXLHUDSDVDEDQ
SRU(VSDxDVLQRTXHLEDQDGHMDUVXSUHFLRVRFDUJDPHQWRHQORVSXHUWRV
GHO QRUWH GH (XURSD SDUD SDJDU D ORV SUHVWDPLVWDV TXH WDPSRFR HUDQ
HVSDxROHV &DUORV , PXOWLSOLFDED ORV HUURUHV HQ SROtWLFD LQWHUQDFLRQDO
VLHPSUHLQWHQWDQGRVDWLVIDFHUHOSXMRFDWyOLFR$VtLQWHQWyUHVSRQGHUDOD
DJUHVLyQ LVOiPLFD ODQ]DQGR XQD GLVFXWLEOH H[SHGLFLyQ FRQWUD 7~QH]
 FRQFHELGD HQ WRQRV PiV FDEDOOHUHVFRV TXH HVWUDWpJLFRV /D
UHVSXHVWD GH )UDQFLD IXH DSURYHFKDU HVD FR\XQWXUD SDUD DSRGHUDUVH GHO
GXFDGRGH6DER\DOODYHGHODIURQWHUDDOSLQD/DWUHJXDGH1L]DGH
DFHSWy HVWD JDQDQFLD IUDQFHVD \ DVt GHELOLWy OD SRVLFLyQ GH &DUORV , HQ
,WDOLD XQ REMHWLYR TXH FRPR UHFRUGDUHPRV VLHPSUH KDEtDQ SHUVHJXLGR
)UDQFLD\OD6DQWD6HGH
(Q  WXUFRV \ IUDQFHVHV YROYLHURQ D ODQ]DUVH D OD RIHQVLYD
RFDVLRQDQGR D &DUORV VHQGDV GHUURWDV HQ $UJHO \ &HULVROHV /D SD] GH
&UpS\  FRQ OD TXH VH ]DQMy HO FRQIOLFWR UHFRQRFLy ODV JDQDQFLDV
REWHQLGDV SRU )UDQFLD DXQTXH )UDQFLVFR , VH FRPSURPHWLy D QR VHJXLU
DOLDGR FRQ 7XUTXtD QL D D\XGDU D ORV SURWHVWDQWHV DOHPDQHV 3RFD
FRQWUDSDUWLGDSDUDWDQWRJDVWR\WDQWDSpUGLGDDXQTXHVLQGXGDVDWLVIL]R
HOODGRFDWyOLFRGHOPRQDUFD
 1R HUDQ EDUDWDV DTXHOODV FDPSDxDV HMHFXWDGDV VLQ HO PHQRU EHQHILFLR
SDUD(VSDxD$GHFLUYHUGDGHOFRVWHGHODHPSUHVDLPSHULDOGH&DUORV9
HUDPX\FXDQWLRVR(QEXHQDPHGLGDVHFXEULyFRQORVSURGXFWRVGH3HU~
FX\DVPLQDVGH3RWRVtVHGHVFXEULHURQHQ(QRWUDVSDODEUDV(VSDxD
QL VH DSURYHFKDED GHO PHWDO DPHULFDQR QL WDPSRFR OR XWLOL]DED SDUD
JHQHUDU ULTXH]DV SURSLDV 'LODSLGDED PiV ELHQ VX RUR \ VX VDQJUH HQ HO
SURJUDPD H[WHULRU GH XQD 6DQWD 6HGH TXH GHELy GH FRQWHPSODU QR VLQ
FLHUWD VRUSUHVD FyPR HO PRQDUFD DO TXH WDQWDV YHFHV KDEtD DWDFDGR \
WUDLFLRQDGRDJRWDEDODVDUFDVGH(VSDxDSDUDDJUDGDUOD

(/)5$&$62'(/$(035(6$,03(5,$/

/DWHUFHUDIDVHGHOUHLQDGRGH&DUORV,ODGHQRPLQDGDLPSHULDOVROR
LPSOLFy DKRQGDU HQ ORV HUURUHV SUHYLRV GHMDQGR GH PDQLILHVWR KDVWD TXp
SXQWR HO SUR\HFWR SROtWLFR H LQWHUQDFLRQDO KDEtD IUDFDVDGR /D ILQDOLGDG
SULQFLSDOGHODSROtWLFDGH&DUORV9HQHVDHWDSDIXHPDQWHQHUHOFRQWURO
VREUH HO LPSHULR \ DQLTXLODU HO SURWHVWDQWLVPR (Q DPERV REMHWLYRV
IUDFDVy&DUORV9\QRSRGtDKDEHUVLGRGHRWUDPDQHUD(QSULPHUOXJDU
SRUTXH HO SDSD D SHVDU GH OD HQWUHJD GHVLQWHUHVDGD GH ORV FDXGDOHV GH
(VSDxD SRU SDUWH GH &DUORV 9 WHQtD PLHGR GH XQ HPSHUDGRU GHPDVLDGR
IXHUWH\GHXQD(VSDxDUREXVWDTXHSXGLHUDKDFHUVRPEUDHQ,WDOLDDORV
(VWDGRV3RQWLILFLRV$VtGHVSXpVGHORVSULPHURVWULXQIRVLPSHULDOHVOD
6DQWD 6HGH UHWLUy VX D\XGD D &DUORV 9 (Q VHJXQGR OXJDU SRUTXH HQ
UHVSXHVWDDODDJUHVLyQFDWyOLFRLPSHULDOORVSURWHVWDQWHVFUHDURQOD/LJD
GH 6PDONDOGD (VWD DOLDQ]D GH GHIHQVD IUHQWH D ORV DWDTXHV FDWyOLFRV QR
GXGyHQSDFWDUFRQ(QULTXH,,GH)UDQFLDXQDYH]TXHFRPSUHQGLyTXHODV
SRVLELOLGDGHVGHOOHJDUDXQDFXHUGRFRQHOHPSHUDGRUVRPHWLGLWRRDORV
GHVHRV GH OD 6DQWD 6HGH HUDQ QXODV (QHPLJR QDWXUDO GH &DUORV 9
(QULTXH ,, SLDGRVR FDWyOLFR QR WXYR QLQJ~Q LQFRQYHQLHQWH HQ D\XGDU D
ORVSURWHVWDQWHVDOHPDQHVLQLFLDQGRODPDUFKDVREUHHO5KLQ*XVWDUDRQR
D OD 6DQWD 6HGH ORV LQWHUHVHV GH VX QDFLyQ HVWDEDQ SRU GHODQWH GH
FXDOTXLHURWUR/DVXHUWHGHODVDUPDVUHVXOWyWDQQHJDWLYDSDUD&DUORV9
TXHHVWXYRDSXQWRGHVHUFDSWXUDGRHQ,QQVEUXFN
(Q  GHUURWDGR SRU ORV SURWHVWDQWHV TXH KDEtDQ VREUHYLYLGR D ODV
VXFHVLYDV HPEHVWLGDV FDWyOLFDV &DUORV 9 DFFHGLy D ILUPDU OD SD] GH
$XJVEXUJR (O GRFXPHQWR WHQGUtD XQD HQRUPH WUDVFHQGHQFLD HQ OD
+LVWRULD GH ORV 'HUHFKRV +XPDQRV SRUTXH HQ pO VH FRQVDJUDED HO
SULQFLSLR GH OD OLEHUWDG UHOLJLRVD QR SRUTXH DVt OR GHVHDUD HO FDWyOLFR
HPSHUDGRU VLQR PX\ D SHVDU VX\R \ GH OD LJOHVLD FDWyOLFD $O DxR
VLJXLHQWH&DUORV9ILUPyFRQ)UDQFLDODWUHJXDGH9DXFHOOHVHQYLUWXGGH
ODFXDOVHUHJUHVDEDDOVWDWXTXRDQWH
'H WRGRV HV VDELGR TXH OD HPSUHVD LPSHULDO GH &DUORV 9 IUDFDVy \
IUDFDVy GH PDQHUD HVWUHSLWRVD (VSDxD SRGUtD KDEHU FRQWHQLGR D OD
SHUIHFFLyQODVDSHWHQFLDVWHUULWRULDOHVGH)UDQFLDHLQFOXVRSXHVWRFRWRD
ODH[SDQVLyQWXUFDHQHO0HGLWHUUiQHR3RGUtDKDEHUORFRQVHJXLGRDODYH]
TXHPDQWHQtDVXSHVRHQ,WDOLD/DFRQGLFLyQSDUDHOORKDEUtDVLGRTXHHQ
OXJDUGHVHUYLUDORVLQWHUHVHVWHPSRUDOHVGHOD6DQWD6HGHSHUVHJXLUDORV
SURWHVWDQWHV FRQ ORV TXH QR WXYR UHSDUR HQ DOLDUVH HO FDWROLFtVLPR
)UDQFLVFR , \ HO QR PHQRV FDWyOLFR (QULTXH ,, R LQWHQWDU OHYDQWDU XQ
LPSHULR DO HVWLOR GH &DUORPDJQR VH KXELHUD ILMDGR HQ OD GHIHQVD GH VXV
SURSLRV LQWHUHVHV 1R HUDQ HVWRV RWURV TXH IUHQDU OD SROtWLFD DJUHVLYD GH
)UDQFLDFHUFiQGRODFRQODD\XGDGH,QJODWHUUD\ORVSUtQFLSHVDOHPDQHVH
LPSHGLUODVDFFLRQHVKRVWLOHVGHOSDSDGRHQ,WDOLD1RKL]RQLXQDQLRWUD
FRVD\DGHPiVGHXQDPDQHUDTXHGHVDItDODUD]yQPiVHOHPHQWDODFHSWy
VRPHWHUVXDFFLyQH[WHULRUSUHFLVDPHQWHDHVHPLVPRSDSDGR
2WUD SHUVRQD PiV VHQVDWD PiV UHDOLVWD PiV UHIOH[LYD TXL]iV KXELHUD
DSUHQGLGR OD OHFFLyQ FRQ HO SDVR GHO WLHPSR R KDEUtD OOHJDGR D
FRPSUHQGHU DOJR DO ILQDO GH VXV GtDV 1R IXH HO FDVR GH &DUORV 9
7RWDOPHQWHLQIHFWDGRGHSDSLVPRPXULyDVHJXUDQGRTXHVXPD\RUHUURU
KDEtDVLGRQRTXHPDUD/XWHURFXDQGRKDEtDHVWDGRHQVXVPDQRVKDFHUOR
1R OR KDEtD VLGR FRQILDU HQ XQD 6DQWD 6HGH WUDLGRUD R QR FHUFDU SRU
FRPSOHWR D )UDQFLVFR , R KDEHU SHUGLGR OD DOLDQ]D FRQ ,QJODWHUUD R ORV
SUtQFLSHVDOHPDQHVRKDEHUPDOJDVWDGRORVFDXGDOHVLQGLDQRVHQJXHUUDV
DEVXUGDV 1R 6X JUDQ HTXLYRFDFLyQ KDEtD VLGR QR TXHPDU D /XWHUR
6HPHMDQWH DILUPDFLyQ FRQVWLWX\H WRGR XQ HStWRPH GH ODV UD]RQHV GHO
FODPRURVRIUDFDVR
$SHVDUGHDILUPDFLRQHVUHSHWLGDVQRSRFDVYHFHVQRIXHPiVWROHUDQWH
HQ PDWHULD UHOLJLRVD &DUORV 9 TXH VX KLMR )HOLSH ,, &DUORV 9 TXLVR
LQVWDODUOD,QTXLVLFLyQHQ)ODQGHVGRQGHSHUVLJXLyDORVDQDEDXWLVWDVFRQ
HQRUPH IHURFLGDG $QVLy WDPELpQ GXUDQWH VX UHLQDGR DSODVWDU D ORV
SURWHVWDQWHVDOHPDQHVDXQTXHODFHUFDQtDGHORVWXUFRVOHREOLJyDSDFWDU
FRQFHVLRQHVHQVXIDYRUTXHQRDUHFRQRFHUOLEHUWDGHVTXHDFDEDURQ
UHVXOWDQGRLUUHYHUVLEOHV(QVXV~OWLPRVWLHPSRVGHMyLQVWUXFFLRQHVVREUH
OD TXHPD GH KHUHMHV WDQWR D )HUQDQGR HQ $OHPDQLD FRPR D )HOLSH HQ
(VSDxD
$ SHVDU GH WRGR DO GLFWDU ODV DEGLFDFLRQHV GH %UXVHODV TXH GHMDEDQ
FRPR KHUHGHUR GHO LPSHULR DOHPiQ D VX KHUPDQR )HUQDQGR \ FRPR
KHUHGHUR GHO HVSDxRO D VX KLMR )HOLSH &DUORV 9 UHFRQRFtD VLTXLHUD
WiFLWDPHQWH TXH OD HPSUHVD LPSHULDO VH KDEtD GHVSORPDGR \ TXH QL
(VSDxD SRGtD VRSRUWDUOD VREUH VXV KRPEURV QL ORV DOHPDQHV OR KDEUtDQ
WROHUDGR
3RU XQD LURQtD GHO GHVWLQR UHWLUDGR DO PRQDVWHULR GH <XVWH SDUD
SUHSDUDUVHDELHQPRULUHO~OWLPRFRQIHVRUGH&DUORVVHUtD&DUUDQ]DXQ
DU]RELVSR DO TXH OD ,QTXLVLFLyQ GHWHQGUtD \ SURFHVDUtD &DUUDQ]D IXH XQ
SHUVRQDMHH[FHSFLRQDO1DYDUURGRPLQLFR\JUDQULYDOGH0HOFKRU&DQR
HQ  VH KDOODED HQ ,QJODWHUUD FRQ OD PLVLyQ GH GHYROYHUOD DO
FDWROLFLVPR )HOLSH ,, OH SURSXVR FRPR DU]RELVSR GH 7ROHGR (Q 
&DUUDQ]DDVLVWLyD&DUORV9HQVXOHFKRGHPXHUWH(OHPSHUDGRUGXGDED
GH TXH SXGLHUD VDOYDUVH LQFOXVR GHVSXpV GH KDEHU UHFLELGR ORV ~OWLPRV
VDFUDPHQWRV \ &DUUDQ]D OH LQVWy D TXH VH ROYLGDUD GH WRGR \ FUH\HUD HQ
-HV~V6HPHMDQWHFRQVHMRIXHLQWHUSUHWDGRHQHOVHQWLGRGHTXH&DUUDQ]D
VRVWHQtD OD GRFWULQD SDXOLQD GH OD MXVWLILFDFLyQ SRU OD IH XQD GH ODV
FROXPQDVGHODWHRORJtDGHOD5HIRUPD3RUHVDFDXVDRTXL]iVRORSRUOD
HQYLGLD TXH SURYRFDED VX p[LWR HQ  IXH GHWHQLGR 'H  D 
VXIULy XQ SURFHVR HQ (VSDxD SHUR UHFXVy DO MXH] FRQ OR TXH QR VH SXGR
GLFWDU VHQWHQFLD GH FXOSDELOLGDG (QWRQFHV HO SURFHVR SDVy D 5RPD (Q
*UHJRULR;,,,OHFRQGHQyQRSRUVHUKHUHMHVLQRYHKHPHQWHPHQWH
VRVSHFKRVR GH KHUHMtD XQD VHQWHQFLD TXH SUHWHQGtD FRQWHQWDU D WRGRV \
TXH QR JXVWy D QDGLH )LQDOPHQWH SRFR DQWHV GH PRULU IXH WRWDOPHQWH
DEVXHOWR1RGHMDEDGHVHUXQDLURQtDTXHHOFRQIHVRU~OWLPRGH&DUORV9
HO JUDQ OXFKDGRU FRQWUD OD 5HIRUPD IXHUD HQFDXVDGR SRU OD ,QTXLVLFLyQ
FRPRVRVSHFKRVRGHSURWHVWDQWLVPR

(//$=$5,//2'(7250(6
5(/$725($/,67$'(81$e32&$

/D FHJXHUD UHOLJLRVD GH &DUORV 9 \ VREUH WRGR OD PLVHULD TXH HO
VRPHWLPLHQWRDODLJOHVLDFDWyOLFDSURYRFDEDHQODSREODFLyQHVSDxRODQR
HVFDSy D ODV PHQWHV PiV O~FLGDV GH OD QDFLyQ 8QR GH ORV FDVRV PiV
REYLRV DO UHVSHFWR HV HO GH(O OD]DULOOR GH 7RUPHV  &RQVLGHUDGD QR VROR
FRPRODSULPHUDQRYHODSLFDUHVFDVLQRWDPELpQFRPRXQWH[WRDQyQLPR
OR FLHUWR HV TXH ODV LQYHVWLJDFLRQHV YHUGDGHUDPHQWH H[WUDRUGLQDULDV
GH 5RVD 1DYDUUR 'XUiQ KDQ SHUPLWLGR VDEHU VLQ HPEDUJR TXH VX DXWRU
IXHHOHUDVPLVWD$OIRQVRGH9DOGpV\TXHODQRYHODSHUWHQHFHDXQJpQHUR
ELHQ GLIHUHQWH UHODFLRQDGR FRQ HO HUDVPLVPR $ GHFLU YHUGDG HO
HUDVPLVPR FDXVy YHUGDGHUR IXURU D LQLFLRV GHO VLJOR;9, (UDVPR GH
5RWWHUGDP HO HUXGLWR GHO TXH SURFHGH HO QRPEUH QR VROR VDWLUL]y
FRUURVLYDPHQWHORVYLFLRVHFOHVLiVWLFRVGHVXWLHPSRVLQH[FOXLUDSDSDV\
RELVSRVVLQRTXHDGHPiVHQIRFyODDWHQFLyQGHORVWHyORJRVHQHOHVWXGLR
GH OD %LEOLD DO SXEOLFDU XQD HGLFLyQ GHO WH[WR JULHJR GHO 1XHYR
7HVWDPHQWR (Q (VSDxD VXV DPLJRV \ VHJXLGRUHV IXHURQ QXPHURVRV
GHVWDFDQGRHQWUHHOORVSHUVRQDMHVFRPR-XDQ/XLV9LYHVRORVKHUPDQRV
$OIRQVR \ -XDQ GH 9DOGpV $OIRQVR QR VROR OOHJy D FRQYHUWLUVH HQ
VHFUHWDULRGH&DUORV9VLQRTXHDGHPiVUHGDFWyGRVREUDV'LiORJRGH
ODVFRVDVDFRQWHFLGDVHQ5RPDDODTXH\DQRVKHPRVUHIHULGR\'LiORJR
GH0HUFXULR\&DUyQGRQGHSRQtDHQVROIDDOFDWROLFLVPRGHODpSRFD\
DERJDEDSRUXQDUHIRUPDHFOHVLDOEDVDGDHQSULQFLSLRVEtEOLFRV/DREUD
GH$OIRQVR GH 9DOGpV SURYRFy DGKHVLRQHV SHUR WDPELpQ RGLRV FHUUDGRV
FRPR HO GH %DOWDVDU GH &DVWLJOLRQH QXQFLR GHO SDSD TXH QR SXGR
SHUGRQDUOHTXHYLHUDODGHVWUXFFLyQGH5RPDFRPRXQFDVWLJRGH'LRVSRU
OD FRUUXSFLyQ SDSDO \ VREUH WRGR HO GH )UDQFLVFR *DUFtD GH /RD\VD
RELVSRGH2VPD\FRQIHVRUGH&DUORV9&RPRKDGHMDGRGHPDQLILHVWR
HQ VXV H[FHOHQWHV HVWXGLRV 5RVD 1DYDUUR IXH SUHFLVDPHQWH FRQWUD HVWH
FRQWUDTXLHQ$OIRQVRGH9DOGpVHVFULELy(OOD]DULOOR
2ULJLQDOPHQWH OD REUD HUD HO UHODWR GH /i]DUR DFHUFD GH XQ FOpULJR
DPDQFHEDGRFRQVXHVSRVDUHODWRHQKHEUDGRHQUHVSXHVWDDODSHWLFLyQGH
XQD PXMHU TXH WHQtD DO PDO VDFHUGRWH SRU FRQIHVRU \ TXH WHPtD TXH
GLIXQGLHUD VXV SHFDGRV (O FRQIHVRU GH &DUORV 9 HVWDED DPDQFHEDGR
LJXDOPHQWH\ODREUDVHUYtDSDUDFHQVXUDUORVYLFLRVGHORVTXHYLYtDQGH
XQDFHQWHUVWLFLyQUHOLJLRVDTXHDOHUDVPLVWD9DOGpVOHSDUHFtDLQWROHUDEOH
$VtHOFLHJRTXHHQWRQDEDFDQFLRQHVSLDGRVDVHOFXUDWDFDxRRHOEXOGHUR
IDUVDQWHGHVILODEDQSRUVXVSiJLQDVQRDOHVWLORGHODQRYHODSLFDUHVFDVLQR
GH ORV GRV GLiORJRV DQWHULRUHV GH 9DOGpV 0XHUWR HVWH HQ 9LHQD VX
KHUPDQR -XDQ TXH VH DFDEDUtD FRQYLUWLHQGR HQ XQ UHOHYDQWH WHyORJR
SURWHVWDQWHVHOOHYyODREUDD,WDOLDGRQGHVHLPSULPLySRUSULPHUDYH]
/DV HGLFLRQHV SRVWHULRUHV H[SXUJDUtDQ QR VROR XQ IROLR LQLFLDO GRQGH VH
HVFODUHFtDQORVPRWLYRVGHODUHGDFFLyQVLQRWDPELpQSDVDMHVTXHSRGtDQ
VHUFUtWLFRVFRQODLJOHVLDFDWyOLFD+DVLGRQHFHVDULRFDVLPHGLRPLOHQLR
SDUDTXHDOILQ\DODSRVWUHODYHUGDGVDOLHUDDODOX]&RQWRGRLQFOXVR
FRQHVRVUHFRUWHVODLQWHQFLyQGHOWH[WRQRSXHGHVHUPiVFODUD/DYLGD
GH/i]DURSRUDxDGLGXUDWLHQHXQSXQWRGHHQJDUFHFRQOD+LVWRULDTXH
HVODHQWUDGDGHOHPSHUDGRU&DUORV9HQ7ROHGRSDUDFHOHEUDU&RUWHV 
(Q RWUDV SDODEUDV HO MXHYHV  GH DEULO GH  (Q DSDULHQFLD WUDV OD
YLFWRULDGH3DYtDVRORSXHGHHVSHUDUVHGLFKDGHOUHLQDGRSHUR$OIRQVRGH
9DOGpVGHVFULEHXQD(VSDxDELHQGLVWLQWDGHODGHODSURSDJDQGDRILFLDO
/RV SREUHV GHVJUDFLDGRV LQWHQWDQ HQ HOOD VREUHYLYLU KXPLOODGRV \
RIHQGLGRV \ ORV TXH ORV KXPLOODQ \ RIHQGHQ VRQ HO FLHJR TXH VH JDQD OD
YLGD H[SORWDQGR D /i]DUR \ HQJDxDQGR D ODV JHQWHV FRQ OD SLHGDG \ ORV
UH]RVHOFOpULJRTXHPDWDGHKDPEUHDOSURWDJRQLVWDGHODQRYHODSRUTXH
HO GHFLU PLVD QR OH KD FRQYHUWLGR HQ FRPSDVLYR KDFLD HO QHFHVLWDGR HO
EXOGHUR TXH YHQGH LQGXOJHQFLDV SUHFLVDPHQWH OD UD]yQ GH TXH /XWHUR
FODYDUDODVQRYHQWD\FLQFR7HVLV\TXHQRSDVDGHVHUXQIDUVDQWHTXH
VHDSURYHFKDGHODVFUHHQFLDVUHOLJLRVDVGHODVJHQWHVSDUDKDFHUQHJRFLR
HOIUDLOHGHOD0HUFHGQRSUHFLVDPHQWHHMHPSODUGHKHFKRWRGRSDUHFH
LQGLFDU TXH HUD XQ SHGyILOR TXH LQWHQWy DSURYHFKDUVH GH /i]DUR \
ILQDOPHQWH XQ FDSHOOiQ TXH OH WUDWDUi PHMRU HFRQyPLFDPHQWH DXQTXH D
FDPELR GH TXH HO GHVGLFKDGR FLHUUH ORV RMRV DQWH HO KHFKR GH TXH HV HO
DPDQWH GH VX PXMHU (O ~QLFR DPR GH /i]DUR TXH QR HV FOpULJR R
UHODFLRQDGR FRQ OD SUiFWLFD FDWyOLFD HV HO HVFXGHUR 3HUR WDPSRFR HQ OD
QREOH]D SXHGH YHU /i]DUR HVSHUDQ]D (O KLGDOJR HVWi SDUDOL]DGR SRU OD
VREHUELD OD DSDULHQFLD OD IDOWD GH GHVHRV GH WUDEDMDU \ RWURV PDOHV
SUHVHQWHVKR\HQGtDHQODVRFLHGDGHVSDxROD1RKD\VDOLGDQLMXVWLFLDQL
GLJQLGDGHQOD(VSDxDLPSHULDOSRUODVHQFLOODUD]yQGHTXHHVXQD(VSDxD
FRQWURODGD SRU XQD LJOHVLD FRUUXSWD HPEXVWHUD DYDULFLRVD \ UDSD]
$OIRQVRGH9DOGpVPXULyHQHODVHGLRGH9LHQD\QROOHJyDFRQWHPSODU
KDVWDGRQGHFRQGXFLUtDDTXHOODPLVPDLJOHVLDD(VSDxDSHUROH\HQGRVX
LQPRUWDOQRYHODUHVXOWDREYLRTXHQROHKXELHUDVRUSUHQGLGRSRUPiVTXH
LQFOXVRDGtDGHKR\DOJXQRVVHHPSHxHQHQQHJDUOR3RUGHVJUDFLDSDUD
(VSDxD HO SHVR GH OD LJOHVLD FDWyOLFD HQ VX SROtWLFD LED D DFHQWXDUVH
WRGDYtDPiVFRQ)HOLSH,,HOVXFHVRUGH&DUORV9
 



)HOLSH,,/DHVSDGDGHOD&RQWUDUUHIRUPD

'(/$$/,$1=$&2175$55()250,67$
$/(;7(50,1,2'(/263527(67$17(6(63$f2/(6

$XQTXHODWHUFHUDIDVHGHOUHLQDGRGH&DUORV,ODLPSHULDOGHMyGH
PDQLILHVWRKDVWDTXpSXQWRVXSUR\HFWRSROtWLFRKDEtDIUDFDVDGRHOLQLFLR
GHO UHLQDGR GH )HOLSH ,, YLQR DFRPSDxDGR GH ORV PHMRUHV DXVSLFLRV (Q
DSDULHQFLD (VSDxD QR XQFLGD \D D OD JREHUQDFLyQ GHO LPSHULR VH KDEtD
VDFXGLGR OD PDOGLFLyQ LPSHULDO 6LQ HPEDUJR HVD LPSUHVLyQ QR VH
FRUUHVSRQGLy FRQ HO GHVDUUROOR GH ORV DFRQWHFLPLHQWRV \ OD FDXVD
IXQGDPHQWDOIXHODGHFLVLyQGH)HOLSH,,GHFRQYHUWLUVHD~QPiVTXHVX
SDGUHHQHOSDODGtQGHODSROtWLFDGHODLJOHVLDFDWyOLFD
/RVSULQFLSDOHVHMHVGHODSROtWLFDGH)HOLSH,,GXUDQWHORVSULPHURVDxRV
GHVXUHLQDGRIXHURQODGHIHQVDGHOD&RQWUDUUHIRUPD\VHFXQGDULDPHQWH
D SHVDU GH VX PD\RU UHOHYDQFLD SDUD ORV LQWHUHVHV QDFLRQDOHV OD
FRQWHQFLyQGHORVWXUFRVHQHO0HGLWHUUiQHR(OSULPHURDUUDVWUyD(VSDxD
D LQWHUYHQLU HQ OD SROtWLFD GH )UDQFLD H ,QJODWHUUD \ HO VHJXQGR D
HQIUHQWDUVHFRQXQRVJDVWRVFHQWHUODWLYRVHQORVTXHSURPHVDVDSDUWHOD
QDFLyQ VH HQFRQWUy VROD 3DUD VXPDU D )UDQFLD D OD &RQWUDUUHIRUPD ODV
IXHU]DVHVSDxRODVVHHQIUHQWDURQHQFRQODVIUDQFHVDVHQ6DQ4XLQWtQ
ORJUDQGR OD YLFWRULD 'RV DxRV GHVSXpV VH OOHJy D OD SD] FDWyOLFD GH
&DWHDX&DPEUHVLV(QULTXH,,DOTXHVHOHKDEtDLQVLVWLGRHQHOSHOLJUR
TXH SRGtD UHSUHVHQWDU HQ UHDOLGDG QLQJXQR OD H[SDQVLyQ GHO
SURWHVWDQWLVPR HQ )UDQFLD DFHSWy XQLUVH D OD FDXVD GH OD
&RQWUDUUHIRUPD 0HQRV ELHQ DXQTXH HQ XQ SULPHU PRPHQWR SXGLHUD
SDUHFHUWRGRORFRQWUDULRDFDEyHOLQWHQWRGHVXPDU,QJODWHUUDDOFDPSR
GHOD&RQWUDUUHIRUPDXQHSLVRGLRFLHUWDPHQWHHORFXHQWH
/D PXHUWH GH OD SULQFHVD 0DUtD FDVDGD FRQ )HOLSH D~Q SUtQFLSH
VLJQLILFyHOILQDOGHORVSUR\HFWRVGHXQLyQFRQ3RUWXJDOSHURQRSXHGH
GHFLUVHTXHHOPDWULPRQLRKXELHUDVLGRSRUHOORXQIUDFDVR'HVXEUHYH
GXUDFLyQTXHGDEDXQKLMRDOTXHVHFHQWRQtDIXWXURKHUHGHURGHODFRURQD
HVSDxROD\YLVWRGHVGHODSHUVSHFWLYDSROtWLFDODSRVLELOLGDGGHFRQFOXLU
XQ QXHYR DFXHUGR TXH EHQHILFLDUD D ORV SODQHV GH &DUORV , &RPR \D
WXYLPRV RFDVLyQ GH YHU GHVGH KDFtD YDULDV GpFDGDV XQD GH ODV
SUHRFXSDFLRQHV TXH PiV TXHEUDGHURV GH FDEH]D KDEtD RFDVLRQDGR DO
HPSHUDGRU\UH\GH(VSDxDHUDHOLQLFLR\VREUHWRGRODH[SDQVLyQ
GH OD 5HIRUPD SURWHVWDQWH (O TXH DO ILQ \ D OD SRVWUH OD WDQ HVSHUDGD
5HIRUPDGHODLJOHVLDVHHVWXYLHUDOOHYDQGRDFDERQRSRULPSXOVRSDSDO
VLQRIUHQWHD5RPDLPSOLFDEDXQFXHVWLRQDPLHQWRVLTXLHUDLQGLUHFWRGHO
SUR\HFWR LPSHULDO GH &DUORV 9 &LHUWDPHQWH ORV SURWHVWDQWHV VH
SURFODPDEDQ OHDOHV D OD DXWRULGDG FLYLO \ WDQ VROR VROLFLWDEDQ TXH VH OHV
UHFRQRFLHUD HO GHUHFKR D OD OLEHUWDG GH FRQFLHQFLD SHUR VX
FXHVWLRQDPLHQWR D SDUWLU GH OD %LEOLD GH EXHQD SDUWH GHO HGLILFLR
GRFWULQDOFDWyOLFRPDOSRGtDFDVDUFRQXQSHUVRQDMHFRPR&DUORV9TXH
VRxDEDFRQUHYLYLUHO,PSHULR5RPDQR*HUPiQLFRGHOD(GDG0HGLD3RU
DxDGLGXUDODPDQHUDHQTXHDOILQ\DODSRVWUHLEDDTXHGDUFRQILJXUDGR
HO PDSD GH (XURSD GLVWDED PXFKR GH VHU FODUD &LHUWDPHQWH DPSOLDV
]RQDVGHOLPSHULRDOHPiQTXHLQFOXtDUHJLRQHVGHODVDFWXDOHV+XQJUtD
3RORQLDR&KHTXLD\GHORV3DtVHV%DMRVSDUHFtDQJDQDGDVDOPHQRVGH
PRPHQWR SDUD OD 5HIRUPD 'H LJXDO PDQHUD OD LQIOXHQFLD GH ODV LGHDV
UHIRUPDGDV HUD REYLD HQ SDtVHV FRPR )UDQFLD R ODV PRQDUTXtDV
HVFDQGLQDYDV6LQHPEDUJRORTXHSXGLHUDTXHGDUDOILQDOGHHVHLQIOXMR
HUDGLItFLOGHDGLYLQDU\QRUHVXOWDEDHQDEVROXWRGLVSDUDWDGRSHQVDUTXH
DOJXQDV ]RQDV GH (XURSD TXH VH KDEtDQ GHVJDMDGR GH OD REHGLHQFLD D
5RPD SXGLHUDQ UHJUHVDU D HOOD (O FDVR PiV REYLR DO UHVSHFWR HUD HO GH
,QJODWHUUD \D TXH HQ HVWH SDtV QyUGLFR QR VH KDEtD SURGXFLGR UHDOPHQWH
XQD UHIRUPD VLQR PHUDPHQWH XQ FLVPD (O PRQDUFD TXH KDEtD
SURWDJRQL]DGRHVHFLVPDKDEtDVLGR(QULTXH9,,,\GHVGHOXHJR\SDUDQR
IDOWDU D OD YHUGDG KLVWyULFD UHVXOWD REOLJDWRULR VHxDODU TXH VXV
DQWHFHGHQWHV KDEtDQ VLGR ORV GH XQ FDWyOLFR LQWUDQVLJHQWH 3URFODPDGR
'HIHQVRU ILGHL SRU HO SDSD HQ DJUDGHFLPLHQWR SRU XQ OLEUR HVFULWR
FRQWUD/XWHUR(QULTXH9,,,SHUVLJXLyIHUR]PHQWHDORVSURWHVWDQWHVDORV
TXHVRPHWLyVLQQLQJ~QUHSDURDODWRUWXUD\DODPXHUWHXQFRPHWLGLWRR
VXHOH ROYLGDUVH HQ HO TXH OH D\XGy HO SRVWHULRUPHQWH FDQRQL]DGR
7RPiV0RUR+DFLHQGRXQEUHYHSDUpQWHVLVGHEHPRVVHxDODUTXHSRUXQD
GH HVDV SDUDGRMDV TXH WDQWDV YHFHV SODQWHD OD +LVWRULD TXH OD ILJXUD GH
0RURJR]DKR\GHXQDHVWLPDH[WUDRUGLQDULD'HVGHOXHJRQRIXHHVDOD
YLVLyQ TXH GXUDQWH VLJORV WXYR OD LJOHVLD FDWyOLFD GH pO (Q HVH
GLVWDQFLDPLHQWRLQIOX\yQRWDQWRHOKHFKRGHTXHGLULJLHUDSHUVRQDOPHQWH
DOJXQDV GH ODV VHVLRQHV GH LQWHUURJDWRULR EDMR WRUPHQWR VLQR
IXQGDPHQWDOPHQWH HO TXH VX REUD8WRStD TXH HVWXYR HQ HO QGLFH GH
OLEURVSURKLELGRVSRUOD6DQWD6HGHSUHFRQL]DUDQRVRORHOVRFLDOLVPR
VLQRWDPELpQODHXWDQDVLD4XHIXHUDFDQRQL]DGRDOFDERGHYDULRVVLJORVD
SHVDUGHPRULUFRPRPiUWLUHVWDQVRORXQDPXHVWUDGHFyPRHOSHUVRQDMH
QRKDGLVIUXWDGRGHODPLVPDHVWLPDHQWRGDVODVpSRFDV$KRUDYROYDPRV
D(QULTXH9,,,
+LVWyULFDPHQWH,QJODWHUUDKDEtDPDQWHQLGRDORODUJRGHOD(GDG0HGLD
XQDDOLDQ]DFRQ&DVWLOODTXHVHKDEtDWUDGXFLGRHQWUHRWUDVFXHVWLRQHV\
\D HQ OD pSRFD GH ORV 5H\HV &DWyOLFRV HQ HO PDWULPRQLR GH $UWXUR
SUtQFLSH GH *DOHV FRQ OD SULQFHVD &DWDOLQD 1R OOHJy D FRQVXPDUVH HO
PDWULPRQLRSRUODPXHUWHGHOSUtQFLSHSHURUHDFLRDGHYROYHUODGRWHHO
PRQDUFD LQJOpV SDFWy OD ERGD GH &DWDOLQD FRQ (QULTXH VX VHJXQGR KLMR
'HHVDPDQHUDDODFFHGHU(QULTXHDOWURQRLQJOpV&DWDOLQDVHFRQYLUWLy
HQ UHLQD GH ,QJODWHUUD 3DUD VX GHVJUDFLD QR ORJUy GDU D VX HVSRVR
KHUHGHURVYDURQHVTXHSXGLHUDQVREUHYLYLU\DVtQRWDUGyHQVXVFLWDUVHOD
FXHVWLyQ GH VL DTXHO QR VHUtD XQ PDWULPRQLR VREUH HO TXH SHVDED XQ
FDVWLJRGH'LRVPRWLYDGRSRUHOKHFKRGHTXH&DWDOLQDKDEtDVLGRDQWHV
HVSRVDGHOKHUPDQRGH(QULTXH9,,,
(Q  HO PRQDUFD LQJOpV VROLFLWy GHO SDSD OD DQXODFLyQ GH VX
PDWULPRQLRPRYLGRSRUUD]RQHVGHFRQFLHQFLDSHURWDPELpQGHHVWDGR
VRORWHQtDXQDKLMD\RWURVFLQFRKLMRVYDURQHVKDEtDQQDFLGRPXHUWRV\
DPRURVDV \D TXH HVWDED HQDPRUDGR GH $QD %ROHQD KHUPDQD GH XQD
DQWLJXD DPDQWH /D GLQDVWtD LQJOHVD OD &DVD 7XGRU UHLQDED WUDV XQ
SHUtRGR GH JXHUUDV FLYLOHV TXH VH KDEtD H[WHQGLGR GXUDQWH GpFDGDV
SUHFLVDPHQWHSRUIDOWDGHKHUHGHURV\UHVXOWDPiVTXHFRPSUHQVLEOHTXH
(QULTXH9,,,WHPLHUDQXHYRVHSLVRGLRVGHRWURFDUiFWHU3UHFLVDPHQWHSRU
HOORHQRWUDVFLUFXQVWDQFLDVHVPX\SRVLEOHTXHHOSDSDKXELHUDDFFHGLGR
D OD SHWLFLyQ GH (QULTXH 9,,, FRPR QR PXFKR DQWHV OR KDEtD KHFKR OD
6DQWD6HGHFRQHOPRQDUFDIUDQFpV6LQHPEDUJRHOSRQWtILFHQRGHVHDED
PDOTXLVWDUVH FRQ HO SRGHURVR HPSHUDGRU &DUORV 9 VREULQR GH OD UHLQD
&DWDOLQDDOTXHFRQWHPSODEDFRQUD]yQFRPRHVSDGDPiVTXHSRVLEOHGH
OD OXFKD FRQWUD OD 5HIRUPD \ WUDV QR SRFD FRQWURYHUVLD VH QHJy D
FRQFHGHUODGLVROXFLyQGHOPDWULPRQLR/DUHVSXHVWDGH(QULTXH9,,,DOD
QHJDWLYDSDSDOIXHFRPHQ]DUHQDEULOGHDSHUFLELUODVUHQWDVGHORV
EHQHILFLRVHFOHVLiVWLFRV\FRURQDUHOGHMXQLRGHD$QD%ROHQD3RU
FHQWXHVWR HO PRQDUFD LQJOpV VHJXtD FRQVLGHUiQGRVH ILHO FDWyOLFR \
PDQWHQtDODFRPXQLyQ\ODREHGLHQFLDIRUPDOD5RPDDXQTXHQRKDVWDHO
SXQWRGHSHUMXGLFDUORTXHFRQVLGHUDEDLQWHUHVHVQDFLRQDOHV
(QMXOLRGHHOSDSDH[FRPXOJyDOPRQDUFDLQJOpV\DVXVHJXQGD
HVSRVD 6L SHQVDED TXH GH HVD PDQHUD LED D VRPHWHU D (QULTXH VH
HTXLYRFy0HGLDQWHWUHVDFWDVYRWDGDVSRUHO3DUODPHQWRHOUH\FRQVXPy
HOFLVPD\HQHOYHUDQRGHGHFDSLWyD-RKQ)LVKHU\D7RPiV0RUR
TXH VH KDEtDQ QHJDGR D SOHJDUVH D VXV yUGHQHV 6LQ HPEDUJR D~Q
FLVPiWLFR(QULTXH9,,,QRHVWDEDGLVSXHVWRDFRQYHUWLUVHHQSURWHVWDQWH
$GHFLUYHUGDGQRSHUGLyRFDVLyQSDUDPDQLIHVWDUVXDGKHVLyQDOHGLILFLR
GRFWULQDOGHODLJOHVLDFDWyOLFDIUHQWHDORVSULQFLSLRVGHOD5HIRUPD(Q
 ORV'LH] DUWtFXORV GH IH GHMDURQ GH PDQLILHVWR OD DGKHVLyQ GH
(QULTXH 9,,, D ODV FHUHPRQLDV FDWyOLFDV HO FXOWR D ODV LPiJHQHV OD
LQYRFDFLyQDORVVDQWRVODVRUDFLRQHVSRUORVGLIXQWRV\ODGRFWULQDGHOD
WUDQVXEVWDQFLDFLyQ 3RU VL IXHUD SRFR DO DxR VLJXLHQWH (QULTXH 9,,,
RUGHQy UHGDFWDU XQD SURIHVLyQ GH IH HQ TXH VH DILUPDEDQ GH PDQHUD
SXQWLOORVD ORV VLHWH VDFUDPHQWRV FDWyOLFRV (QWUH  \  (QULTXH
9,,, REOLJy DGHPiV DO 3DUODPHQWR D DSUREDU GLVWLQWRV GRFXPHQWRV TXH
FDVWLJDEDQ FRQ OD KRJXHUD OD QHJDFLyQ GH OD WUDQVXEVWDQFLDFLyQ TXH
SURKLEtD D ORV ODLFRV OD FRPXQLyQ EDMR ODV GRV HVSHFLHV TXH YHGDED HO
PDWULPRQLRDVDFHUGRWHV\DQWLJXRVPRQMHV\TXHPDQWHQtDODFRQIHVLyQ
DXULFXODU$HVWRVHDxDGLyODLQVLVWHQFLDHQPDQWHQHUODGHYRFLyQKDFLDOD
9LUJHQ \ ORV VDQWRV \ HQ SURKLELU OD OHFWXUD SULYDGD GH OD %LEOLD &RPR
FRORIyQOyJLFRORVSURWHVWDQWHVLQJOHVHVIXHURQHQFDUFHODGRVWRUWXUDGRV\
HMHFXWDGRV \ HQ QR HVFDVR Q~PHUR KX\HURQ DO FRQWLQHQWH 3RU OR TXH VH
UHILHUH D ORV FDWyOLFRV VH PDQWXYR XQD VLWXDFLyQ GH WROHUDQFLD DVHQWDGD
VREUH WRGR HQ OD LGHQWLGDG GRFWULQDO SHUR FRQ ULEHWHV GH LQHVWDELOLGDG
GHULYDGRV GH OD VLWXDFLyQ FLVPiWLFD FUHDGD SRU (QULTXH 9,,, \ GH VXV
YDULDEOHV LQWHUHVHV SROtWLFRV ,QJODWHUUD SUHVHQWDED SXHV FDUDFWHUtVWLFDV
SHFXOLDUHV HQ HO HQIUHQWDPLHQWR HQWUH OD 5HIRUPD \ OD LJOHVLD FDWyOLFD
4XH VH KDEtD VHSDUDGR GH HVWD HUD REYLR SHUR QR OR HUD PHQRV TXH
FRPSDUWtDVXFRUSXVGRFWULQDO\TXHVHPDQLIHVWDEDFODUDPHQWHHQHPLJD
GHOD5HIRUPD
/D PXHUWH GH (QULTXH 9,,, IXH SUHFLVDPHQWH OD TXH SURSRUFLRQy D ORV
SURWHVWDQWHV OD RSRUWXQLGDG GH LQLFLDU OD 5HIRUPD HQ ,QJODWHUUD $O
DQXODUVH OD OHJLVODFLyQ GH (QULTXH 9,,, VREUH KHUHMHV SXGLHURQ UHJUHVDU
GHO FRQWLQHQWH QR SRFRV SURWHVWDQWHV H[LOLDGRV (O LPSXOVR SDUD HVWD
UHIRUPDSURFHGtDGH(GXDUGR9,HOUH\QLxRVXFHVRUGH(QULTXH9,,,\
GHVXVGRVSURWHFWRUHV6RPHUVHWSDUWLGDULRGHXQOXWHUDQLVPRPRGHUDGR
RPHODQFKWRQLDQR\:DUZLFNGHWHQGHQFLDFDOYLQLVWD6RORHQXQ
OXVWUR ODUJR GHVSXpV GHO IDOOHFLPLHQWR GH (QULTXH 9,,, VH SURFHGLy D OD
DSUREDFLyQGHXQDFRQIHVLyQGHIHTXHDGLIHUHQFLDGHODVLPSXOVDGDVSRU
HOGLIXQWRUH\HUDGHFRQWHQLGRSURWHVWDQWH&RQWRGRODVLWXDFLyQGLVWDED
PXFKRGHKDEHUTXHGDGR]DQMDGD(QPXULyHOSLDGRVR(GXDUGR9,\
OHVXFHGLy/DG\-DQHXQDQRPHQRVSLDGRVDSULQFHVDTXHQRVRORHVWDED
ILUPHPHQWHFRQYHQFLGDGHORVSULQFLSLRVGHOD5HIRUPDVLQRTXHDGHPiV
LQWHQWyOOHYDUDFDERXQDUHYROXFLyQVRFLDOGHVGHDUULEDSDUDEHQHILFLDUD
ORVPiVGHVIDYRUHFLGRV(OWHPRUDXQDDOWHUDFLyQGHPDVLDGRGUiVWLFDGH
OD VLWXDFLyQ SHUPLWLy HQ WDQ VROR XQRV GtDV TXH 0DUtD 7XGRU KLMD GH
(QULTXH 9,,, \ KHUPDQD GH (GXDUGR 9, SUHFLSLWDUD XQ JROSH GH HVWDGR
TXHSXVRODFRURQDHQVXVPDQRVHKL]RURGDUODFDEH]DGH/DG\-DQH
3DUD&DUORV9ODOOHJDGDDOWURQRGH0DUtD7XGRUKDEtDVLJQLILFDGRXQ
DFRQWHFLPLHQWR GH HQRUPH UHOHYDQFLD$QWH pO VH DEUtD OD SRVLELOLGDG GH
UHFRQGXFLUD,QJODWHUUDDODREHGLHQFLDD5RPD\DVtUHFRQVWUXLUODDOLDQ]D
KLVSDQRLQJOHVDFRQWUD)UDQFLDTXHKDEtDH[LVWLGRHQORVSULPHURVDxRVGH
(QULTXH9,,,&RQWDOILQDOLGDGVROLFLWyODPDQRGH0DUtDHQQRPEUHGH
VX KLMR TXH D OD VD]yQ HUD YLXGR GHVGH KDFtD QXHYH DxRV 4XH OD UHLQD
WXYLHUD GRFH DxRV PiV TXH HO SUtQFLSH )HOLSH TXH UHVXOWDUD SRFR
DJUDFLDGD R TXH IXHUD WtD VHJXQGD GHO SUHWHQGLHQWH QR VH FRQVLGHUDURQ
REVWiFXORV SDUD HO SODQ /DV GRV SULPHUDV FLUFXQVWDQFLDV HUDQ SHTXHxRV
VDFULILFLRVQDWXUDOHVHQORVPDWULPRQLRVGH(VWDGRFRPRORHUDDTXHO\OD
WHUFHUD H[LJtD XQD GLVSHQVD SDSDO TXH REYLDPHQWH HO SRQWtILFH RWRUJy
FRQ HQRUPH IDFLOLGDG HQ OD PHGLGD HQ TXH IDYRUHFtD ORV LQWHUHVHV GH OD
6DQWD6HGH
/DUD]yQGH(VWDGRHQHVWHFDVRUH]XPDQWHGHPRWLYDFLRQHVUHOLJLRVDV
QRHUDIUtDSRUDPEDVSDUWHV$GLIHUHQFLDGH)HOLSHTXHPDQLIHVWyDVX
SDGUHSRUFDUWDTXHVHVRPHWtDDOSUR\HFWRSRUTXHVR\KLMRREHGLHQWH\
QRWHQJRPiVGHVHRTXHHOVX\RHOGHOHPSHUDGRU0DUtDVtTXHHVWDED
SURIXQGDPHQWHLOXVLRQDGDFRQODLGHDGHOHQODFH2EUDEDHQVXSRGHUXQ
UHWUDWR GHO SUtQFLSH HVSDxRO SLQWDGR SRU 7L]LDQR \ OD YLVLyQ GH XQ JDOiQ
PiV MRYHQ \ SRU DxDGLGXUD DWUDFWLYR SURYRFy HQ HOOD XQ HQRUPH
HQDPRUDPLHQWR +DVWD HQWRQFHV KDEtD VLGR XQD SULQFHVD SURIXQGDPHQWH
FDWyOLFDSHURQRSRUHOORPHQRVIHDVROLWDULD\VLQDIHFWRV$KRUDWHQtDOD
SRVLELOLGDG \ GH XQ VROR JROSH GH YHUVH DPDGD SRU XQ DWUDFWLYR
SUtQFLSH
/DV FDSLWXODFLRQHV VH ILUPDURQ HQ /RQGUHV UHSUHVHQWDQGR D OD SDUWH
HVSDxROD HO FRQGH GH (JPRQW \ OD ERGD VH FHOHEUy SRU SRGHUHV HO  GH
HQHURGH(OPHVGHPD\RGHOPLVPRDxR)HOLSHLQLFLyVXYLDMHD
,QJODWHUUD &RPR PXHVWUD GH ODV ILQDOLGDGHV GHO PDWULPRQLR UHVXOWD
VLJQLILFDWLYR TXH VH OH DWULEX\HUD OD IUDVH <R QR SDUWR SDUD XQD ILHVWD
QXSFLDOSDUWRSDUDXQDFUX]DGD\TXHHQWUHORVDFRPSDxDQWHVGH)HOLSH
WXYLHUD XQ SDSHO HVSHFLDO HO FDUGHQDO &DUUDQ]D DO TXH \D QRV KHPRV
UHIHULGR \ DO TXH VH KDEtD HQFRPHQGDGR LQFOXVR OD UHGDFFLyQ GH XQ
FDWHFLVPR TXH IDFLOLWDUD OD UHLQFRUSRUDFLyQ GH ,QJODWHUUD D OD FDXVD GH
5RPD
(OGHMXOLROOHJyHOSUtQFLSH)HOLSHD,QJODWHUUD\ILQDOPHQWHHO
VHHQFRQWUySRUSULPHUDYH]FRQ0DUtD6HFHOHEUDURQLQPHGLDWDPHQWHOD
UDWLILFDFLyQQXSFLDO\ODPLVDGHYHODFLRQHVWUDQVFXUULHQGRODOXQDGHPLHO
HQ HO FDVWLOOR GH :LQGVRU /RV FRPHQWDULRV GH ORV FRQWHPSRUiQHRV
VHxDODQ TXH OD PD\RU SUHRFXSDFLyQ GH WRGRV HUD TXH 0DUtD TXHGDUD
HPEDUD]DGD FXDQWR DQWHV \ DO UHVSHFWR QR HUDQ SRFRV ORV LQJOHVHV TXH
DILUPDEDQ TXH XQD YH] HQFLQWD GH XQ KHUHGHUR )HOLSH SRGtD UHJUHVDU D
(VSDxDSRUGRQGHKDEtDYHQLGR
/D WDUHD QR GHEtD VHU IiFLO SRUTXH 0DUtD SURIXQGDPHQWH HQDPRUDGD
JXVWDEDGHSURGLJDUD)HOLSHLQQXPHUDEOHVWHUQH]DVTXHHVWHVRSRUWDEDGH
ODPHMRUPDQHUDSRVLEOH5X\*yPH]GH6LOYDHVFULELHQGRD)UDQFLVFRGH
(UDVR VHFUHWDULR GH &DUORV 9 LQGLFDUtD SRU HMHPSOR TXH VL 0DUtD
KXELHUD XWLOL]DGR ORV YHVWLGRV \ WRFDGRV HVSDxROHV VH OH SDUHFHUtD
PHQRVODYHMH]\ODIODTXH]D\VHxDODGHPDQHUDELHQDELHUWDTXHSDUD
KDEODU YHUGDG FRQ YXHVWUD PHUFHG PXFKR 'LRV HV PHQHVWHU SDUD WUDJDU
HVWHFiOL]\ORPHMRUGHOQHJRFLRHVTXHHO5H\ORYH\HQWLHQGHTXHQR
SRUODFDUQHVHKL]RHVWHFDVDPLHQWRVLQRSRUHOUHPHGLRGHVWH5HLQR\OD
FRQVHUYDFLyQGHVWRV(VWDGRV
&RQ WRGR QR FDEtD HQJDxDUVH (O SODFHU TXH )HOLSH SUHVXPLEOHPHQWH
QRHQFRQWUDEDHQ0DUtDQRWDUGyHQKDOODUORHQRWURVFXHUSRVIHPHQLQRV
(O KHFKR GH VHU XQ IDQiWLFR FDWyOLFR QR LPSLGLy TXH GXUDQWH VX EUHYH
HVWDQFLD HQ ,QJODWHUUD )HOLSH WXYLHUD UHODFLRQHV tQWLPDV FRPR PtQLPR
FRQ&DWDOLQD/DtQH]FRQXQDSDQDGHUD\FRQ0DJGDOHQD'DFUHGRQFHOOD
GH KRQRU GH OD UHLQD 0DUtD 7XGRU 6HJ~Q VH GHVSUHQGH GH IXHQWHV GH OD
pSRFD IUXWR GH DTXHOORV GHYDQHRV H[WUDFRQ\XJDOHV QDFLHURQ DOJXQRV
EDVWDUGRV
$TXHOODVFLUFXQVWDQFLDVQRWXYLHURQPD\RUUHOHYDQFLDHQSDUWHSRUTXH
HUDQSUiFWLFDKDELWXDOHQSDUWHSRUTXH0DUtD7XGRUFRQRFtDVXRILFLR\
HVWDED SURIXQGDPHQWH HQDPRUDGD \ HQ SDUWH \ QR HVFDVD SRUTXH D
FRPLHQ]RVGHFRPHQ]yDH[WHQGHUVHODQRWLFLDGHTXHODUHLQDHVWDED
HPEDUD]DGD (O DXPHQWR GH WDPDxR GHO YLHQWUH UHJLR DVt FRPR OD
GHVDSDULFLyQGHODVUHJODVFRQVWLWXtDQEXHQDVUD]RQHVSDUDFUHHUHQHOOR
(O RSWLPLVPR TXH HVWR SURYRFy HQ HO FOHUR FDWyOLFR IXH LQHQDUUDEOH (O
FDUGHQDO3ROHOOHJyDVDOXGDUDODUHLQDGLFLpQGROH'LRVWHVDOYH0DUtD
EHQGLWDHUHVHQWUHWRGDVODVPXMHUHV\EHQGLWRHVHOIUXWRGHWXYLHQWUH
6LQGXGDUR]DEDHOSUHODGRODLUUHYHUHQFLDSHURQRHUDFRVDEDODGtGHQWUR
GHODHVWUDWHJLDGHOD&RQWUDUUHIRUPDHOUHFXSHUDU,QJODWHUUDSDUD5RPD
$ ILQDOHV GH QRYLHPEUH VH FRPXQLFy DO &RQVHMR RILFLDOPHQWH OD
H[LVWHQFLD GHO HPEDUD]R GiQGRVH FXHQWD LJXDOPHQWH DO 3DUODPHQWR 'H
PDQHUDELHQVLJQLILFDWLYDVHRUGHQyDORVRELVSRVODFHOHEUDFLyQGHPLVDV
GH DFFLyQ GH JUDFLDV DVt FRPR TXH HQ WRGRV ORV RILFLRV GLYLQRV VH
LQFOX\HUDQSUHFHVSRUORVUH\HV\HOIXWXURSUtQFLSH
1RPHQRUIXHODVDWLVIDFFLyQGHOHPSHUDGRU&DUORV96XKLMR)HOLSHD
ODVD]yQUH\GH,QJODWHUUDHVWDEDJDUDQWL]DQGRFRQVXVLPLHQWHHOWULXQIR
GHODLJOHVLDFDWyOLFD\GHOSUR\HFWRLPSHULDO6XHVSHUDQ]DQRUHVXOWDED
GHVGH OXHJR FDUHQWH GH IXQGDPHQWR (O  GH HQHUR GH  HO
3DUODPHQWRTXHVHPRVWUyWDQGyFLOFRQ0DUtDFRPRFRQVXSDGUHYRWy
HO UHJUHVR D OD REHGLHQFLD D 5RPD \ HO ILQDO GHO FLVPD ,QJODWHUUD
YROYtDDVHURILFLDOPHQWHFDWyOLFD
/RVFiOFXORVVHxDODEDQORVILQDOHVGHOPHVGHDEULOFRPRIHFKDGHOSDUWR
\FRQODLQWHQFLyQGHIDFLOLWDUHVWHVHGLVSXVRHOWUDVODGRGHODUHLQD0DUtD
DOSDODFLRGH+DPSWRQ&RXUW6LQHPEDUJROOHJyODIHFKDSDVy\QRVH
SURGXMR HO HVSHUDGR DOXPEUDPLHQWR VLQR XQD QRWDEOH UHGXFFLyQ GHO
YLHQWUHGHODUHLQD3DUDFXDQGRORVPLHPEURVGHODFRUWH\ORVUH\HV
VHGHVHQJDxDURQ0DUtDKDEtDVXIULGRGRORUHVGHSDUWRORVVDFHUGRWHVGH
+DPSWRQ&RXUWKDEtDQHOHYDGRLQQXPHUDEOHVSUHFHVHLQFOXVRVHKDEtDQ
GLVSDUDGR VDOYDV GHVGH ORV EDUFRV YROWHDGR ODV FDPSDQDV \ FDQWDGR7H
'HXPHQODVLJOHVLDV3RVLEOHPHQWH0DUtDSDGHFLyXQHPEDUD]RKLVWpULFR
\GHKHFKRHVWXYRGXUDQWHYDULRVGtDVVHQWDGDFRQODFDEH]DDODDOWXUD
GHODVURGLOODVSDUDIDFLOLWDUXQSDUWRTXHQXQFDWXYROXJDU
7DQ ILDGRV HVWDEDQ 0DUtD )HOLSH \ ODV &RUWHV FDWyOLFDV HQ TXH 'LRV
WHQtD TXH D\XGDU OD FDXVD GH OD 6DQWD 6HGH FRQ DTXHO QDFLPLHQWR TXH HO
JROSH UHVXOWy GHVFRPXQDO DXQTXH QR IDOWy HQVHJXLGD TXLHQ SHQVy HQ
REWHQHUEHQHILFLRGHODVLWXDFLyQ%RQQHUHORELVSRGH/RQGUHVDQXQFLyD
ODUHLQDTXHHOHSLVRGLRQRHUDVLQRXQFDVWLJRGLYLQRSRUQROOHYDUDFDER
FRQVXILFLHQWHHQWXVLDVPRODSHUVHFXFLyQGHORVSURWHVWDQWHV0DUtDWRPy
EXHQD QRWD GHO FRQVHMR HSLVFRSDO \ HQ ORV WUHV PHVHV VLJXLHQWHV IXHURQ
TXHPDGDVHQODKRJXHUDFLQFXHQWDSHUVRQDVUHODFLRQDGDVFRQODIHGHOD
5HIRUPD6LQHPEDUJRDHVDVDOWXUDVODVHVSHUDQ]DVGHHPEDUD]RKDEtDQ
GLVPLQXLGRFRQVLGHUDEOHPHQWH
)HOLSH TXH KDEtD GHVHPSHxDGR KDVWD HQWRQFHV VX GHEHU FRQ\XJDO FRQ
LQQHJDEOH WHVyQ GHFLGLy DEDQGRQDU HO SDtV \ HO  GH DJRVWR GH 
]DUSy HQ GLUHFFLyQ D )ODQGHV /OHJDGR D HVWH OXJDU HVFULELUtD TXH VX
PXMHUOHHVWXYRKDFLHQGRFUHHUXQDxRHQWHURTXHVHKDOODEDHQFLQWDSDUD
UHWHQHUOHDVXODGR\TXHGHHOORHVWDEDWDQFRQIXVR\VHQWLGRTXHVLpO
YROYtD D (VSDxD QR VDOGUtD MDPiV GH DOOt SDUD QR VXIULU RWUR ERFKRUQR
VHPHMDQWH(VFRPSUHQVLEOHHOSHVDUGH)HOLSHSHURSRFRSXHGHGXGDUVH
GH TXH WDPELpQ pO KDEtD WHQLGR SDUWH GH OD FXOSD &RQYHQFLGR FRPR
VHJXLUtD HVWiQGROR D OR ODUJR GH VX UHLQDGR GH TXH 'LRV HVWDED GH VX
SDUWH VLPSOHPHQWH SRUTXH pO HVWDED GH OD GHO SDSD DFDEDED GH
H[SHULPHQWDUVXSULPHUIUDFDVR1RVHUtDQLHO~QLFRQLHOPiVJUDYH
'XUDQWH ORV VLJXLHQWHV DxRV )HOLSH QR GHMy GH VXPDU H[FXVD D H[FXVD
SDUDQRUHJUHVDUDOWiODPRGHVXUHJLDHVSRVD(QPDU]RGHYROYLyD
FUX]DUHO&DQDOFRQODLQWHQFLyQGHDILDQ]DUODDOLDQ]DFRQWUD)UDQFLD/D
UHLQDOHUHFLELySOHWyULFDGHDOHJUtDSRUTXHDVXVFXDUHQWD\GRVDxRVQR
KDEtD SHUGLGR OD HVSHUDQ]D GH TXHGDU HPEDUD]DGD GH VX MRYHQ HVSRVR
+DVWDSULPHURVGHMXOLRGHOPLVPRDxRTXHGy)HOLSHDVXODGR0DUFKy
\DGHPDQHUDGHILQLWLYD\0DUtDYROYLyDH[SHULPHQWDUQXHYRVtQWRPD
GHXQDQDWXUDOH]DKLVWpULFDTXL]iUHODFLRQDGDFRQHOIDQDWLVPRUHOLJLRVR"
 RWUR HPEDUD]R SVLFROyJLFR TXH HVWD YH] \D QR FRQYHQFLy D QDGLH (O
PLVPR)HOLSHFRPLVLRQyDOGXTXHGH)HULDSDUDTXHYLDMDVHD,QJODWHUUD\
IHOLFLWDVH GH VX SDUWH D OD UHLQD VL ELHQ DYHULJXDQGR OR TXH GH YHUGDG
KDEtDHQODQRWLFLD(OGXTXHGH)HULDQRWDUGyHQFRQWHVWDUD)HOLSHTXHOD
UHLQDQRHVWDEDHQFLQWD\TXHSDUDFROPRGHPDOHVHUDSUHVDGHLQVRPQLR
\PHODQFROtDV
0DUtDVLQHPEDUJRQRSHUGtDODHVSHUDQ]DGHXQDLQWHUYHQFLyQGLYLQD
TXHIDYRUHFLHUDDHOODILHOKLMDGHODLJOHVLDGH5RPD\UHVWDXUDGRUDGHO
FDWROLFLVPR HQ ,QJODWHUUD (Q VX WHVWDPHQWR GHMy VHxDODGR TXH VH FUHtD
HPEDUD]DGD6HHTXLYRFDED\SDUDFROPRQRLEDDWDUGDUHQPRULU6HKD
HVSHFXODGR PXFKR FRQ VX HQIHUPHGDG DSXQWiQGRVH GHVGH OD KLGURSHVtD
FDUGtDFD DO FiQFHU DEGRPLQDO SDVDQGR SRU OD SHULWRQLWLV WXEHUFXORVD GH
IRUPDDVFtWLFRWXPRUDO1DGDHVVHJXUR6tSDUHFHPHMRUHVWDEOHFLGRTXH
FRQWUDMR XQD JULSH TXH OD OOHYy HQ DJRVWR D JXDUGDU FDPD
LQH[FXVDEOHPHQWH(OGHQRYLHPEUHGHHOPLVPRDxRHQTXHOD
,QTXLVLFLyQ FRPHQ]DED D LQWHUURJDU D ORV WHVWLJRV FRQWUD HO SURWHVWDQWH
3HGUR GH &D]DOOD FRPSDUHFtD DQWH HO MXLFLR GHO 'LRV DO TXH KDEtD
FUHtGRVHUYLU
0DUtDKDEtDVLGRUHLQDGH(VSDxDDXQTXHVLQKDEHUSLVDGRQXQFDHVWD
QDFLyQ \ VLQ SURSRUFLRQDUOH XQ VROR YiVWDJR UHJLR 'LItFLOPHQWH SRGUtD
KDEHU IUDFDVDGR OD HPSUHVD GH PDQHUD PiV HVWUHSLWRVD &LHUWDPHQWH
0DUtDSURQWRDSRGDGDODVDQJXLQDULDGHYROYLyD,QJODWHUUDDOVHQRGH
OD LJOHVLD GH 5RPD \ HMHFXWy D GRVFLHQWRV VHWHQWD \ WUHV SURWHVWDQWHV
PLHQWUDV ORV H[LOLDGRV VH HOHYDEDQ D FHQWHQDUHV &LHUWDPHQWH WDOHV
DFFLRQHV IXHURQ DSODXGLGDV H LQFOXVR LPSXOVDGDV SRU OD MHUDUTXtD
FDWyOLFD LQJOHVD \ OD 6DQWD 6HGH SHUR WDPELpQ QR PHQRV FLHUWDPHQWH
WXYLHURQ XQ HIHFWR QHJDWLYR SDUD OD FDXVD FDWyOLFD 4XL]iV XQD SROtWLFD
PiVWROHUDQWHKDEUtDFRQVHUYDGRDEXHQDSDUWHGHODSREODFLyQHQHOVHQR
GHOFDWROLFLVPRSHURHOUHVSHWRDRWUDIHHUDDEVROXWDPHQWHLQFRPSDWLEOH
FRQOD6DQWD6HGH\ODVKRJXHUDVGH0DUtDDFDEDURQREWHQLHQGRHOHIHFWR
FRQWUDULR&XDQGRH[SLUyODPD\RUtDGHORVLQJOHVHVUHVSLUyFRQDOLYLR\
ORV SURWHVWDQWHV UHDQXGDURQ VX SUR\HFWR UHIRUPDGRU /D WROHUDQFLD GH
,VDEHO7XGRUVXVXFHVRUDIXHWDQFRQVLGHUDEOHTXHKDVWDHOSDSDQR
OD H[FRPXOJy 6LQ HPEDUJR DFWXDQGR DVt HO SRQWtILFH VROR FRQVLJXLy
DILDQ]DUODHQHOWURQR\FRQYHUWLUHQLUUHYHUVLEOHOD5HIRUPDHQ,QJODWHUUD
/RVFDPLQRVGHO6HxRUVRQFLHUWDPHQWHLQHVFUXWDEOHV'HQDGDGHHOORHUD
FRQVFLHQWH XQ )HOLSH ,, PiV TXH GHFLGLGR QR VROR D TXH OD 6DQWD 6HGH
PDUFDUDODVOtQHDVGHVXSROtWLFDH[WHULRUVLQRWDPELpQODVGHODLQWHULRU
$VtTXHGDUtDGHPDQLILHVWRHQHOH[WHUPLQLRGHORVSURWHVWDQWHVHVSDxROHV
/DH[SXOVLyQGHORVMXGtRVWXYRSpVLPDVFRQVHFXHQFLDVFRPR\DYLPRV
HQ HO GHVDUUROOR XOWHULRU GH OD +LVWRULD GH (VSDxD /D LQWROHUDQFLD
UHOLJLRVDODLGHQWLILFDFLyQGHODQDFLRQDOLGDGFRQXQDUHOLJLyQFRQFUHWD\
HO GHVSUHFLR KDFLD HO WUDEDMR HO FRPHUFLR \ OD HPSUHVD PDUFDUtDQ
QHJUDPHQWH FRPR WHQGUHPRV RFDVLyQ GH YHU ORV VLJORV VLJXLHQWHV 6LQ
HPEDUJRHQEXHQDPHGLGDWRGDVHVWDVFLUFXQVWDQFLDVQHJDWLYDVKXELHUDQ
SRGLGRYHUVHUHYHUWLGDVGHQRKDEHUWHQLGROXJDUHOJUDQGUDPDHVSDxROGH
OD (GDG 0RGHUQD HO H[WHUPLQLR GH ORV SURWHVWDQWHV HVSDxROHV (V FLHUWR
TXHHQXQDQDFLyQHQTXHODXQLGDGUHOLJLRVDIXHHQVHxDGDFRPRXQYDORU
HVHQFLDODGHFLUYHUGDGHOYDORUHVHQFLDOODKLVWRULRJUDItDVHJXDUGy
PX\ PXFKR GH KDFHU UHIHUHQFLDV DO SURWHVWDQWLVPR KLVSDQR 0HQpQGH]
3HOD\R OR DERUGDUtD HQ HO VLJOR;,; VLPSOHPHQWH SDUD FRQVLGHUDUOR XQ
IHQyPHQR SDWROyJLFR \ H[WUDxR DO DOPD HVSDxROD 3RU RWUR ODGR LQFOXVR
ORVDXWRUHVQRLQFXUVRVHQHVDHVSHFLHGHRUWRGR[LDKLVWyULFDFDWyOLFDQR
SUHVWDURQ DWHQFLyQ D XQ VHJPHQWR VRFLDO FX\R HMH GH DFFLyQ \
SHQVDPLHQWR KDEtD VLGR IXQGDPHQWDOPHQWH UHOLJLRVR 6LQ HPEDUJR OD
5HIRUPD H[LVWLy HQ (VSDxD GLR IUXWRV VD]RQDGRV \ GH UHSHUFXVLyQ
LQWHUQDFLRQDO \ VX H[WLUSDFLyQ ILQDO WXYR \ WLHQH FRQVHFXHQFLDV
SURIXQGDPHQWHQHIDVWDVSDUDODQDFLyQ1RHVHVWHHOOXJDUSDUDKDFHUXQD
+LVWRULDSRUPX\UHVXPLGDTXHVHDGHOD5HIRUPDHQ(VSDxD6tUHVXOWD
VLQ HPEDUJR REOLJDGR GHMDU FRQVWDQFLD GH DOJXQRV HSLVRGLRV PHURV
ERWRQHV GH PXHVWUD SDUD PRVWUDU KDVWD TXp SXQWR OD YLGD LQWHUQD GH
(VSDxD HVWXYR PDUFDGD SRU OD LJOHVLD FDWyOLFD SRU OD ,QTXLVLFLyQ VX
EUD]RUHSUHVRU\SRUHOGHVHRGHODPRQDUTXtDGHDFRPRGDUDDPEDVOD
H[LVWHQFLD QDFLRQDO$ ORV HIHFWRV GH OD ,QTXLVLFLyQ HQ OD YLGD HVSDxROD
QRV UHIHULUHPRV PiV DGHODQWH %DVWH DKRUD GHFLU TXH DXQTXH VLJXHQ
H[LVWLHQGR DSRORJLVWDV GH OD PLVPD R DXWRUHV UHYLVLRQLVWDV FRPR +HQU\
.DPHQHPSHxDGRVHQUHGXFLUVXLPSDFWRODUHDOLGDGKLVWyULFDHVTXH
OD ,QTXLVLFLyQ WXYR GRV ILQDOLGDGHV IXQGDPHQWDOHV PiV DOOi GH ODV
GHFODUDFLRQHV RILFLDOHV \ TXH HVWDV IXHURQ VHPEUDU HO WHUURU HQ OD
VRFLHGDG SDUDOL]DQGR FXDOTXLHU SRVLELOLGDG GH GLVLGHQFLD GH OD LJOHVLD
FDWyOLFD \ H[WHUPLQDU D FXDOTXLHUD TXH GHFLGLHUD VHJXLU HVH FDPLQR
0DQXHO )HUQiQGH] OYDUH] TXL]i QXHVWUR PHMRU KLVWRULDGRU GH OD (GDG
0RGHUQDHQGpFDGDVQRGXGyHQVHxDODUTXHOD,QTXLVLFLyQVHYDOtDGHHO
WHUURUFRPRVLVWHPD6HWUDWDEDGHOHMHUFLFLRGHOWHUURUSUHPHGLWDGR
SUHSDUDGR \ DQXQFLDGR 3RU VL FXSLHUD DOJXQD GXGD )HUQiQGH]
OYDUH] HVFULELUtD < WRGR DTXHO KRUURU HQ QRPEUH GH &ULVWR &DEH
FRQWUDGLFFLyQ PD\RU" (UD OD WpFQLFD GHO WHUURU$OJR PX\ ELHQ VHxDODGR
SRUHOKLVSDQLVWDIUDQFpV%DUWRORPp%HQQDVVDU6HWUDWDEDGHDVHJXUDUOD
RUWRGR[LD UHOLJLRVD PiV HVWULFWD SRU OD YtD GHO WHUURU (O LQPRYLOLVPR
LGHROyJLFR 4XH QDGLH VH DWUHYLHUD QL UHPRWDPHQWH D LQQRYDU QDGD D
FULWLFDUQDGDDJHQHUDUQLQJXQDGXGD<DHVWHUHVSHFWRHOWHUURUHUDOR
PiV VHJXUR$ ORV LQTXLVLGRUHV QR OHV LPSRUWDED VHU DPDGRV OR TXH OHV
LPSRUWDED HUD VHU WHPLGRV *XVWH R QR FRPR WDPELpQ VHxDOy
)HUQiQGH] OYDUH] DO HVWXGLDU HVH WHPD HVWDPRV VLQ GXGD DQWH OD
PD\RUVRPEUDTXHSUR\HFWDDTXHOODpSRFDODVRPEUDGHOD,QTXLVLFLyQOD
VRPEUD GH OD PiV FHUUDGD GH ODV LQWROHUDQFLDV UHOLJLRVDV OD VRPEUD HQ
VXPD GHO IDQDWLVPR LQTXLVLWRULDO 6L HVH WHUURU OR SDGHFLy WRGD OD
VRFLHGDGHVSDxRODVHGHVFDUJyGHPDQHUDHVSHFLDOPHQWHFUXHOVREUHORV
SURWHVWDQWHVHVSDxROHV1RIXHURQHVWRVSHUVRQDMHVGHHVFDVDUHOHYDQFLD
8QR GH ORV SULPHURV H[SRQHQWHV GH OD 5HIRUPD HVSDxROD IXH HO
FRQTXHQVH -XDQ GH 9DOGpV  $XQTXH VH KD GLVFXWLGR PXFKR VREUH VX
RULJHQ IDPLOLDU KR\ KD TXHGDGR HVWDEOHFLGR IXHUD GH WRGD GXGD TXH HUD
MXGtR WDQWR SRU OD UDPD SDWHUQD FRPR SRU OD PDWHUQD ,QFOXVR XQ WtR
PDWHUQR)HUQDQGRGHOD%DUUHGDIXHTXHPDGRSRUOD,QTXLVLFLyQSRUVHU
XQMXGtRUHODSVR(VPX\SRVLEOHTXHSUHFLVDPHQWHHVDFLUFXQVWDQFLDTXH
ORXELFDEDHQXQDSRVLFLyQGHVHJXQGDGHQWURGHODVRFLHGDGIXHUDXQDGH
ODVUD]RQHVTXHOHOOHYDURQGHVGHPX\MRYHQQRDLQWHQWDUSURIXQGL]DUHQ
OD IH MXGtD GH VXV DQWHSDVDGRV VLQR HQ OD OtQHD GH UHIRUPD SRSXODU TXH
KDEtD VXUJLGR DO DEULJR GH ODV PHGLGDV DGRSWDGDV SRU &LVQHURV 3RU
GHVJUDFLD SDUD OD LJOHVLD FDWyOLFD OD UHIRUPD FLVQHULDQD FRPR
SUHYLDPHQWH OD OOHYDGD D FDER SRU ,VDEHO OD &DWyOLFD KDEtD IUDFDVDGR
HVWUHSLWRVDPHQWH HQ OD PHGLGD HQ TXH VROR KDEtD DIHFWDGR \ GH PDQHUD
PX\FHQWHUILFLDODXQQ~PHUROLPLWDGRGHFOpULJRV
(Q ORV DXWRV GHO SURFHVR LQTXLVLWRULDO GH 3HGUR 5XL] GH $OFDUD] SRU
HMHPSOR VH KDFH UHIHUHQFLD D TXH -XDQ GH 9DOGpV HUD XQR GH ORV TXH
DVLVWtDQDODVUHXQLRQHVTXHVHFHOHEUDEDQHQGRPLFLOLRVSDUWLFXODUHVFRQ
OD ILQDOLGDG GH OHHU \ HVWXGLDU OD %LEOLD &RQWDED HQ DTXHO HQWRQFHV FRQ
XQRVWUHFHRFDWRUFHDxRVORTXHH[SOLFDSRUHMHPSORTXHQRVHOHFLWDUD
SRVWHULRUPHQWHSDUDWHVWLILFDUHQHOSURFHVRPHQFLRQDGR/DHGDGUHVXOWD
SRU RWUR ODGR PX\ LQGLFDWLYD -XDQ GH 9DOGpV HUD XQ MRYHQ TXH VHQWtD
LQTXLHWXGRDOPHQRVLQWHUpVSRUHOWHUUHQRHVSLULWXDOFXDQGRDSHQDV
KDEtD VDOLGR GH OD LQIDQFLD (VH LQWHUpV KDEtD HQFRQWUDGR DGHPiV SURQWR
FDXFH QR HQ ODV PDQLIHVWDFLRQHV PD\RULWDULDV GH WLSR UHOLJLRVR TXH VH
YLYtDQ HQWRQFHV HQ HO VHQR GHO FDWROLFLVPR VLQR HQ XQ HVWXGLR GLUHFWR
VHQFLOORFDVLGLUtDPRVTXHIDPLOLDUGHODV(VFULWXUDV6HWUDWDEDGHXQD
FRQGXFWDTXHKHPRVYLVWRSRUHMHPSORHQORVYDOGHQVHV\TXHUHVXOWDUtD
GHILQLWLYDHQODFRQILJXUDFLyQGHOD5HIRUPDSURWHVWDQWH
(Q QRYLHPEUH GH  -XDQ FX\R KHUPDQR $OIRQVR HUD XQ
FRQYHQFLGR HUDVPLVWD TXH KDEtD KDOODGR VX OXJDU HQ OD &RUWH GHO
HPSHUDGRU&DUORV9VHHQFRQWUDEDHQ$OFDOiGH+HQDUHV1RHUDFDVXDO
VX SDUDGHUR \ SRVWHULRUPHQWH 9DOGpV GHMDUtD GH PDQLILHVWR XQ
FRQRFLPLHQWRQDGDFHQWHUILFLDOWDQWRGHOJULHJRFRPRGHOKHEUHRODVGRV
OHQJXDVGHOD%LEOLD$GHPiVHQODXQLYHUVLGDGVHJXtDH[LVWLHQGRXQIRFR
GH HUDVPLVPR GH HQRUPH UHOHYDQFLD 7DO FLUFXQVWDQFLD QR GHEHUtD
H[WUDxDUQRV VL WHQHPRV HQ FXHQWD TXH (UDVPR FRQ SRVWHULRULGDG KDEtD
VRVWHQLGRXQSURJUDPDGHUHIRUPDPX\VLPLODUDOGH&LVQHURVHGXFDFLyQ
UHIRUPDGHODVFRVWXPEUHVHVSHFLDOPHQWHHQHOVHQRGHOFOHURHQVHxDQ]D
GHODV(VFULWXUDVHQOHQJXDYHUQiFXOD\UHJUHVRDOD%LEOLDFRPRIXHQWHGH
GRFWULQD\FRQGXFWD(OKRODQGpVQRHUDSRUORWDQWRXQLQQRYDGRUVLQR
DOJXLHQTXHDSRVWHULRULFRQILUPDEDORDFHUWDGRGHODVWHVLVGHOFDUGHQDO
(Q HVWD pSRFD 9DOGpV OH\y XQD GH ODV REUDV PiV HPEOHPiWLFDV GH
(UDVPRHO(QFKLULGLRQ0LOLWLV&KULVWLDQL/DREUDVHSXEOLFySRUSULPHUD
YH]HQ(VSDxDHQGHMyGHLPSULPLUVHDSDUWLUGHODHGLFLyQVHYLOODQD
GH  DSDUHFLGD HQ SOHQR DUGRU GH ODV JXHUUDV GH UHOLJLyQ \ UHVXOWD
VLJQLILFDWLYR QR YROYLy D VHU UHHGLWDGD HVWD YH] SRU 'iPDVR$ORQVR
KDVWD  /D HGLFLyQ SRU SDUWH GH XQD HGLWRULDO FDWyOLFD QR VH
SURGXFLUtDVLQHPEDUJRHQ(VSDxDKDVWD
/D OHFWXUD GH (UDVPR HO HVWXGLR GH OD %LEOLD OD H[SHULHQFLD FRQ ORV
JUXSRV UHODFLRQDGRV FRQ $OFDUD] \ VHJ~Q VDEHPRV DKRUD HO
FRQRFLPLHQWRGHDOJXQRVRS~VFXORVGH/XWHURFULVWDOL]DURQHQHOFDVRGH
9DOGpVHQXQDREUDTXHVHSXEOLFyHOGHHQHURGHHQODLPSUHQWD
GH 0LJXHO GH (JXtD HQ$OFDOi 1RV UHIHULPRV D VX'LiORJR GH GRFWULQD
FULVWLDQD/DVHQFLOOH]GHODREUDD~QVLJXHFDXVDQGRVRUSUHVDHQORVTXH
DFFHGHQ D HOOD 3UHVHQWDGD FRPR XQ GLiORJR HQWUH WUHV SHUVRQDMHV
(XVHELR XQ KRPEUH TXH GHVHD DSUHQGHU OD YHUGDGHUD IH FULVWLDQD
$QWURQLR XQ FXUD LJQRUDQWH TXH H[SUHVD EXHQ Q~PHUR GH MXLFLRV GH
FDWyOLFRV GH D SLH WDQ SRFR YHUVDGRV FRPR pO \ XQ DU]RELVSR TXH YD
DFODUDQGR ODV GLYHUVDV FXHVWLRQHV (O'LiORJR SDVD UHYLVWD D FXHVWLRQHV
FRPRHO&UHGRORVPDQGDPLHQWRVORVSHFDGRVODVYLUWXGHVORVGRQHVGHO
(VStULWX 6DQWR HO 3DGUHQXHVWUR \ OD (VFULWXUD FRQFOX\HQGR FRQ XQD
WUDGXFFLyQ GHO 6HUPyQ GHO 0RQWH ORV FDStWXORV TXLQWR VH[WR \ VpSWLPR
GHO(YDQJHOLRGH0DWHR
'HODLJOHVLDSRUHMHPSORVHDILUPDQRTXHGHEHLGHQWLILFDUVHFRQXQD
MHUDUTXtD R XQ FRQMXQWR GH GRJPDV VLQR PiV ELHQ TXH HV XQ
D\XQWDPLHQWRGHILHOHVORVFXDOHVFUHHQHQXQ'LRVSDGUH\SRQHQWRGDVX
FRQILDQ]DHQVXKLMR\VRQUHJLGRV\JREHUQDGRVSRUHO(VStULWX6DQWRTXH
SURFHGH GH HQWDPEURV /D GHILQLFLyQ HV WRWDOPHQWH QHRWHVWDPHQWDULD \
SUHFLVDPHQWHSRUHOORHQFDMDFRQODWHRORJtDSURWHVWDQWHSHURFROLVLRQD
VLTXLHUDSRURPLVLyQFRQODYLVLyQFDWyOLFD
3RUVLIXHUDSRFRHQHOFDStWXORGHODVOHFWXUDVUHFRPHQGDEOHV(UDVPR
QRHVREMHWRGHFUtWLFDQLVLTXLHUDPRGHUDGDHLQFOXVRVHGLFHGHpO
YRV OHHG \ HVWXGLDG HQ ODV REUDV GH (UDVPR \ YHUpLV FXDQ JUDQ IUXWR
VDFiLV\DGHPiVOD%LEOLDQRHVSUHVHQWDGDFRPRXQDGHODVIXHQWHVGH
UHYHODFLyQTXHIXHODGRFWULQDFDWyOLFDSRVWHULRUPHQWHFRQVDJUDGDHQHO
FRQFLOLR GH 7UHQWR VLQR TXH VH OD VHxDOD FRPR ~QLFD UHJOD GH
UHYHODFLyQ\GHFRQGXFWD/HHGHQOD6DJUDGD(VFULWXUDDGRQGHGHFODUD
'LRV HQ HVWR VX YROXQWDG HQ PXFKDV SDUWHV \ KDFHG FRQIRUPH D OR TXH
OH\HUHLV
)LQDOPHQWH\HVWRUHVXOWDEDFDVLVXEYHUVLYRHQXQD(VSDxDEDVDGDHQOD
SXUH]DGHVDQJUH\HQHOFRQFHSWRGHODKRQUDVHFRQWUDSRQtDHVHDVSHFWR
PHGXODUGHOD(VSDxDFDWyOLFDDRWURGHPiVKRQGDUDLJDPEUHFULVWLDQD
/DKRQUDGHOFULVWLDQRPiVGHEHFRQVLVWLUHQQRKDFHUFRVDTXHGHODQWH
GH'LRVQLGHORVKRPEUHVSDUH]FDIHDTXHQRHQFRVDQLQJXQDPXQGDQD
SRUTXHHVDKRQUDTXHYRVGHFtVTXHVRVWHQpLVHVFDPLQRGHOLQILHUQR$O
ILQ\DODSRVWUHORTXH9DOGpVVRVWHQtDHUDXQDUHIRUPDHQYLUWXGGHOD
FXDO OD LJOHVLD QR IXHUD FRQWHPSODGD FRPR XQD MHUDUTXtD VLQR FRPR HO
FRQMXQWRGHORVILHOHVGHILQLGRVQRWDQWRSRUVXDGKHVLyQDXQRVGRJPDVR
DXQDVSUiFWLFDVULWXDOHVFXDQWRSRUVXVXPLVLyQD'LRVODIHFRWLGLDQDVH
VXVWHQWDUDQRWDQWRHQORVPDQGDWRVHFOHVLiVWLFRVFXDQWRHQOD%LEOLD\OD
KRQUD QR IXHUD XQ FRQFHSWR EDVDGR HQ OD VDQJUH R HQ OD SRVLFLyQ VRFLDO
VLQR HQ XQD FRQGXFWD HMHPSODU FX\R SDUDGLJPD IXHUD OD HQVHxDQ]D
HYDQJpOLFD
'HPDQHUDELHQVLJQLILFDWLYD\DOLJXDOTXH/XWHUR9DOGpVUHFXSHUyOD
GRFWULQDQHRWHVWDPHQWDULDGHODMXVWLILFDFLyQSRUODIHTXHFKRFDEDFRQOD
LGHD GH XQD VDOYDFLyQ SRU ORV SURSLRV PpULWRV VXVWHQWDGD SRU OD YLVLyQ
FDWyOLFD$ILQGHFXHQWDVHOMRYHQDXWRUHQUHDOLGDGYHQtDDUHSURGXFLU
HO PLVPR HVTXHPD TXH 3DEOR GH 7DUVR KDEtD WUD]DGR HQ VX FDUWD D ORV
(IHVLRV3RUTXHVRLVVDOYRVSRUODJUDFLDSRUPHGLRGHODIH\HVWRQRHV
DOJR TXH YHQJD GH YRVRWURV VLQR TXH HV XQ GRQ GH 'LRV QR SRU REUDV
SDUD TXH QDGLH WHQJD MDFWDQFLD 3RUTXH VRPRV KHFKXUD VX\D FUHDGR HQ
-HV~V HO PHVtDV SDUD EXHQDV REUDV TXH 'LRV SUHSDUy GH DQWHPDQR SDUD
TXHFDPLQiUDPRVHQHOODV
 ( O'LiORJR \ HV FRPSUHQVLEOH IXH OHtGR SURIXVDPHQWH SRU WRGD
(VSDxD 1R GHMD GH VHU VLJQLILFDWLYR TXH 6DQFKR &DUUDQ]D GH 0LUDQGD
LQTXLVLGRU GH 1DYDUUD HQFRQWUDUD TXH OD REUD HVWDED DGRUQDGD GH WDQWDV
FXDOLGDGHV TXH FRPSUy YDULRV HMHPSODUHV SDUD UHJDODU D VXV DPLJRV /D
VX\D QR IXH XQD SRVWXUD H[FHSFLRQDO 'HVGH SHUVRQDV GHO PiV HOHYDGR
UDQJR HFOHVLDO KDVWD JHQWH GHO SXHEOR OODQR OD REUD GH 9DOGpV OODPy OD
DWHQFLyQ GH WRGRV DTXHOORV QR SRFDV YHFHV SUHGLFDGRUHV TXH FUHtDQ
HQXQDUHIRUPDGHODLJOHVLDTXHQRLPSOLFDUDQHFHVDULDPHQWHHOUHFXUULUD
ODV DUPDV QL WDPSRFR HO HPEDUFDUVH HQ JXHUUDV DOOHQGH ORV 3LULQHRV HQ
XQDUHQRYDFLyQTXHQRVLJQLILFDUDQHJDUHOSDVDGRSHURWDPSRFRVHJXLU
QRYHGDGHV GH GXGRVD VROLGH] \ HQ XQD LJOHVLD HQ OD TXH GHVDSDUHFLHUDQ
ODV EDUUHUDV GHULYDGDV GH SUHMXLFLRV GH VDQJUH R GH HVWDWXV VRFLDO XQD
GHVJUDFLDTXH(VSDxDDUUDVWUDEDFRPRXQDYHUGDGHUDPDOGLFLyQGHVGHORV
5H\HV&DWyOLFRV
(Q9DOGpVVHFRQYLUWLyHQREMHWRGHXQSURFHVRLQTXLVLWRULDOGHO
TXHVDOLyELHQSDUDGRJUDFLDVDODLQWHUYHQFLyQGHFLGLGDGHORVHUDVPLVWDV
DOFDODtQRV GLVSXHVWRV D GHIHQGHUVH IUHQWH D XQD ROD FUHFLHQWH GH
LQWROHUDQFLDFRQWUDUUHIRUPLVWD(OPLVPR(UDVPROHIHOLFLWyHQXQDFDUWD
HVFULWDGHVGH%DVLOHDHOGHPDU]RGHSRUKDEHUORJUDGRHVFDSDU
GH ORV SHOLJURV GHULYDGRV GH OD SXEOLFDFLyQ GHO'LiORJR 6LQ HPEDUJR
VROR KDEtD VLGR XQ UHVSLUR HQ PHGLR GH XQD EDWDOOD FDGD YH] PiV
HQFDUQL]DGD $ LQLFLRV GH  -XDQ GH 9DOGpV FHQWR TXH VH HVWDED
LQVWUX\HQGR XQ VHJXQGR SURFHVR LQTXLVLWRULDO FRQWUD pO /D UHVSXHVWD GH
9DOGpVIXHUiSLGD\GHVGHOXHJRDFHUWDGDKX\yGH(VSDxD
(QDJRVWRGH-XDQGH9DOGpV\DVHHQFRQWUDEDHQ5RPD6HWUDWD
GH XQ GDWR TXH FRQRFHPRV SRU XQD FDUWD TXH HO GtD  GH HVH PHV -XDQ
*LQpVGH6HS~OYHGDGLULJLyDVXKHUPDQR$OIRQVRGH9DOGpV\HQODTXH
VHFRPHQWDEDHOKHFKR0X\SRVLEOHPHQWHVXOOHJDGDDODFDSLWDOLWDOLDQD
VHKDEtDSURGXFLGRYDULDVVHPDQDVDQWHV'XUDQWHXQRVPHVHVQRVHVDEUtD
QDGDGHXQ-XDQGH9DOGpVDOTXHOD,QTXLVLFLyQHVSDxRODVHJXtDEXVFDQGR
FRQDKtQFR)LQDOPHQWHHOGHRFWXEUHGHHOSDSD&OHPHQWH9,,
QR SUHFLVDPHQWH XQ VLPSDWL]DQWH GH (VSDxD H[WHQGLy D -XDQ XQ
VDOYRFRQGXFWR SDUD TXH YLDMDUD VLQ QLQJ~Q WLSR GH GLILFXOWDGHV DO
HQFXHQWUR GH VX KHUPDQR $OIRQVR -XDQ GH 9DOGpV DSURYHFKy HO
VDOYRFRQGXFWRSHURQRFRQVLJXLyVXREMHWLYR7DQVRORWUHVGtDVGHVSXpV
GHTXHHOSDSDOHRWRUJDUDHOPHQFLRQDGRGRFXPHQWR$OIRQVRPRUtDHQ
9LHQDYtFWLPDGHODSHVWH
-XDQVHHQFRQWUyFRQODFRUWHLPSHULDOHQ%RORQLDSHURQRSHUPDQHFLy
HQ HOOD 'HFLGLy SRU HO FRQWUDULR UHJUHVDU D 5RPD \ TXHGDUVH FHUFD GHO
SDSDTXHDOSDUHFHUFRQVWLWXtDXQDYHFLQGDGPHQRVDUULHVJDGDTXHODGH
ORV VHUYLGRUHV GH OD LJOHVLD FDWyOLFD HQ (VSDxD 6LQ GXGD VH WUDWD GH XQ
GDWRELHQVLJQLILFDWLYR
1RSHUPDQHFLyPXFKRWLHPSRHPSHURHQODFRUWHSRQWLILFLD/DFLXGDG
GH1iSROHVOHEULQGyXQFDUJRGHDUFKLYHUR\ORDFHSWy3HURWDPSRFRHVWH
QXHYR OXJDU OR UHWHQGUtD 3RU UD]RQHV TXH GHVFRQRFHPRV OD FLXGDG OH
LQYLWy D DEDQGRQDU HO SXHVWR TXH OH KDEtD RIUHFLGR DXQTXH OH HQWUHJy OD
FDQWLGDGGHPLOGXFDGRV9DOGpVRSWyHQWRQFHVSRUGLULJLUVHXQDYH]PiV
DODFRUWHSDSDO
(VWD QXHYD SHUPDQHQFLD GH -XDQ GH 9DOGpV HQ 5RPD GXUy KDVWD OD
PXHUWH GHO SDSD &OHPHQWH 9,, /H VXFHGLy HQ HO WURQR SRQWLILFLR 3DEOR
,,,XQSDSDFODUDPHQWHIDYRUDEOHDOHPSHUDGRU&DUORV9\-XDQGHFLGLy
SUXGHQWHPHQWHDEDQGRQDUODFLXGDG
(Q  9DOGpV VH HVWDEOHFLy HQ 1iSROHV OD FLXGDG GRQGH
SHUPDQHFHUtD KDVWD VX PXHUWH (Q ORV DxRV IXWXURV LEDQ D FRQMXJDUVH HQ
-XDQ GH 9DOGpV WRGDV ODV IDFHWDV HVSHFLDOPHQWH DWUDFWLYDV GH VX
SHUVRQDOLGDG\GHVXREUD
(O9DOGpVKXPDQLVWDHLQWHUHVDGRHQODFXOWXUDGDUtDOXJDUDO'LiORJRGH
ODOHQJXDXQDGHODVREUDVFXPEUHVGHO5HQDFLPLHQWRHVSDxROHQTXHVH
DERUGDQ GLVWLQWRV DVSHFWRV UHODFLRQDGRV FRQ OD OHQJXD FDVWHOODQD
XWLOL]DQGRODIRUPDGHOGLiORJR
(O9DOGpVLQWHUHVDGRSRUORVDVXQWRVSROtWLFRVVHFRQYHUWLUtDGHVGH
HQYHHGRUGHORVFDVWLOORVGH1iSROHVHVFULELHQGRDODYH]XQFRQMXQWRGH
PLVLYDV HQ ODV TXH H[SUHVDUtD VX YLVLyQ SUHRFXSDGD SRU ODV DFFLRQHV
OOHYDGDV D FDER SRU HO JRELHUQR LPSHULDO )LQDOPHQWH HO 9DOGpV
LQWHUHVDGR HQ OD UHIRUPD GH OD LJOHVLD FDWyOLFD \ PHGLDQWH HOOD GH OD
VRFLHGDG HVFULELUtD HQ OD FLXGDG LWDOLDQD VXV REUDV WHROyJLFDV PiV
LPSRUWDQWHV GHVGH ODV&LHQWR GLH] FRQVLGHUDFLRQHV GLYLQDV KDVWD ORV
FRPHQWDULRV VREUH HO (YDQJHOLR GH 0DWHR R ORV 6DOPRV (VWD ~OWLPD
FLUFXQVWDQFLD UHVXOWD HVSHFLDOPHQWH FRPSUHQVLEOH VL WHQHPRV HQ FXHQWD
TXHHQ1iSROHVSUHFLVDPHQWH-XDQGH9DOGpVFRQRFHUtDD-XOLD*RQ]DJD
ODVREULQDGHOFDUGHQDO*RQ]DJD/DGDPDEHOODHLQWHOLJHQWHOHSRQGUtD
HQ FRQWDFWR FRQ SHUVRQDV GH FLHUWD WDOOD LQWHOHFWXDO TXH VH UHXQtDQ
SHULyGLFDPHQWHDOHHU\HVWXGLDUOD%LEOLDHQVXVGRPLFLOLRV
$ HVDV DOWXUDV 9DOGpV *RQ]DJD \ EXHQD SDUWH GH VXV FRPSDxHURV QR
HUDQVLQRSURWHVWDQWHVHQFXELHUWRV(OSURSLR9DOGpVFUHtDFDGDYH]PHQRV
HQ OD SRVLELOLGDG GH XQD 5HIRUPD TXH VXUJLHUD GHO LQWHULRU GHO DSDUDWR
FDWyOLFR
$VtHQVXFRUUHVSRQGHQFLDSRGHPRVYHUUHIHUHQFLDVDVXIDOWDGHIHHQ
TXHHOFRQFLOLRIXWXURHOTXHOXHJRVHFHOHEUDUtDHQ7UHQWRFHUUDUDHO
DELVPRDELHUWRHQWUHFDWyOLFRV\SDUWLGDULRVGHOD5HIRUPD(OGHDEULO
GH  HVFULELy SRU HMHPSOR D -XOLD *RQ]DJD LQGLFiQGROH TXH HO
HPSHUDGRUHUDXQSREUHSUtQFLSHTXHQRDGYLHUWHTXHHVWLUDQL]DGRSRU
GRV EHVWLDV \ SXQWR VHJXLGR DxDGtD /R TXH DKRUD VH QHFHVLWD HV
SDFLHQFLD KDVWD TXH 'LRV GLVSRQJD SXHV VROR 'LRV VDEH FRPR PDUFKD
WRGR
6XSpUGLGDGHFRQILDQ]DHQODDFFLyQLPSHULDOVRORKDEtDSUHFHGLGRHQ
XQRVPHVHVDVXGHVHQJDxRDQWHODVDFFLRQHVGHOSDSD(OGHHQHURGH
 SRU HMHPSOR HVFULELy DO FDUGHQDO *RQ]DJD TXHMiQGRVH GH OD
PDQLSXODFLyQ OOHYDGD D FDER SRU 3DXOR ,,, \ GH OD SDSDQDWHVFD EXHQD IH
GHO SXHEOR HQ VXV SDODEUDV $TXt FUHHQ OR TXH HO 3DSD GLFH VREUH HO
FRQFLOLRFRPRVLIXHUDXQRGHORVHYDQJHOLVWDV
/DPHQWDEOHPHQWH QR VH HTXLYRFDED -XDQ GH 9DOGpV HQ VX SHVLPLVPR
(OSDSDQRWHQtDYROXQWDGGHGLDORJDUHVFXFKDURWROHUDUDORVGLVLGHQWHV
UHOLJLRVRV VLQR ~QLFDPHQWH GH YHQFHUORV UHFXUULHQGR VLQ QLQJ~Q UHSDUR
PRUDO D OD YLROHQFLD 3RU RWUR ODGR VX ~QLFR SRVLEOH FRQWUDSHVR HO
HPSHUDGRU FDUHFtD GH OD DOWXUD VXILFLHQWH SDUD FRPSUHQGHU OD
WUDVFHQGHQFLDGHODVLWXDFLyQ\DFWXDUHQFRQVHFXHQFLD
(QMXOLRGH-XDQGH9DOGpVH[KDOyVX~OWLPRDOLHQWRHQ1iSROHV
6LWULVWHHVODPXHUWHKD\TXHUHFRQRFHUTXHVLQHPEDUJRODVX\DQRSXGR
VHU PiV RSRUWXQD (O  GH HQHUR GH  XQD EXOD UHQRYy \ UHIRU]y OD
,QTXLVLFLyQ URPDQD (O GRFXPHQWR SDSDO SUHWHQGtD DSODVWDU D ORV TXH
FRQVLGHUDEDKHWHURGR[RV\HQEXHQDPHGLGDORFRQVLJXLy'HORVDPLJRV
GH 9DOGpV DOJXQRV FRPR 3LHUSDROR 9HUJHULR RELVSR GH &DSRGLVWULD
TXHVHFRQYLUWLyDOOXWHUDQLVPRR3HGUR0iUWLU9HUPLJOLTXHVHLGHQWLILFy
FRQ HO FDOYLQLVPR KX\HURQ \ WHUPLQDURQ SRU SDVDUVH DO FDPSR
SURWHVWDQWH FRQYHQFLGRV GH TXH QXQFD KDEUtD XQD UHIRUPD UHDOPHQWH
HYDQJpOLFD HQ HO VHQR GH OD LJOHVLD FDWyOLFD 2WURV FRPR 3LHWUR
&DUQHVHFFKL VH FRQYLUWLHURQ HQ YtFWLPDV LQPHGLDWDV GH OD ,QTXLVLFLyQ
/D SURSLD -XOLD *RQ]DJD FRPR KD PRVWUDGR HQ VXV HVWXGLRV HO HUXGLWR
LWDOLDQR$QWRQLR )RUFHOOLQR IRUPy SDUWH GH XQ FRQYHQWtFXOR SURWHVWDQWH
TXHVHUHXQtDGHPDQHUDFODQGHVWLQD\DOTXHVHDGKLULyHODUWLVWD0LJXHO
QJHODOTXHDOJXQRVPX\HUUyQHDPHQWHLQVLVWHQHQSUHVHQWDUFRPRXQ
SDUDGLJPD GHO DUWH FDWyOLFR 6ROR VX PXHUWH OLEUy D -XOLD GH VHU MX]JDGD
SRUOD,QTXLVLFLyQ\VXIULUODVXHUWHGH&DUQHVHFFKL3RUORTXHVHUHILHUHD
0LJXHOQJHODFDEyUHWUDWiQGRVHFRPR1LFRGHPRHOMXGtRWLPRUDWRTXH
RFXOWDEDVXFRQGLFLyQGHGLVFtSXORGH-HV~V
(Q (VSDxD SRU VX SDUWH 0LJXHO GH (JXtD HO LPSUHVRU GHO'LiORJRGH
'RFWULQDFULVWLDQDVHYHUtDREOLJDGRDFRPSDUHFHUDQWHOD,QTXLVLFLyQSRU
VXVYLQFXODFLRQHVFRQORVHUDVPLVWDVGH$OFDOi
-XDQ GH 9DOGpV D SHVDU GH VX LQIOXMR HQ H[SDQGLU OD OODPD GH OD
5HIRUPDHQRWUDVQDFLRQHVFRPR,WDOLDQRIXHXQDH[FHSFLyQ(Q
RWURFRQTXHQVH-XDQ'tD]SXEOLFyVX6XPDGHODUHOLJLyQFULVWLDQDHQOD
TXH VH LGHQWLILFDED FODUDPHQWH FRPR SDUWLGDULR GH OD 5HIRUPD )XH
DVHVLQDGRSRUVXKHUPDQR$OIRQVRXQFDWyOLFRIDQiWLFRTXHSHQVyODYDU
FRQVDQJUHODGHVKRQUDGHWHQHUDXQSURWHVWDQWHHQODIDPLOLD
(VHPLVPRDxRGHRWURHVSDxRO-DLPHGH(Q]LQDVIXHTXHPDGR
HQ 5RPD 6X GHOLWR KDEtD VLGR VRVWHQHU ORV PLVPRV SXQWRV GH YLVWD TXH
ORV UHIRUPDGRUHV (O KHUPDQR GH -DLPH )UDQFLVFR (Q]LQDV VHUtD PiV
DIRUWXQDGR \ ORJUDUtD HVFDSDU GH OD ,QTXLVLFLyQ HQ ORV 3DtVHV %DMRV
HVSDxROHV1RVRORHVR$PLJRGH)HOLSH0HODQFKWKRQOOHYyDFDERXQD
PDJQtILFD WUDGXFFLyQ GHO 1XHYR 7HVWDPHQWR GHO JULHJR DO HVSDxRO (UD
XQR GH ORV JUDQGHV KHOHQLVWDV GH VX pSRFD SHUR HVR QR OR VDOYy GH VHU
GHWHQLGR SRU ODV DXWRULGDGHV HQ )ODQGHV /RJUy HVFDSDU \ OOHJDU D
,QJODWHUUDGRQGHIXHFDWHGUiWLFRGHJULHJRHQ&DPEULGJH0XULyFRPR
WDQWRVHVSDxROHVYDOLRVRVYtFWLPDVGHODLQWROHUDQFLDHQHOH[LOLR
$HVDVDOWXUDVORVDJHQWHVGH&DUORV9ODOH\HQGDVREUHODWROHUDQFLD
UHOLJLRVDGHOHPSHUDGRUFRPR\DVHxDODPRVQRHVPiVTXHHVROH\HQGD
 SHUVHJXtDQ FRQ YHUGDGHUD VDxD D ORV UHIRUPDGRV HVSDxROHV HQ
FXDOTXLHUDGHORVWHUULWRULRVSHUWHQHFLHQWHVDODFRURQD6LQHPEDUJRQR
ORJUDURQH[WHUPLQDUOD5HIRUPD'HKHFKRIXH)HOLSH,,\DFRQYHUWLGRHQ
VXFHVRUGHODFRURQDHVSDxRODHOPRQDUFDTXHSUHVLGLyHOSULPHUDXWRGH
IHFRQWUDSURWHVWDQWHVHVSDxROHV7XYROXJDUHQ9DOODGROLGHOGRPLQJR
GHPD\RGH&RPRDQWDxR)HUQDQGR,,,FXDQGRVHMDFWyGHSUHQGHU
ODV KRJXHUDV D ODV TXH IXHURQ DUURMDGRV YLYRV ORV KHUHMHV )HOLSH ,,
VHxDODUtDTXHGHKDEHUVLGRXQRGHHOORVVXSURSLRKLMRHOPLVPRKDEUtD
DFHUFDGR OD OHxD SDUD TXH DUGLHUD &RQ VHJXULGDG QR H[DJHUDED
6LPSOHPHQWHHUDXQH[SRQHQWHPiVGHXQDPHQWDOLGDGIDQiWLFDPRGHODGD
SRUODLJOHVLDFDWyOLFDGHDFXHUGRFRQODFXDOHOGHUUDPDPLHQWRGHVDQJUH
FRPR HQ HO FDVR GH -XDQ 'tD] HUD OD ~QLFD PDQHUD GH UHVSRQGHU D OD
GLVLGHQFLDUHOLJLRVD(OGHVHSWLHPEUHGHOPLVPRDxRXQQXHYRDXWR
GH IH WHQGUtD FRPR HVFHQDULR OD FLXGDG GH 6HYLOOD /DV FRQGHQDV
DOFDQ]DURQDRFKHQWDSHUVRQDV'LHFLQXHYHGHHOODVIXHURQTXHPDGDVSRU
SURWHVWDQWHV (QWUH ODV FRQGHQDGDV GHVWDFDED OD MRYHQ 0DUtD %RKyUTXH]
/RVFOpULJRVLQWHQWDURQFRQYHQFHUODGHTXHUHJUHVDUDDOFDWROLFLVPRSHUR
ODPXFKDFKDWHQtDXQFRQRFLPLHQWRQDGDEDODGtGHOODWtQGHOJULHJR\GH
OD%LEOLD\DSODVWyGLDOpFWLFD\WHROyJLFDPHQWHDORVIUDLOHV\VDFHUGRWHV
TXHVHHQIUHQWDURQFRQHOOD/DHORFXHQFLD\ODFHUFDQtDDODV(VFULWXUDV
GHODSURWHVWDQWHHUDWDOTXHFDXVyHOSDVPRGHVXVRSRQHQWHV
$ SHVDU GH OD ILHUH]D GH OD SHUVHFXFLyQ GHVHQFDGHQDGD FRQWUD ORV
SURWHVWDQWHVORVJUXSRVTXHVHUHXQtDQHQODVFDVDVSDUDHVWXGLDUOD%LEOLD
\ RUDU VLJXLHURQ H[LVWLHQGR (O  GH GLFLHPEUH GH  VH FHOHEUy XQ
VHJXQGRDXWRGHIH'HORVFLQFXHQWD\FXDWURSURFHVDGRVFXDUHQWDIXHURQ
DFXVDGRV GH VHU SURWHVWDQWHV \ TXLQFH DFDEDURQ VLHQGR DUURMDGRV D ODV
OODPDV(QVHFHOHEUDURQRWURVGRVDXWRVGHIHHOGHDEULO\HO
GHRFWXEUH'HORVRFKHQWD\RFKRDFXVDGRVGHSURWHVWDQWLVPRGLHFLRFKR
IXHURQDUURMDGRVDODKRJXHUDHQFRQWUiQGRVHHQWUHHOORVFXDWURVDFHUGRWHV
GHO FRQYHQWR GH 6DQ ,VLGRUR (QWUH  \  HQ VHLV DXWRV GH IH
KDEtDQVLGRTXHPDGRVRVRPHWLGLWRRVDRWUDVSHQDVPiVGHGRVFHQWHQDUHV
GHSHUVRQDVFX\R~QLFRGHOLWRHUDDPDUOD%LEOLD
'XUDQWHODVGpFDGDVVLJXLHQWHVORVSURWHVWDQWHVDUURMDGRVDODKRJXHUD
VHJXLUtDQVXPiQGRVHDORODUJR\DORDQFKRGH(VSDxD$GHFLUYHUGDG
VRUSUHQGH OD PDQHUD HQ TXH ODV FRPXQLGDGHV SURWHVWDQWHV VH
PXOWLSOLFDEDQ\VREUHYLYtDQDSHVDUGHODOHWDOUHSUHVLyQTXHSHVDEDVREUH
HOODV6HxDODUH[KDXVWLYDPHQWHORVKDOOD]JRVGHOD,QTXLVLFLyQH[FHGHFRQ
PXFKRORVOtPLWHVGHOSUHVHQWHHVWXGLR6LQHPEDUJRGHODPDQHUDPiV
VRPHUD KD\ TXH UHFRUGDU TXH D LQLFLRV GH  ORV LQTXLVLGRUHV GH
9DOHQFLD GHVFXEULHURQ XQD FRPXQLGDG SURWHVWDQWH HQ 3HGUDOED D OD TXH
VLJXLyHOKDOOD]JRGHRWUDHQ7HUXHOFX\RVGHWHQLGRVIXHURQTXHPDGRVHQ
DXWRVGHIHFHOHEUDGRVHQ\$PHGLDGRVGHODGpFDGDHO
WULEXQDO GH 7ROHGR GHVFXEULy RWUD FRPXQLGDG SURWHVWDQWH FRQ
UDPLILFDFLRQHVHQ/RJURxR%XUJRV\9DOODGROLG(QVHOOHYyDFDER
ODGHWHQFLyQGHXQDFRPXQLGDGSURWHVWDQWHDVHQWDGDHQ9DOHQFLD-XVWRHO
PLVPR DxR HQ TXH OD ,QTXLVLFLyQ GH *UDQDGD GHVDUWLFXODED RWUR IRFR
SURWHVWDQWHHVWDYH]HQ0iODJD(QWXYLHURQOXJDUGHWHQFLRQHVGH
SURWHVWDQWHV HQ &XHQFD 0DGULG \ 6DQ 6HEDVWLiQ 1R IXHURQ WRGR OR
HIHFWLYDV TXH KDEUtD GHVHDGR OD ,QTXLVLFLyQ SRUTXH HQ  VH SURGXMR
XQDQXHYDROHDGDGHSHVTXLVDVGHVWLQDGDVDDFDEDUFRQORVSURWHVWDQWHVGH
0DGULG$ HVH SUREOHPD VH VXPDURQ ORV SODQWHDGRV SRU XQD FRPXQLGDG
SURWHVWDQWHPiVHQ0DVVDQHW\RWUDHQODFDUWXMDGH3RUWD&HOLFHUFDGH
9DOHQFLD GRQGH HO SULRU KDEtD DEUD]DGR OD IH UHIRUPDGD MXQWR FRQ OD
PLWDGGHORVPRQMHV6RORHQWUDVPiVGHXQDGpFDGDGHGXUtVLPD
UHSUHVLyQ SDUHFLy TXH HO IHQyPHQR GH ODV FRPXQLGDGHV SURWHVWDQWHV
FODQGHVWLQDVKDEtDVLGRH[WHUPLQDGR
)HOLSH ,, KDEtD GHFLGLGR FRQYHUWLU D (VSDxD HQ HVSDGD GH OD
&RQWUDUUHIRUPD \ VH HPSOHDUtD GH PDQHUD HVSHFLDO HQ OD SHUVHFXFLyQ GH
ORVFRQVLGHUDGRVKHUHMHV/DUHVSXHVWDGHQRSRFRVGHHOORVIXHRSWDUSRU
HO H[LOLR (VH IXH HO FDVR SRU HMHPSOR GH DOJXQRV GH ORV SURWHVWDQWHV
DILQFDGRV HQ 6HYLOOD 'H KHFKR HQ HO PRQDVWHULR GH 6DQ ,VLGUR GH HVWD
FLXGDG HVSDxROD VH KDEtD SURGXFLGR XQ IHQyPHQR FRQ SDUDOHORV HQ WRGD
(XURSD 8Q JUXSR GH PRQMHV KDEtD FRPHQ]DGR D HVWXGLDU OD %LEOLD GH
PDQHUD UHJXODU \ GLOLJHQWH \ HO UHVXOWDGR KDEtD VLGR VX DEDQGRQR GH ORV
GRJPDVFDWyOLFRV\VXRULHQWDFLyQKDFLDGRFWULQDVEtEOLFDVGHIHQGLGDVSRU
ORVUHIRUPDGRVFRPRODGHODMXVWLILFDFLyQSRUODIHROD~QLFDPHGLDFLyQ
GH &ULVWR (O UHVXOWDGR IXH TXH OD FRQJUHJDFLyQ DEUD]y OD FDXVD GH OD
5HIRUPD\KDFLDHPSUHQGLyODKXLGDGHXQD(VSDxDHQWUHJDGDDOD
UHSUHVLyQ GH OD ,QTXLVLFLyQ (QWUH ORV H[LOLDGRV PiV LOXVWUHV VH KDOODEDQ
&DVLRGRUR GH 5HLQD \ &LSULDQR GH 9DOHUD (O SULPHUR HQFRQWUy FRPR
PXFKRV SURWHVWDQWHV HVSDxROHV UHIXJLR HQ *LQHEUD \ OOHYy D FDER OD
WUDGXFFLyQ GH OD %LEOLD DO FDVWHOODQR PiV HGLWDGD GH OD +LVWRULD 
XQDYHUVLyQTXHSUHFLVDPHQWHUHYLVDUtDHOVHJXQGRGHORVFLWDGRV
7RGRV HVWRV ERWRQHV GH PXHVWUD GHMDQ GH PDQLILHVWR TXH HQ (VSDxD
KDEtDH[LVWLGRXQD5HIRUPD\TXHKDEtDVLGRYLJRURVDSHURHQSDUDOHOR
FRQ RWURV HSLVRGLRV DQWHULRUHV KDEtD YLVWR VX ILQDO JUDFLDV D OD DFFLyQ
UHVXHOWD GH OD ,QTXLVLFLyQ \ GH OD PRQDUTXtD GH ORV$XVWULDV 6HPHMDQWH
p[LWR UHSUHVLYR IXH FRQVLGHUDGR SRVLWLYDPHQWH GXUDQWH VLJORV SRU ORV
KLVWRULDGRUHV HVSDxROHV FRQYHQFLGRV GH TXH (VSDxD HTXLYDOtD D
FDWROLFLVPR\TXHHOPRQROLWLVPRUHOLJLRVRFRQVWLWXtDXQFHQWUHPRYDORU
7DOSXQWRGHYLVWDVHKDSURORQJDGRKDVWDHOGtDGHKR\QHJDQGRRYHODQGR
OD H[LVWHQFLD GH OD 5HIRUPD HVSDxROD R VXEUD\DQGR VX LQH[LVWHQFLD XQD
LQH[LVWHQFLD GHVPHQWLGD SRU HMHPSOR SRU OD PHMRU QRYHOD GH 0LJXHO
'HOLEHV(OKHUHMH/DUHDOLGDGHVTXHODFHQWUHVLyQGHOD5HIRUPDFRPR
WHQGUHPRVRFDVLyQGHYHUGHVHQJDQFKyD(VSDxDGHORVJUDQGHVDSRUWHV
GHULYDGRV GH HOOD 3RU DxDGLGXUD ODV KRJXHUDV LQTXLVLWRULDOHV
FRQVROLGDURQ HQ (VSDxD OD XQLGDG UHOLJLRVD SHUR FUHDURQ D OD YH]
SUREOHPDVLQVROXEOHVDOOHQGHORV3LULQHRV

'(/$5(%(/,1'()/$1'(6$/)5$&$62
'(/$(035(6$'(,1*/$7(55$

6L OD SROtWLFD GH )HOLSH ,, KDFLD ORV SURWHVWDQWHV ILHO WUDVXQWR GH ORV
GHVHRV GH OD 6DQWD 6HGH LPSOLFy HQ HO FDVR GH (VSDxD VX H[WHUPLQLR
ItVLFRRVXH[LOLRHQHOFDVRGH)ODQGHVVLJQLILFyHOILQDOGHODVOLEHUWDGHV
\DFDEyGHVHQFDGHQDQGRXQDUHEHOLyQFRQWUDODPRQDUTXtDKLVSiQLFDTXH
SRGtD FLHUWDPHQWH KDEHUVH HYLWDGR 1R FDEH GXGD GH TXH VL )HOLSH ,,
KXELHUDVLGRPiVUHDOLVWDHQUHODFLyQFRQHODYDQFHGHOSURWHVWDQWLVPR
FRPRORIXHURQDOJXQRVPRQDUFDVIUDQFHVHVTXHWDPELpQHUDQFDWyOLFRV
OD PDUFKD GH VX UHLQDGR KXELHUD VLGR PiV DIRUWXQDGD VLTXLHUD SRU ORV
SUREOHPDV FRQ ORV TXH QR KXELHUD WHQLGR TXH HQIUHQWDUVH HQ HO QRUWH GH
(XURSD&RPRKDEtDVXFHGLGRFRQHOSUR\HFWRLPSHULDOGH&DUORV9HVD
SRVLFLyQLEDDLPSOLFDUXQFRVWHHQRUPHSDUDORVLQWHUHVHVGHODQDFLyQ
'H PDQHUD QR SRFR UHYHODGRUD HQ )HOLSH ,, VH XQtD HO IDQDWLVPR
FDWyOLFR TXH OR DUUDVWUy QR VROR DO H[WHUPLQLR GH ORV SURWHVWDQWH VLQR
WDPELpQDUHXQLUXQDH[WUDRUGLQDULDFROHFFLyQGHUHOLTXLDVFRQXQDPiV
TXH DFHQWXDGD DILFLyQ SRU HO RFXOWLVPR $Vt RUGHQy TXH OH HODERUDUDQ
YDULDV FDUWDV DVWUDOHV \ XQD GH HOOD HO3URJQRVWLFRQ OD XVy FDVL FRPR
OLEUR GH FDEHFHUD 3RU GHVJUDFLD WRGR GHEH GHFLUVH \D TXH HO WH[WR HQ
FXHVWLyQ OH DQXQFLy TXH WHQGUtD PiV GHVFHQGLHQWHV TXH VX SDGUH R TXH
*UDQDGD VHUtD XQD EXHQD FLXGDG SDUD pO SUHPRQLFLRQHV DPEDV
GHVPHQWLGDV WUiJLFDPHQWH SRU HO SDVR GHO WLHPSR 4XL]iV KD\D TXH
DWULEXLUWDPELpQHQSDUWHHVDDILFLyQGHOUH\DODQHFHVLGDG3RUHMHPSOR
HQ  FRQWUDWy D XQ WDO 7LEHULR GHOOD 5RFFD SDUD TXH OH FRQYLUWLHUD
PHWDOHV FRPR HO PHUFXULR HQ PRQHGDV GH SODWD FRQ ODV TXH SDJDU D ORV
VROGDGRVRHQUHFXUULyDGRVKHUPDQRVDOTXLPLVWDVDORVTXHLQVWDOy
HQ XQ ODERUDWRULR HQ 0DGULG 6HPHMDQWHV HSLVRGLRV GLFHQ PXFKR GH OD
WHVWD FRURQDGD TXH JREHUQDED (VSDxD +XELHUD SRGLGR UD]RQDU FRQ
VHQVDWH] VREUH ORV LQWHUHVHV QDFLRQDOHV (Q OXJDU GH REUDU DVt RSWy SRU
VRPHWHUVHDORVLQWHUHVHVGHOD6DQWD6HGH\FXDQGRHVDGHFLVLyQDJRWy
FRPR KDEtD VXFHGLGR GXUDQWH HO UHLQDGR GH VX SDGUH ODV DUFDV GH OD
QDFLyQ QR FDPELy GH UXPER VLQR TXH EXVFy OD VROXFLyQ HQ OD
FHQWHUVWLFLyQPiVJURVHUD/DYHUGDGHVTXHFXDQGRVHWLHQHQHQFXHQWDHO
LQIOH[LEOH FRQWUDUUHIRUPLVPR GHO UH\ \ VX FRQVXOWD FRQWLQXDGD GHO
3URJQRVWLFRQ VH FRPSUHQGHQ PXFKRV GH ORV WUiJLFRV HUURUHV GH VX
UHLQDGR
/DV YLFWRULDV GH )HOLSH ,, HQ VXV SULPHURV DxRV QR WDUGDURQ SRU
GHVJUDFLD SDUD (VSDxD HQ SUHVHQWDU VX YHUGDGHUR URVWUR D SDUWLU GH OD
GHQRPLQDGDFULVLVGH6LHQ(VSDxDORVPRULVFRVGH*UDQDGDOD
FLXGDGGHGRQGHVHJ~QORVDGLYLQRVHOUH\GHEtDHVSHUDUYHQWXUDVVH
VXEOHYDEDQ HQ )ODQGHV DO LQWHQWDU LPSRQHU )HOLSH ,, ORV GHFUHWRV GHO
FRQFLOLR GH 7UHQWR VH SURGXMR XQD VXEOHYDFLyQ GH ORV SURWHVWDQWHV HQ
GHIHQVD GH OD OLEHUWDG GH FRQFLHQFLD \ GH UHOLJLyQ 'XUDQWH HVH DxR \ D
SHVDU GH ODV YLFWRULDV PLOLWDUHV HVSDxRODV UHVXOWDED REYLR TXH QR VH
FRQVHJXLUtDFRQWURODUODDFWXDO+RODQGDVLQRTXHODOXFKDVHSURORQJDUtD
VLQ TXH IXHUD SRVLEOH DGLYLQDU VX ILQDO 'H PDQHUD HPSHFLQDGD HO
PRQDUFDVHQHJyDSODQWHDUVHXQDFXHUGRTXHSHUPLWLHUDHOHMHUFLFLRGHOD
OLEHUWDG UHOLJLRVD D ORV SURWHVWDQWHV FRPR KDEtDQ KHFKR ORV UH\HV GH
)UDQFLDRLQFOXVRDXQTXHDUHJDxDGLHQWHVVXSURSLRSDGUHHQ$OHPDQLD
3RU HO FRQWUDULR RSWy SRU HQYLDU DO GXTXH GH $OED TXH HVWDEOHFLy HO
WULEXQDOGHORVWXPXOWRV$OEDFRPRVXVVXFHVRUHV/XLVGH5HTXHVHQV
-XDQGH$XVWULD\$OHMDQGUR)DUQHVLRQRORJUyDOILQ\DODSRVWUHXQ
UHVXOWDGRSRVLWLYRSRUTXH)HOLSH,,PDQWXYRLQTXHEUDQWDEOHVXSRVWXUDGH
QHJDUVH D UHFRQRFHU VL QR OD SOHQD OLEHUWDG UHOLJLRVD Vt DO PHQRV XQD
FLHUWD WROHUDQFLD (VD SRVLFLyQ QR HUD QL FRQ PXFKR XQiQLPH HQWUH VXV
IXQFLRQDULRV\GHKHFKRGRQ-XDQGH$XVWULDOOHJDUtDDSHQVDUHQDFHSWDU
HOGHUHFKRDODOLEHUWDGUHOLJLRVDFRPRXQDPDQHUDGH]DQMDUHOFRQIOLFWR
SHURVXLQWHQWRIUDFDVDUtDDFDXVDGHODLQWUDQVLJHQFLDGHOUH\
6LODVXPLVLyQDORVLQWHUHVHVGHODLJOHVLDFDWyOLFDSURYRFyXQDYLVSHUR
HQ)ODQGHVGHOTXHQRVHLQWXtDODVDOLGDQRPHMRUIXHODVLWXDFLyQHQHO
0HGLWHUUiQHR XQD YH] PiV SODQWHDGD GH DFXHUGR FRQ ORV GHVHRV GH OD
6DQWD 6HGH (O  GH PD\R GH  VH SURFODPy HQ OD EDVtOLFD GH 6DQ
3HGUR HQ 5RPD OD 6DQWD /LJD GH OD FUX]DGD D OD TXH VH VXPDURQ
~QLFDPHQWH(VSDxD9HQHFLD\OD6DQWD6HGH'HODVWUHVWDQVROR(VSDxD
HUD XQD SRWHQFLD HQ HO VHQWLGR YHUGDGHUR GHO WpUPLQR \ DUULHVJDED
FRQVLGHUDEOHVPHGLRVHQODHPSUHVD$XQTXHHODFXHUGRVXVFULWRSRUODV
WUHV SDUWHV HVWDEOHFtD TXH (VSDxD VROR FRQWULEXLUtD FRQ HO FLQFXHQWD SRU
FLHQWR GH ORV PHGLRV OD UHDOLGDG IXH PX\ GLVWLQWD (Q OD EDWDOOD GH
/HSDQWRTXHVHFRPEDWLUtDFRPRFRQVHFXHQFLDGHHVWDDOLDQ]DOXFKDURQ
YHLQWLRFKRPLOLQIDQWHV\GHHOORVYHLQWL~QPLOHVGHFLUODVWUHVFXDUWDV
SDUWHVHUDQHVSDxROHV/D6DQWD6HGHVRORFRQWULEX\yFRQGRVPLOODUHV
\9HQHFLDFRQHVFDVRVFLQFRPLO7DPELpQGHVSURSRUFLRQDGDDXQTXHQR
WDQWRIXHODSDUWLFLSDFLyQQDYDO'HODVWUHVFLHQWDVTXLQFHHPEDUFDFLRQHV
GH OD 6DQWD /LJD FLHQWR VHVHQWD \ FXDWUR HUDQ HVSDxRODV (Q RWUDV
SDODEUDV (VSDxD IXH OD ~QLFD SRWHQFLD LPSRUWDQWH \ OD TXH SDUWLFLSy HQ
PD\RU PHGLGD HQ OD HPSUHVD (VWD FLUFXQVWDQFLD UHVXOWD HVSHFLDOPHQWH
OODPDWLYDFXDQGRVHH[DPLQDHOSDQRUDPDSUHVHQWDGRSRUODVSRWHQFLDVGH
ODpSRFD4XHODVSRWHQFLDVSURWHVWDQWHVQRSDUWLFLSDUDQHQDTXHOFRPEDWH
FDEH DWULEXLUOR D TXH HO HVFHQDULR HUD PX\ OHMDQR JHRJUiILFDPHQWH GH
6XHFLDR,QJODWHUUD\DTXHSRURWURODGRQRSRGtDQVHQWLUQLQJ~QLQWHUpV
SRUIDYRUHFHUDOSDSDRD(VSDxD6LQHPEDUJRHVWDFLUFXQVWDQFLDQRHUD
GHDSOLFDFLyQDODVSRWHQFLDVFDWyOLFDVWHyULFDPHQWHLQWHUHVDGDVHQXQD
YLFWRULDVREUHORVWXUFRVTXHVHDEVWXYLHURQLJXDOPHQWH(OHPSHUDGRU
)HUQDQGR GHEtD KDEHU VLGR PiV TXH IDYRUDEOH D FXDOTXLHU HVIXHU]R GH
FRQWHQFLyQGHORVWXUFRVSHURRSWySRUGHMDUTXH(VSDxDVRSRUWDUDWRGDOD
FDUJD)UDQFLDSRUVXSDUWHHUDXQDSRWHQFLDFDWyOLFDTXHWHyULFDPHQWH
GHEHUtD KDEHU UHVSRQGLGR IDYRUDEOHPHQWH DO OODPDPLHQWR SDSDO 3RU VL
IXHUDSRFRVXVLWXDFLyQGHSRWHQFLDHQHO0HGLWHUUiQHRVHYHtDDIHFWDGD
GLUHFWDPHQWH SRU ODV DFFLRQHV GH ORV WXUFRV \ GH VXV DOLDGRV ORV SLUDWDV
EHUEHULVFRV6LQHPEDUJRHQHOFDVRGH)UDQFLDSUHYDOHFLyHOKDFHUYDOHU
ORVLQWHUHVHVQDFLRQDOHVVREUHORVGHOD6DQWD6HGH/RVWXUFRVQRVRORQR
HUDQYLVWRVFRPRHQHPLJRVVLQRTXHHUDQYLVWRVFRPRDOLDGRVHQODOXFKD
FRQWUD (VSDxD $ PHGLDGRV GHO VLJOR ;9, ORV IUDQFHVHV \ ORV WXUFRV VH
SHUPLWLHURQ LQFOXVR VDTXHDU FRQMXQWDPHQWH OD FLXGDG GH 1L]D
&RPHQ]DED DVt XQD DOLDQ]D TXH SURVHJXLUtD GXUDQWH HO HSLVRGLR GH
/HSDQWRSHURTXHVHWUDGXFLUtDDGHPiVHQXQDFXULRVDFHQVXUDDFHUFDGH
ORV WXUFRV HQ OD VRFLHGDG IUDQFHVD TXH QR GHEtD VDEHU TXLpQHV HUDQ VXV
DOLDGRV IUHQWH D (VSDxD $Vt FXDQGR HQ  XQ IUDQFLVFDQR UHFROHWR
OODPDGR(XJqQH5RJHUSXEOLFyHQ)UDQFLDXQOLEURWLWXODGR7HUUD6DQFWD
GRQGHVHPHQFLRQDEDODYHUGDGVREUHORVWXUFRVVHSURGXMRODLQPHGLDWD
UHWLUDGDGHFLUFXODFLyQGHODREUD/RVVXFHVLYRVUH\HVIUDQFHVHVHVWDEDQ
WDQLQWHUHVDGRVHQMXVWLILFDUDTXHOODDOLDQ]DFRQWUDQDWXUDTXHRFXOWDURQD
VX SXHEOR FyPR HUDQ ORV WXUFRV D SHVDU GH TXH HVWRV QR SRFDV YHFHV
DFWXDEDQ FRQWUD V~EGLWRV IUDQFHVHV &XDQGR 0ROLqUH HQ  TXLVR
GRFXPHQWDUVHVREUHHOLPSHULRRWRPDQRSDUD(OEXUJXpVJHQWLOKRPEUH VH
OH UHPLWLy DO FDEDOOHUR G$UYLHX[ XQ DPLJR GH ORV WXUFRV \ OR PLVPR
VXFHGLyFXDQGR5DFLQHHVWDEDHVFULELHQGR%D\DFHWR6HSRGtDKDEODUFRQ
SDUWLGDULRV \ SDQLDJXDGRV GH ORV RWRPDQRV SHUR EDMR QLQJ~Q FRQFHSWR
FRQVXOWDU PHQRV D~Q SXEOLFDU REUDV YHUGDGHUDV VREUH ORV WXUFRV
'XUDQWHDTXHOVLJORIXHURQYDULRVORVWH[WRVTXHVHSXEOLFDURQHQ,WDOLD\
(VSDxD GHVFULELHQGR QHJDWLYDPHQWH D WXUFRV \ DUJHOLQRV SHUR VDOYR HO
4XLMRWH TXH SRGtD VHU WDFKDGR GH ILFFLyQ QLQJXQR REWXYR SHUPLVR SDUD
VHU SXEOLFDGD HQ )UDQFLD 7DQ VROR D ILQDOHV GHO VLJOR ;9,, /XLV ;,9
RUGHQy XQD SHTXHxD H[SHGLFLyQ FRQWUD $UJHO SHUR LQFOXVR HQWRQFHV VH
KL]RFUHHUDODRSLQLyQS~EOLFDTXHORVDUJHOLQRV\ORVWXUFRVQDGDWHQtDQ
TXH YHU HQWUH Vt D SHVDU GH VHU DOLDGRV GHVGH KDFtD VLJORV /RV FDWyOLFRV
UH\HVGH)UDQFLDJXVWDUDRQRKDEtDQDSUHQGLGRDDGRSWDUGHFLVLRQHV
TXHEHQHILFLDUDQDODQDFLyQ/RVHVSDxROHVSRUHOFRQWUDULRVRPHWtDQD
OD QDFLyQ \ VXV UHFXUVRV D ORV LQWHUHVHV GH OD 6DQWD 6HGH )LQDOPHQWH
FRPRHVGHWRGRVVDELGRODVIXHU]DVHVSDxRODVYHQFLHURQDODVWXUFDVHQ
/HSDQWR XQD EDWDOOD TXH &HUYDQWHV YHWHUDQR GH OD PLVPD GHQRPLQy OD
PiV DOWD RFDVLyQ TXH YLHURQ ORV VLJORV 4XH KXER GHUURFKH GH YDORU
HVSDxROLQFOXLGRHOGHOJHQLDOHVFULWRUQRDGPLWHGXGDSHURDOILQ\DOD
SRVWUHHOFRVWHQRFRPSHQVyHOHVIXHU]R9HQHFLDQRWDUGyHQOOHJDUDXQ
DFXHUGRFRQORVWXUFRV\(VSDxDQLVLTXLHUDSXGROLEHUDUDVXVFDXWLYRVGH
$UJHOGRQGHHOSURSLR&HUYDQWHVVXIULyUHFOXVLyQGXUDQWHYDULRVDxRV6L
VH FRPSDUD FRQ ORV UHVXOWDGRV IUDQFHVHV FXiO GH ORV GRV PRQDUFDV
FDWyOLFRVSRUPiVVHxDVKL]RORPHMRUSDUDVXQDFLyQHOTXHVHVRPHWLyD
ORV GHVHRV GH OD 6DQWD 6HGH R HO TXH KL]R SUHYDOHFHU VXV LQWHUHVHV
SDUWLFXODUHV"/DSUHJXQWDREYLDPHQWHHVUHWyULFD
/DSpVLPDVLWXDFLyQHFRQyPLFDGHULYDGDGHHVDSROtWLFDGHVXPLVLyQD
ORV LQWHUHVHV SDSDOHV VROR HPSHRUy HQ ORV ~OWLPRV DxRV GHO UHLQDGR GH
)HOLSH,,7UDVFRQYHUWLUVHHQUH\GH3RUWXJDOHQHOPRQDUFDHVSDxRO
WRGDYtD VXERUGLQy PiV VXV DFFLRQHV D OD LJOHVLD FDWyOLFD KXQGLHQGR
LQFOXVR PiV D OD QDFLyQ HQ OD UXLQD $ SHVDU GHO WULXQIR SRUWXJXpV HQ
 WXYR OXJDU WDPELpQ OD FDtGD GH $QWRQLR 3pUH] VHFUHWDULR GHO UH\
FDWyOLFR SHUR SUDJPiWLFR TXH FUHtD HQ OD SRVLELOLGDG GH UDOHQWL]DU HO
GHVDVWUH PHGLDQWH XQD FLHUWD WROHUDQFLD$QWRQLR 3pUH] DO TXH QR VH OH
HVFDSDEDODFDWDGXUDUHDOGH)HOLSH,,HVWDEDHQORFLHUWRSHURWROHUDQFLD
HUDXQDSDODEUD\XQDFRQGXFWDWDE~SDUDODLJOHVLDFDWyOLFD$3pUH]GH
PDQHUDELHQVLJQLILFDWLYDORVXFHGLyHOFDUGHQDO*UDQYHOD'HHVDPDQHUD
VHSURGXMRHOGHVSORPHGHOTXHDOJXQRVKDQGHQRPLQDGRHTXLSROLEHUDO
ORV0HQGR]D\HOSUtQFLSHGHeEROLMXQWRFRQ$QWRQLR3pUH]DORVTXH
VHUtDPiVFRUUHFWRGHQRPLQDUSUDJPiWLFRV\WULXQIDEDHOLQWUDQVLJHQWH
IRUPDGR SRU $OED %DUDMDV &KiYH] \ &KLQFKyQ /RV UHVXOWDGRV GH HVH
FDPELR IXHURQ LQGLVFXWLEOHPHQWH QHJDWLYRV 3RU HMHPSOR VH SURKLELy D
ORVHVWXGLDQWHVHVSDxROHVDVLVWLUDXQLYHUVLGDGHVH[WUDQMHUDVVHUHIRU]yHO
SDSHOGHOD,QTXLVLFLyQ\VHLQWURGXMRXQDFHQVXUDD~QPiVIpUUHD(VSDxD
VHFRQYHUWtDDVtHQXQEDVWLyQGHOD&RQWUDUUHIRUPDFDUDFWHUL]DGRSRUXQ
DLVODPLHQWR GHO UHVWR GHO PXQGR TXH OH UHVXOWDUtD IDWDO /D QDFLyQ TXH
KDEtD LGR D OD YDQJXDUGLD GHO SURJUHVR HXURSHR RSWDED DKRUD SRU GDU OD
HVSDOGDDWRGRVDOYRDXQFDWROLFLVPRLQWUDQVLJHQWH
$KRUD)HOLSH,,SXGRVRxDUFRQPiVOLEHUWDGFRQODLGHDGHDFDEDUFRQ
ORVSURWHVWDQWHVGH)ODQGHVGHDFDEDUFRQORVSURWHVWDQWHVGH)UDQFLD\GH
DFDEDUFRQORVSURWHVWDQWHVGH,QJODWHUUD(UDPiVTXHQXQFDODHVSDGDGH
OD &RQWUDUUHIRUPD \ GH PDQHUD QDGD GLItFLO GH HQWHQGHU ORV UHVXOWDGRV
IXHURQQHIDVWRVSDUD(VSDxD$VtPLHQWUDVODVXEOHYDFLyQSURWHVWDQWHHQ
)ODQGHV FRQWLQXDED VLQ VHU VRIRFDGD )HOLSH ,, GHFLGLy LQWHUYHQLU HQ
)UDQFLD
(Q )UDQFLD KDEtD WHQLGR OXJDU XQ DYDQFH HVSHFWDFXODU \ SDFtILFR GHO
SURWHVWDQWLVPRKDVWDWDOSXQWRTXHDPHGLDGRVGHOVLJOR;9,QRUHVXOWDED
IiFLOVDEHUVLQRDFDEDUtDFRQYLUWLpQGRVHHQODUHOLJLyQPD\RULWDULDGHOD
QDFLyQ 'H KHFKR ORV SURWHVWDQWHV LPEXLGRV GH VX FXOWXUD GHO WUDEDMR
UHFXSHUDGD GH OD %LEOLD GHVHPSHxDEDQ XQ SDSHO H[WUDRUGLQDULR HQ iUHDV
FRPR OD HFRQRPtD \ OD DGPLQLVWUDFLyQ (Q  HQ XQ LQWHQWR GH
H[WHUPLQDUDORVSURWHVWDQWHVHOUH\GH)UDQFLDFRQHODSR\RGHOSDUWLGR
FDWyOLFRGHORV*XLVDRUGHQyORTXHVHFRQRFHUtDFRPRODPDWDQ]DGHOD
QRFKHGH6DQ%DUWRORPp(QHOFXUVRGHODPLVPDGHFHQDVGHPLOHVGH
SURWHVWDQWHV IXHURQ DVHVLQDGRV D VDQJUH IUtD HQ ODV FDOOHV GH 3DUtV \ GH
RWUDVORFDOLGDGHVIUDQFHVDV(VWDDFFLyQFODUDPHQWHJHQRFLGDQRWXYRVLQ
HPEDUJR p[LWR \ SRU DxDGLGXUD SUHFLSLWy D )UDQFLD HQ XQD JXHUUD FLYLO
HQWUH ORV SDUWLGDULRV GH LPSRQHU XQD IH ~QLFD OD FDWyOLFD \ ORV
GHIHQVRUHVGHODOLEHUWDGUHOLJLRVD)HOLSH,,LQWHUYLQRHQODJXHUUDFLYLOGH
)UDQFLDDSR\DQGRDOEDQGRFDWyOLFR3RUDxDGLGXUDVRxDEDFRQVHQWDUDVX
KLMD ,VDEHO &ODUD (XJHQLD HQ HO WURQR IUDQFpV $O ILQ \ D OD SRVWUH VLQ
HPEDUJR HO SODQ GH )HOLSH ,, IUDFDVy (QULTXH ,9 HO FDQGLGDWR
SURWHVWDQWHDODFRURQDVDOYDGRXQRVDxRVDQWHVGHODPDWDQ]DGHODQRFKH
GH6DQ%DUWRORPpVHFRQYLUWLyDOFDWROLFLVPRDILUPDQGRTXH3DUtVELHQ
YDOtDXQDPLVD'HHVDPDQHUDQRVRORFRQVLJXLyVHQWDUVHHQHOWURQRGH
)UDQFLD VLQR TXH DGHPiV DO SURPXOJDU HO (GLFWR GH 1DQWHV RWRUJy
JDUDQWtDV SROtWLFDV D ORV SURWHVWDQWHV GH TXH OD OLEHUWDG UHOLJLRVD VHUtD
UHVSHWDGD (O SDVR GDGR SRU HO DKRUD (QULTXH ,9 GH FX\D FRQYHUVLyQ
VLHPSUH VH GXGy \ DO TXH DFDEy DVHVLQDQGR XQ IDQiWLFR FDWyOLFR
FRQVWLWX\yXQWHUULEOHJROSHSDUD)HOLSH,,QRVRORHQWpUPLQRVUHOLJLRVRV
VLQRWDPELpQSROtWLFRVSRUTXH)UDQFLDFRPHQ]DUtDGHVGHHVHPRPHQWRD
HPHUJHUFRPRXQULYDODOTXH\DQRVHSRGUtDGHUURWDUFRPRHQHOSDVDGR
$OUHYpVIUDQFpVVHVXPyODGHUURWDGHULYDGDGHODLQYDVLyQGH,QJODWHUUD
0iVDOOiGHODVGLVFXVLRQHVVREUHODVUD]RQHVGHOGHVDVWUHODHPSUHVDGH
,QJODWHUUD HUD LQQHFHVDULD SDUD ORV LQWHUHVHV HVSDxROHV DXQTXH HQFDMDUD
XQD YH] PiV HQ ORV GH XQD 6DQWD 6HGH TXH QR VH UHVLJQDED D SHUGHU HO
GRPLQLRVREUHODQDFLyQDWOiQWLFD
$ ILQDOHV GH PD\R GH  XQD DUPDGD HVSDxROD GH LPSUHVLRQDQWHV
GLPHQVLRQHVGHVFHQGtDSRUHO7DMR'RVGtDVIXHURQQHFHVDULRVSDUDTXH
ODIORWDTXHFRQWDEDFRQPiVGHFLHQWRWUHLQWDQDYtRVHQWUHORVTXHVH
KDOODEDQVHVHQWD\FLQFRJDOHRQHVVHDJUXSDUDHQDOWDPDU(OSURSyVLWR
GH DTXHOOD H[WUDRUGLQDULD FRQFHQWUDFLyQ TXH OOHYDED D ERUGR WUHLQWD PLO
KRPEUHV HUD DWUDYHVDU HO FDQDO GH OD 0DQFKD \ UHXQLUVH HQ OD FRVWD GH
)ODQGHV FRQ XQ HMpUFLWR PDQGDGR SRU HO GXTXH GH 3DUPD 8QD YH]
UHDOL]DGD OD FRQMXQFLyQ GH DPEDV IXHU]DV OD IORWD VH GLULJLUtD KDFLD HO
HVWXDULR GHO 7iPHVLV FRQ OD LQWHQFLyQ GH UHDOL]DU XQ GHVHPEDUFR \
PDUFKDUKDFLD/RQGUHV'HHVDPDQHUDODVWURSDVHVSDxRODVSURFHGHUtDQD
GHUURFDU D OD UHLQD ,VDEHO , 7XGRU SDUD DFWR VHJXLGR UHLQVWDXUDU HO
FDWROLFLVPR'HWULXQIDUODHPSUHVDQRVRORVHDVHVWDUtDXQJROSHHQRUPH
DOSURWHVWDQWLVPRVLQRTXHDGHPiV)HOLSH,,YHUtDIDYRUHFLGDVXVLWXDFLyQ
HQ ORV 3DtVHV %DMRV GRQGH XQD JXHUUD TXH DSDUHQWHPHQWH LED D GXUDU
SRFRHVWDEDGUHQDQGRSHOLJURVDPHQWHORVUHFXUVRVHVSDxROHV
3DUD HO YHUDQR GH  ,QJODWHUUD \ (VSDxD OOHYDEDQ HQ XQ HVWDGR GH
JXHUUDQRGHFODUDGDFDVLFXDWURDxRV(QSUHFLVDPHQWHHOGXTXHGH
3DUPD DO VHUYLFLR GH )HOLSH ,, KDEtD DVHVWDGR XQ WHUULEOH JROSH D ORV
UHEHOGHV KRODQGHVHV DO FRQVHJXLU TXH XQRV DJHQWHV D VX VHUYLFLR
DVHVLQDUDQDOSUtQFLSHGH2UDQJH3RUXQEUHYHWLHPSRSXGRKDVWDSDUHFHU
TXH OD FDXVD GH ORV IODPHQFRV HVWDED SHUGLGD \ TXH HO SURWHVWDQWLVPR
SRGUtD VHU H[WLUSDGR GH ORV 3DtVHV %DMRV 6LQ HPEDUJR MXVWR HQ HVRV
PRPHQWRV ,VDEHO GH ,QJODWHUUD GHFLGLy D\XGDU D ORV KRODQGHVHV FRQ
WURSDV \ GLQHUR /D DFFLyQ GH ,VDEHO LPSOLFy XQ QRWDEOH VDFULILFLR HQ OD
PHGLGDHQTXHVXVUHFXUVRVHUDQPX\HVFDVRVSHURDODVREHUDQDQRVHOH
HVFDSDED TXH XQ WULXQIR GH OD LJOHVLD FDWyOLFD HQ )ODQGHV VLJQLILFDUtD VX
SUiFWLFR DLVODPLHQWR DLVODPLHQWR D~Q PiV DQJXVWLRVR GDGD OD SHQD GH
H[FRPXQLyQ TXH FRQWUD HOOD KDEtD IXOPLQDGR HO SDSD DO IUDFDVDU ORV
LQWHQWRV GH FDVDUOD FRQ XQ SUtQFLSH IUDQFpV R FRQ HO SURSLR )HOLSH ,,
WUD\HQGR DVt D ,QJODWHUUD QXHYDPHQWH D OD REHGLHQFLD D 5RPD /D D\XGD
LQJOHVD D SHVDU GH VXV GHILFLHQFLDV UHVXOWy SURYLGHQFLDO SDUD ORV
IODPHQFRV \ D HVWH PRWLYR GH HQFRQR VH VXPy TXH HQ  ,VDEHO
RUGHQDUD HMHFXWDU D 0DUtD (VWXDUGR UHLQD HVFRFHVD GH OD TXH SHQGtD OD
SRVLELOLGDGGHXQDUHVWDXUDFLyQGHOFDWROLFLVPRHQ,QJODWHUUD\TXHHVWDED
UHODFLRQDGDFRQXQDFRQMXUDFDWyOLFDFX\DILQDOLGDGKDEtDVLGRDVHVLQDUD
OD VREHUDQD LQJOHVD$ WRGR OR DQWHULRU VH VXPDEDQ ODV DFFLRQHV GH ORV
FRUVDULRV LQJOHVHV HVSHFLDOPHQWH )UDQFLV 'UDNH TXH HQ 
ORJUDURQTXHQROOHJDUDD(VSDxDQLXQDVRODSLH]DGHSODWDGHODVPLQDV
GH 0p[LFR R 3HU~ SUHFLVDPHQWH HQ XQD pSRFD HQ TXH ODV ILQDQ]DV GH
)HOLSH,,QHFHVLWDEDQGHVHVSHUDGDPHQWHORVPHWDOHVGHODV,QGLDV
$XQTXH)HOLSH,,WHQtDUD]RQHVSDUDHQIUHQWDUVHFRQ,QJODWHUUDODJUDQ
EHQHILFLDGD GH OD H[SHGLFLyQ QR VHUtD RWUD TXH OD LJOHVLD FDWyOLFD 'H
KHFKR HO SDSD 6L[WR 9 RIUHFLy D )HOLSH ,, OD VXPD GH XQ PLOOyQ GH
GXFDGRVGHRURFRPRD\XGDSDUDODH[SHGLFLyQ$ODVD]yQODVQXQFDELHQ
HVWDEOHFLGDVILQDQ]DVGH,QJODWHUUDSDVDEDQXQRGHVXVSHRUHVPRPHQWRV
\GHKHFKRDXQTXHODVQRWLFLDVGHODH[SHGLFLyQHVSDxRODQRWDUGDURQHQ
OOHJDUQRVHWRPDURQPHGLGDVIUHQWHDHOODIXQGDPHQWDOPHQWHSRUTXHQR
KDEtDIRQGRV3RUVLIXHUDSRFRHQORVFLQFRDxRVDQWHULRUHVQRVHKDEtD
JDVWDGRQLXQSHQLTXHHQPHMRUDUODVGHIHQVDVFRVWHUDV6LQHPEDUJROD
SHUVSHFWLYD GH YLFWRULD QR HUD WDQ HYLGHQWH \ GHVGH OXHJR HVD
FLUFXQVWDQFLDQRVHOHRFXOWDEDQLD)HOLSH,,QLDVXVSULQFLSDOHVPDQGRV
+DFLDILQDOHVGHMXQLRXQDVFXDWURVHPDQDVGHVSXpVGHTXHOD$UPDGD
KXELHUDGHMDGRHO7DMRHOGXTXHGH0HGLQD6LGRQLDTXHHVWDEDDOPDQGR
GHODH[SHGLFLyQ\TXHDFDEDEDGHVXIULUODSULPHUDGHODVWRUPHQWDVFRQ
TXH VH HQIUHQWDUtD HQ ORV VLJXLHQWHV PHVHV YLpQGRVH REOLJDGR D EXVFDU
UHIXJLRHQ/D&RUXxDHVFULELyD)HOLSH,,VHxDOiQGROHTXHPX\SRFRVGH
ORV HPEDUFDGRV WHQtDQ HO FRQRFLPLHQWR R OD FDSDFLGDG VXILFLHQWHV SDUD
OOHYDUDFDERORVGHEHUHVTXHVHOHVKDEtDQHQFRPHQGDGR(QVXRSLQLyQ
QLVLTXLHUDFXDQGRHOGXTXHGH3DUPDVHVXPDUDDVXVKRPEUHVWHQGUtDQ
SRVLELOLGDGHV GH FRQVXPDU OD HPSUHVD 6HPHMDQWH SXQWR GH YLVWD HUD HO
TXHKDEtDVRVWHQLGRHOPLVPRGXTXHGH3DUPDGHVGHKDFtDYDULRVPHVHV
(Q PDU]R SRU HMHPSOR KDEtD FRPXQLFDGR D )HOLSH ,, TXH QR SRGUtD
UHXQLU ORV WUHLQWD PLO KRPEUHV TXH OH SHGtD HO UH\ \ TXH LQFOXVR VL DVt
IXHUDVHTXHGDUtDFRQHVFDVDVIXHU]DVSDUDDWHQGHUODJXHUUDGH)ODQGHV
'RVVHPDQDVPiVWDUGH3DUPDYROYLyDHVFULELUDOUH\SDUDLQGLFDUOHTXH
ODHPSUHVDVHOOHYDUtDDFDERDKRUDFRQPD\RUGLILFXOWDG1RVRORHVR(Q
ODV SULPHUDV VHPDQDV GH  HO GXTXH GH 3DUPD KDEtD SURSXHVWR
HQWDEODU QHJRFLDFLRQHV GH SD] FRQ ,VDEHO , XQD SRVLELOLGDG TXH OD UHLQD
KDEtDDFRJLGRFRQHQWXVLDVPRGDGRVORVJDVWRVTXHODJXHUUDVLJQLILFDED
SDUDVXUHLQR\TXHKXELHUDSRGLGRDFDEDUHQXQDVROXFLyQGHOFRQIOLFWR
HQWUHDPERVSHUPLWLHQGRD)HOLSH,,DKRJDUODUHYXHOWDIODPHQFD
+XELHUD VLGR SXHV SRVLEOH HYLWDU HO ULHVJR GH XQD PiV TXH GLItFLO
H[SHGLFLyQ QDYDO \ OOHJDU D XQ DFXHUGR YHQWDMRVR SDUD ORV LQWHUHVHV GH
(VSDxD6LQHPEDUJRHVDRSFLyQQRHQFDMDEDHQORVGHVHRVGHXQD6DQWD
6HGH DQVLRVD GH LQYDGLU ,QJODWHUUD \ VRPHWHUOD GH QXHYR 1R VRUSUHQGH
TXH )HOLSH ,, GHFLGLHUD VHJXLU DGHODQWH VLQ UHSDUDU QL HQ ULHVJR QL HQ
FRVWRV(OUH\QRVHGHMyGLVXDGLUGHVXVSURSyVLWRVQLSRUODPXHUWHGHO
PDUTXpVGH6DQWD&UX]MHIHGHODH[SHGLFLyQVXVWLWXLGRDSUHVXUDGDPHQWH
SRU HO GXTXH GH 0HGLQD 6LGRQLD QL SRU HO SHVLPLVPR GH VXV PDQGRV QL
WDPSRFRSRUODVQRWLFLDVVREUHHODJXDFRUURPSLGDODFDUQHSRGULGD\OD
H[WHQVLyQ GH OD HQIHUPHGDG HQWUH ODV WURSDV 1L VLTXLHUD FXDQGR HO
HPEDMDGRU DQWH OD 6DQWD 6HGH OH LQIRUPy GH TXH HO SDSD DPDED HO
GLQHUR \ QR SHQVDED HQWUHJDU XQ VROR FpQWLPR DQWHV GH TXH ODV WURSDV
GHVHPEDUFDUDQHQ,QJODWHUUDGXGyGHTXHODH[SHGLFLyQGHEtDFRQWLQXDU
VXFDPLQR$ILQGHFXHQWDVHOFDUGHQDO$OOHQKDEtDDVHJXUDGRD(VSDxD
TXH ORV FDWyOLFRV LQJOHVHV D ORV TXH ,VDEHO GHVHRVD GH UHLQDU VREUH
WRGRVORVFLXGDGDQRV\HYLWDUXQFRQIOLFWRUHOLJLRVRFRPRHOTXH)HOLSH,,
SDGHFtD HQ )ODQGHV KDEtD FRQFHGLGR XQD DPSOLD OLEHUWDG UHOLJLRVD
LQH[LVWHQWH SDUD ORV GLVLGHQWHV HQ HO PXQGR FDWyOLFR VH VXEOHYDUtDQ
FRPRXQVRORKRPEUHSDUDD\XGDUDGHUURFDUDODUHLQD$VtHQFRQWUDGH
ORV GHVHRV GH 0HGLQD 6LGRQLD )HOLSH ,, RUGHQy TXH OD IORWD SURVLJXLHUD
FRQVXPLVLyQ
(O IDQDWLVPR UHOLJLRVR GHO PRQDUFD QR SRGtD SDOLDU UHDOLGDGHV TXH
FRQGHQDEDQ D ODV IXHU]DV HVSDxRODV DO GHVDVWUH 3RU HMHPSOR OD$UPDGD
HVSDxROD VH GHVSOD]DED HQ IRUPD GH 9 LQYHUWLGD XQD IRUPD GH FRPEDWH
QDYDO TXH KDEtD GDGR PDJQtILFRV UHVXOWDGRV HQ HO SDVDGR \ GH PDQHUD
PX\HVSHFLDOHQ/HSDQWR6LQHPEDUJRDLVODGRVFXOWXUDOPHQWHSDUDTXH
QR VH FRQWDPLQDUD VX IH FDWyOLFD GXUDQWH ORV DxRV VLJXLHQWHV ORV
HVSDxROHV QR KDEtDQ UHSDUDGR HQ ORV DYDQFHV GH OD JXHUUD QDYDO 6XV
FDxRQHVWHQtDQXQFDOLEUHLQIHULRUDOGHORVLQJOHVHVVXVSUR\HFWLOHVHUDQ
GHSHRUFDOLGDGVXVQDYHVDXQTXHLPSUHVLRQDQWHVHUDQPiVOHQWDVHQ
OD PDQLREUD \ VREUH WRGR VX IRUPDFLyQ LPSOLFDED XQ WLSR GH PDQLREUD
TXHHQUHDOLGDGUHSHWtDHQHOPDUODGLVSRVLFLyQGHODVIXHU]DVGHWLHUUD
3DUD FROPR OD$UPDGD GHVFXEULy TXH HO GXTXH GH 3DUPD QR WHQtD D VX
GLVSRVLFLyQ QL ODV HPEDUFDFLRQHV QL ODV WURSDV QHFHVDULDV $ LQLFLRV GH
DJRVWR D SHVDU GH QR KDEHU VXIULGR DSHQDV SpUGLGDV HQ EDUFRV HQ
VXFHVLYRVHQFXHQWURVFRQORVLQJOHVHVOD$UPDGDVHHQFRQWUDEDHVFDVDGH
SyOYRUD\GHVXPLQLVWURV\QRWHQtDRWURUHPHGLRTXHUHJUHVDUD(VSDxD
6HOOHJyDVtDODFXHUGRGHUHJUHVDUDOFDQDOGHOD0DQFKDVLHOWLHPSROR
SHUPLWtD SHUR VL WDO HYHQWXDOLGDG VH UHYHODED LPSRVLEOH ODV QDYHV
SRQGUtDQ UXPER D FDVD ERUGHDQGR (VFRFLD$XQTXH OD H[SHGLFLyQ KDEtD
IUDFDVDGR HQ HO UHVWR GH (XURSD OD LPSUHVLyQ GH OR VXFHGLGR HUD ELHQ
GLVWLQWD (Q )UDQFLD SRU HMHPSOR VH GLIXQGLy HO UXPRU GH TXH ORV
HVSDxROHV KDEtDQ YHQFLGR D ORV LQJOHVHV HQ *UDYHOLQDV 8QD YH] PiV OD
UHDOLGDG GH ODV UHODFLRQHV HQWUH OD 6DQWD 6HGH \ (VSDxD LED D TXHGDU GH
PDQLILHVWR $Vt HO SDSD VH QHJy D GHVHPEROVDU VLTXLHUD XQD SRUFLyQ
VLPEyOLFD GHO GLQHUR TXH KDEtD SURPHWLGLWRR D )HOLSH ,, \ GLFKR VHD GH
SDVR MDPiV OH HQWUHJDUtD$ (VSDxD VH OD SRGtD XWLOL]DU FRPR FDUQH GH
FDxyQ ,QFOXVR VH OH SRGtD SURPHWHU D\XGD SDUD VXV VDFULILFLRV 6LQ
HPEDUJR DO ILQ \ D OD SRVWUH VH OD DEDQGRQDED SHUSHWUDQGR XQDV
FRQGXFWDVTXHVHVLWXDEDQHQWUHODHVWDID\ODWUDLFLyQ1RHUDODSULPHUD
YH]1RVHUtDOD~OWLPD0LHQWUDVWDQWRODVWULEXODFLRQHVGHOD$UPDGDQR
GHMDUtDQGHDFXPXODUVH
/DV LQVWUXFFLRQHV GH 0HGLQD 6LGRQLD KDEtDQ VLGR ODV GH QDYHJDU PDU
DGHQWUR SDUD HYLWDU QR VROR QXHYRV HQIUHQWDPLHQWRV FRQ OD IORWD LQJOHVD
VLQRWDPELpQODSRVLELOLGDGGHQDXIUDJLRVHQODVFRVWDV'HHVDPDQHUDVH
ERUGHy ODV LVODV 6KHWODQG HO QRUWH GH (VFRFLD \ D FRQWLQXDFLyQ ,UODQGD
)XHSUHFLVDPHQWHHQWRQFHVFXDQGRDOJRPiVGHFXDUHQWDQDYHVVHYLHURQ
DUURMDGDVSRUHOPDOWLHPSRFRQWUDODFRVWDRFFLGHQWDOGH,UODQGD'HHOODV
VHSHUGLHURQYHLQWLVpLVDODYH]TXHPRUtDQVHLVPLOKRPEUHV'HPDQHUD
XQ WDQWR LQJHQXD KDEtDQ HVSHUDGR QR SRFRV HVSDxROHV TXH ORV FDWyOLFRV
LUODQGHVHV VH VXEOHYDUtDQ FRQWUD ORV LQJOHVHV SDUD D\XGDUORV R TXH DO
PHQRV OHV EULQGDUtDQ DSR\R /D UHDOLGDG IXH TXH ORV LUODQGHVHV
UHDOL]DURQ SRU VX FXHQWD R SRU RUGHQ GH ORV LQJOHVHV HVFDORIULDQWHV
PDWDQ]DV GH HVSDxROHV +XER H[FHSFLRQHV FRPR OD UHSUHVHQWDGD SRU HO
FDSLWiQ &KULVWRSKHU &DUOLVOH \HUQR GH VLU )UDQFLV :DOVLQJKDP HO
VHFUHWDULR GH OD UHLQD ,VDEHO TXH VH SRUWy FRQ KXPDQLGDG FRQ ORV
SULVLRQHURV VROLFLWy TXH VH OHV WUDWDUD FRQ GLJQLGDG \ ILQDOPHQWH
WHPLHQGR TXH IXHUDQ HMHFXWDGRV OHV SURSRUFLRQy GLQHUR \ URSD
HQYLiQGRORVDFWRVHJXLGRD(VFRFLD6LQHPEDUJRHQWpUPLQRVJHQHUDOHV
HO GHVWLQR GH ORV HVSDxROHV HQ ,UODQGD IXH DFLDJR PXULHQGR DOOt VHLV
VpSWLPDVSDUWHVGHORVTXHSHUGLHURQODYLGDHQODFDPSDxD1RIXHPHMRU
HQ (VFRFLD $OOt WDPELpQ HVSHUDEDQ UHFLELU OD D\XGD \ VROLGDULGDG GHO
FDWyOLFRUH\-DFRER1RUHFLELHURQQLXQSHQLTXH
(O GHVDVWUH GH OD DYHQWXUD FRQWUDUUHIRUPLVWD GH )HOLSH ,, KDEtD VLGR
H[WUDRUGLQDULR (O PRQDUFD SDUD GHVJUDFLD GH (VSDxD QR HVFDUPHQWy
7RGDYtD HQ  XQD QXHYD IORWD HVSDxROD SDUWLy KDFLD ,UODQGD FRQ OD
LQWHQFLyQGHVXEOHYDUDORVFDWyOLFRVFRQWUD,QJODWHUUD)XHGHVKHFKDSRU
OD WHPSHVWDG DQWHV GH VDOLU GH DJXDV HVSDxRODV $O DxR VLJXLHQWH RWUD
HVFXDGUD PiV TXH GHEtD DSRGHUDUVH GH )DOPRXWK \ HVWDEOHFHUVH HQ
&RUQXDOOHVIXHGHVWUR]DGDSRUHOPDOWLHPSR(QHVWRVFDVRVFRPRHQOD
HPSUHVD GH ,QJODWHUUD ODV UHVSRQVDELOLGDGHV GHO GHVDVWUH QR SXHGHQ
DWULEXLUVHQLDORVVROGDGRVQLDORVPDQGRV0HGLQD6LGRQLDHQFRQWUD
GHORTXHVXHOHGHFLUVHHVWXYRDODDOWXUDGHODVFLUFXQVWDQFLDV\HOGXTXH
GH3DUPDDGYLUWLyFRQUHDOLVPRGHODLPSRVLELOLGDGGHOHPSHxRVLQRDO
HPSHxRGH)HOLSH,,GHTXH(VSDxDIXHUDODHVSDGDGHORVLQWHUHVHVGHOD
LJOHVLD FDWyOLFD (Q  ,VDEHO , HVWDED ELHQ GHVHQJDxDGD GH VX
LQWHUYHQFLyQ HQ ORV 3DtVHV %DMRV \ PiV TXH ELHQ GLVSXHVWD D OOHJDU D OD
SD] FRQ (VSDxD 6HPHMDQWH VROXFLyQ KXELHUD FRQYHQLGR D ORV LQWHUHVHV
HVSDxROHV H LQFOXVR KXELHUD OLEHUDGR UHFXUVRV SDUD DFDEDU FRQ HO IRFR
UHEHOGH HQ )ODQGHV 6LQ HPEDUJR )HOLSH ,, FRQVLGHUDED TXH HUD PiV
LPSRUWDQWHGHUURFDUD,VDEHO,\DVtFRORFDUD,QJODWHUUDEDMRODREHGLHQFLD
DO SDSD &RQ XQD (VFRFLD JREHUQDGD SRU HO FDWyOLFR -DFRER \ XQD
,QJODWHUUDVRPHWLGLWRDGHQXHYRD5RPDVHUtDFXHVWLyQGHWLHPSRTXHHO
FDWROLFLVPRYROYLHUDDLPSHUDUHQ,UODQGD3RVLEOHPHQWHFUH\y)HOLSH,,
TXHHOSDSD6L[WR9SURSRUFLRQDUtDD\XGDSDUDVHPHMDQWHHPSUHVD$TXt
)HOLSH ,, HPSHxDGR HQ QR UHIOH[LRQDU VREUH OD H[SHULHQFLD KLVWyULFD
FRPHWLyXQQXHYR\FUDVRHUURU(OGHQRPLQDGRSRQWtILFHGHKLHUURHUD
FRQVLGHUDEOHPHQWH FRUUXSWR \ DYDULFLRVR KDVWD HO SXQWR GH QR GXGDU HQ
YHQGHU RILFLRV HFOHVLiVWLFRV SDUD FRQVHJXLU IRQGRV \ GH KHFKR VX
FRPSRUWDPLHQWR HUD WDQ DERUUHFLGR TXH DxRV GHVSXpV QDGD PiV
FRQRFHUVHODQRWLFLDGHVXPXHUWHHOSXHEORGH5RPDGHVWUR]yVXHVWDWXD
&LHUWDPHQWH SURPHWLy XQ PLOOyQ GH GXFDGRV GH RUR D )HOLSH ,, VL
HPSUHQGtDODFDPSDxDFRQWUD,QJODWHUUDSHURQROOHJyDGHVHPEROVDUXQD
EODQFD 8QD YH] PiV SDUD GHVJUDFLD VX\D (VSDxD KDEtD SXHVWR D
GLVSRVLFLyQGHODLJOHVLDFDWyOLFDORVKRPEUHVHOGLQHUR\ORVUHFXUVRV(O
FRVWH QR IXH HVFDVR (O GHVDVWUH GH  FRVWy D (VSDxD VHVHQWD QDYtRV
YHLQWH PLO KRPEUHV LQFOX\HQGR FLQFR GH VXV GRFH FRPDQGDQWHV PiV
YHWHUDQRV\MXQWRFRQHQRUPHVJDVWRVPDWHULDOHVXQQRWDEOHGDxRHQ
VXSUHVWLJLRHQXQDpSRFDHVSHFLDOPHQWHGLItFLO
(Q$QWRQLR3pUH]ORJUyHVFDSDUVH\OOHJyD=DUDJR]DGRQGHDSHOy
DORVIXHURVSDUDQRVHUHQWUHJDGRDOPRQDUFD6LQHPEDUJRFXHVWLRQHVGH
VHJXULGDGQDFLRQDO\GHVHFUHWRVUHJLRVREOLJDEDQDGHWHQHUOR\DQWH
ODUHVLVWHQFLDGHOMXVWLFLD-XDQGH/DQX]DDHQWUHJDUORODVWURSDVGHOUH\
DOPDQGRGH$ORQVRGH9DUJDVHQWUDURQHQ$UDJyQ1RORJUDURQFDSWXUDU
D $QWRQLR 3pUH] SHUR Vt HMHFXWDURQ D -XDQ GH /DQX]D \ HQ  ODV
&RUWHVGH7DUD]RQDUHFRUWDURQORVIXHURV
$GHFLUYHUGDGODJHQWHGHOSXHEORUHFLELyELHQDODVWURSDVGH)HOLSH,,
HQ OD HVSHUDQ]D GH TXH HO UH\ ORV OLEHUDUtD GH OD RSUHVLyQ QRELOLDULD TXH
SDGHFtDQSHURHOPRQDUFDVHTXHGyDPLWDGGHFDPLQR\QRVHDWUHYLyD
HOLPLQDU XQRV SRGHUHV ORFDOHV TXH OHMRV GH GHIHQGHU ODV OLEHUWDGHV
SRSXODUHV WDQ VROR VHUYtDQ D ODV ROLJDUTXtDV (UD HO ~OWLPR p[LWR GH XQ
UHLQDGR PDUFDGR SRU OD FHJXHUD UHOLJLRVD HQ HO TXH ORV LQWHUHVHV
QDFLRQDOHVODVDQJUH\HORURHVSDxROHVVHKDEtDQSXHVWRDOVHUYLFLRGHORV
LQWHUHVHVGHODLJOHVLDFDWyOLFD1RSXHGHSXHVVRUSUHQGHUTXHHOUHLQDGR
GH)HOLSH,,FRQFOX\HUDFRQSpVLPRVDXJXULRV

(/75*,&2%$/$1&(

(Q  ,QJODWHUUD \ )UDQFLD UHFRQRFLHURQ OD LQGHSHQGHQFLD GH

+RODQGD'RVDxRVGHVSXpV)HOLSH,,ILUPyODSD]GH9HUYLQVFRQ)UDQFLD
\ VH YLR REOLJDGR D RWRUJDU XQ UpJLPHQ DXWyQRPR D )ODQGHV FX\D
VREHUDQtD FHGLy D VX KLMD ,VDEHO &ODUD (XJHQLD 6L WHQtD GHVFHQGHQFLD
UHLQDUtD HQ )ODQGHV \ HQ FDVR FRQWUDULR ORV 3DtVHV %DMRV UHJUHVDUtDQ D
(VSDxD(VRIXHORTXHVXFHGLyDXQTXH+RODQGD\DHUDLQGHSHQGLHQWHGH
IDFWR
&XDQGRVHUHDOL]DEDODQFHGHOUHLQDGRGH)HOLSH,,UHVXOWDREYLRTXHORV
DVSHFWRVQHJDWLYRVHOSHRUGHORVFXDOHVIXHODVXPLVLyQDORVLQWHUHVHV
SDSDOHV IXHUDQ PiV QXPHURVRV \ GH PD\RU UHSHUFXVLyQ TXH ORV
SRVLWLYRV (QWUH HOORV KD\ TXH VHxDODU HO IDWDO DLVODPLHQWR GH (VSDxD OD
LQPHQVDFDUJDLPSRVLWLYDSDUDPDQWHQHUODVHPSUHVDVUHJLDVTXHUHFD\y
VREUH &DVWLOOD GH PDQHUD GHVSURSRUFLRQDGD \ OD SROtWLFD LQIOH[LEOH GH
GHIHQVDGHOD&RQWUDUUHIRUPDTXHHVWXYRHQODUDt]GHODVJUDYHVGHUURWDV
VXIULGDVHQ)ODQGHV)UDQFLDH,QJODWHUUD(VSDxDFRQWDEDFRQXQLPSHULR
HQ HO TXH OLWHUDOPHQWH QR VH SRQtD HO VRO SHUR DO PLVPR WLHPSR HQ
YLUWXGGHVXYLQFXODFLyQDORVSURSyVLWRVGHODLJOHVLDFDWyOLFDOOHJyDXQD
IUDJLOLGDGFUHFLHQWHGHODHFRQRPtD(VWDGHELOLGDGDEVXUGDVLVHWLHQHHQ
FXHQWDODULTXH]DLQFDOFXODEOHGHODV,QGLDVVHPDQLIHVWySRUHMHPSORHQ
ODVEDQFDUURWDVTXHWXYLHURQOXJDUHQ\+D\TXH
UHFRUGDUTXHHQDOSRFRGHVHUFRURQDGR)HOLSH,,ODFRURQDKXERGH
VXVSHQGHUORVSDJRVGHVXVGHXGDVGHFODUDQGRODSULPHUDEDQFDUURWD(Q
WHRUtD)HOLSH,,WHQGUtDTXHKDEHUDSUHQGLGRODOHFFLyQGHORVHUURUHVGH
VX SDGUH WUDV HVD FULVLV \ KDEHU VDQHDGR ODV FXHQWDV GH OD PRQDUTXtD
6XFHGLyWRGRORFRQWUDULR$VXIDOOHFLPLHQWR(VSDxDKDEtDVXIULGRRWUDV
GRV EDQFDUURWDV \ DGHPiV OD GHXGD TXH GHMy D VX KLMR HUD FLQFR YHFHV
FHQWHULRU D OD UHFLELGD SRU pO GH VX SDGUH /DV UD]RQHV SDUD HVH GHVDVWUH
UHVXOWDQDGtDGHKR\ELHQUHYHODGRUDV
(QSULPHUOXJDUUHVXOWDLQQHJDEOHTXH)HOLSH,,FRQILDEDHQSRGHUWDSDU
HO DJXMHUR TXH VH KDEtD FUHDGR FRQ VX SROtWLFD GH VRVWpQ GH OD
&RQWUDUUHIRUPD DXPHQWDQGR ORV LPSXHVWRV GH PDQHUD SRU DxDGLGXUD
FDUHQWHGHHTXLGDG&LHUWDPHQWHORVLQJUHVRVGHODFRURQDVHGREODURQDO
SRFR GH OOHJDU )HOLSH ,, DO SRGHU \ DO ILQDO GH VX UHLQDGR HUDQ FXDWUR
YHFHV PD\RUHV TXH ORV TXH H[LVWtDQ HQ HO PRPHQWR HQ TXH KDEtD
FRPHQ]DGRDUHLQDU6LQHPEDUJRORVFRVWHVQRHUDQHVFDVRV'HHQWUDGD
&DVWLOOD SDJDED FXDWUR YHFHV PiV LPSXHVWRV DO ILQDO GHO UHLQDGR TXH DO
SULQFLSLR \ DGHPiV HO VLVWHPD LPSRVLWLYR DIHFWDED GHVLJXDOPHQWH D ORV
RWURVWHUULWRULRVGHOUHLQR$VtORVKDELWDQWHVGHOD&RURQDGH$UDJyQQR
VROR SDJDEDQ PHQRV LPSXHVWRV TXH ORV GH &DVWLOOD VLQR TXH DGHPiV OD
FLIUDLQIHULRUTXHDERQDEDQVHHPSOHDEDLQWHUQDPHQWH5HVSHFWRD,WDOLD
ORV LQJUHVRV VH GHVWLQDEDQ D VX SURSLD DGPLQLVWUDFLyQ 3RFR SXHGH
VRUSUHQGHU TXH FRQ VHPHMDQWH VLVWHPD &DVWLOOD TXHGDUD GHVWUR]DGD \ HO
UHVWRGH(VSDxDVHPDODFRVWXPEUDUDDFRQWULEXLUPHQRVDODVFDUJDVGHOD
PRQDUTXtD (Q XQDV GpFDGDV SRU HMHPSOR &DWDOXxD HQWUDUtD HQ XQD
DELHUWD UHEHOLyQ ILVFDO D SHVDU GH TXH FRQWULEXtD PXFKR PHQRV TXH ORV
GHVGLFKDGRVFDVWHOODQRVDODVFDUJDVQDFLRQDOHV6HPHMDQWHFLUFXQVWDQFLD
\DKXELHUDUHVXOWDGRVXILFLHQWHPHQWHGDxLQDSDUDFXDOTXLHUQDFLyQSHUR
SRUGHVJUDFLDHQHOFDVRHVSDxROYLQRDFRPSDxDGDGHRWUDVPiVJUDYHVVL
FDEH
)HOLSH ,, PXOWLSOLFy H[WUDRUGLQDULDPHQWH ORV JDVWRV SRU UD]RQHV TXH
GHEHQDWULEXLUVHGHPDQHUDSUHHPLQHQWHDOSXURVHFWDULVPRLGHROyJLFR(O
GHVHR SRU PDQWHQHU OD XQLGDG FRQIHVLRQDO HQ VX UHLQR IXH FRP~Q D OD
PD\RUtD GH ORV VREHUDQRV GH OD pSRFD SHUR )HOLSH ,, VLJXLHQGR XQD
WUDGLFLyQ TXH YHQtD GH ILQDOHV GHO VLJOR;9IXHLQFDSD]GHIOH[LELOL]DU
HVH GHVHR DPROGiQGROR D ORV LQWHUHVHV QDFLRQDOHV $O UHVSHFWR ORV
HMHPSORV UHVXOWDQ FODUDPHQWH HORFXHQWHV 3RU HMHPSOR )UDQFLVFR , \
(QULTXH ,9 HUDQ UH\HV FDWyOLFRV GH )UDQFLD SHUR FHQWLHURQ RWRUJDU XQD
WROHUDQFLDOLPLWDGDDORVSURWHVWDQWHVSDUDHYLWDUGHHVHPRGRGHVJDUURV
QDFLRQDOHV/RVSDVRVDWUiVHQHVDSROtWLFDFRPROD\DFLWDGDQRFKHGH
6DQ%DUWRORPpHQTXHIXHURQDVHVLQDGRVGHFHQDVGHPLOHVGHSURWHVWDQWHV
IUDQFHVHVIXHURQFRQVLGHUDGRVDOILQ\DODSRVWUHHUURUHVSROtWLFRVGH
HVSHFLDO JUDYHGDG /D PLVPD ,VDEHO , GH ,QJODWHUUD FDEH]D GH OD LJOHVLD
DQJOLFDQD SXGR FDVWLJDU D ORV FRQVSLUDGRUHV FDWyOLFRV TXH SUHWHQGLHURQ
GHUURFDUOD SHUR WDPELpQ FRQFHGLy OLEHUWDG GH FXOWR D ORV OHDOHV \ FRQWy
FRQFDWyOLFRVHQVXFtUFXORGHSRGHUPiVHVWUHFKR6HPHMDQWHFRQGXFWD
PiV TXH MXVWLILFDGD VLTXLHUD SRU UD]RQHV GH (VWDGR UHVXOWDED
LQFRQFHELEOH SDUD XQ )HOLSH ,, HPSHxDGR HQ VHU HO FDPSHyQ GHO
FDWROLFLVPR DXQ D FRVWD GH DUUXLQDU WRWDOPHQWH D (VSDxD 3UHILULy
SURYRFDU XQD UHEHOLyQ HQ )ODQGHV DQWHV TXH WROHUDU XQD FLHUWD OLEHUWDG
UHOLJLRVD VH HPSHxy HQ LQYDGLU ,QJODWHUUD FUH\HQGR TXH DVt WUDHUtD D OD
QDFLyQ DO VHQR GHO FDWROLFLVPR LQWHUYLQR HQ OD JXHUUD GH ORV 7UHV
(QULTXHVHQ)UDQFLDSDUDDVHJXUDUTXHHOWURQRIUDQFpVQRIXHUDRFXSDGR
SRU XQ SURWHVWDQWH 1L XQD VROD GH ODV HPSUHVDV WRGDV HOODV
HQRUPHPHQWHFDUDVHQVDQJUH\RURVHUHVROYLyHQEHQHILFLRGH(VSDxD
,QFOXVR DTXHOODV FDPSDxDV TXH FRQFOX\HURQ HQ WULXQIR FRPR OD GH
/HSDQWR GHMDURQ GH PDQLILHVWR TXH )HOLSH ,, HUD HQ XQ VHQWLGR UHDO
PiVSDSLVWDTXHHOSDSD0LHQWUDV9HQHFLDILUPDEDODSD]FRQORVWXUFRV\
HOSDSDPLUDEDKDFLDRWURODGR(VSDxDFDUJDEDFRQODVFRQVHFXHQFLDVGH
XQD YLFWRULD LQFRPSOHWD $OJR VLPLODU KDEtD VXFHGLGR FRQ OD IDPRVD
$UPDGD,QYHQFLEOHDYHQWXUDD]X]DGDSRUHOSDSDTXHDOILQ\DODSRVWUH
QRHQWUHJyXQDVRODPRQHGDGHODVSURPHWLGLWRDVD)HOLSH,,(VSDxDSRU
HQpVLPDYH]SHUMXGLFDEDVXVLQWHUHVHVQDFLRQDOHVHQIDYRUGHXQD6DQWD
6HGHTXHVLHPSUHVHFRPSRUWDEDHQEHQHILFLRGHORVVX\RV
/D FRQGXFWD GH )HOLSH ,, VLQLHVWUD PH]FOD GH IDQDWLVPR UHOLJLRVR
LQFRQVFLHQFLDHFRQyPLFD\GHVSUHRFXSDFLyQSRUHOIXWXURGHVXVV~EGLWRV
 LED D PDUFDU GH PDQHUD WUiJLFD OD +LVWRULD GH (VSDxD 3DUD HOOD QR
H[LVWH GLVFXOSD FRPR VH KD SUHWHQGLGR RFDVLRQDOPHQWH HQ XQ FHQWXHVWR
HVStULWX GH OD pSRFD TXH WHyULFDPHQWH FHJDED D WRGRV 'H KHFKR QR
IDOWDURQ ODV PHQWHV VHQVDWDV TXH FRPSUHQGtDQ FDEDOPHQWH OR TXH HVWDED
SDVDQGR(QXQDGpFDGDDQWHVGHODSXEOLFDFLyQGHODWUDGXFFLyQGH
OD %LEOLD GH 5HLQD9DOHUD FXDQGR HO LPSHULR HVSDxRO PDUFKDED D VX
RFDVR GHVDQJUDGR SRU JXHUUDV TXH OH HUDQ H[WUDRUGLQDULDPHQWH
SHUMXGLFLDOHV\FX\D~QLFDMXVWLILFDFLyQDSDUHQWHHUDHOFRPEDWHFRQWUDHO
SURWHVWDQWLVPR HO GHVDVWUH VXIULGR SRU OD IXHU]D GHO GHVHPEDUFR TXH
GHEtD LQYDGLU ,QJODWHUUD HQ  SURYRFy XQR GH ORV SULPHURV
FXHVWLRQDPLHQWRVGHODSROtWLFDVHJXLGDSRU(VSDxD*LQpVGH5RFDPRUD
HOSURFXUDGRUGH0XUFLDGHIHQGLyHQFODUDDUPRQtDFRQORVSULQFLSLRVGH
OD &RQWUDUUHIRUPD TXH (VSDxD GHEtD VRVHJDU D )UDQFLD UHGXFLU D
,QJODWHUUDSDFLILFDUD)ODQGHV\VRPHWHUD$OHPDQLD\0RVFRYLD1RVH
OH HVFDSDED DO WULXQIDOLVWD 5RFDPRUD OR DXGD] GH VX WHVLV SHUR SURQWR
HFKy PDQR GH XQ DUJXPHQWR TXH GH QXHYR VHJ~Q HO HQIRTXH GH OD
&RQWUDUUHIRUPD GHEtD GLVLSDU FXDOTXLHU SRVLEOH \ DUULHVJDGD
REMHFLyQ/DFDXVDGH(VSDxDHUDODGHODLJOHVLDFDWyOLFD\SRUORWDQWR
HUD OD GH 'LRV 3RU HOOR KDEtD TXH WHQHU OD DEVROXWD FRQYLFFLyQ HQ TXH
'LRV GDUi VXVWDQFLDV FRQ TXH GHVFXEULUi QXHYDV ,QGLDV \ FHUURV GH
3RWRVtFRPRGHVFXEULyDORV5H\HV&DWyOLFRVGHJORULRVDPHPRULD
/DDUGRURVDH[SRVLFLyQGH5RFDPRUDHQFRQWUyXQWHPSODGRFRQWUDSXQWR
HQ )UDQFLVFR 0RQ]yQ RWUR SURFXUDGRU TXH TXL]i SRU UHSUHVHQWDU D
0DGULG FRQRFtD PiV D IRQGR HO LPSDFWR TXH DTXHOODV JXHUUDV HVWDEDQ
WHQLHQGRVREUHOD&DSLWDO\&RUWH3DUD0RQ]yQUHVXOWDEDREYLRTXHHUD
DEVXUGRVHJXLUGHVDQJUDQGRHOLPSHULRHQIDYRUGHXQRVLQWHUHVHVTXHQR
HUDQ ORV GH OD QDFLyQ HVSDxROD VLQR ORV GH WHUFHURV QR SRFDV YHFHV
LQJUDWRV $QWH HO DUJXPHQWR DSDUHQWHPHQWH VyOLGR GH TXH (VSDxD
HVWDED FRQWULEX\HQGR D IDFLOLWDU OD VDOYDFLyQ \ D LPSHGLU OD SHUGLFLyQ
HWHUQDGHVXVDGYHUVDULRV0RQ]yQQRSXGRGDUXQDUHVSXHVWDPiVHVFXHWD
\DODYH]FRQYLQFHQWHVLHOORVVHTXLHUHQSHUGHUTXHVHSLHUGDQ
1RKDFHIDOWDGHFLUTXHHOVHQVDWRFRQVHMRGH0RQ]yQPXFKRPHQRV
DPELFLRVR\SURIXQGRTXHHOGH9DOGpVQRIXHHVFXFKDGR\DOILQ\DOD
SRVWUHQRIXHURQORVULYDOHVFDWyOLFRV)UDQFLDRSURWHVWDQWHV+RODQGD
,QJODWHUUD GH (VSDxD ORV TXH VH SHUGLHURQ VLQR HOOD PLVPD XQD QDFLyQ
GRQGHKXERHQFRQWUDGHORDILUPDGRWDQWDVYHFHV\FRPR\DYLPRV
5HIRUPDSHURIXHLQFLQHUDGDHQODVKRJXHUDVGHOD,QTXLVLFLyQ$OORJUDU
)HOLSH,,PDQWHQHUD(VSDxDIXHUDGHOLQIOXMRGHOD5HIRUPDVHFULVWDOL]y
XQDPHQWDOLGDGGLVWLQWDGHODTXHVHGLRHQODVQDFLRQHVSURWHVWDQWHVFRQ
ORVFRVWHVDORVTXH\DKLFLPRVUHIHUHQFLD
'XUDQWHORVVLJORVVLJXLHQWHV)HOLSH,,VHUtDSUHVHQWDGRFRPRHMHPSOR
GHPRQDUFDSDUDWRGRVORVHVSDxROHV1RGHMDEDGHVHUXQDYLVLyQSHFXOLDU
SRUTXH HO SDUDGLJPD GH OD JORULD UHJLD VH LGHQWLILFDED FRQ XQ SHUVRQDMH
FDUDFWHUL]DGRSRUHOIDQDWLVPRSRUHOGHVSLOIDUURVHFWDULRSRUODDXVHQFLD
GH SUHRFXSDFLyQ SRU ORV LQWHUHVHV GH (VSDxD \ ORV HVSDxROHV \ SRU XQD
FHUUD]yQ LQWHOHFWXDO TXH FRUWy ODV UHODFLRQHV DFDGpPLFDV FRQ HO UHVWR GH
(XURSD &XDQGR VH UHIOH[LRQD VREUH HVWH KHFKR \ VREUH OD PHQWDOLGDG
QDFLGD D VX VRPEUD TXL]i QR UHVXOWD WDQ GLItFLO FRPSUHQGHU RWURV
HSLVRGLRVGHOD+LVWRULDGH(VSDxDLQFOXLGRVDOJXQRVPX\FHUFDQRV
 



(OFRODSVRGHOLPSHULRFRQWUDUUHIRUPLVWD
GH)HOLSH,,,D&DUORV,,HO+HFKL]DGR

(/5(,1$'2'(75$16,&,1'()(/,3(,,,

/DPXHUWHGH)HOLSH,,VHSURGXMRHQXQRVPRPHQWRVHQTXHODVLWXDFLyQ
GH (VSDxD UHVXOWDED HVSHFLDOPHQWH GHOLFDGD 'XUDQWH GpFDGDV VH KDEtD
YLVWR HPEDUFDGD HQ OD GHIHQVD GH OD FDXVD GH OD &RQWUDUUHIRUPD VXV
WHVRURVKDEtDQVLGRGLODSLGDGRVHQEHQHILFLRGHORVLQWHUHVHVGHOD6DQWD
6HGH VX DLVODPLHQWR LQWHUQDFLRQDO KDEtD OOHJDGR D VHU OLWHUDOPHQWH
DVIL[LDQWH \ SRU DxDGLGXUD QDGD LQGLFDED TXH OD VLWXDFLyQ IXHUD D
PHMRUDU 3DUD FROPR GH PDOHV VX KLMR \ VXFHVRU )HOLSH QR HUD XQD
SHUVRQD GRWDGD SDUD GLULJLU XQ LPSHULR 6LQ HPEDUJR GH PDQHUD
VRUSUHQGHQWH \ FDVL SRGUtD GHFLUVH TXH LQHVSHUDGD (VSDxD PDQWXYR OD
KHJHPRQtDGXUDQWHXQDVGpFDGDVDQWHVGHHQWUDUHQHOFRODSVRILQDO
6XHOHUHFRUGDUVHGHOUHLQDGRGH)HOLSH,,,ODH[SXOVLyQGHORVPRULVFRV
GH OD &RURQD GH $UDJyQ VDOLHURQ XQRV GRVFLHQWRV PLO  GH OD
SREODFLyQ\GH&DVWLOODXQRVFLHQPLO\ODDSDULFLyQGHODLQVWLWXFLyQ
GHO YDOLGR XQD HVSHFLH GH SULPHURV PLQLVWURVDYDQW OD OHWWUH TXH VH
RFXSDEDQGHODVJUDQGHVWDUHDVGH(VWDGRHQGHOHJDFLyQGHOUH\\TXHVH
YLR DFRPSDxDGD SRU UHJOD JHQHUDO SRU XQD WHUULEOH ODFUD FRPR IXH OD
FRUUXSFLyQ3RUHOFRQWUDULRVHSDVDQSRUDOWRRWURVGRVKHFKRVQRPHQRV
UHOHYDQWHV (O SULPHUR HQ HO LQWHULRU IXH HO LQWHQWR GH TXH WRGDV ODV
UHJLRQHV HVSDxRODV \ HQ HVSHFLDO &DWDOXxD FRQWULEX\HUDQ D OD FDUJD
FRP~QDGHODQWHPRVTXHQRORFRQVLJXLy\HOVHJXQGRHQHOH[WHULRU
HOSDVRDXQDSROtWLFDPiVUHDOLVWDODPLVPDTXHGHVHDEDOOHYDUDFDERHO
GHQRPLQDGRSDUWLGROLEHUDOGHODFRUWHGH)HOLSH,,\DODTXHVHRSXVR
HQFDUQL]DGDPHQWH HO PRQDUFD $Vt )HOLSH ,,, SUHWHQGLy OOHJDU D XQD
FRH[LVWHQFLD SDFtILFD FRQ OD (XURSD SURWHVWDQWH OR TXH VH WUDGXMR SRU
HMHPSORHQODSD]GH/RQGUHVFRQ-DFRER,RHQODWUHJXDGHORV
'RFH DxRV  TXH UHFRQRFtD OD LQGHSHQGHQFLD GH +RODQGD +XHOJD
GHFLU OR TXH HVWR KDEUtD VLJQLILFDGR XQDV GpFDGDV DQWHV KXHOJD GHFLU
WDPELpQ TXH HUD LPSRVLEOH GH SODQWHDU DQWH XQ PRQDUFD LQIHFWDGR GH
IDQDWLVPR FDWyOLFR FRPR HUD )HOLSH ,, )HOLSH ,,, LQFOXVR OOHJy D OD SD]
FRQ )UDQFLD XQ SDVR HVWH ~OWLPR VHOODGR FRQ HO PDWULPRQLR GHO GHOItQ
/XLVFRQ$QDGH$XVWULD\GH)HOLSH,9FRQ,VDEHOGH%RUEyQ
(VH SDFLILVPR UHJLR QR HVWXYR GHVSURYLVWR SRU RWUR ODGR GH
SUDJPDWLVPR$VtDOPLVPRWLHPSR)HOLSH,,,LQWHQWyFRQWHQHUDOLVODP
YJHOJHQHUDO2FWDYLRGH$UDJyQH[SXOVyDORVWXUFRVGH0DOWDHLQFOXVR
GDQGR XQ HMHPSOR GH LQWHOLJHQFLD JHRHVWUDWpJLFD HQ  )HOLSH ,,,
SHQVy HQ XQD OLJD KLVSDQRIUDQFRLQJOHVD FRQWUD ORV WXUFRV DXQTXH QR
OOHJyDPDWHULDOL]DUVH
(VHSUDJPDWLVPRQRHYLWyGHVGHOXHJRQLODDFFLyQGHOD,QTXLVLFLyQQL
ORVHIHFWRVGHTXHODLJOHVLDFDWyOLFDFRQWURODUDODYLGDQDFLRQDOSHURHO
KHFKR GH TXH FDUDFWHUL]DUD OD SROtWLFD LQWHUQDFLRQDO SHUPLWLy OD
SURORQJDFLyQVLQH[FHVLYRVSUREOHPDVGHODKHJHPRQtDHVSDxROD)XH
QRFDEHHQJDxDUVHXQVLPSOHLUWLUDQGR\DTXHQRSRFRVGHORVJUDQGHV
SUREOHPDV FRPHQ]DQGR SRU ORV LQWHUQRV FRPR HO WUDWR ILVFDO
SULYLOHJLDGR TXH UHFLEtD &DWDOXxD D FRVWD GH &DVWLOOD TXHGDURQ VLQ
VROXFLRQDU\DFDEDURQKDFLHQGRDFWRGHSUHVHQFLDFRQWRGDVXYLUXOHQFLD
GXUDQWHHOUHLQDGRVLJXLHQWH6HUtDGXUDQWHHOPLVPRFXDQGRHOPRGHORGH
GHIHQVDGHOD&RQWUDUUHIRUPDTXHWDQWRGDxRKDEtD\DFDXVDGRD(VSDxD
DUUDVWUyDODQDFLyQDOFRODSVR
 )(/,3(,9<(/(67$//,'2'(/02'(/2
'(/$&2175$55()250$

6LDOJRFDUDFWHUL]yHOUHLQDGRGH)HOLSH,9KLMR\VXFHVRUGH)HOLSH,,,
QR IXH OD H[LVWHQFLD GH JUDYHV SUREOHPDV QDFLRQDOHV D GHFLU YHUGDG
YHQtDQ\DGHODpSRFDGHORV5H\HV&DWyOLFRVVLQRHOLQWHQWRGHOFRQGH
GXTXHGH2OLYDUHVHOQXHYRYDOLGRUHJLRGHHQIUHQWDUVHFRQHOORV(O
FRQGHGXTXH GH 2OLYDUHV HQ UHDOLGDG HUD XQ VHJXQGyQ GH OD FDVD GH
*X]PiQ 6LQ HPEDUJR OD PXHUWH GH GRV KHUPDQRV PD\RUHV OH SHUPLWLy
KHUHGDU HO WtWXOR OR TXH OH DEULy FDPLQR KDFLD OD FDUUHUD SROtWLFD 6X
SULPHUSDVRGHUHOHYDQFLDORGLRFXDQGRHQFRQVLJXLyTXHHOGXTXH
GH /HUPD OH QRPEUDUD JHQWLOKRPEUH GH FiPDUD GHO IXWXUR )HOLSH ,9
&XDQGRODVLWXDFLyQGH/HUPDVHYLRFRPSURPHWLGLWRD2OLYDUHVFDPELy
GHEDQGR\DSR\yFRQWUDVXDQWLJXRYDOHGRUDOGXTXHGH8FHGDORTXHOH
SHUPLWLyTXHGDUVHHQODFRUWH7DPELpQ8FHGDFD\yVLHQGRHVWDOD
FLUFXQVWDQFLDTXHIUDQTXHyTXH2OLYDUHVIXHUDQRPEUDGRJUDQGH\DODxR
VLJXLHQWHVHFRQYLUWLHUDHQYDOLGR
(OSURJUDPDGHSROtWLFDLQWHULRUGHOFRQGHGXTXHHUDUHIRUPLVWD\TXHGy
H[SXHVWR HQ HO *UDQ 0HPRULDO GH  ,QFOXtD DVSHFWRV FRPR OD OXFKD
FRQWUD OD FRUUXSFLyQ FRQ FDVWLJRV HMHPSODUHV DOJR TXH UHVXOWDED
LQGLVSHQVDEOH GDGDV ODV WUD\HFWRULDV GH ORV DQWHULRUHV YDOLGRV \ GH
DPSOLRVVHFWRUHVGHODDGPLQLVWUDFLyQODVXVWLWXFLyQGHORVFRQVHMRVSRU
MXQWDV OR TXH FRQVWLWXtD XQD PHGLGD WDPELpQ PX\ VHQVDWD TXH VHUtD XQ
JHUPHQ GH OR TXH OXHJR VHUtDQ ORV PLQLVWHULRV HO VDQHDPLHQWR GH OD
HFRQRPtD PHGLDQWH OD FUHDFLyQ GH HUDULRV HVWDWDOHV \ ILQDO GH ODV
DFXxDFLRQHVPDVLYDVGHYHOOyQPHGLGDHVWD~OWLPDQHFHVDULDSDUDSRGHU
FRQWHQHU OD LQIODFLyQ \ HO UHSDUWR GH ODV FDUJDV VREUH ODV GLVWLQWDV
UHJLRQHV\QRVRORVREUH&DVWLOOD&RQVHJXULGDGHVWDPHGLGDYLQFXODGD
DOGHVHRGHTXH)HOLSH,9IXHUDUH\GH(VSDxD\QRGHFDGDUHLQRTXHOD
FRPSRQtD IXH OD GH PD\RU UHOHYDQFLD SODQWHDGD SRU 2OLYDUHV 6LQ
HPEDUJRHVWD8QLyQGHDUPDVHQODTXHGHEtDQSDUWLFLSDUWRGRVORVUHLQRV
GH (VSDxD HQFRQWUy HQRUPHV UHVLVWHQFLDV HVSHFLDOPHQWH SRU SDUWH GH
&DWDOXxD$SHVDUGHTXHQRSRFRVFRQVLGHUDUtDQHOSURJUDPDGHOFRQGH
GXTXHFRPRPX\DPELFLRVRORFLHUWRHVTXHQRUR]DEDQLXQRVRORGHORV
SULYLOHJLRV GH OD LJOHVLD FDWyOLFD R GH OD QREOH]D 6H SUHWHQGtD SRU DVt
GHFLUORJHVWLRQDUPHMRUORVUHVXOWDGRVGHODLQMXVWLFLDSHURQRFRUUHJLUOD
'HHVDPDQHUDODLQVWLWXFLyQTXHPiVEHQHILFLRVDFDSDUDEDQRFRQWULEXtD
QLOHMDQDPHQWHDODFDUJDFRP~Q
(O SURJUDPD GH SROtWLFD H[WHULRU GH 2OLYDUHV WDPELpQ HVWDED PDUFDGR
SRU QR SRFR JUDGR GH VHQVDWH] \D TXH VH FLUFXQVFULEtD D FRQVHUYDU HO
LPSHULRXQDWDUHDQDGDIiFLO\TXHVHHQIUHQWDEDDKRUDFRQXQSHOLJURVR
UHWR\DTXHHQKDEtDGDGRLQLFLRXQFRQIOLFWREpOLFRHQHOFHQWURGH
(XURSD FDXVDGR SRU HO SURSyVLWR GH OD LJOHVLD FDWyOLFD GH DFDEDU FRQ OD
OLEHUWDGUHOLJLRVDHQOD]RQD)LQDOPHQWH2OLYDUHVQRORJUDUtDWHQHUp[LWR
HQQLQJXQRGHVXVFRPHWLGLWRRVSUHFLVDPHQWHDFDXVDGHOH[WUDRUGLQDULR
SHVRGHOTXHGLVIUXWDEDODLJOHVLDFDWyOLFDVREUH(VSDxD
$OHVWDOODUHOFRQIOLFWRTXHDFDEDUtDFRQYLUWLpQGRVHHQODJXHUUDGHORV
7UHLQWD DxRV VH SURGXMR HO HQYtR GH KRPEUHV \ GLQHUR SDUD D\XGDU D OD
FDXVD FDWyOLFD SHUR VHQVDWDPHQWH 2OLYDUHV HYLWy XQD LQWHUYHQFLyQ D~Q
PiV GLUHFWD 'H HVD PDQHUD LQWHQWDED QR LQFLGLU HQ DOJXQRV GH ORV
JUDQGHVHUURUHVSHUSHWUDGRVSRU&DUORV,\GH)HOLSH,,(QSULPHUOXJDU
SUHWHQGLy TXH HO GHVWLQR GH (VSDxD QR VH YLHUD XQFLGR D ODV GLVWDQWHV
GLVSXWDV LPSHULDOHV \ HQ VHJXQGR TXH HO KHFKR GH VHJXLU VLHQGR OD
HVSDGD GH OD &RQWUDUUHIRUPD QR VH WUDGXMHUD HQ OD DQLTXLODFLyQ GHO
LPSHULR KLVSDQR (VD SROtWLFD GH PRGHUDGD LPSOLFDFLyQ SURSLFLy TXH
FRQWUD+RODQGDVHREWXYLHUDQDOJXQDVYLFWRULDVFRPRODGH)OHXUXV
R OD UHQGLFLyQ GH %UHGD  LQPRUWDOL]DGD SRU 9HOi]TXH] HQ HO
SRSXODUPHQWHFRQRFLGRFRPRFXDGURGH/DVODQ]DV6LQHPEDUJRVHYLR
FRPSURPHWLGLWRDSRUUD]RQHVHFRQyPLFDV\DTXHHQOD(VSDxDTXH
KDEtDGLODSLGDGRVXVFDXGDOHVHQODGHIHQVDGHORVLQWHUHVHVGHODLJOHVLD
FDWyOLFDVXIULyXQDQXHYDEDQFDUURWD'HVHy2OLYDUHVTXHVHDEURJDUDHO
'HFUHWR GH H[SXOVLyQ GH ORV MXGtRV D ILQ GH UHFXSHUDU SDUD (VSDxD D
DOJXLHQTXHWXYLHUDHOFRQRFLPLHQWRGHODVILQDQ]DVHQTXH\DGHVWDFDEDQ
GH PDQHUD VREUHVDOLHQWH ORV SURWHVWDQWHV 1R OR FRQVHJXLUtD (Q XQD
(VSDxD LQIHFWDGD GHVGH KDFtD VLJORV SRU OD REVHVLyQ GH OD OLPSLH]D GH
VDQJUH OD VLPSOH LGHD GHO UHWRUQR GH ORV MXGtRV QR VROR UHVXOWDED
LQDFHSWDEOHVLQRGHWHVWDEOH\FRPRWHQGUHPRVRFDVLyQGHYHUSHOLJURVD
3RU DxDGLGXUD SDUD FRQWUDUUHVWDU OD D\XGD HVSDxROD \ OR TXH HVWD
VLJQLILFDEDGHDPHQD]DFRQWUDODOLEHUWDGUHOLJLRVDWXYROXJDUODHQWUDGD
HQJXHUUDGH6XHFLDDODVD]yQJREHUQDGDSRUXQJHQLRPLOLWDUHOUH\
*XVWDYR$GROIRDOODGRGHORVSURWHVWDQWHV
(VDVXPDGHGLILFXOWDGHVILQDQFLHUDVSURSLFLDGDHQEXHQDPHGLGDSRU
OD UHVLVWHQFLD GH DOJXQDV UHJLRQHV HVSDxRODV D FRQWULEXLU DO HVIXHU]R GH
JXHUUD FRP~Q \ GH QXHYD WHFQRORJtD PLOLWDU \D TXH *XVWDYR$GROIR
IXHXQLQFRPSDUDEOHLQQRYDGRUGHODUWHGHODJXHUUDSURYRFyXQDFDVFDGD
GH GHUURWDV HVSDxRODV /D H[FHSFLyQ D HVD WyQLFD ODPHQWDEOH IXH OD
YLFWRULDGH1RUGOLQJDHQODTXHHOFDUGHQDOLQIDQWHGRQ)HUQDQGRYHQFLyD
ORVVXHFRVTXHKDEtDQSHUGLGRSUHYLDPHQWHDVXUH\
6HPHMDQWH VLWXDFLyQ FRQVLGHUDEOHPHQWH GHOLFDGD DOFDQ]y FRQGLFLRQHV
GH YHUGDGHUD WUDJHGLD HQ OD OXFKD FRQWUD ORV KRODQGHVHV TXH IXHURQ
VXPDQGRWULXQIRWUDVWULXQIRKDVWDFXOPLQDUHQODYLFWRULDVREUHODVDUPDV
HVSDxRODV HQ OD EDWDOOD GH ODV 'XQDV  (VD VLWXDFLyQ HQ FUHFLHQWH
GHWHULRUROOHJyDXQSXQWRGHFLVLYRFRQODGHQRPLQDGDFULVLVGH
$O VHU GHUURWDGRV ORV VXHFRV HQ OD EDWDOOD GH 1RUGOLQJD OLEUDGD HQ HO
PDUFRGHODJXHUUDGHORV7UHLQWDDxRV)UDQFLDGHFLGLyLQWHUYHQLUDOODGR
GHORVSURWHVWDQWHV/DPHGLGDUHVXOWDEDVLJQLILFDWLYDSRUTXH)UDQFLDHUD
XQD QDFLyQ PD\RULWDULDPHQWH FDWyOLFD FRQ XQ UH\ TXH VH MDFWDED GH VX
FDWROLFLVPR\JREHUQDGDSRUXQFDUGHQDO6LQHPEDUJRFRPRHQODpSRFD
GH )UDQFLVFR , SULPy OD UD]yQ GH (VWDGR VREUH RWUR WLSR GH
FRQVLGHUDFLRQHV $Vt LQLFLDGD OD JXHUUD ODV WURSDV IUDQFHVDV VLWLDURQ
)XHQWHUUDEtDHQ\RFXSDURQ6DOVHVHQHO5RVHOOyQ/DVLWXDFLyQIXH
DSURYHFKDGD SRU HO FRQGHGXTXH GH 2OLYDUHV SDUD OOHYDU ODV WURSDV TXH
GHEtDQ FRPEDWLU D ODV IUDQFHVDV D &DWDOXxD H LQWHQWDU TXH HVWD UHJLyQ
FRQWULEX\HUDDOHVIXHU]RGHJXHUUD6LQHPEDUJRORTXHVHSURGXMRQRIXH
OD FRODERUDFLyQ FDWDODQD HQ OD GHIHQVD QDFLRQDO VLQR HO GHQRPLQDGR
&RUSXV GH 6DQJUH  VHJXLGR GH OD VHFHVLyQ GH &DWDOXxD LPSXOVDGD
SRU ODV ROLJDUTXtDV GH HVWD UHJLyQ TXH VRxDEDQ HVW~SLGD \
RUJXOORVDPHQWHFRQFRQYHUWLUVHHQXQDHVSHFLHGHUHS~EOLFDFRPRODGH
9HQHFLDHQHOQRUHVWHGHOD3HQtQVXOD,EpULFD
/DVHFHVLyQGH&DWDOXxDIXHWDQVRORHOLQLFLRGHOGHVFXDUWL]DPLHQWRGH
XQD QDFLyQ FRVLGD SRU ORV 5H\HV &DWyOLFRV VROR FRQ HO KLOR GH OD LJOHVLD
FDWyOLFD 9LQR VHJXLGD SRU OD GH 3RUWXJDO HVH PLVPR DxR \ SRU OD
FRQVSLUDFLyQ SDUD VHSDUDU $QGDOXFtD DO VLJXLHQWH (VWH ~OWLPR HSLVRGLR
DUUXLQy HO FUpGLWR SROtWLFR GH 2OLYDUHV TXH DFDEy VLHQGR GHVWHUUDGR HQ
6LQHPEDUJRQRWHUPLQDURQDKtODVGHVJUDFLDVGHOFRQGHGXTXH
(QHOFRQGHGXTXHGH2OLYDUHVIXHSURFHVDGRSRUOD,QTXLVLFLyQ
/DDFXVDFLyQFRQFUHWDTXHVHIRUPXOyFRQWUDpOIXHODGHOHHUHO&RUiQ\
ORV HVFULWRV GH 0DUWtQ /XWHUR 8Q WDO -XDQ 9LGHV KDEtD GHQXQFLDGR HQ
DEULO GHO FLWDGR DxR TXH VDEtD SRU )UDQFLVFR /ySH] XQ VLUYLHQWH GH
2OLYDUHVTXHHVWHSDUDGRUPLUVHRUGHQDEDTXHOHOH\HUDQHO&RUiQROLEURV
GH/XWHUR/ySH]DFXVyFRPROHFWRUHVD0HOFKRUGH9HUDXQSDMHTXH\D
KDEtDPXHUWR\DXQDGRQFHOODOODPDGD$JXVWLQDGHOD+R]TXHDKRUDHUD
PRQMD/DUHOLJLRVDFRQIHVyHIHFWLYDPHQWHTXHKDEtDOHtGRD2OLYDUHVHO
)ORV6DQFWRUXPODVREUDVGH7HUHVDGH-HV~V\XQD+LVWRULDGHO&LVPDGH
,QJODWHUUDDVtFRPRDOJXQDYH]D/XWHURSHURQXQFDHO&RUiQ
3DUHFHTXHHIHFWLYDPHQWHHOFRQGHGXTXHRUGHQyTXHOHOH\HUDQREUDV
GH /XWHUR SHUR VHJ~Q VDEHPRV SRU HO WHVWLPRQLR GHO HPEDMDGRU LQJOpV
+RSWRQ IXQGDPHQWDOPHQWH SRUTXH GLVFXWtD FRQ pO GH UHOLJLyQ \ GHVHDED
HVWDUELHQLQIRUPDGR/RPiVSUREDEOHHVTXH2OLYDUHVHQYH]GHVHUXQ
VLPSDWL]DQWHGHOSURWHVWDQWLVPRHQUHDOLGDGVRORGHVHDUDVDEHUGHORTXH
KDEODEDFLUFXQVWDQFLDQDGDKDELWXDOHQHOFDWROLFLVPRGHHVDpSRFD\GH
RWUDVHLQFOXVRVHDWUHYLHUDDVHUXQDSRORJLVWD
$UFHHOLQTXLVLGRUJHQHUDODODUJyORVWUiPLWHVSDUDHYLWDUHOSURFHVRGH
2OLYDUHVTXHVHHQFRQWUDED\DDOILQDOGHVXYLGD6LQHPEDUJRODLPDJHQ
GH2OLYDUHVTXHGyPX\GDxDGDGDGRTXHWDPELpQVHOHDFXVyGHSUHSDUDU
HO UHJUHVR GH ORV MXGtRV DOJR TXH VH FRUUHVSRQGtD FRQ OD UHDOLGDG \ TXH
KDEtD DUUDQFDGR GHO GHVHR GHO FRQGHGXTXH GH UHYLWDOL]DU OD PDOWUHFKD
HFRQRPtD HVSDxROD )LQDOPHQWH 2OLYDUHV H[SLUy HQ  VLHQGR
VHSXOWDGR HQ HO FRQYHQWR GH /RHFKHV 1R FDEH GXGD GH TXH VX SUR\HFWR
KDEtD IUDFDVDGR 6LQ HPEDUJR VXV SODQWHDPLHQWRV HUDQ DFHUWDGRV \ OD
PHMRU SUXHED GH HOOR HV TXH HQ HO VLJOR;9,,, VH YROYLHURQ D LQWHQWDU
SUHFLVDPHQWHODVPLVPDVUHIRUPDVTXHpOKDEtDSURSXHVWR
&RQWUD 2OLYDUHV VH KDQ IRUPXODGR PXOWLWXG GH DFXVDFLRQHV TXH
SUHWHQGHUtDQ GHVGRUDU VX ILJXUD KLVWyULFD$Vt VH KD VHxDODGR TXH WHQtD
HVStDVTXHFUHtDHQPRQMDVPLODJUHUDVTXHWUDPDEDFRQVSLUDFLRQHVRTXH
VXELy ORV LPSXHVWRV /D YHUGDG HV TXH WRGRV \ FDGD XQR GH VXV
FRPSRUWDPLHQWRVORVHQFRQWUDPRVWDPELpQHQHOFDUGHQDO5LFKHOLHXFRQ
QRWDEOHV DJUDYDQWHV FRPR ORV GH VHU SHRU SHUVRQD DGHPiV GH FUXHO 6LQ
GXGD 2OLYDUHV IXH XQ SHUVRQDMH GH WDQWD YDOtD R PiV TXH 5LFKHOLHX \
GHVGHOXHJRPHMRUVHUKXPDQR)UDFDVyVLQHPEDUJRIUHQWHDOFDUGHQDO
IUDQFpVSRUTXH2OLYDUHVWHQtDTXHVXMHWDUXQHGLILFLRTXHVHFXDUWHDED\
TXHDGHPiVFDUHFtDGHFRKHVLyQSXHVWRTXHHVWDEDVXVWHQWDGR~QLFDPHQWH
HQ OD XQLGDG UHOLJLRVD 3RU HO FRQWUDULR 5LFKHOLHX FDSLWDQHDED XQD
SRWHQFLD HQ DO]D TXH DGHPiV HVWDED PiV FRKHVLRQDGD \ GRQGH QR VH
FRQVLQWLHURQ FRPSRUWDPLHQWRV FRPR HO GH &DWDOXxD QL WDPSRFR VH
FRQVLGHUyWROHUDEOHTXHODFDXVDGHOD&RQWUDUUHIRUPDSUHYDOHFLHUDVREUH
ORVLQWHUHVHVQDFLRQDOHV
/D FDtGD GHO FRQGHGXTXH GH 2OLYDUHV GHMy GH PDQLILHVWR TXH HUD
SRVLEOH JREHUQDU VLQ YDOLGRV \ D OD YH] VHQWHQFLy HO ILQDO GH OD
KHJHPRQtDHVSDxROD\ODUHFWDILQDOGHODGHFDGHQFLDGHODGLQDVWtDGHORV
$XVWULDV (O LPSHULR VH KDEtD GHVDQJUDGR HQ VX SDSHO GH HVSDGD GH OD
&RQWUDUUHIRUPD \ GH GHIHQVRUD GH ORV LQWHUHVHV GH OD &DVD GH ORV
+DEVEXUJR R $XVWULDV HQ HO FHQWUR GH (XURSD $KRUD SRFR SRGtD KDFHU
SDUDVREUHYLYLU\UHFXSHUDU&DWDOXxD\3RUWXJDO
/D SROtWLFD GH )HOLSH ,9 QR GHMy GH FRQVWLWXLU XQ IUDFDVR WRWDO SRUTXH
2OLYDUHV VH YLHUD DSDUWDGR GHO SRGHU (Q  ORV WHUFLRV HVSDxROHV
IXHURQGHUURWDGRVHQODEDWDOODGH/HQVOD~OWLPDJUDQEDWDOODGHODJXHUUD
GH ORV 7UHLQWD DxRV 6LQ HPEDUJR OD PRQDUTXtD HVSDxROD QR VH GLR SRU
YHQFLGD 0LHQWUDV TXH HO LPSHULR DOHPiQ FDSLWXODED SRQLHQGR ILQ D OD
JXHUUDGHORV7UHLQWDDxRVPHGLDQWHODSD]GH:HVWIDOLDXQDSD]GHOD
TXH VH H[FOX\y D OD 6DQWD 6HGH WDQ UHVSRQVDEOH GH OD JXHUUD TXH
JDUDQWL]DEDODOLEHUWDGUHOLJLRVD\HQODTXHVHFRQVDJUDEDODGHUURWDGHOD
&RQWUDUUHIRUPDHQ(XURSDFHQWUDO(VSDxDVHDIHUUyDODHVSHUDQ]DGH
TXHUHFRQRFLHQGRODLQGHSHQGHQFLDGH+RODQGDSRGUtDYHQFHUD)UDQFLD
\UHFXSHUDU&DWDOXxD\3RUWXJDO)XHXQDYDQDLOXVLyQ
(QPHGLDQWHODSD]GH0QVWHUVHUHFRQRFLyLQWHUQDFLRQDOPHQWH
OD LQGHSHQGHQFLD GH +RODQGD \ VH OH SHUPLWLy EORTXHDU HO SXHUWR GH
$PEHUHV FRQ OR FXDO %pOJLFD EDMR GRPLQLR HVSDxRO TXHGy
HFRQyPLFDPHQWHDVIL[LDGD
)LQDOPHQWH HQ  WUDV PiV GH XQD GpFDGD GH DJRQtD FRQWLQXDGD
(VSDxDUHFRQRFLyFRQHO7UDWDGRGHORV3LULQHRVODYLFWRULDGH)UDQFLD\
OD PXWLODFLyQ GH &DWDOXxD 3HQVDED D~Q )HOLSH ,9 UHFXSHUDU 3RUWXJDO
SHUR HQ  D ORV WUHV DxRV GH VX PXHUWH OD LQGHSHQGHQFLD GH OD
SHTXHxDQDFLyQIXHUHFRQRFLGDSRUHO7UDWDGRGH/LVERD
(OSDQRUDPDDODPXHUWHGH)HOLSH,9HUDFLHUWDPHQWHPX\GLItFLO(O
QXHYRRUGHQHXURSHRVHEDVDEDHQHOGHVFXDUWL]DPLHQWRGH$OHPDQLD\HQ
HOKXQGLPLHQWRGHOLPSHULRHVSDxROIDFWRUHVDORVTXHVHXQtDQHOWULXQIR
GHODOLEHUWDGGHFRQFLHQFLDHQEXHQDSDUWHGH(XURSD\ODGHUURWDGHOD
&RQWUDUUHIRUPD TXH QR REVWDQWH YLQR DFRPSDxDGD GH OD KHJHPRQtD GH
XQD )UDQFLD PXFKR PiV SUDJPiWLFD TXH (VSDxD D OD KRUD GH WUD]DU VX
SROtWLFD H[WHULRU (O FRVWH GH DSR\DU D XQD 6DQWD 6HGH QR SRFDV YHFHV
WUDLGRUDKDEtDVLGRRQHURVtVLPRSDUD(VSDxD
3DUDFROPRGHPDOHVHOKHUHGHURGH)HOLSH,9HUDXQSHUVRQDMHDQRUPDO
\ OD SD] GH ORV 3LULQHRV HVWDEOHFtD HO PDWULPRQLR HQWUH /XLV ;,9 \ OD
LQIDQWD 0DUtD 7HUHVD KLMD GH )HOLSH ,9 FRQ OR TXH ODV SRVLELOLGDGHV GH
HQJUDQGHFLPLHQWRGH)UDQFLDDFRVWDGH(VSDxDVHDPSOLDEDQ

&$5/26,,<(/&2/$362

(O ~OWLPR PRQDUFD GH ORV $XVWULDV FRQVWLWX\y XQ HStWRPH GH OD
GHFDGHQFLD HVSDxROD (QIHUPR PHQWDO IUXWR GH HQODFHV FRQVDQJXtQHRV
WROHUDGRV SRU OD DXWRULGDG HFOHVLiVWLFD SDVy D OD +LVWRULD FRQ HO
VREUHQRPEUH GH HO +HFKL]DGR &RPR HUD IiFLO GH SUHYHU DTXHO UH\ QR
SXGR GHIHQGHU D (VSDxD GH ORV DVDOWRV GH )UDQFLD QL GH ORV SDFWRV TXH
PDQWHQtDQODVUHVWDQWHVSRWHQFLDVSDUDUHSDUWLUVHHOLPSHULRHVSDxRO&RQ
pO FRQFOX\y XQD GLQDVWtD TXH HQ QR HVFDVD PHGLGD XWLOL]y D (VSDxD HQ
GHIHQVDGHORVLQWHUHVHVGHODLJOHVLDFDWyOLFD\GHHVDPDQHUDHPSXMyDO
LPSHULRHVSDxROKDFLDVXFRODSVR1RGHMDGHVHUXQDSDWpWLFDLPDJHQGHO
UHLQDGR TXH DO PRQDUFD VH OH GHQRPLQDUD HO +HFKL]DGR SRUTXH VH FUHtD
TXHKDEtDVLGRREMHWRGHFRQMXURVHQVXLQIDQFLDTXHKDEtDQWUDVWRUQDGR
VXPHQWH\VXFXHUSR6HLGHQWLILFDEDDVtHORULJHQGHVXVGROHQFLDVFRQ
XQ SUREOHPD UHOLJLRVR \ HVSLULWXDO (O GLDJQyVWLFR HUD GHVGH OXHJR
HUUyQHR SHUR ELHQ UHYHODGRU GH SRU GyQGH GLVFXUUtD OD QDFLyQ$ ILQ GH
FXHQWDVHOPDOGH&DUORV,,QRHUDODKHFKLFHUtDVLQRXQDGHELOLGDGPHQWDO
\ItVLFD+DVWDORVVHLVDxRVQRSXGRFDPLQDU\ODPD\RUtDGHHGDGTXH
KDEtDVLGRILMDGDDORVFDWRUFHDxRVHQHOWHVWDPHQWRGH)HOLSH,9KXER
TXHUHWUDVDUODKDVWDORVGLHFLVpLV3URFHGtDHOPDOTXHDTXHMDEDD&DUORV,,
GHODFRQVDQJXLQLGDG+D\TXHWHQHUHQFXHQWDTXHHUDKLMRGH)HOLSH,9\
GH VX VREULQD OD DUFKLGXTXHVD 0DULDQD GH $XVWULD TXH KDEtD VLGR
SURPHWLGLWRDGHVXKLMR%DOWDVDU&DUORV
&RPR \D VHxDODPRV HQ  )HOLSH ,9 UHFRQRFtD OD GHUURWD HQ OD
JXHUUDGHORV7UHLQWDDxRVFRQPiVGHXQDGpFDGDGHUHWUDVR0HGLDQWHOD
SD]GHORV3LULQHRV(VSDxDVHYHtDREOLJDGDDDFHSWDUTXH)UDQFLDHUDOD
SULPHUD SRWHQFLD GHO FRQWLQHQWH OR VXILFLHQWHPHQWH IXHUWH FRPR SDUD
DSRGHUDUVH LQFOXVR GH DOJXQDV ORFDOLGDGHV FDWDODQDV TXH DPELFLRQDED
GHVGH KDFtD VLJORV (VSDxD VHJXtD VLHQGR XQD JUDQ SRWHQFLD FRQ XQ
GRPLQLRWHUULWRULDOH[WUDRUGLQDULRSHUR)UDQFLDODFRQWHPSODEDQRFRPR
XQDQDFLyQLJXDODODTXHWHPHU\UHVSHWDUVLQRFRPRXQJLJDQWHVFRERWtQ
GHOTXHGHVHDEDDSRGHUDUVH1DWXUDOPHQWHWDPELpQFRQVLGHUDEDTXHVHUtD
PHMRU VL HVH GRPLQLR SRGtD FRQYHUWLUVH HQ UHDOLGDG PHGLDQWH OD DOLDQ]D
PDWULPRQLDO HQ OXJDU GH UHFXUULHQGR D OD JXHUUD 3RU OR WDQWR D GRV
GpFDGDVGHODSD]GHORV3LULQHRVHOUH\GH(VSDxDHOHQIHUPL]R&DUORV
,, FRQWUDMR PDWULPRQLR FRQ XQD SULQFHVD IUDQFHVD 0DUtD /XLVD GH
%RUEyQKLMDSULPRJpQLWDGHOGXTXH)HOLSHGH2UOHDQVKHUPDQR~QLFRGHO
UH\/XLV;,9\GH(QULTXHWDGH,QJODWHUUD/RVFRQVHMHURVGH&DUORV,,OD
FRQVLGHUDURQPX\DGHFXDGDSRUUD]RQHVGHHGDG\SRVLEOHPHQWHSRUTXH
DVt SHQVDEDQ SRGHU OOHJDU D XQD VLWXDFLyQ GH FRH[LVWHQFLD SDFtILFD FRQ
)UDQFLD
7UDV REWHQHU OD GLVSHQVD GH SDUHQWHVFR HO  GH DJRVWR GH  VH
FHOHEUyODERGDSRUSRGHUHVHQHOSDODFLRGH)RQWDLQHEOHDXRILFLDQGRHO
FDUGHQDOGH%RXLOORQ(OGHQRYLHPEUHOOHJy0DUtD/XLVDDODIURQWHUD
GHO %LGDVRD UHFLELpQGROD HO PDUTXpV GH $VWRUJD HQ OD LVOD GH ORV
)DLVDQHV(OSULPHUHQFXHQWURGHODSDUHMDWXYROXJDUTXLQFHGtDVGHVSXpV
HQ 4XLQWDQDSDOOD XQD SREODFLyQ FHUFDQD D %XUJRV &DUORV ,, HVWDED
HQWXVLDVPDGR 'H KHFKR FRQ DQWHULRULGDG D VX HQFXHQWUR FRQ HOOD VH OH
KDEtDPRVWUDGRXQUHWUDWRTXHKDEtDUHFLELGRGDQGRJULWRVGH0LUHLQD
0LUHLQDDODSDUTXHORFXEUtDGHEHVRV\DEUD]RV(OPDWULPRQLRIXH
FRQVXPDGR HQ %XUJRV \ QR KXER PDQHUD GH TXH HO UH\ DEDQGRQDUD HO
WiODPRKDVWDTXHODFHOHEUDFLyQGHDOJXQRVIHVWHMRVH[LJLyVXSUHVHQFLD
5HVXOWDED REYLR TXH QR OH KDEtD GHVLOXVLRQDGR OD UHLQD SRUTXH LQFOXVR
OOHJy D RUGHQDU TXH GH ODV GRV FDPDV TXH KDEtD HQ OD DOFRED UHJLD VH
UHWLUDUDXQD%LHQUHYHODGRUUHVXOWDDVLPLVPRTXHDODPDxDQDVLJXLHQWHD
ODQRFKHGHERGDV&DUORV,,SUHVHQWDUDXQURVWURPXFKRPiVDOHJUHTXHHO
GHVXHVSRVD
(O DPRU FLHUWDPHQWH DSDVLRQDGR GH &DUORV ,, SRU OD UHLQD QR VH
WUDGXMRODPHQWDEOHPHQWHSDUDHVWDHQXQPDWULPRQLRIHOL]1RIDOWDEDQ
GHVGH OXHJR ODV UD]RQHV SDUD HOOR (Q SULPHU OXJDU HVWDED OD VXHJUD
0DULDQD GH$XVWULD FX\D DVFHQGHQFLD VREUH HO PRQDUFD HUD HQRUPH (Q
VHJXQGR OXJDU OD UHLQD VXIUtD XQD LQVXILFLHQFLD RYiULFD )LQDOPHQWH HO
UH\ SDGHFtD HO GHQRPLQDGR VtQGURPH GH .OLQHIHOWHU XQD HQIHUPHGDG
JHQpWLFD TXH FRQVLVWH HQ XQD DOWHUDFLyQ FURPRVyPLFD H[SUHVDGD SRU XQ
FDULRWLSR ;;< HV GHFLU TXH DTXHOORV TXH OD SDGHFHQ WLHQHQ XQ
FURPRVRPD ; FHQWHUQXPHUDULR OR FXDO GHWHUPLQD XQD KLSRIXQFLyQ
WHVWLFXODUFRQJHQLWDOHVSHTXHxRV\WHVWtFXORVDWUyILFRVXQDD]RRVSHUPLD
RVHDIDOWDGHIRUPDFLyQGHHVSHUPDWR]RLGHVHLQFOXVRHVWUHFKDPLHQWR\
ILEURVLVGHORVW~EXORVVHPLQtIHURV&DUORV,,WHQtDGHVHRVVH[XDOHVORTXH
VHFRQRFHFRPROLELGRTXHVHPDQLIHVWDEDHQXQDPRGHUDGDHUHFFLyQGH
VXVUHGXFLGRVJHQLWDOHVHLQFOXVRHQXQDVHFUHFLyQSURVWiWLFDSHURQRGH
HVSHUPD SRU OR TXH OH UHVXOWDED LPSRVLEOH HQJHQGUDU GHVFHQGHQFLD
,QFOXVRQRSDUHFHTXHODUHLQDOOHJDUDDVHUGHVIORUDGDUHDOPHQWHDQWHVGH
TXH SDVDUDQ VLHWH DxRV GH PDWULPRQLR \ D HVDV DOWXUDV WRGR LQGLFD TXH
KDEtDFDtGRHQXQDH[WUHPDIULJLGH]RULJLQDGDQRVRORSRUODGHSORUDEOH
YLGDVH[XDOTXHVXIUtDVLQRWDPELpQSRUHOFRPSRUWDPLHQWRGH&DUORV,,DO
TXH FRQVLGHUDED YXOJDU \ JURVHUR (Q XQD (VSDxD DKRUPDGD SRU XQD
LJOHVLDFDWyOLFDTXHSHUVHJXtDFRQVDxDDODFLHQFLDVHEXVFyODVDOLGDHQ
ODFHQWHUVWLFLyQ8QDVWUyORJRFRQVXOWDGRSRU&DUORV,,LQIRUPyDOUH\GH
TXH OD FDXVD GH OD DXVHQFLD GH SUROH QR HUD VLQR XQ FDVWLJR SRUTXH QR
KDEtD GLVSHQVDGR D VX SDGUH )HOLSH ,9 ODV FDULFLDV TXH OH GHEtD 7DQ
FRQYHQFLGR TXHGy HO UH\ GH HVWH DUJXPHQWR D SHVDU GH TXH SRU DTXHO
HQWRQFHVWHQtDVRORFXDWURDxRV\QLVLTXLHUDSRGtDPDQWHQHUVHGHSLH
TXHDFHSWyHODWUDELOLDULRUHPHGLRSURSXHVWRSRUHODVWUyORJRFRQVLVWHQWH
HQ EHVDU WRWDOPHQWH DUUHSHQWLGR GH VX FHQWXHVWD IDOWD DQWHULRU OD IUHQWH
GHOFDGiYHUGH)HOLSH,9
3DUD OOHYDU D FDER OD PDFDEUD FHUHPRQLD VH WUDVODGy &DUORV ,, D (O
(VFRULDOGRQGHORVIUDLOHVMHUyQLPRVGHEtDQDEULUOHHOSDQWHyQ\pOSRGUtD
GHSRVLWDUXQEHVRGHKLMRDUUHSHQWLGRVREUHODFDODYHUDGH)HOLSH,9'D
EXHQDLGHDGHOHVWDGRHQTXHVHKDOODEDVXPLGDODFRUWHHOKHFKRGHTXHOD
PLVPD UHLQD PDQLIHVWDUD VX YROXQWDG GH DFRPSDxDU DO UH\ HQ WDQ
H[WUDYDJDQWH FHUHPRQLD 6L ILQDOPHQWH QR OR KL]R QR VH GHELy D VX
YROXQWDGVLQRDTXHHODVWUyORJRKDEtDHVWDEOHFLGRTXH&DUORV,,GHEtDGH
LUVRORDPHGLDQRFKH\VLQFRPSDxtDDOJXQDDH[FHSFLyQGHORVIUDLOHV
TXHGHEtDQFRQGXFLUOHDOOXJDUGRQGHGHVFDQVDEDQORVUHVWRVGHVXSDGUH
3RU FHQWXHVWR HO KHFKR GH VHJXLU DO SLH GH OD OHWUD ODV LQVWUXFFLRQHV GHO
DVWUyORJRQRVLUYLyDEVROXWDPHQWHGHQDGD
$ HVDV DOWXUDV OD FRUWH HVSDxROD VH KDEtD FRQYHUWLGR HQ XQ YHUGDGHUR
FDPSR GH $JUDPDQWH GRQGH ODV JUDQGHV SRWHQFLDV WRPDEDQ SRVLFLRQHV
SDUD PHMRU GHVFXDUWL]DU HO LPSHULR KLVSDQR 6L /XLV ;,9 LQWHQWDED
PDQWHQHUVXLQIOXHQFLDDWUDYpVGHXQDUHLQDFDGDYH]PiVGHVDFUHGLWDGD
HOHPSHUDGRUGH$XVWULDVHYDOtDGHORVPH]TXLQRVRGLRVGHODPDGUHGH
&DUORV ,, SDUD LQWHQWDU H[WLUSDU FXDOTXLHU LQIOXMR JDOR (Q PHGLR GH HVH
UHPROLQR GH LQWULJDV HO UH\ LQWHQWDED SURWHJHU \ DOHJUDU D VX PXMHU
FHGLHQGR DQWH VXV PHQRUHV DQWRMRV \ HVWD VH HQWUHJDED D WRGR WLSR GH
GHYRFLRQHVFDWyOLFDVFRQODHVSHUDQ]DGHTXHGDUHQFLQWD'XUDQWHPHVHV
OOHJyDYHVWLUODLQIHOL]UHLQDKiELWRVGHPRQMDDODYH]TXHPHQXGHDED
ODVSHUHJULQDFLRQHVDVDQWXDULRVFHQWXHVWDPHQWHPLODJURVRVVHHQWUHJDED
D WULVDJLRV \ QRYHQDV R UH]DED D ODV UHOLTXLDV GH GLVWLQWRV VDQWRV
HVSHFLDOL]DGRV FHQWXHVWDPHQWH HQ IDFLOLWDU OD FRQFHSFLyQ 1R HUD XQD
FRQGXFWDH[WUDxDHQOD(VSDxDGHOD&RQWUDUUHIRUPDSHURDGHFLUYHUGDG
WDPSRFRGLRPXHVWUDVGHUHVXOWDUHIHFWLYD
(OGHIHEUHURGHODUHLQDH[KDOyVX~OWLPRDOLHQWR/RVJDOHQRV
TXH OD H[DPLQDURQ DWULEX\HURQ OD GHIXQFLyQ DO FyOHUD PRUER DXQTXH QR
SXHGHH[FOXLUVHTXHODFDXVDGHODPXHUWHHVWXYLHUDHQXQDJDVWURHQWHULWLV
DJXGtVLPD SRU LQWR[LFDFLyQ DOLPHQWLFLD SRVLEOHPHQWH GHO JUXSR GH OD
VDOPRQHORVLV R LQFOXVR HQ XQD SHOYLSHULWRQLWLV SRU DSHQGLFLWLV OR TXH
YXOJDUPHQWHVHFRQRFtDFRPRFyOLFRPLVHUHUH
1RKDEtDQSDVDGRQLVLTXLHUDGLH]GtDVGHODPXHUWHGH0DUtD/XLVDGH
2UOHDQV FXDQGR HO FRQVHMR GH (VWDGR FHOHEUy UHXQLRQHV SDUD UHIOH[LRQDU
VREUH TXLpQ GHEHUtD VHU OD QXHYD UHLQD GH (VSDxD $ &DUORV ,, VH OH
RIUHFLHURQ GRV RSFLRQHV 0DULDQD GH 0pGLFLV \ 0DULDQD GH 1HREXUJR
1LQJXQDGHODVGRVOHFRPSODFtDSHURRSWySRUODVHJXQGDQDFLGDHO
GHRFWXEUHGH\DTXHVXPDGUH,VDEHO$PDOLDGH+HVVH'DUPVWDGW
KDEtDWHQLGRYHLQWLFXDWURKLMRV
/DERGDVHFHOHEUySRUSRGHUHVHQ1HREXUJRHOGHDJRVWRGH(O
GHHQHURGH0DULDQDGH1HREXUJRVHHPEDUFyHQODVFRVWDVGH
+RODQGDFRQUXPERD(VSDxD\WUDVXQD]DURVRYLDMHOOHJyD(O)HUUROHO
GHDEULO/RVGRVHVSRVRVVHHQFRQWUDURQHQ9DOODGROLGFHOHEUiQGRVHOD
PLVDGHYHODFLRQHVHQODFDSLOODGHO3DODFLR5HDOGHODFLWDGDFLXGDGHO
GHPD\RGH
/DQXHYDUHLQDFRQVFLHQWHGHOGRPLQLRTXHVXVXHJUDHMHUFtDVREUHVX
UHJLRPDULGRGHFLGLyTXHEUDQWDUORGHVGHHOLQLFLR\DOFDERGHXQPHVHQ
OD FRUWH DQXQFLy TXH HVWDED HPEDUD]DGD /D PDGUH GHO UH\ QR HVWDED
GLVSXHVWD D SHUGHU WHUUHQR HQ OD FRUWH \ UHDFFLRQy HQ FRQVHFXHQFLD
,QVLVWLy DQWH VX KLMR HQ TXH OD UHLQD HVWDED PLQWLHQGR \ VROLFLWy TXH VH
LPSLGLHUD OD H[SRVLFLyQ GHO 6DQWtVLPR 6DFUDPHQWR SRU HO PHQFLRQDGR
DQXQFLR0DULDQDOHMRVGHVHQWLUVHDVXVWDGDSRUODHQFDUQL]DGDRSRVLFLyQ
GHVXVXHJUDILQJLyTXHKDEtDVXIULGRXQDERUWRYDOLpQGRVHGHODSR\RGH
&KULVWLDQ*HOHHQPpGLFRGHFiPDUD\GHDOJXQRVFRUWHVDQRVYHQLGRVFRQ
HOODGH&HQWURHXURSD3DUDDVHJXUDUTXHTXHGDUDHQFLQWDVHUHFXUULyDODV
URJDWLYDV \ ODV UHOLTXLDV VLQ TXH VXUWLHUDQ HO HIHFWR GHVHDGR $O
HQIUHQWDPLHQWR HQWUH VXHJUD \ UHLQD VH VXPy DGHPiV HO HQUDUHFLPLHQWR
GHO FDUiFWHU GH HVWD ~OWLPD TXH LQVDWLVIHFKD VH[XDO \ PDWHUQDOPHQWH
GHULYy KDFLD XQ FRPSRUWDPLHQWR TXH SXHGH FDOLILFDUVH GH QHXUyWLFR /D
FRUWHOOHJyVLQHPEDUJRDODFRQYLFFLyQGHTXHORVHPEDUD]RVUHJLRV
ILQJLGRVQROOHJDEDQDEXHQSXHUWRFRPRFRQVHFXHQFLDGHODSRVHVLyQ
GHPRQtDFD (O SDSHO GH OD FRVPRYLVLyQ FDWyOLFD HQ OD IRUPDFLyQ GH
VHPHMDQWHRSLQLyQIXHGHVGHOXHJRGHFLVLYRDXQTXHQRXQiQLPH$VtSRU
HMHPSORHOLQTXLVLGRUJHQHUDOSDGUHGRQ7RPiV-XDQGH5RFDEHUWL\HO
FRQIHVRU UHJLR IUD\ )URLOiQ 'tD] DFHSWDEDQ OD SRVLELOLGDG GH TXH HO
PRQDUFD HVWXYLHUD KHFKL]DGR SUHFLVDPHQWH HO VREUHQRPEUH FRQ TXH
SDVDUtDDOD+LVWRULD\SDUDUHVROYHUHOFHQWXHVWRSUREOHPDGHFLGLHURQ
DFXGLUDIUD\$QWRQLROYDUH]$UJHOOHVYLFDULRGHOFRQYHQWRGHPRQMDV
GRPLQLFDVUHFROHWDVGHOD(QFDUQDFLyQGH&DQJDVGH7LQHRHQ$VWXULDV
(OSHUVRQDMHFRQRFLGRFRPRHOFXUDGH&DQJDVHVWDEDGHGLFDGRHQDTXHO
HQWRQFHVDH[RUFL]DUDODVPRQMDVGHOPHQFLRQDGRFRQYHQWRDVWXULDQR(Q
HO FXUVR GH WDQ HVSHFWDFXODU HSLVRGLR TXH WXYR VX SDUDOHOR IUDQFpV HQ
ODVUHOLJLRVDVHQGHPRQLDGDVGH/RXGXQXQDGHODVPRQMDVDILUPyTXH
HOGHPRQLROHKDEtDUHYHODGRTXHHOUH\KDEtDVLGRKHFKL]DGRDORVFDWRUFH
DxRVFRQXQEHEHGL]RTXHOHLPSHGtDHQJHQGUDUDVtFRPRHOUHPHGLRSDUD
VDFDUORGHHVDVLWXDFLyQ
9LVWR HO HSLVRGLR GHVGH QXHVWUD SHUVSHFWLYD DFWXDO QR GHMD GH SDUHFHU
XQD ODPHQWDEOH PH]FOD GH FHQWHUVWLFLyQ LJQRUDQFLD \ IDOWD GH VHQWLGR
FRP~QHQODTXHVLJQLILFDWLYDPHQWHVHKDOODEDQLQPHUVRVDOJXQRVGHORV
SHUVRQDMHVGHPD\RUUHOHYDQFLDGHODMHUDUTXtDFDWyOLFDGHODpSRFD$Vt
PX\ SURQWR OD FRUWH UHFLELy D ORV H[RUFLVWDV HQFDUJDGRV GH DUURMDU
FXDOTXLHU SRVLEOH HVStULWX PDOLJQR GHO FXHUSR GHO VREHUDQR 7RGD OD
HVFHQD DGTXLULy DVt XQRV FRORUHV TXH D OR HVSHUSpQWLFR XQtDQ OR WUiJLFR
SRUTXHORTXHVHKDOODEDHQMXHJRHUDHOGHVWLQRGHWRGDXQDQDFLyQFX\DV
SRVHVLRQHVDPELFLRQDEDQSRWHQFLDVKRVWLOHV
0LHQWUDVHOUH\VHDJRWDEDSURFXUDQGRUHDOL]DUYDULRVFRLWRVDORODUJR
GHO GtD \ FRQVXPtD SROYRV REWHQLGRV GH OD PDFHUDFLyQ GH WHVWtFXORV GH
DMXVWLFLDGRVODUHLQDHUDLJXDOPHQWHVRPHWLGLWRDDVHVLRQHVGHH[RUFLVPR
SDUD SURSRUFLRQDUOH OD DQVLDGD IHFXQGLGDG 3URWDJRQLVWD GH HVWR ~OWLPR
IXH XQ IUDLOH MHUyQLPR TXH HQ HO FXUVR GH XQD GH ODV VHVLRQHV FUH\y
H[SHULPHQWDU R OR ILQJLy XQ p[WDVLV (O VXVWR TXH H[SHULPHQWy OD
UHLQDDOFRQWHPSODUDOUHOLJLRVRIXHWDQFRQVLGHUDEOHTXHVDOLyKX\HQGRGH
VXV DSRVHQWRV (O FOpULJR IXH H[SXOVDGR GH OD FRUWH DO SHQVDUVH TXH VH
WUDWDEDGHKLSyFULWDRWRQWRSHURORFLHUWRHVTXHQDGLHVHDWUHYtDHQ
DTXHODPELHQWHDGHFLUXQDVRODSDODEUDHQFRQWUDGHORVH[RUFLVPRVSRU
WHPRUDXQDUHDFFLyQGHOD,QTXLVLFLyQ
1R FDXVDURQ ORV H[RUFLVPRV HO PHQRU HIHFWR SRVLWLYR HQ ORV UHJLRV
HVSRVRV DOJR TXH QR GHMDED HQ PX\ EXHQ OXJDU D ORV FOpULJRV TXH ORV
KDEtDQSUHFRQL]DGR\SUDFWLFDGR\ILQDOPHQWHXQFDSXFKLQRVDER\DQR
OODPDGRIUD\0DXURGH7HQGDDGHODQWyODH[SOLFDFLyQGHTXH&DUORV,,QR
HVWDED UHDOPHQWH HQGHPRQLDGR VLQR WDQ VROR KHFKL]DGR (O FDSXFKLQR
VHxDOy SRU DxDGLGXUD TXH HO KHFKL]R VH PDQWHQtD JUDFLDV D XQ VDTXLWR
TXHDPRGRGHHVFDSXODULROOHYDEDHOPRQDUFDHQHOSHFKRFRORFiQGROR
DODKRUDGHGRUPLUEDMRODDOPRKDGD(OGHVFXEULPLHQWRQRGHMyGHVHU
QRWDEOH SRUTXH HO VDTXHWH HQ FXHVWLyQ FRQWHQtD UHOLTXLDV \ DO SDUHFHU
FRQYHUWtD HQ FXOSDEOH GH OD KHFKLFHUtD D OD SULPHUD HVSRVD GH &DUORV ,,
'HVGH OXHJR FRVWDED FUHHU TXH XQD PXMHU TXH WDQWR KDEtD SDGHFLGR SRU
TXHGDUVHHQFLQWDVHKXELHUDGHGLFDGRDHPEUXMDUDVXHVSRVRSDUDTXHQR
SXGLHUD HQJHQGUDU SHUR D HVDV DOWXUDV SDUHFH TXH QR H[LVWtD GLVSDUDWH
SURQXQFLDGRSRUXQFOpULJRTXHQRSXGLHUDVHUDFHSWDGRHQODFRUWHFRPR
YHUGDG LQGLVFXWLEOH &RPR SXHGH FHQWRQHUVH OD GLDJQRVLV \ HO UHPHGLR
SUHVFULWRSRUHOFDSXFKLQRQRVLUYLHURQGHQDGD\HQHOPRQDUFDVH
HQFRQWUDED HQ XQ HVWDGR PiV GHSORUDEOH TXH QXQFD 3UHVD GH XQ
GHVHTXLOLEULRLQQHJDEOHHOUH\RUGHQyTXHVHSURFHGLHUDDODH[KXPDFLyQ
GH VX PDGUH GH VX KHUPDQR %DOWDVDU &DUORV \ GH VX SULPHUD HVSRVD
DEUD]iQGRVHDHVWRV~OWLPRVPLHQWUDVJULWDEDHQWUHOiJULPDV0LUHLQD
0LUHLQD
$ HVDV DOWXUDV UHVXOWDED PiV TXH REYLR TXH OD PRYLOL]DFLyQ TXH XQ
VHFWRU QR SHTXHxR GHO FOHUR KDEtD OOHYDGR D FDER GH WRGRV VXV UHFXUVRV
HVSLULWXDOHV QR KDEtD WHQLGR OD PHQRU XWLOLGDG 1R VH WUDWDED SRU RWUD
SDUWHGHXQIHQyPHQRQXHYR(OPLVPR&DUORV,,FDSWyTXHQDGDSRGtD\D
HVSHUDU \ TXH DGHPiV VXV GtDV HQ HVWH PXQGR HVWDEDQ VHJXUDPHQWH
FRQWDGRV$ORODUJRGHLQWHQWyGDUFRQODPHMRUVXFHVLyQDODFRURQD
SRU VL DFDVR VH SURGXFtD FRPR VH SURGXMR HO FHQWXHVWR GH TXH
PXULHUD VLQ KLMRV (O  GH QRYLHPEUH GHO FLWDGR DxR IDOOHFtD VLQ KDEHU
OOHJDGRVLTXLHUDDORVFXDUHQWDDxRV6XHVWDGRHVSLULWXDOItVLFR\PHQWDO
SDUHFtD XQ SDUDGLJPD GH OD (VSDxD FRQWUDUUHIRUPLVWD TXH D SHVDU GH
FRQWDU FRQ UHFXUVRV VXILFLHQWHV VH YHtD JUDFLDV D OD LJOHVLD FDWyOLFD
HQFHQHJDGD HQ XQD FHQWHUVWLFLyQ UHOLJLRVD TXH FRQGXFtD D XQ GUDPD GH
LQFDOFXODEOHPDJQLWXG
$TXHOSR]RGHFHJXHUDFDWyOLFDHQTXHVHKDEtDFRQYHUWLGRODFRUWHWXYR
VX UHSHUFXVLyQ QHIDVWD KXELHUD SRGLGR VHU GH RWUD PDQHUD" HQ OD
PDUFKD GHO LPSHULR /RV DFRQWHFLPLHQWRV TXH GLVFXUUtDQ HQ SDUDOHOR DO
WUDVLHJR PDVLYR GH FOpULJRV UHOLTXLDV \ PHGDOODV UHOLJLRVDV SRU OD FRUWH
GLItFLOPHQWHKXELHUDQSRGLGRVHUPiVVLJQLILFDWLYRV'HVGHD
)UDQFLD GHVHQFDGHQy GLVWLQWDV JXHUUDV FRQWUD (VSDxD \ RWUDV QDFLRQHV
HXURSHDV (Q  /XLV ;,9 LQYDGLy ORV 3DtVHV %DMRV DOHJDQGR TXH VX
PXMHU0DUtD7HUHVDKHUPDQDGH&DUORV,,QRKDEtDUHFLELGRVXGRWH(Q
UHDOLGDG QR SUHWHQGtD VLQR ERUUDU ORV ~OWLPRV YHVWLJLRV GH OD SUHVHQFLD
HVSDxRODHQHVDSDUWHGH(XURSD\GHSDVRDQH[LRQDUODD)UDQFLD/DSD]
GH $TXLVJUiQ SXVR ILQ DO FRQIOLFWR GHYROYLHQGR /XLV ;,9 HO )UDQFR
&RQGDGR D (VSDxD TXH HVSHUDED SHUPXWDUOR SRU HO 5RVHOOyQ \ OD
&HUGDxDSHURUHFLELHQGRDFDPELR)UDQFLDDOJXQDVSOD]DVIODPHQFDV
(Q  /XLV ;,9 LQYDGLy OD SURWHVWDQWH +RODQGD FRQ HO DSR\R GH
(VSDxD /RV KRODQGHVHV UHVLVWLHURQ HQFDUQL]DGDPHQWH KDVWD HO SXQWR GH
LQXQGDUDOJXQDVSDUWHVGHVXSDtVDEULHQGRODVHVFOXVDVTXHFRQWHQtDQHO
PDU (Q  FRQFOX\y OD JXHUUD VLHQGR (VSDxD OD JUDQ GHUURWDGD DO
SHUGHUHO)UDQFR&RQGDGR\FDWRUFHSOD]DVIURQWHUL]DVHQ)ODQGHV
/D VLWXDFLyQ GH SUHGRPLQLR IUDQFpV HVSHFLDOPHQWH D FRVWD GH (VSDxD
H[SHULPHQWy XQ LPSRUWDQWH FDPELR HQ  FXDQGR HO HPSHUDGRU
/HRSROGR , FRQVWLWX\y OD /LJD GH $XJVEXUJR SDUD GHIHQGHUVH GH ODV
DJUHVLRQHVGH/XLV;,9(QODFLWDGD/LJDLQJUHVDURQ(VSDxD\6XHFLD\
HQ  *XLOOHUPR GH 2UDQJH PRQDUFD FRQVWLWXFLRQDO LQJOpV (Q 
WUDV XQ SURORQJDGR SHUtRGR EpOLFR /XLV ;,9 VH YLR REOLJDGR D GHYROYHU
VXVFRQTXLVWDVD(VSDxD6HPHMDQWHSDVRYLQRIDFLOLWDGRSRUHOKHFKRGH
TXHHOPRQDUFDIUDQFpV\DVRxDEDFRQTXHXQGHVFHQGLHQWHVX\RRFXSDUD
HOWURQRHVSDxRODOQRWHQHUKLMRV&DUORV,,
&XDQGRHOGHQRYLHPEUHGHIDOOHFLy&DUORV,,VLQGHVFHQGHQFLD
WDQWR HO DUFKLGXTXH &DUORV GH $XVWULD FRPR )HOLSH GH $QMRX \D HUDQ
FDQGLGDWRV D VXFHGHUOR (Q DPERV FDVRV HO GHVWLQR GH (VSDxD HUD YHUVH
YROFDGDKDFLDXQRXRWURGHORVVLVWHPDVGHSRGHUFRQWLQHQWDOHV([LVWLy
XQD DOWHUQDWLYD GH FRPSURPLVR -RVp )HUQDQGR GH %DYLHUD SHUR VH
IUXVWUyDOPRULU)LQDOPHQWH&DUORV,,WHVWyDIDYRUGH)HOLSHGH$QMRX\
HVWHQLHWRGH/XLV;,9IXHDFHSWDGRLQLFLDOPHQWHSRUXQDQLPLGDGSRUODV
SRWHQFLDVHXURSHDV(VSDxDVRORSRGtDDVSLUDUDQRYHUVHGHVSHGD]DGDHQ
H[FHVR
/D GLQDVWtD GH ORV$XVWULDV KDEtD FRQFOXLGR \ FRQ HOOD WDPELpQ KDEtD
GHVDSDUHFLGR OD KHJHPRQtD HVSDxROD 6X YLQFXODFLyQ D OD FDXVD GH OD
&RQWUDUUHIRUPDSRUHQFLPDGHXQDFRQVLGHUDFLyQVHQVDWDGHORVLQWHUHVHV
QDFLRQDOHV KDEtD WHQLGR SpVLPDV FRQVHFXHQFLDV 6LQ HPEDUJR PiV DOOi
GHO FRODSVR LPSHULDO ODV QR HVFDVDV SpUGLGDV WHUULWRULDOHV \ HO DEVXUGR
SURIXQGR \ H[WUDRUGLQDULR HPSREUHFLPLHQWR (VSDxD LED D VXIULU OD
LQIOXHQFLD FDWyOLFD GH XQD PDQHUD PXFKR PiV SURIXQGD SHUGXUDEOH \
RFXOWD6HUtDHVWDODFRQILJXUDFLyQGHXQDPHQWDOLGDG\GHXQDSVLFRORJtD
TXH SHVDUtDQ WUiJLFDPHQWH VREUH (VSDxD HQ ORV VLJORV VLJXLHQWHV \ FX\D
LQIOXHQFLD VLJXH H[WUDRUGLQDULDPHQWH YLYD KDVWD HO GtD GH KR\ 'H HVWH
DVSHFWR YHUGDGHUDPHQWH HVHQFLDO SDUD FRPSUHQGHU OD LPSRUWDQFLD GH OD
LJOHVLD FDWyOLFD HQ OD +LVWRULD GH (VSDxD HVSHFLDOPHQWH HQ VXV DVSHFWRV
PiVUHOHYDQWHV\VHFUHWRVQRVRFXSDUHPRVHQORVSUy[LPRVFDStWXORV
 



(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD,
ODYLVLyQGHOWUDEDMR

(O UHLQDGR GH &DUORV ,, IXH XQD LPDJHQ PiV UHDO TXH VLPEyOLFD GH ODV
FRQVHFXHQFLDV GH TXH (VSDxD VH FRQYLUWLHUD HQ HVSDGD GH OD
&RQWUDUUHIRUPD QR HQ ELHQ GH VXV LQWHUHVHV QDFLRQDOHV VLQR GH RWUD
SRWHQFLD WHPSRUDO OD LJOHVLD FDWyOLFD (O LPSHULR SXMDQWH GRQGH QR VH
SRQtDHOVROKDEtDSHUGLGRVXKHJHPRQtDDUUXLQDGRVXVILQDQ]DV\HQWUDGR
HQ XQ SHUtRGR GH GHFDGHQFLD GHO TXH QR VH UHFXSHUDUtD \D 7RGRV HVWRV
HOHPHQWRV GHO FRVWH GH SRQHUVH DO VHUYLFLR GH OD 6DQWD 6HGH TXH QR
GXGy HQ FRPSRUWDUVH GHVOHDOPHQWH FRQ VX PiV HQWUHJDGD YDOHGRUD
KDEtDQVLGRFRORVDOHV6LQHPEDUJRSRUGHVJUDFLDQRIXHURQORV~QLFRV
/D &RQWUDUUHIRUPD UHFRQILUPy ORV PROGHV FRQ TXH ORV 5H\HV &DWyOLFRV
DKRUPDURQHODOPDHVSDxROD/RTXHKXELHUDSRGLGRWRGDYtDFDPELDUVHD
LQLFLRVGHOVLJOR;9,VLHQ(VSDxDKXELHUDWULXQIDGROD5HIRUPDVHKDEtD
SHWULILFDGRDILQDOHVGHHVHPLVPRVLJOR'HHVDPDQHUDHQODSVLFRORJtD
GHO SXHEOR HVSDxRO TXHGy JUDEDGD D VDQJUH \ IXHJR XQD PHQWDOLGDG TXH
SHUVLVWHKDVWDHOGtDGHKR\TXHFRQVWLWX\HHOPD\RUWULEXWRSDJDGRSRUOD
QDFLyQ D OD LJOHVLD FDWyOLFD \ TXH VH H[WLHQGH HQ HO VLJOR;;,\GHVGHHO
;,; IXHUD GH VXV OtPLWHV FRQIHVLRQDOHV (Q HVWH FDStWXOR \ HQ ORV
VLJXLHQWHV LUHPRV YLHQGR FyPR VH FRQIRUPy LQIRUPy \ GHIRUPy HVD
PHQWDOLGDG XQD PHQWDOLGDG TXH KD SHUGXUDGR \ SHUGXUD KDVWD OD
DFWXDOLGDG
 /DGLIHUHQFLDGH(VSDxDFRQRWUDVQDFLRQHVFRQVWLWX\HXQRGHORVWHPDV
PiV PDQLGRV GH OD +LVWRULD \ OD HQVD\tVWLFD 3RU UD]RQHV JHQHUDOPHQWH
LQWHUHVDGDV VH KD LQVLVWLGR HQ TXH (VSDxD HV GLIHUHQWH SDUD OR EXHQR
FRPR UHVHUYD HVSLULWXDO GH 2FFLGHQWH SDUD OR PDOR FRPR QDFLyQ
HVSHFLDOPHQWH DWUDVDGD R SRU HO FRQWUDULR HQ TXH OD GLIHUHQFLD QR
H[LVWHSDUDVXEUD\DUTXHQRVRPRVSHRUHVTXHLQJOHVHVRIUDQFHVHVRSDUD
LQGLFDU TXH HQ HO IRQGR WRGRV VRPRV LJXDOHV 4XH (VSDxD HV GLIHUHQWH
FRQVWLWX\H XQD SHURJUXOODGD /R HV FRPR OR VRQ ,WDOLD )UDQFLD R
$OHPDQLD4XHHVDGLIHUHQFLDHVHQRFDVLRQHVSDUDELHQ\HQRWUDVSDUD
PDO QR SXHGH WDPSRFR GLVFXWLUVH (V REYLR TXH VX WUD\HFWRULD HV PHMRU
TXHODGHSRQJDPRV8JDQGDSHURQRKDVLGRHVSHFLDOPHQWHIHOL]GXUDQWH
VLJORV \ HQ OD DFWXDOLGDG QR YLYH VXV PHMRUHV PRPHQWRV 1HJDU OD
GLIHUHQFLD DWULEX\pQGROD D XQD FHQWXHVWD KLVSDQRIRELD QR SDVD GH VHU
XQD QHFHGDG FRORVDO IUXWR GH XQD FHJXHUD SURSLD GH OD LJQRUDQFLD \ HO
SUHMXLFLR (VSDxD KD VLGR \ HV GLIHUHQWH IXQGDPHQWDOPHQWH SRU VX
PHQWDOLGDGSRUPiVTXHQRVHD~QLFDHQHVDPHQWDOLGDG\DTXHFRPSDUWH
PXFKRV DVSHFWRV GH OD PLVPD FRQ RWUDV QDFLRQHV TXH KDQ WHQLGR
GHVDUUROORVKLVWyULFRVFRQLQWHUHVDQWHV\SUHYLVLEOHVSDUDOHORV3HUR
VREUHWRGRUHVXOWDHVHQFLDOFRPSUHQGHUTXHHVDPHQWDOLGDGGHULYDGHXQ
KHFKRWDQHVHQFLDOFRPRODRSFLyQUHOLJLRVDTXHFULVWDOL]DHQ(VSDxDGH
PDQHUDLQQHJDEOHHQXQSHUtRGRTXHYDGHODH[SXOVLyQGHORVMXGtRVHQ
DORVSULPHURVDXWRVGHIHFRQTXHPDVGHSURWHVWDQWHV\DHQHOVLJOR
VLJXLHQWH (Q HVH SHUtRGR ORV JREHUQDQWHV HVSDxROHV RSWDURQ SRU XQD
SRVLFLyQ FODUD \ GHILQLGD \ HVR LQIOXLUtD HQRUPHPHQWH QR VROR HQ HO
WHUUHQR UHOLJLRVR FRPR FDEUtD HVSHUDU VLQR HQ OD FRQIRUPDFLyQ GH
XQDPHQWDOLGDGFRQFUHWDTXHKDOOHJDGRKDVWDHOGtDGHKR\\TXHKDLGR
PRGHODQGRLQFOXVRLQVWDQFLDVHQDSDULHQFLDWDQGLVWDQWHVGHOFDWROLFLVPR
FRPR OD FRQILJXUDFLyQ GH OD L]TXLHUGD 'H KHFKR (VSDxD FRPR
,WDOLD FRPR 3RUWXJDO FRPR ,UODQGD TXHGy IXHUD GHO FDPELR GH
PHQWDOLGDG TXH VLJQLILFy OD 5HIRUPD SURWHVWDQWH OR TXH WXYR HQRUPHV
FRQVHFXHQFLDV TXH WUDVFHQGLHURQ GHO IHQyPHQR UHOLJLRVR \ PRGHODURQ OD
VRFLHGDGODHFRQRPtDODHGXFDFLyQRODSROtWLFD
 (Q WpUPLQRV PHUDPHQWH KLVWyULFRV \ UHOLJLRVRV OD 5HIRUPD GHO VLJOR
;9, VLJQLILFy XQ GHVHR GHFLGLGR IHUYLHQWH \ HQWXVLDVWD GH UHJUHVDU D OD
FRVPRYLVLyQGHOD%LEOLDXQDFRVPRYLVLyQGLIHUHQWHGHODTXHSUHVHQWDED
HOFDWROLFLVPRURPDQRTXHDOPHQRVGHVGHHOVLJOR,9KDEtDLGRVXPDQGR
RWURVHOHPHQWRVSURFHGHQWHVGHOGHUHFKRURPDQRODILORVRItDJULHJD\ODV
FXOWXUDV JHUPiQLFDV /D 5HIRUPD FRPR HO 5HQDFLPLHQWR LQWHQWy SDVDU
SRU DOWR OD (GDG 0HGLD \ UHJUHVDU D OR TXH FRQVLGHUDED XQD SXUH]D
SULPLJHQLD FRUURPSLGD GHVGH KDFtD VLJORV &RPR HQ HO FDVR GHO
5HQDFLPLHQWRORTXHORJUyQRIXHXQUHJUHVRLPSRVLEOHSRURWUDSDUWHD
OD (GDG $QWLJXD VLQR DOJR GLVWLQWR SHUR FRQ XQ HQRUPH SRGHU GH
DWUDFFLyQ\GHVXJHVWLyQ
3RU HO FRQWUDULR OD DFWLWXG GH (VSDxD KDFLD OD %LEOLD QR SXGR VHU PiV
UDGLFDOPHQWHGLVWLQWD+DVLGRQJHO$OFDOiSURIHVRUGHOD3RQWLILFLDGH
6DODPDQFD \ GHO 6HPLQDULR GH =DUDJR]D TXLHQ OR KD H[SUHVDGR FRQ
HVSHFLDOFODULGDGDODILUPDU(VSDxDQRIXHQXQFDXQSXHEORGHOD%LEOLD
/RV SRTXtVLPRV H LQFRPSOHWRV PDQXVFULWRV PHGLHYDOHV GH ELEOLDV
URPDQFHDGDV\ODVH[LJXDVWUDGXFFLRQHVGHOD(VFULWXUDTXHYLHURQODOX]
HQ(VSDxDHQORVVLJORV;,,,DO;9QRDXWRUL]DQDSHQVDUTXHSUHGRPLQDUD
HQ HOOD OD WHQGHQFLD GH ORV OHFWRUHV VLHPSUH SRFRV SRU FHQWXHVWR D
FRQRFHU OD SDODEUD GH 'LRV 7UDV GHWDOODU FyPR OD KLSyWHVLV GH OD
9HWXV /DWLQD \ DOJXQDV WUDGXFFLRQHV SDUFLDOHV QR LQYDOLGDQ HVWD
DILUPDFLyQ$OFDOiFRQFOX\HDILUPDQGRTXHHQQDGDD\XGySRUFLHUWR
TXH ORV 5H\HV &DWyOLFRV FDVL D OD YH] \ SRU QR GLVSDUHV PRWLYRV
SURKLELHUDQ OD %LEOLD HQ OHQJXD YXOJDU \ GHFUHWDUDQ SDUD ORV MXGtRV HO
EDXWLVPR \ OD H[SXOVLyQ 1R VRUSUHQGH TXH D FRQWLQXDFLyQ FXDQGR
$OFDOi WLHQH TXH PHQFLRQDU D XQ DXWRU TXH YHUGDGHUDPHQWH DPDUD OD
%LEOLDWHQJDTXHFLWDUDOSURWHVWDQWH)UDQFLVFRGH(Q]LQDV
(VSDxD QXQFD IXH SDUD GHVJUDFLD VX\D XQ SXHEOR GH OD %LEOLD 6H
UHDILUPy HQ HVD SRVLFLyQ H[SXOVDQGR D ORV MXGtRV \ H[WHUPLQDQGR D ORV
SDUWLGDULRV GH OD 5HIRUPD (O UHVXOWDGR QR WXYR VROR FRQVHFXHQFLDV
FRQIHVLRQDOHVVLQRRWUDVGHHQRUPHUHOHYDQFLD'HHQWUDGDVXYLVLyQGHO
WUDEDMR D OD TXH QRV UHIHULUHPRV HQ HVWH FDStWXOR QR SXGR YHUVH PiV
DOWHUDGD
/DLJOHVLDFDWyOLFDHUDWULEXWDULDGHXQDYLVLyQGHOWUDEDMRGHVYLQFXODGD
GH OD %LEOLD \ TXH (XVHELR JUDQ GHIHQVRU GHO FRQVWDQWLQLDQLVPR HQ HO
VLJOR,9KDEtDGHVFULWRGHODVLJXLHQWHPDQHUD

'RV IRUPDV GH YLGD IXHURQ GDGDV SRU OD OH\ GH &ULVWR D VX LJOHVLD 8QD HV
VREUHQDWXUDO\VREUHSDVDODIRUPDGHYLGDFRP~Q>@&RPSOHWD\SHUPDQHQWHPHQWH
VH VHSDUD GH OD YLGD FRP~Q \ RUGLQDULD GH OD KXPDQLGDG \ VH GHGLFD DO VHUYLFLR GH
'LRVVROR>@(VDHVODIRUPDSHUIHFWDGHYLGDFULVWLDQD<ODRWUDPiVKXPLOGHPiV
KXPDQDSHUPLWHDORVKRPEUHV>@GHGLFDUVHDODDJULFXOWXUDDOFRPHUFLR\DRWURV
LQWHUHVHV PiV VHFXODUHV DO LJXDO TXH D OD UHOLJLyQ >@ < XQD HVSHFLH GH SLHGDG GH
VHJXQGDFODVHVHOHVDWULEX\H

(VD GLIHUHQFLDFLyQ HQWUH WUDEDMRV PiV R PHQRV VDQWRV VH IXH

IRUWDOHFLHQGRDORODUJRGHOD(GDG0HGLDFRQDSRUWHVFRPRSXGRVHUOD
YLVLyQ GH XQD VRFLHGDG HVFODYLVWD FRPR OD URPDQD R OD FDEDOOHUHVFD \
PLOLWDU GH ORV SXHEORV JHUPiQLFRV TXH WDQWR VH LPEULFy HQ OD LJOHVLD
FDWyOLFD \ TXH WDQ SRFR WLHQH TXH YHU FRQ HO FULVWLDQLVPR SULPLWLYR GH
-HV~V \ VXV DSyVWROHV 'HVGH OXHJR D LQLFLRV GHO VLJOR;9, QDGLH KDEUtD
GLVFXWLGR OD H[LVWHQFLD GH WUDEDMRV PiV GLJQRV \ PHQRV GLJQRV TXH
FLHUWDV RFXSDFLRQHV QR HUDQ SURSLDV GH ORV VHxRUHV R VLPSOHPHQWH GH
JHQWH TXH VH SUHFLDUD H LQFOXVR TXH HO WUDEDMR HUD D ILQ GH FXHQWDV XQ
FDVWLJRLPSXHVWRSRU'LRVDQXHVWURVSULPHURVSDGUHVSRUVXFDtGDHQHO
KXHUWRGHO(GpQ/D5HIRUPDVRVWXYRXQDYLVLyQUDGLFDOPHQWHGLVWLQWD
'H HQWUDGD HO UHJUHVR D OD %LEOLD SHUPLWLy GHVFXEULU PiV GH XQ
PLOHQLR SDUD GDUVH FXHQWD TXH $GiQ \D KDEtD UHFLELGR GH 'LRV OD
PLVLyQGHWUDEDMDUDQWHVGHOD&DtGD\TXHHVDODERUFRQVLVWtDHQDOJRWDQ
WHyULFDPHQWH VHUYLO FRPR ODEUDU OD WLHUUD \ JXDUGDUOD *pQHVLV  
$TXHO VHQFLOOR GHVFXEULPLHQWR FDPELDUtD OD +LVWRULD GH 2FFLGHQWH \
FRQ HOOD OD GH OD +XPDQLGDG GH PDQHUD UDGLFDO /XWHUR SRU HMHPSOR
SXGR HVFULELU &XDQGR XQ DPD GH FDVD FRFLQD \ OLPSLD \ UHDOL]D RWUDV
WDUHDVGRPpVWLFDVSRUTXHHVHHVHOPDQGDWRGH'LRVLQFOXVRWDQSHTXHxR
WUDEDMRGHEHVHUDODEDGRFRPRXQVHUYLFLRD'LRVTXHVREUHSDVDHQPXFKR
OD VDQWLGDG \ HO DVFHWLVPR GH WRGRV ORV PRQMHV \ PRQMDV (Q VX
&RPHQWDULR D *pQHVLV   HO DOHPiQ VHxDODUtD HQ UHODFLyQ FRQ ODV
WDUHDV GH OD FDVD TXH QR WLHQHQ DSDULHQFLD GH VDQWLGDG \ VLQ HPEDUJR
HVDVREUDVUHODFLRQDGDVFRQODVWDUHDVGRPpVWLFDVVRQPiVGHVHDEOHVTXH
WRGDV ODV REUDV GH WRGRV ORV PRQMHV \ PRQMDV 'H PDQHUD VLPLODU ORV
WUDEDMRV VHFXODUHV VRQ XQD DGRUDFLyQ GH 'LRV \ XQD REHGLHQFLD TXH
FRPSODFH D 'LRV ,JXDOPHQWH HQ VX([SRVLFLyQ GHO 6DOPR  
DxDGLUtD9XHVWURWUDEDMRHVXQDVXQWRPX\VDJUDGR'LRVVHGHOHLWDHQpO
\DWUDYpVGHpOGHVHDFRQFHGHU6XEHQGLFLyQVREUHYRVRWURV&DOYLQR
DOTXHVHVXHOHDVRFLDUXQWDQWRH[DJHUDGDPHQWHFRQODGHQRPLQDGDpWLFD
SURWHVWDQWH GHO WUDEDMR IXH WDPELpQ PX\ FODUR DO UHVSHFWR (Q VX
&RPHQWDULRD/XFDVDILUPy(VXQHUURUHODILUPDUTXHDTXHOORV
TXH KX\HQ GH ORV DVXQWRV GHO PXQGR \ VH GHGLFDQ D OD FRQWHPSODFLyQ
HVWiQ OOHYDQGR XQD YLGD DQJpOLFD 6DEHPRV TXH ORV KRPEUHV IXHURQ
FUHDGRVSDUDRFXSDUVHFRQHOWUDEDMR\TXHQLQJ~QVDFULILFLRDJUDGDPiVD
'LRVTXHHOTXHFDGDXQRVHRFXSHGHVXYRFDFLyQ\HVWXGLRVSDUDYLYLU
ELHQHQIDYRUGHOELHQFRP~Q
/RV UHIRUPDGRUHV PHQRV FRQRFLGRV QR IXHURQ PHQRV H[SOtFLWRV TXH
/XWHUR \ &DOYLQR HQ VX UHKDELOLWDFLyQ GH WUDEDMRV FRQVLGHUDGRV FRPR
SXQWR PHQRV TXH LQIDPHV HQ OD (XURSD GH OD &RQWUDUUHIRUPD :LOOLDP
7\QGDOHTXHWUDGXMRHO1XHYR7HVWDPHQWRGHOJULHJRRULJLQDODOLQJOpV
\PXULyHQODKRJXHUDSRURUGHQGHOUH\(QULTXH9,,,HVFULELy([LVWH
XQDGLIHUHQFLDHQWUHODYDUSODWRV\SUHGLFDUOD3DODEUDGH'LRVSHURHQOR
TXH VH UHILHUH D FRPSODFHU D 'LRV QR H[LVWH QLQJXQD HQ DEVROXWR
:LOOLDP3HUNLQVXQRGHORVWHyORJRVSXULWDQRVPiVUHOHYDQWHVVHxDODUtD
/D DFFLyQ GH XQ SDVWRU TXH JXDUGD ODV RYHMDV HV WDQ EXHQD REUD DQWH
'LRVFRPRODDFFLyQGHXQMXH]TXHGLFWDVHQWHQFLDRXQPDJLVWUDGRTXH
JRELHUQD R XQ PLQLVWUR TXH SUHGLFD 7DO \ FRPR DILUPDUtD WDPELpQ
3HUNLQV OD JHQWH SXHGH VHUYLU D 'LRV HQ FXDOTXLHU FODVH GH YRFDFLyQ
DXQTXH VHD EDUUHU OD FDVD R JXDUGDU JDQDGR 2WUR SXULWDQR 5LFKDUG
6WHHOHHQXQWH[WROODPDGRGHPDQHUDELHQVLJQLILFDWLYD7KH7UDGHPDQV
&DOOLQJ/DYRFDFLyQGHOFRPHUFLDQWHDILUPyTXHHQHOFRPHUFLRVH
SXHGHHVSHUDUGHODPDQHUDPiVFRQILDGDODSUHVHQFLD\ODEHQGLFLyQGH
'LRV(VXQWHPDHOGHOFRPHUFLRVREUHHOTXHYROYHUHPRVPiVDGHODQWH
3DUD ORV DXWRUHV SURWHVWDQWHV OD EDVH SDUD OOHJDU D HVD FRQFOXVLyQ QR
HVWDED VROR HQ ORV WH[WRV GH OD %LEOLD HQ JHQHUDO VLQR GH PDQHUD PX\
HVSHFLDOHQHOSURSLR-HV~V+XJK/DWLPHUSRUHMHPSORVHxDOy(VXQD
FRVD PDUDYLOORVD TXH HO 6DOYDGRU GHO PXQGR \ HO 5H\ VREUH WRGRV ORV
RWURV UH\HV QR VH DYHUJRQ]DUD GH WUDEDMDU Vt \ GH HPSOHDUVH HQ XQD
RFXSDFLyQ WDQ VHQFLOOD 'H HVD PDQHUD VDQWLILFy WRGDV ODV IRUPDV GH
WUDEDMR-RKQ'RG\5REHUW&OHDYHUYROYHUtDQDHVHWHPDDILUPDQGR
TXH HO JUDQ \ UHYHUHQGR 'LRV QR GHVSUHFLy HO FRPHUFLR KRQUDGR SRU
KXPLOGHTXHIXHUDVLQRTXHORFRURQyFRQVXEHQGLFLyQ
'HVGH OXHJR OD OtQHD HVWDED FODUDPHQWH GHILQLGD \ HUD XQLIRUPH HQ
FXDOTXLHUD GH ODV LJOHVLDV QDFLGDV GH OD 5HIRUPD &RPR VHxDODUtD XQ
SDQIOHWRSXEOLFDGRDILQDOHVGHOVLJOR;9,,HQ,QJODWHUUDFRQHOUHYHODGRU
WtWXOR GH3DXO WKH 7HQWPDNHU  3DEOR HO IDEULFDQWH GH WLHQGDV HO
SURWHVWDQWLVPRKDEtDLPSXOVDGRXQGHOHLWHHQORVHPSOHRVVHFXODUHV
6HPHMDQWHYLVLyQEULOODUtDSRUVXDXVHQFLDHQDTXHOODVSDUWHVGHOPXQGR
GRQGHQRWULXQIyOD5HIRUPD(Q(VSDxDSRUHMHPSORHQVHKDEtD
H[SXOVDGRDXQRVMXGtRVTXHWHQtDQXQDYLVLyQGHOWUDEDMRLGpQWLFDDODGH
ORV SURWHVWDQWHV SXHVWR TXH FRPR HOORV OD GHULYDEDQ GH OD %LEOLD H
LQLFLDGR HO VLJOR;9, ORV SDUWLGDULRV GH OD 5HIRUPD WHQGUtDQ TXH RSWDU
HQWUHODKRJXHUDRHOH[LOLR3RUTXHGHVGHOXHJRODYLVLyQGHOWUDEDMRGH
ORVPRWHMDGRVFRPRKHUHMHVHUDFODUDGHVGHHOSULQFLSLR\QDGDVHSDUHFtD
DODFDWyOLFD$VtPLHQWUDVVHYHQWLODEDODFHQWHUYLYHQFLDGH(VSDxDFRPR
SULPHUD SRWHQFLD GH (XURSD OD QDFLyQ VLJXLy XQFLGD D OD LGHD GH ORV
LQWROHUDEOHV H LQIDPHV TXH SRGtDQ VHU FLHUWRV WUDEDMRV 6XV DGYHUVDULRV
SURWHVWDQWHVTXHGHELHURQGDUJUDFLDVDO$OWtVLPRSRUHOORWHQtDQXQ
SXQWR GH YLVWD PX\ GLIHUHQWH \ D SHVDU GH WUDWDUVH HQ JHQHUDO GH
QDFLRQHV PiV SREUHV \ SHTXHxDV HO UHVXOWDGR QR SXGR VHUOHV PiV
IDYRUDEOH
/DPDQHUDHQTXHDPEDVFRVPRYLVLRQHVTXHGDURQUHIOHMDGDVHQHODUWH
UHVXOWD DPSOLDPHQWH UHYHODGRUD 0LHQWUDV 9HOi]TXH] SLQWDED ILJXUDV
UHJLDV \ UHOLJLRVDV \ VH WRPDED XQ UHVSLUR FRQ EXIRQHV \ WRQWRV HO
SURWHVWDQWH 5HPEUDQGW UHWUDWDED HVFHQDV EtEOLFDV \ WDPELpQ SDxHURV Vt
SDxHURVRDORVPpGLFRVHQPHGLRGHXQDOHFFLyQGHDQDWRPtDRILFLRHVWH
~OWLPRTXHQRGHMyGHUHFLELUHQ(VSDxDORV]DUSD]RVGHOD,QTXLVLFLyQ
(UDQGRVFRVPRYLVLRQHVELHQGLVWLQWDV\QRGHMDGHVHUUHYHODGRUTXHOD
YHQFHGRUDHQHOFKRTXHIXHUDODQDFLyQSHTXHxDGH5HPEUDQGWFRQPHQRV
KLGDOJRVTXL]iSHURPiVHQWXVLDVPRSRUHOFRPHUFLR\HOWUDEDMRPDQXDO
1L VLTXLHUD ODV VXFHVLYDV GHUURWDV HVSDxRODV SURYRFDURQ XQ FDPELR GH
PHQWDOLGDGFRQUHVSHFWRDOWUDEDMR(QIHFKDWDQWDUGtDORVSURWHVWDQWHV
OOHYDEDQ\DPiVGHGRVVLJORV\PHGLRGHYHQWDMDHQODLGHDGHLPSXOVDU
ODERQGDGGHFXDOTXLHUWUDEDMRFRPRHOGHPDU]RGH&DUORV,,,
PHGLDQWH XQD 5HDO &pGXOD LQWHQWy DFDEDU FRQ OD GHVKRQUD OHJDO GHO
WUDEDMR(QRWUDVSDODEUDVFRPRKDEtDQSUHWHQGLGR/XWHUR&DOYLQRRORV
SXULWDQRV&DUORV,,,VHxDODEDTXHQLQJ~QWUDEDMRKRQUDGRHUDGHVKRQURVR
(O LQWHQWR GHO PRQDUFD LOXVWUDGR HUD H[FHOHQWH SHUR FKRFDED FRQ XQD
PHQWDOLGDGDUUDLJDGDDORODUJRGHVLJORV1RHVTXHORVHVSDxROHVIXHUDQ
YDJRVFRPRVHVXHOHUHSHWLULQMXVWDPHQWH\DOUHVSHFWREDVWDFRQYHU
HO UHVXOWDGR TXH GDQ IXHUD GH (VSDxD SHUR QR FUHtDQ TXH HO WUDEDMR
WXYLHUDHOPLVPRYDORUTXHOHGDEDQDTXHOORVTXHQDFLHURQ\FUHFLHURQHQ
QDFLRQHVGRQGHWULXQIyOD5HIRUPDSURWHVWDQWH
(VDPHQWDOLGDGPiVTXHSHUMXGLFLDOVLJXHPiVTXHSUHVHQWHDGtDGHKR\
DXQTXH ORV PLHPEURV GHO FOHUR KD\DQ VLGR VXVWLWXLGRV SRU FHQWXHVWRV
LQWHOHFWXDOHV VXEYHQFLRQDGRV GLYHUVRV \ FRQWHUWXOLRV RPQLVDSLHQWHV
+DVWD TXp SXQWR HV DVt SXHGH TXHGDU LOXVWUDGR SRU XQ HSLVRGLR
QRWDEOHPHQWH VLJQLILFDWLYR 6H WUDWD GH XQR GH ORV pQIDVLV IXQGDFLRQDOHV
GHO2SXV'HLTXHVXEUD\DFRQPDWLFHVODSRVLELOLGDGGHVDQWLILFDFLyQHQ
FXDOTXLHURFXSDFLyQ6HPHMDQWHFLUFXQVWDQFLDVHKDVHxDODGRHQUHSHWLGDV
RFDVLRQHVFRPRXQDVHxDOGHTXHVDQ-RVp0DUtD(VFULYiGH%DODJXHUIXH
XQDYDQ]DGRHQVXWLHPSR4XL]iORIXHUDHQHOPXQGRFDWyOLFRSHUROR
FLHUWR HV TXH OD QRYHGDG OOHYDEDQ YLYLpQGROD HQ HO PXQGR SURWHVWDQWH
GHVGH KDFtD \D FDVL PHGLR PLOHQLR (Q RWUDV SDODEUDV TXL]iV HO
ERVTXLPDQR TXH SRU SULPHUD YH] XWLOL]y XQ HQFHQGHGRU SXHGD VHU
FRQVLGHUDGRSRUVXVFRQJpQHUHVFRPRXQDYDQ]DGRSHURHQUHODFLyQFRQ
2FFLGHQWHHVGXGRVRTXHVHOHSXHGDFDOLILFDUGHHVDPDQHUD/DUHDOLGDG
HV TXH OD DQpFGRWD VROR GHMD GH PDQLILHVWR HO DWUDVR HQ TXH OD
&RQWUDUUHIRUPD KDEtD VXPLGR D (VSDxD HQ UHODFLyQ FRQ OD pWLFD GHO
WUDEDMR 'XUDQWH VLJORV (VSDxD KDEtD HVWDGR YLQFXODGD D XQD YLVLyQ
FDWyOLFD GHO WUDEDMR TXH GHVSUHFLDED GHWHUPLQDGDV ODERUHV TXH OH KDEtD
LPSHGLGR DSURYHFKDU OD SXMDQ]D HFRQyPLFD GHULYDGD GHO LPSHULR \ TXH
SHUGXUD KDVWD OD DFWXDOLGDG 1R IXH ODPHQWDEOHPHQWH OD ~QLFD GH ODV
SpVLPDV FRQVHFXHQFLDV GHO GRPLQLR TXH OD LJOHVLD FDWyOLFD HMHUFLy VREUH
(VSDxD
 


(OWULEXWRSDJDGRDODFRQWDUUHIRUPD,,
ODVILQDQ]DV

(Q HO FDStWXOR DQWHULRU TXHGy GH PDQLILHVWR FyPR HO KHFKR GH TXHGDU
IXHUD GH OD ]RQD GH (XURSD GRQGH WULXQIy OD 5HIRUPD PDUFy XQD
GLIHUHQFLD UDGLFDO HQ OD FXOWXUD GHO WUDEDMR SDUD (VSDxD FRQ XQDV
FRQVHFXHQFLDVQDGDSRVLWLYDVTXHOOHJDQKDVWDHOGtDGHKR\DSHVDUGHORV
HVIXHU]RVOHJLVODWLYRVSDUDHOLPLQDUODV&RQWRGRHVDQRIXHQLHVOD~QLFD
GLIHUHQFLD FRPSDUWLGD FRQ RWUDV QDFLRQHV IUHQWH D OD (XURSD GRQGH
WULXQIy OD 5HIRUPD 7DPELpQ SDUD LQPHQVD GHVJUDFLD GH XQ LPSHULR \
GHVSXpV GH XQD QDFLyQ TXH QHFHVLWDED PRGHUQL]DUVH OD YLVLyQ GH ODV
ILQDQ]DVDVXPLGDSRU(VSDxDLEDDVHUGLIHUHQWH
/DFXOWXUDHFOHVLiVWLFDPHGLHYDOYLRVLHPSUHPDOHOSUpVWDPRDLQWHUpV
/DUD]yQQRHUDTXHOD%LEOLDGLMHUDQDGDHQVXFRQWUDQRKD\XQVROR
SiUUDIRHQHO1XHYR7HVWDPHQWRGRQGHVHDUUHPHWDFRQWUDSUHVWDPLVWDVR
EDQTXHURVVLQRSRUTXH$ULVWyWHOHVXQJHQLRVLVHTXLHUHDXQTXHQRHQ
HO WHUUHQR GH OD HFRQRPtD HVFULELy SiJLQDV FRQWUD HO GLQHUR \ ORV
SUpVWDPRV TXH VDQWR 7RPiV GH $TXLQR \ RWURV DXWRUHV HFOHVLiVWLFRV
UHSLWLHURQ FRQ PiV IUXLFLyQ TXH UHIOH[LyQ 1R VRUSUHQGH TXH FRQ HVH
SXQWR GH YLVWD GH RULJHQ KHOpQLFRSDJDQR \ QR FULVWLDQR VH
PXOWLSOLFDUDQ ODV FRQGHQDV GHO SUpVWDPR FRQ LQWHUpV (O ,, FRQFLOLR GH
/HWUiQ  SURKLELy VX HMHUFLFLR D ODLFRV \ FOpULJRV HO ,,, 
LPSXVR D ORV SUHVWDPLVWDV OD SHQD GH H[FRPXQLyQ \ OHV QHJy FULVWLDQD
VHSXOWXUD HO ,9  RUGHQy HO GHVWLHUUR LQFOXVR GH ORV MXGtRV TXH OR
SUDFWLFDUDQ (O ,, FRQFLOLR GH /\RQ  RUGHQy OD H[SXOVLyQ GH ORV
SUHVWDPLVWDV GLVSRQLpQGRVH TXH ORV RELVSRV TXH QR ORV H[FRPXOJDUDQ
IXHUDQ VXVSHQGLGRV (O FRQFLOLR GH 9LHQQH  RUGHQy TXH VH
SURFHGLHUD D LQYHVWLJDU D ORV JREHUQDQWHV TXH WROHUDUDQ HO SUpVWDPR D
LQWHUpV \ HO GH  LQFOXVR FDOLILFy FRPR KHUHMtD HO QHJDU TXH HO
SUpVWDPR D LQWHUpV IXHUD SHFDGR 6H WUDWD VROR GH ERWRQHV GH DOJXQRV
HMHPSORV GH XQD FRUULHQWH FRQWLQXD TXH QR YHtD OD GLIHUHQFLD HQWUH HO
SUpVWDPR FRQ LQWHUpV \ OD XVXUD \ TXH DGHPiV DXPHQWDED ODV SHQDV
OOHJy D HTXLSDUDU HO SUpVWDPR FRQ HO DGXOWHULR R OD KRPRVH[XDOLGDG
YLVWRTXHQRWHUPLQDEDQGHH[WLUSDUHOSHFDGRGHQHFHVLWDUHOFUpGLWRGH
HQ PHGLR GH OD JUH\$OJ~Q HFRQRPLVWD KD DILUPDGR UHFLHQWHPHQWH TXH
LQFOXVR OD LPSRVLFLyQ GH OD FRQIHVLyQ DXULFXODU D LQLFLRV GHO VLJOR;,,,
HVWXYRGLUHFWDPHQWHUHODFLRQDGDFRQHOGHVHRGHDFDEDUFRQHOSUpVWDPRD
LQWHUpVSHURQRYDPRVDHQWUDUHQHVHWHPD$ERUGDUODGHVYLDUtDPXFKRHO
REMHWRGHOSUHVHQWHHVWXGLR/DUHDOLGDGHVTXHQHJDUTXHORVSUpVWDPRVD
LQWHUpV XQ LQVWUXPHQWR HVHQFLDO SDUD HO WUiILFR FRPHUFLDO \ OD YLGD
HFRQyPLFDSXGLHUDQVHUOtFLWRVWXYRFRQVHFXHQFLDVH[WUDRUGLQDULDPHQWH
SHUYHUVDV 3RU XQ ODGR VH DFDEy SHUPLWLHQGR OD SUiFWLFD GHO SUpVWDPR D
LQWHUpVSHURDORVMXGtRVORTXHORVFRQYLUWLyHQFKLYRVH[SLDWRULRVGHORV
RGLRV TXH DFDEDQ VXIULHQGR ORV TXH GHVHDQ FREUDU ORV FUpGLWRV &RPR
KHPRV WHQLGR RFDVLyQ GH YHU D SHVDU GHO DQWLVHPLWLVPR HQVHxDGR \
DWL]DGRSRUHOFOHUR\GHTXHSHULyGLFDPHQWHORVMXGtRVGHFRUWHUHFLEtDQ
OD PXHUWH SRU ORV VHUYLFLRV SUHVWDGRV ORV UH\HV KLVSDQRV VLHPSUH
DFDEDEDQ SRU YROYHUORV D OODPDU VLTXLHUD SRUTXH HUDQ PiV HILFDFHV \
KRQUDGRVTXHORVFOpULJRV\QREOHVTXHORVVXVWLWXtDQRFDVLRQDOPHQWH6LQ
HPEDUJRHVDQRHUDVROXFLyQ3RUXQODGRVHIXHIRUPDQGRXQDLPDJHQ
VDWDQL]DGDHLQMXVWDGHORVMXGtRVTXHVHHPSOHySDUDOHJLWLPDUSRU
HMHPSORODFDGHQDGHSRJURPRVGHTXHDFDEyFRQODPD\RUSDUWHGH
ODV MXGHUtDV GH OD 3HQtQVXOD ,EpULFD XQ VLJOR DQWHV GH OD ([SXOVLyQ SRU
RWURREOLJyDSHQVDUHQPDQHUDVSDUDILQDQFLDUVHTXHDFDEDURQERUGHDQGR
VLHVTXHQRHQWUDQGRFODUDPHQWHHQODVLPRQtD3RU~OWLPRORVSUREOHPDV
HFRQyPLFRVVLJXLHURQVLQVROYHQWDUVH$LQLFLRVGHOVLJOR ;9,HOSUpVWDPR
DLQWHUpVKDEtDVLGRVXVWLWXLGRSRUXQFRQWUDWRWULQREXHQQRPEUHSDUD
XQDLQVWLWXFLyQGHULYDGDGHOGHVHRGHGHVERUGDUGLVSRVLFLRQHVFDQyQLFDV
 TXH FRPELQDED HO PXWXR HO FRPRGDWR \ HO VHJXUR 6H WUDWDED GH XQ
UHFRQRFLPLHQWR KLSyFULWD GH OD QHFHVLGDG GH LQVWUXPHQWRV TXH VH
FRQGHQDEDQHFOHVLDOPHQWH\FRQWUDORVTXHVHFODPDEDGHVGHORVS~OSLWRV
$OJR HUD SHUR UHVXOWDED DELHUWDPHQWH LQVXILFLHQWH \ GHVGH OXHJR
GLVFXWLEOHHQWpUPLQRVPRUDOHV\HFRQyPLFRV
(VDFRQGHQDGHODDFWLYLGDGEDQFDULDWXYRIXQHVWDVFRQVHFXHQFLDVSDUD
ODVQDFLRQHVFDWyOLFDVTXHFRPRHUDGHHVSHUDUREHGHFLHURQORVFULWHULRV
GH OD 6DQWD 6HGH DO UHVSHFWR R VL ORV YLRODURQ OR KLFLHURQ GH PDQHUD
FODQGHVWLQD\FRQPDODFRQFLHQFLD6HPHMDQWHFRQGXFWDWXYRHQWUHRWUDV
FRQVHFXHQFLDV TXH EXHQD SDUWH GH VXV SREODFLRQHV UHODFLRQDUD VLJXH
KDFLpQGRORODVLPSOHDFWLYLGDGEDQFDULDFRQDOJRVXFLRSHFDPLQRVRR
LQGLJQR (O )ODQGHV FDWyOLFR /LHMD R &RORQLD VXIULHURQ QR SRFR FRQ HVD
VLWXDFLyQSHURFRQWRGRODSHRUSDUWHOHWRFyD(VSDxDFRQYHUWLGDHQOD
HVSDGD GH OD &RQWUDUUHIRUPD 'H PDQHUD HVSHFWDFXODU H LQQHJDEOH HQ
XQDV GpFDGDV ORV SDtVHV UHIRUPDGRV GHVDUUROODURQ OD EDQFD PRGHUQD \
OyJLFDPHQWHVHKLFLHURQFRQVXFRQWURO,QFOXVRQDFLRQHVHVSHFLDOPHQWH
DWUDVDGDVHQHVDFXHVWLyQDILQDOHVGHOVLJOR;9,KDEtDQDYDQ]DGRPXFKR
PiVTXHVXVULYDOHVFDWyOLFDV
/RV HIHFWRV SROtWLFRV \ PLOLWDUHV GH HVD FLUFXQVWDQFLD IXHURQ
IXOPLQDQWHVDGHPiVGHPX\QHJDWLYRVSDUD(VSDxD'XUDQWHORVLQLFLRVGH
ODJXHUUDGHORV7UHLQWDDxRV&ULVWLiQ,9GH'LQDPDUFD\*XVWDYR$GROIR
GH 6XHFLD IXHURQ ORV FDPSHRQHV GH OD GHIHQVD GH OD OLEHUWDG UHOLJLRVD
SURWHVWDQWH IUHQWH D ORV LQWHQWRV FDWyOLFRV GH DFDEDU FRQ HOOD YLRODQGR
SDFWRV FRPR OD SD] GH $XJVEXUJR (V VDELGR TXH FRPR FHQWR YHU
)HUQDQGR HO &DWyOLFR HO QHUYLR GH OD JXHUUD HV HO GLQHUR \ &ULVWLiQ ,9
EDVy ILQDQFLHUDPHQWH VX HVIXHU]R EpOLFR HQ ORV KHUPDQRV :LOOHP XQD
ILUPD EDQTXHUD FRQ VHGH HQ PVWHUGDP \ GHVSXpV HQ ORV 0DUFHOLV
$PEDVEDQFDVSHUWHQHFtDQDIDPLOLDVFDOYLQLVWDV(QHOFDVRGH*XVWDYR
$GROIRXQJHQLRPLOLWDUTXHKDVLGRFRPSDUDGRFRQ)HGHULFRGH3UXVLD
\1DSROHyQVXEDVHILQDQFLHUDHVWXYRHQ*HHU\7ULS6DELGRVVRQORV
JROSHV H[WUDRUGLQDULRV TXH HO HMpUFLWR VXHFR RFDVLRQy D ODV DUPDV
LPSHULDOHV \ D VXV DOLDGRV KLVSDQRV /D ILUPD EDQFDULD D GHFLU YHUGDG
KXELHUDSRGLGRVHUYLUD(VSDxDSHURODLQWROHUDQFLDUHOLJLRVDODH[SXOVy
GHO )ODQGHV HVSDxRO REOLJiQGROD D HVWDEOHFHUVH HQ PVWHUGDP 6H
FRQYLUWLHURQ DVt HQ OR TXH DOJ~Q KLVWRULDGRU KD GHQRPLQDGR ORV .UXSS
GHO VLJOR;9,, 3RU GHVJUDFLD HVRV .UXSS HVWDEDQ HQ FRQWUD GH OD
(VSDxDGHOD&RQWUDUUHIRUPD
6H SRGUtD REMHWDU TXH FRPR SURWHVWDQWHV ORV EDQTXHURV SURWHVWDQWHV
VHUYtDQ D SRWHQFLDV SURWHVWDQWHV /D UHDOLGDG HV TXH QR IXH DVt /RV
SURWHVWDQWHV FRPR ORV MXGtRV DQWHV TXH HOORV DSOLFDEDQ XQD UHJOD
FRQWHQLGDHQOD%LEOLDODGHPDQWHQHUODOHDOWDGDWRGRJRELHUQRVLHPSUH
TXHJDUDQWL]DUDVXOLEHUWDGUHOLJLRVD3XHVWRVDVHUVDQWRVQRLEDQDVHUOR
PiVTXH-RVpTXHIXHPLQLVWURGHILQDQ]DVGHOIDUDyQRTXH'DQLHOTXH
DFRQVHMy DO LPStR 1DEXFRGRQRVRU 7UDEDMDEDQ SRU OR WDQWR SDUD ORV
FOLHQWHV TXH UHTXHUtDQ VXV VHUYLFLRV /RV FDWyOLFRV TXH FRQVHUYDURQ HQ
DTXHOOD pSRFD XQ SRFR GH VHQVDWH] FHQWLHURQ YHU HVWD FLUFXQVWDQFLD \ OD
DSURYHFKDURQ 1R IXH HO FDVR GH (VSDxD SHUR Vt HO GH DOJXQRV GH VXV
HQHPLJRV 3RU HMHPSOR HO FDUGHQDO 5LFKHOLHX SUtQFLSH GH OD LJOHVLD
FDWyOLFD SHUR QR KDVWD HO SXQWR GH SHUMXGLFDU ORV LQWHUHVHV GH )UDQFLD
FHQWRTXHODEDQFDVHJXUDHUDODSURWHVWDQWH\DHOODUHFXUULy$OLJXDOTXH
(QULTXH,9HOFDUGHQDOVDEtDTXHHOWDOHQWRILQDQFLHURVHKDOODEDHQORV
KXJRQRWHV ORV FDOYLQLVWDV IUDQFHVHV \ QR WXYR SUREOHPDV GH FRQFLHQFLD
HQ XWLOL]DUOR 'H PDQHUD ELHQ UHYHODGRUD VX JUDQ EDQTXHUR IXH HO
KXJRQRWH%DUWKpOHP\G+HUZDUWK*UDFLDVDpO)UDQFLDSXGRHQWUHRWUDV
YLFWRULDV KDFHUVH FRQ HO FRQWURO GH$OVDFLD 3HUVRQD GH WDQWR WDOHQWR \
KHUHMH SRU DxDGLGXUD QR WDUGy HQ GHVSHUWDU ODV HQYLGLDV GH ORV FDWyOLFRV
IUDQFHVHV6LQHPEDUJR5LFKHOLHXPXFKRPiVLQWHOLJHQWHTXHORV5H\HV
&DWyOLFRV \ PXFKR PiV SUHRFXSDGR SRU ORV LQWHUHVHV QDFLRQDOHV TXH ORV
$XVWULDV HVSDxROHV OR GHIHQGLy DQWH HO QLxR /XLV ;,9 FRQ SDODEUDV
WDMDQWHV 0RQVLHXU G+HUZDUWK KD VDOYDGR D )UDQFLD \ SUHVHUYDGR OD
FRURQDSDUDHOUH\6XVVHUYLFLRVQXQFDGHEHUtDQVHUROYLGDGRV(OUH\ORV
KDUi LQPRUWDOHV PHGLDQWH ODV PDUFDV GH KRQRU \ UHFRQRFLPLHQWR TXH OH
FRQFHGHUiDpO\DVXIDPLOLD/XLV;,9VLJXLyHOFRQVHMRGHOFDUGHQDO\
OR QRPEUy,QWHQGDQWGHV)LQDQFHV0D]DULQRRWURFDUGHQDOPDQWXYRHQ
HO SXHVWR D G+HUZDUWK TXH FRORFy HQ ORV SXHVWRV HFRQyPLFRV D JHQWH
FRPSHWHQWHHVGHFLUFDOYLQLVWDVTXHFUHtDQTXHHOGLQHUR\VXJHVWLyQQR
HUDQ DOJR PDOR (O UHVXOWDGR IXH ySWLPR SDUD )UDQFLD \ SpVLPR SDUD
(VSDxDGRQGHHOFRQGHGXTXHGH2OLYDUHVQLVLTXLHUDFRQVLJXLyDQXODUHO
HGLFWR GH H[SXOVLyQ TXH SHVDED VREUH ORV MXGtRV GHVGH  \ SRU
FHQWXHVWRMDPiVKXELHUDSRGLGRHPSOHDUDSURWHVWDQWHV
(O FDVR GH 5LFKHOLHX QR IXH H[FHSFLRQDO :DOOHQVWHLQ HO JUDQ KpURH
FDWyOLFR GH OD SULPHUD SDUWH GH OD JXHUUD GH ORV 7UHLQWD DxRV WDPELpQ
UHFXUULy D DTXHOORV TXH HUDQ EXHQRV EDQTXHURV VLPSOHPHQWH SRUTXH QR
FUHtDQTXHHQODDFWLYLGDGEDQFDULDH[LVWLHUDSHFDGRDOJXQR(QVXFDVR
VX KRPEUH GH FRQILDQ]D IXH XQ FDOYLQLVWD SXHGH VRUSUHQGHU" GH
$PEHUHV OODPDGR +DQV GH :LWWH 9HUGDGHUR DUWtILFH ILQDQFLHUR GH ODV
YLFWRULDV GH :DOOHQVWHLQ DSURYHFKy VX SXHVWR SDUD GHIHQGHU D RWURV
FDOYLQLVWDV TXH \D VDEtDQ OR TXH VLJQLILFDED OD FHUFDQtD GH ORV MHVXLWDV
3RUTXH OD UHDOLGDG SDYRURVD HUD TXH OD &RPSDxtD GH -HV~V \D HVWDED
H[SXOVDQGR D VDQJUH \ IXHJR D ORV SURWHVWDQWHV GH (XURSD FHQWUDO \
%RKHPLD 'H :LWWH IXH UHVSHWDGR PLHQWUDV WXYR p[LWR &XDQGR
:DOOHQVWHLQIXHYHQFLGR\'H:LWWHVHDUUXLQyVXYLGDGHMyGHVHU~WLO
8QGtDDSDUHFLyDKRJDGRHQXQHVWDQTXH+DEtDVXIULGRODVXHUWHGHWDQWRV
MXGtRVGHFRUWHHQHOSDVDGRRGHWDQWRVRWURVKHUHMHVRDJQyVWLFRVTXHKDQ
WUDEDMDGRSDUDLQVWDQFLDVFDWyOLFDVGHVSXpV/DUHDOLGDGHPSHURUHVXOWD
LQQHJDEOH 'XUDQWH WRGR HO VLJOR;9,, ORV EDQTXHURV GH pOLWH HQ (XURSD
IXHURQFDOYLQLVWDVSHURORPiVGRORURVRHVTXHHQVXPD\RUSDUWHKDEtDQ
KXLGR GH ORV 3DtVHV %DMRV HVSDxROHV GRQGH HO KHFKR GH WHQHU RWUDV
FUHHQFLDVGLVWLQWDVGHODFDWyOLFDOHVKDEUtDFRVWDGRODYLGD$VtHOGHVHR
GH DSODVWDU OD OLEHUWDG UHOLJLRVD \ DFDEDU FRQ OD YLGD GH ORV GLVLGHQWHV
PDQWHQLGR D VDQJUH \ IXHJR SRU OD LJOHVLD FDWyOLFD KDEtD HYLWDGR TXH
SXGLHUDQ VHUYLU DO UH\ GH (VSDxD \ ORV KDEtD FRORFDGR D ODV yUGHQHV GH
SUtQFLSHVSURWHVWDQWHVTXHFUHtDQHQODERQGDGGHODEDQFDRGHFDWyOLFRV
TXH QR YHtDQ OD QHFHVLGDG GH DQWHSRQHU OD REHGLHQFLD HVWULFWD D ODV
HQVHxDQ]DVYDWLFDQDVVREUHORVLQWHUHVHVGHVXSDWULD(OUHVXOWDGRHVGH
WRGRVVDELGRSRUTXHGHVGHOXHJRGLItFLOPHQWHSXGRUHVXOWDUPiVQHIDVWR
SDUD(VSDxD$GHFLUYHUGDGQXQFDUHFXSHUDUtDVXSRVLFLyQGHSRWHQFLDGH
SULPHU RUGHQ < HV TXH FRPR KD VHxDODGR + 5 7UHYRU5RSHU ODV
VRFLHGDGHV SURWHVWDQWHV HUDQ R VH KDEtDQ FRQYHUWLGR HQ VRFLHGDGHV FRQ
XQDYLVLyQPiVDGHODQWDGDTXHODVVRFLHGDGHVFDWyOLFDVWDQWRHFRQyPLFD
FRPRLQWHOHFWXDOPHQWH
3RU GHVJUDFLD (VSDxD QR DSUHQGLy OD OHFFLyQ TXH KDEtDQ FDSWDGR
:DOOHQVWHLQ 5LFKHOLHX R 0D]DULQR 3RU HO FRQWUDULR LED D VHJXLU
GHVSUHFLDQGR ORV EDQFRV \ VX DFWLYLGDG GXUDQWH VLJORV &RPR HQ HO FDVR
GHO WUDEDMR DO TXH TXLVR SULYDU GHO FDUiFWHU LQIDPDQWH TXH OH GDEDQ ORV
HVSDxROHV WDPELpQ KDEUtD TXH HVSHUDU D ILQDOHV GHO VLJOR;9,,, SDUD TXH
&DUORV ,,, LQWHQWDUD TXH OD QDFLyQ VH GHVSUHQGLHUD GH VXV SUHMXLFLRV
7DPELpQ FRPR HQ HO FDVR GH OD pWLFD GHO WUDEDMR HO PRQDUFD LOXVWUDGR
IUDFDVy HQ HO LQWHQWR +DVWD PHGLDGRV GHO VLJOR;,; QR DSDUHFLHURQ ORV
SULPHURVEDQFRVHQ(VSDxD'HQXHYRODQDFLyQVHKDEtDTXHGDGRYDULRV
VLJORVHQHVWHFDVRPiVGHFXDWURFLHQWRVDxRVUHWUDVDGDHQUHODFLyQ
FRQ OD (XURSD GRQGH KDEtD WULXQIDGR OD 5HIRUPD 3RU DxDGLGXUD HO
SUHMXLFLRFRQWLQ~DDGtDGHKR\7RGDYtDDGtDGHKR\OD&RPLVLyQSDUD
OD -XVWLFLD \ OD SD] GH OD 6DQWD 6HGH KD FRQGHQDGR HQ XQ GRFXPHQWR OD
LGRODWUtD GH ORV PHUFDGRV FRQ XQ OHQJXDMH TXH QR GHVPHUHFH GH ODV
FHQVXUDV SURQXQFLDGDV GXUDQWH OD (GDG 0HGLD FRQWUD HO SUpVWDPR D
LQWHUpV
(VELHQFLHUWRTXHDOJXQRVHFRQRPLVWDVFDWyOLFRVVHDSUHVXUDURQDGHFLU
SRU ORV SDVLOORV TXH OD 6DQWD 6HGH SRGtD RFXSDUVH GH FRVDV PiV
LPSRUWDQWHVTXHGLVSDUDWDUHQPDWHULDHFRQyPLFD7HQtDQUD]yQSHUR\D
HUDXQSRFRWDUGHSDUDVDOYDUHOLPSHULRHVSDxRO\SHUPLWLUTXH(VSDxDVH
LJXDODUDFRQRWUDVQDFLRQHVTXHFRPHQ]DURQDDGHODQWDUODHQHOVLJOR;9,
+DFHGHWRGRHOORFDVLPHGLRPLOHQLR\QRH[LVWHQLQGLFLRVTXHOOHYHQD
SHQVDUTXHHVDPHQWDOLGDGQRVLJDVLHQGRODSUHGRPLQDQWHSRUGHVJUDFLD
HQWUHORVHVSDxROHV
 


(OWULEXWRSDJDGRDOD&RQWDUUHIRUPD,,,
ODHGXFDFLyQ

/D%LEOLDUHODWDTXHFXDQGR0RLVpVVHGHVSLGLyGHVXVXFHVRU-RVXpOH
HQFDUJyORVLJXLHQWH1XQFDVHDSDUWDUiGHWXERFDHVWHOLEURGHOD7RUi
VLQR TXH GH GtD \ GH QRFKH PHGLWDUiV HQ pO SDUD TXH JXDUGHV \ WH
FRPSRUWHV GH DFXHUGR FRQ WRGR OR TXH HVWi HVFULWR HQ pO SRUTXH GH HVD
PDQHUD SURVSHUDUi WX FDPLQR \ WRGR WH VDOGUi ELHQ -RVXp   3RFDV
YHFHVXQFRQVHMRKDEUiDOWHUDGRODPDUFKDGHOD+LVWRULDGHXQDPDQHUD
WDQHVSHFWDFXODU\DTXHODFRQGXFWD\ODSUiFWLFDUHOLJLRVDVDSDUWLUGHHVH
PRPHQWRQRLEDQDHVWDUYLQFXODGDVHQHOIXWXURWDQWRDOULWRDXQTXH
H[LVWLHUD FRPR D OD OHFWXUD GH XQ WH[WR VDJUDGR TXH VH DEUtD QR D XQD
FDVWD VDFHUGRWDO VLQR DO FRQMXQWR GHO SXHEOR &RPR VHxDOD HO FDStWXOR 
GHO 'HXWHURQRPLR ORV SDGUHV GHEtDQ SRGHU H[SOLFDU D VXV KLMRV ORV
PDQGDWRVFRQWHQLGRVHQOD7RUi(VWDFLUFXQVWDQFLDGHYLQFXODUODUHOLJLyQ
DXQOLEURWXYRXQDFRQVHFXHQFLDLQPHGLDWDSDUDORVPLHPEURVGHOSXHEOR
GH ,VUDHO OD GH OD FUHDFLyQ GH XQD FXOWXUD TXH QHFHVLWDED
GHVHVSHUDGDPHQWH OD DOIDEHWL]DFLyQ SDUD FUHHU (O SURFHVR GH
DOIDEHWL]DFLyQ HUD WDQ REYLR SRU HMHPSOR HQ OD pSRFD GH -HV~V TXH D
QDGLHOHVRUSUHQGtDTXHHOKLMRGHXQFDUSLQWHURRGHXQSHVFDGRUFHQWLHUD
OHHU HVFULELU \ GLVFXWLU VREUH OR OHtGR 6HPHMDQWH FLUFXQVWDQFLD
LQH[LVWHQWH HQ RWUDV FXOWXUDV GHO HQWRUQR GRWy GH XQD H[WUDRUGLQDULD
FDSDFLGDG GH FHQWHUYLYHQFLD D ORV MXGtRV TXH LQFOXVR DQWHV GH OD
GHVWUXFFLyQGHO7HPSORGH-HUXVDOpQHQHODxRG&KDEtDQGHSRVLWDGR
ODJXtDHVSLULWXDOGHODQDFLyQQRHQORVVDFHUGRWHVVLQRHQORVVDELRV
5HOLJLyQ GHO OLEUR VXUJLGD GHO MXGDtVPR HO FULVWLDQLVPR GHEHUtD KDEHU
VHJXLGRODVHQGDPDUFDGDSRUDTXHOHQORTXHDDOIDEHWL]DFLyQVHUHILHUH
$VtIXHHQHOVLJOR,FXDQGR3DEORGHVSLGLpQGRVHGH7LPRWHROHLQGLFy
TXH GHVGH OD QLxH] FRQRFHV ODV 6DJUDGDV (VFULWXUDV ODV FXDOHV SXHGHQ
KDFHUWHVDELRSDUDODVDOYDFLyQSRUODIHHQ&ULVWR-HV~V7LPRWHR
 6LQ HPEDUJR FRPR WDQWRV RWURV DVSHFWRV GHO FULVWLDQLVPR OD
VLWXDFLyQFDPELyGHPDQHUDUDGLFDOHQHOVLJOR,9FRQODLUUXSFLyQPDVLYD
GHO SDJDQLVPR HQ VX VHQR FRPR \D OR KHPRV YLVWR UHFRQRFtD HO
SURSLRFDUGHQDO-+1HZPDQ
$ SDUWLU GHO VLJOR ,9 HO FULVWLDQLVPR IXH FDPELDQGR HO pQIDVLV HQ HO
/LEUR SRU XQD YLVLyQ FHUHPRQLDO \ VDFHUGRWDO TXH VH IXH GHVDUUROODQGR
WRGDYtD PiV GXUDQWH OD (GDG 0HGLD /RV PRQDVWHULRV GHVHPSHxDURQ XQ
FLHUWRSDSHOHQODSUHVHUYDFLyQGHODFXOWXUDFOiVLFD\QRHVPHQRVFLHUWR
TXH KXER DOJ~Q LQWHQWR IDOOLGR GH SRSXODUL]DU HQ FLHUWD PHGLGD HVD
FXOWXUD 6LQ HPEDUJR HQ HO FXUVR GH OD (GDG 0HGLD TXHGy FODUR TXH DO
LJXDO TXH HQ HO SDJDQLVPR HQ HO VHQR GHO FULVWLDQLVPR VH SRGtD VHU
SLDGRVR LQFOXVR XQ VDQWR \ D OD YH] DQDOIDEHWR %DVWD YHU ODV
LPiJHQHV %LEOLD GH SLHGUD \ %LEOLD GH ORV SREUHV ODV KDQ OODPDGR
DOJXQRV SDUD FRQRFHU HO FDWROLFLVPR \ YLYLU GH DFXHUGR FRQ pO 3RU HO
FRQWUDULRHOVDEHUOHHU\HVFULELUQRHUDFRQGLFLyQSDUDFRQRFHUHOFDPLQR
GHODVDOYDFLyQ\GLFKRVHDGHSDVRWDPSRFRSDUDRWUDVWDUHDVFRPROD
JXHUUD R HO FDPSR (VD YLVLyQ VDOWy KHFKD DxLFRV FRQ OD 5HIRUPD
SURWHVWDQWHGHOVLJOR;9,
3DUDORVUHIRUPDGRUHVVLJXLHQGRODHQVHxDQ]DGHO1XHYR7HVWDPHQWR
7LPRWHROD~QLFDUHJODGHIH\FRQGXFWDHUDOD%LEOLDXQOLEUR
DOTXHWRGRVGHEtDQWHQHUDFFHVRSDUDSRGHUH[DPLQDUORFRQOLEHUWDG\VLQ
ODV DWDGXUDV GH XQD MHUDUTXtD SRUTXH DO VHU OD 3DODEUD GH 'LRV VH
H[SOLFDEDSRUVtPLVPR5HVXOWDFXULRVRDGtDGHKR\REVHUYDUODPDQHUD
PDFKDFRQD HQ TXH DOJXQRV FDWyOLFRV SHUVLVWHQ HQ FRQVLGHUDU HO OLEUH
H[DPHQ GH OD %LEOLD FRPR XQD FRQGXFWD PDOYDGD (Q UHDOLGDG OD
IRUPXODFLyQ GH ORV UHIRUPDGRV QR SDVDED GH VHU OD DILUPDFLyQ GH XQ
GHUHFKRIXQGDPHQWDOHOGHDFHUFDUVHDOWH[WRVDJUDGR\SRGHUOROHHUHQOD
SURSLD OHQJXD \ QR HQ XQ ODWtQ TXH HUD GHVFRQRFLGR SDUD OD PD\RUtD GHO
SXHEOR3RURWURODGR\YROYLHQGRFRQHOORDXQDOtQHD\DH[LVWHQWHHQHO
MXGDtVPRHOSDVWRUHQHOSURWHVWDQWLVPRGHMyGHVHUXQVDFHUGRWHSDUD
FRQYHUWLUVH HQ HO VDELR TXH FRQRFH ODV (VFULWXUDV DO LJXDO TXH VXFHGtD
GHVGHKDFtDVLJORVFRQORVUDELQRV
6HSRGtD\VHSXHGHVHUXQILHOFDWyOLFRVLQVDEHUOHHUQLHVFULELU
(VD FLUFXQVWDQFLD HV LPSRVLEOH HQ HO MXGDtVPR \ WDPELpQ HQ HO
SURWHVWDQWLVPR&yPRVHSXHGHDFHUFDUQDGLHDXQWH[WRTXHSURFHGHGH
'LRV SRU GHILQLFLyQ VL QR VH VDEH OHHU QL HVFULELU" /DV FRQVHFXHQFLDV GH
HVDFLUFXQVWDQFLDIXHURQH[WUDRUGLQDULDVVLTXLHUDSRUTXHOD5HIRUPDD
OD TXH (VSDxD FRPEDWtD GHVHDED VREUHYLYLU \ DGHPiV H[SDQGLUVH \
QLQJXQDGHHVDVPHWDVHUDDOFDQ]DEOHVLQH[WHQGHUODDOIDEHWL]DFLyQ$Vt
HO  GH PD\R GH  VH HVWDEOHFLy OD SULPHUD HVFXHOD S~EOLFD \
REOLJDWRULDGHOD+LVWRULD(OOXJDUHUDODSURWHVWDQWH*LQHEUD1RIXHXQD
H[FHSFLyQ /D3ULPHUD FRQIHVLyQ HVFRFHVD GH  HVWDEOHFLy XQD
UHIRUPDGHODHGXFDFLyQTXHH[LJtDTXHHQORVPHGLRVUXUDOHVVHHQVHxDUD
DORVQLxRVHQHVFXHODVDGMXQWDVDODVLJOHVLDV\TXHHQODVFLXGDGHVFRQ
FHQWHULQWHQGHQWHV VH DEULHUDQ HVFXHODV \ XQLYHUVLGDGHV FRQ XQ SHUVRQDO
GHELGDPHQWH SDJDGR (UD HO LQLFLR SHUR LED D FUHDU HQ SRFRV DxRV
GLIHUHQFLDVDELVPDOHVHQWUHXQDVQDFLRQHV\RWUDV7HQGUHPRVRFDVLyQGH
YHU HQ XQ FDStWXOR XOWHULRU HO LPSDFWR TXH HVD GLIHUHQFLD FUHDUtD HQ HO
iPELWRGHODLQYHVWLJDFLyQFLHQWtILFDSHUR\DSRGHPRVDGHODQWDUTXHHQ
HOGHODHGXFDFLyQIXHDEUXPDGRU
/DV QDFLRQHV GRQGH KDEtD WULXQIDGR OD 5HIRUPD PXOWLSOLFDURQ ORV
HVIXHU]RV SRU HGXFDU QR D pOLWHV FRPR OD &RPSDxtD GH -HV~V R D
QLxRVYDJDEXQGRVFRPRSUHWHQGLyFRQPiVFRUD]yQTXHp[LWR-RVpGH
&DODVDQ]VLQRDWRGDODSREODFLyQVLQH[FHSFLRQHV$ILQDOHVGHOVLJOR
;9,HOtQGLFHGHDOIDEHWL]DFLyQGHOD(XURSDSURWHVWDQWHHUDPX\FHQWHULRU
DO GH OD FDWyOLFD VLQ H[FOXLU XQD (VSDxD HQ OD TXH )HOLSH ,, KDEtD
GHFUHWDGR TXH ORV HVWXGLDQWHV QR FXUVDUDQ HVWXGLRV HQ XQLYHUVLGDGHV
H[WUDQMHUDVSRUPLHGRDODFRQWDPLQDFLyQGHODKHUHMtDRXQD)UDQFLDHQOD
TXHODSREODFLyQKXJRQRWHHVWDEDPXFKRPiVDOIDEHWL]DGDTXHODFDWyOLFD
(Q HO FDVR GH DOJXQDV FRQIHVLRQHV HO DYDQFH IXH YHUGDGHUDPHQWH
HVSHFWDFXODU3RUHMHPSORDPHGLDGRVGHOVLJOR ;9,,MXVWRFXDQGR(VSDxD
GHMDED GH VHU OD SRWHQFLD KHJHPyQLFD GH (XURSD ORV FXiTXHURV
GLVIUXWDEDQ GH XQ tQGLFH GH DOIDEHWL]DFLyQ GHO FLHQ SRU FLHQ OR TXH
H[SOLFD QR SRFR VXV DYDQFHV HQ ODV GpFDGDV VLJXLHQWHV HQ iUHDV FRPR OD
EDQFDHOFRPHUFLRRODFLHQFLDWUHViUHDVGHODVTXHQRSRUFDVXDOLGDG
(VSDxDVHLEDDGHVFROJDUODPHQWDEOHPHQWH
1RVHWUDWDEDGHTXHQRH[LVWLHUDQHVSDxROHVDSWRV6HWUDWDEDGHTXHOD
LJOHVLDFDWyOLFDXWLOL]DQGRFRPRLQVWUXPHQWRSULYLOHJLDGROD,QTXLVLFLyQ
KDEtDFHUFHQDGRHVDSRVLELOLGDG(QORTXHQJHO$OFDOiKDGHVFULWRPX\
FHUWHUDPHQWH FRPR HO FOLPD GH WHUURU \ VXVSLFDFLD \D TXH OD
,QTXLVLFLyQDFWXDEDVLHPSUHSRUGHODFLyQ
)XH XQ KXPDQLVWD $QWRQLR GH 1HEULMD HO SULPHUR TXH SDGHFLy HVH
FRQWUROLQWHOHFWXDO\DpOVHIXHURQVXPDQGRRWURVFRPR0LJXHO6HUYHW
FRQGHQDGRSRUOD,QTXLVLFLyQHVSDxRODDQWHVGHSHUHFHUHQ*LQHEUDFRPR
YHUHPRV PiV DGHODQWH )UDQFLVFR GH 9HUJDUD R -XDQ /XLV 9LYHV 6L
HQ HO FDVR GH 9HUJDUD VX JUDQ IDOWD HUD RSRQHUVH D OR TXH %DWDLOORQ
GHQRPLQyRUWRGR[LDSROLFtDFDHLQFXOWDFX\RVFDPSHRQHVVRQORVIUDLOHV
\ HO ILVFDOHQ HO GH 9LYHV IXH VX KXPRU DO FULWLFDU OD LJQRUDQFLD
UDPSDQWHGHORVFRPHQWDULRVGHELGRVDDXWRUHVPHGLHYDOHVGHOD2UGHQGH
6DQWR'RPLQJRRDOOHJDUDGHVFXEULPLHQWRVWDQVHQFLOORVSDUDFXDOTXLHUD
TXH OHH HO 1XHYR 7HVWDPHQWR FRPR HO GH TXH QDGLH VH EDXWL]DED
DQWLJXDPHQWH VLQR \D HQ HGDG DGXOWD4XH HVD SHUVHFXFLyQ GHO
KXPDQLVPR FRQWLQXy IHUR]PHQWH FXDQGR HVWH GHULYy KDFLD WHVLV
UHIRUPDGDVORKHPRVVHxDODGR\D1RHVPHQRVFLHUWRTXHOD,QTXLVLFLyQ
SXVRHQHOSXQWRGHPLUDLQFOXVRDSHUVRQDMHVFRPR-XDQGHOD&UX]
VHFXHVWUDGR FRQILQDGR \ WRUWXUDGR SRU VXV FRPSDxHURV GH RUGHQ
,JQDFLR GH /R\ROD -XDQ GH YLOD IUD\ /XLV GH *UDQDGD )UDQFLVFR GH
%RUMD R 7HUHVD GH YLOD TXH KXELHUDQ SRGLGR DFDEDU HQ HO OLVWDGR GH
KHWHURGR[RV GH QR FRQWDU FRQ DOJXQRV YDOHGRUHV SRGHURVRV&RQ
VHJXULGDGOD,QTXLVLFLyQORJUyTXHVHWUD]DUDQODVOtQHDVGHORRUWRGR[R\
OR KHWHURGR[R DOFDWKROLFR PRGR SHUR GHMy KHULGD GH PXHUWH OD
HVSRQWDQHLGDGHVSLULWXDO\VXOLEUHH[SUHVLyQOLWHUDULD\GLFWyFRQGHQD
VREUHSHUVRQDMHVFRPR0LJXHOGH0ROLQRVTXHPX\SRVLEOHPHQWHHUDQ
RUWRGR[DPHQWH FDWyOLFRV $O ILQDO OD FODYH SDUD HVD FRQGXFWD IXH HO
HQFRQR FRQWUD OD %LEOLD TXH UHFLELGD FRQ XQD DFWLWXG UDGLFDOPHQWH
RSXHVWD HQ SDUDOHOR SURGXMR XQ GHVSHJXH FXOWXUDO H[WUDRUGLQDULR HQ OD
(XURSDGHOD5HIRUPD
/D VXPLVLyQ D OD LJOHVLD FDWyOLFD WXYR HQWUH RWUDV FRQVHFXHQFLDV TXH
PX\DGLIHUHQFLDGHORTXHVXFHGtDHQODVQDFLRQHVUHIRUPDGDVHQ
HOGHODSREODFLyQHVSDxRODIXHUDDQDOIDEHWD'HKHFKRORVSULPHURV
LQWHQWRVSDUDUHYHUWLUHVDVLWXDFLyQVHGLHURQHQ(VSDxD\DHQSOHQRVLJOR
;,;SRULPSXOVRGHORVOLEHUDOHV\FKRFDQGRQRSRFDVYHFHVFRQODLJOHVLD
FDWyOLFD TXH GHVHDED PDQWHQHU HO PRQRSROLR GH OD HQVHxDQ]D /D /H\
0R\DQR IXH HO SULPHU p[LWR HQ HO FDPLQR KDFLD XQD HGXFDFLyQ S~EOLFD
3HURVHDSUREyHQ+DEtDQSDVDGRPiVGHWUHVFLHQWRVYHLQWH
DxRV GHVGH DTXHOOD OH\ JLQHEULQD TXH HVWDEOHFtD OD HVFXHOD REOLJDWRULD \
S~EOLFD&RPRHQRWUDViUHDV(VSDxDKDEtDSHUGLGRVLJORVSUHFLVDPHQWH
FXDQGR PiV QHFHVLWDED SRU VX FRQGLFLyQ GH SRWHQFLD QR TXHGDUVH
UH]DJDGD&XDQGRWDPELpQVLJORVGHVSXpVLQWHQWyUHPRQWDUHVDVLWXDFLyQ
ORKL]RDGHPiVHQQRSRFDVRFDVLRQHVFRQODPDQFKDGHOVHFWDULVPRTXH
QRYHtDODHGXFDFLyQFRPRDOJREXHQRSHUVHVLQRFRPRXQLQVWUXPHQWR
GH DGRFWULQDPLHQWR 3RU GHVJUDFLD HO WULEXWR SDJDGR SRU (VSDxD D OD
LJOHVLD FDWyOLFD QR LED D OLPLWDUVH DO iUHD GH ODV ILQDQ]DV R DO WHUUHQR
HGXFDWLYR
 


(OWULEXWRSDJDGRDODFRQWDUUHIRUPD,9
ODFLHQFLD

)XH$QWRQLR7RYDUHOTXHORH[SUHVyGHXQDPDQHUDGLItFLOGHFHQWHUDU
SRUVXFRQWXQGHQFLD\H[DFWLWXG0LWLJXHXVWHGVLTXLHUHORTXHOHGLJR
SHURFUHRTXHKD\TXHGHFLUORGHXQDYH]\HQYR]DOWD/D8QLYHUVLGDGGH
6DODPDQFD GHMy GH FRPSUDU OLEURV HQ  /OHJDEDQ ORV LQTXLVLGRUHV \
DUUDQFDEDQ ODV KRMDV R ORV TXHPDEDQ /D &LHQFLD HVSDxROD VH DFDEy
HQWRQFHV HQ  DXQTXH KD\D KDELGR DOJXQRV LQWHQWRV GH UHYLYLUOD
GHVSXpV3HUR\RQRSXHGRGHFLURWUDFRVDTXHODUpPRUDGHOD(GXFDFLyQ
DFWXDOKDVLGROD,JOHVLD
0iVUHFLHQWHPHQWHQJHO$OFDOiUHEDWLHQGRPDJQtILFDPHQWHODOHFWXUD
TXHGHOD,QTXLVLFLyQKDUHDOL]DGR+HQU\.DPHQKDVHxDODGR(OOHFWRU
GHWHFWDIiFLOPHQWHTXHHQHVWHWLSRGHDUJXPHQWDFLyQVHPH]FODQKHFKRV
HYLGHQWHVFRQYHUGDGHVDPHGLDV\DPERVFRQMXLFLRVTXHHVSHFLDOPHQWH
HVHGHOSRFRLQWHUpV\QXODHILFDFLDGHODVSURKLELFLRQHVLQTXLVLWRULDOHVHQ
ORV FRQRFLPLHQWRV FLHQWtILFRV VRQ HYLGHQWHPHQWH IDOVRV&RPR
FRQFOX\H HO HVSHFLDOLVWD HVSDxRO SRFR PiV DGHODQWH 1HJDU OD HILFDFLD
GHO FRQWURO LQWHOHFWXDO GH (VSDxD SRU OD ,QTXLVLFLyQ D OR ODUJR GH WUHV
VLJORVHTXLYDOHDQHJDUODGHOOODPDGRKRORFDXVWRSRUTXHHQ$OHPDQLD
OH VREUHYLYLHURQ FHQWHQDUHV GH MXGtRV R GXGDU GH OD HILFDFLD GH ORV
SURFHVRV \ DXWRV GH IH FRQWUD MXGDL]DQWHV SRUTXH HQ DOJXQDV FLXGDGHV R
DOGHDV KXER EROVDV GH FULSWRMXGDtVPR FDGD YH] PiV H[LJXR \ FDVRV
DLVODGRV GH LQGLYLGXRV MXGDL]DQWHV6t OD LJOHVLD FDWyOLFD IXH OD
UHVSRQVDEOH HVHQFLDO GHO IUHQD]R GHVFRPXQDO VXIULGR SRU OD FLHQFLD HQ
(VSDxD3DUDFROPRGHPDOHVOD(VSDxDGHOD&RQWUDUUHIRUPDVHHQFRQWUy
FRQTXHDORWURODGRGHODUD\DGLYLVRULDVXFHGtDH[DFWDPHQWHORRSXHVWR
4XH OD 5HIRUPD GHO VLJOR;9, IXH OD FODYH SDUD HQWHQGHU OD UHYROXFLyQ
FLHQWtILFD HV XQD YHUGDG KLVWyULFD DGPLWLGD HQ WRGDV ODV iUHDV /D KD
VXEUD\DGRHOKLVWRULDGRUGHODFLHQFLD7KRPDV.XKQHQ/DHVWUXFWXUDGH
ODVUHYROXFLRQHVFLHQWtILFDV
LQVLVWLHURQ HQ HOOD ILOyVRIRV FRPR :KLWHKHDG \ 6FKDHIIHU SHUR VREUH
WRGR KD VLGR LQQHJDEOH SDUD ORV TXH QRV GHGLFDPRV D OD +LVWRULD GH
PDQHUD SURIHVLRQDO \ QR GLOHWDQWH &RPR VHxDOy + %XWWHUILHOG HQ7KH
2ULJLQVRI0RGHUQ6FLHQFHQRVROR,QJODWHUUD\+RODQGDVRVWLHQHQXQD
SRVLFLyQ GLULJHQWH VLQR HVD SDUWH GH )UDQFLD TXH IXH PiV DFWLYD HQ
SURPRFLRQDU HO QXHYR RUGHQ IXH OD VHFFLyQ +XJRQRWH R H[ +XJRQRWH
HVSHFLDOPHQWH ORV +XJRQRWHV HQ HO H[LOLR ORV QyPDGDV TXH
GHVHPSHxDURQ XQ SDUWH LPSRUWDQWH HQ HO LQWHUFDPELR LQWHOHFWXDO TXH
HVWDEDWRPDQGROXJDU
/DUD]yQGHTXHDVtIXHUDUHVXOWDEDREYLD8QDYH]PiVVHHQFRQWUDEDHQ
HO UHJUHVR D OD %LEOLD FRPR KD YXHOWR D UHFRUGDU HQ XQD PRQRJUDItD
H[WUDRUGLQDULD3HWHU+DUULVRQ
(OUHWRUQRDOD%LEOLDHOOLEUHH[DPHQWDQGHQRVWDGR\PDOHQWHQGLGR
SRU ORV FDWyOLFRV OOHYy D UHFXSHUDU ODV LQVLVWHQWHV UHIHUHQFLDV GH
6DORPyQ SDUD HVWXGLDU OD 1DWXUDOH]D ORV UHSHWLGRV OODPDGRV GH ORV
6DOPRV\ORVSURIHWDVSDUDREVHUYDUHOFRVPRV\VREUHWRGRHOPDQGDWR
UHFRJLGRHQHOSULPHUOLEURGHO*pQHVLVHVHPLVPRGRQGHVHDILUPDTXH
HOKRPEUHWUDEDMDEDDQWHVGHOD&DtGDGHGRPLQDU\FRQRFHUOD&UHDFLyQ
(VHUHWRUQRDODVHQVHxDQ]DVGHOD%LEOLDSRUHQFLPDGHRWUDVDXWRULGDGHV
SHUPLWLy D OD (XURSD GH OD 5HIRUPD HPDQFLSDUVH GHO (VFRODVWLFLVPR
PHGLHYDO TXH \D KDEtD GDGR WRGR OR TXH SRGtD \ VREUH WRGR
FRQWHPSODUOD1DWXUDOH]DFRPRXQREMHWRGHGRPLQLR\FRQRFLPLHQWRDO
TXHQRVHDSOLFDEDQODVOH\HVGHODWHRORJtDVLQRODVGHXQDFLHQFLDSURSLD
&RPR KD VHxDODGR FHUWHUDPHQWH 5 +RR\NDDV ODV FLHQFLDV PRGHUQDV
FUHFLHURQ FXDQGR ODV FRQVHFXHQFLDV GH OD FRQFHSFLyQ EtEOLFD GH OD
UHDOLGDGIXHURQSOHQDPHQWHDFHSWDGDV(QORVVLJORV;9, \;9,,ODFLHQFLD
IXHH[WUDtGDGHOFDOOHMyQVLQVDOLGDHQTXHVHKDEtDPHWLGLWRRJUDFLDVDOD
ILORVRItD GH OD $QWLJHGDG \ GH OD (GDG 0HGLD 6H DEULHURQ QXHYRV
KRUL]RQWHV
/DVFRQVHFXHQFLDVGHHVDGLIHUHQFLDHQWUHOD(XURSDGHOD5HIRUPD\OD
GH OD &RQWUDUUHIRUPD UHVXOWDURQ HVSHFWDFXODUHV /RV HMHPSORV GHVGH
OXHJR IXHURQ LQQXPHUDEOHV 5DPXV \ %DFRQ UHFKD]DURQ HO PpWRGR
VLORJtVWLFRGHOD(VFROiVWLFDPHGLHYDOVHxDODQGRTXHHUDLQDGHFXDGRSDUD
ODFLHQFLDHQODPHGLGDHQTXHSDUWtDGHQRFLRQHV\QRGHORVKHFKRVGHOD
1DWXUDOH]D3DOLVV\3DUpH,VDDF%HHFNPDQHOJUDQFLHQWtILFRFDOYLQLVWD
GH +RODQGD KLFLHURQ KLQFDSLp HQ XQ PpWRGR FLHQWtILFR TXH FRQ FODUDV
UHVRQDQFLDVGHORV6DOPRVSDUWtDGHODREVHUYDFLyQGHOD1DWXUDOH]D'H
KHFKR %HHFNPDQ TXH DQXQFLy HO SULQFLSLR GH LQHUFLD VH DGHODQWy DO
PLVPR *DOLOHR HQ REWHQHU XQD GHGXFFLyQ GLQiPLFD GH OD OH\ GH ORV
FXHUSRVTXHFDHQ&RPRVHxDOyHQVXGtD/HZLV0XPIRUGHQVX7HFKQLFV
DQG&LYLOL]DWLRQ)XHXQySWLFRKRODQGpV-RKDQQ/LSSHUVKHLPTXLHQHQ
LQYHQWyHOWHOHVFRSLR\DVtVXJLULyD*DOLOHRORVPpWRGRVHILFLHQWHV
TXH QHFHVLWDED SDUD UHDOL]DU REVHUYDFLRQHV DVWURQyPLFDV (Q  RWUR
KRODQGpVHOySWLFR=DFKDULDV-DQVHQLQYHQWyHOPLFURVFRSLRFRPSXHVWR
SRVLEOHPHQWH WDPELpQ HO WHOHVFRSLR 8Q LQYHQWR DXPHQWy OD SHUVSHFWLYD
GHO PDFURFRVPRV OD RWUD UHYHOy HO PLFURFRVPRV HQWUH HOODV ORV
FRQFHSWRV LQJHQXRV GH HVSDFLR TXH HO KRPEUH RUGLQDULR WHQtD TXHGDURQ
WRWDOPHQWHGHVKHFKRV
&RPR HQ HO FDVR GHO PHUFDGR FUHGLWLFLR R HQ HO GH OD HGXFDFLyQ ODV
QDFLRQHVGRQGHKDEtDWULXQIDGROD5HIRUPDPiVSREUHV\SHTXHxDVTXH
OD(VSDxDLPSHULDODGHFLUYHUGDGDGHODQWDURQGHPDQHUDSURGLJLRVDD
ODV JUDQGHV SRWHQFLDV FDWyOLFDV SRU QR GHFLU D ODV RUWRGR[DV /D
FHQWUHPDFtDSURWHVWDQWHLEDDUHVXOWDUWDQDSODVWDQWHTXHSRGUtDPRVFLWDU
GRFHQDV GH HMHPSORV GH FyPR VXV FLHQWtILFRV VH FRQYLUWLHURQ HQ
SUHFXUVRUHV \ SDUDGLJPDV GHO SURJUHVR GH ODV FLHQFLDV 1RV OLPLWDUHPRV
SRU REYLDV UD]RQHV GH HVSDFLR D FLWDU VROR DOJXQRV GH ORV PiV
LPSRUWDQWHV 3RU HMHPSOR )UDQFLV %DFRQ  TXH HVWDEOHFLy HO
PpWRGRFLHQWtILFR\DODYH]SRGtDHVFULELUREUDVGHWHRORJtDSURWHVWDQWH
3RU HMHPSOR -RKDQQHV .HSOHU  SLDGRVR OXWHUDQR TXH
UHYROXFLRQyODVPDWHPiWLFDV\ODDVWURQRPtDWUDEDMDQGRVREUHODOX]\ODV
OH\HVGHOPRYLPLHQWRSODQHWDULRDOUHGHGRUGHOVRO\TXHDGHPiVHVFULEtD
VREUH WHRORJtD 6X WDOHQWR HUD WDQ H[WUDRUGLQDULR TXH ORV JREHUQDQWHV
FDWyOLFRV GH *UD] PXFKR PiV VHQVDWRV TXH HO HVSDxRO )HOLSH ,, OH
LQVLVWLHURQ HQ TXH VLJXLHUD HQ OD FLXGDG 3RU HMHPSOR 5REHUW %R\OH
TXHQRVRORHQXQFLyODOH\GH%R\OHVLQRTXHIXHHOFUHDGRU
GH OD TXtPLFD PRGHUQD \ XQR GH ORV IXQGDGRUHV GH OD 5R\DO 6RFLHW\
$SDVLRQDGR SURWHVWDQWH FRQWULEX\y HFRQyPLFDPHQWH SRU HMHPSOR D OD
WUDGXFFLyQGHO1XHYR7HVWDPHQWRDOWXUFR3RUHMHPSOR-RKQ5D\
 ERWiQLFR ]RyORJR \ DSRORJLVWD FULVWLDQR GH FX\D REUD WRPDUtD
PDVLYDPHQWH/LQQHR3RUHMHPSOR,VDDF%DUURZPDHVWURGH
OD ySWLFD \ GH ,VDDF 1HZWRQ DGHPiV GH WHyORJR H[WUDRUGLQDULR HQ FX\D
HORFXHQFLDVHLQVSLUy:LOOLDP3LWWSDUDVXVGLVFXUVRVSDUODPHQWDULRV3RU
HMHPSOR $QWRQLH YDQ /HHXZHQKRHN  GHVFXEULGRU GH ODV
EDFWHULDV3RUHMHPSOR,VDDF1HZWRQHOPD\RUFLHQWtILFRGH
OD +LVWRULD TXH GHVWDFy HQ iUHDV FRPR OD ySWLFD OD PHFiQLFD \ ODV
PDWHPiWLFDV SHUR TXH D OD YH] IXH XQ PDJQtILFR HFRQRPLVWD \ XQ
QRWDEOH DXWRU GH OLEURV GH WHRORJtD SURWHVWDQWH SRU FHQWXHVWR 3RU
HMHPSOR &DUORV /LQQHR  DO TXH GHEHPRV OD WD[RQRPtD
LQGLVSHQVDEOH SDUD HO SURJUHVR GH ODV FLHQFLDV QDWXUDOHV 3RU HMHPSOR
/HRQKDUG (XOHU  PDWHPiWLFR HO PiV IDPRVR GH ORV
FLHQWtILFRV VXL]RV \ SLDGRVtVLPR FDOYLQLVWD 3RU HMHPSOR -RKQ 'DOWRQ
 IXQGDGRU GH OD PRGHUQD WHRUtD DWyPLFD \ FRQYHQFLGR
FXiTXHUR TXH DEULy XQD HVFXHOD HQ XQ JUDQHUR SDUD KDFHU DYDQ]DU OD
HGXFDFLyQ3RUHMHPSOR'DYLG%UHZVWHULQYHVWLJDGRUGHOD
OX] SRODUL]DGD 3RU HMHPSOR 0LFKDHO )DUDGD\  FX\DV REUDV
VREUH HOHFWULFLGDG \ PDJQHWLVPR UHYROXFLRQDURQ OD ItVLFD \ GH FX\R
WDOHQWR VHJXLPRV DSURYHFKiQGRQRV KR\ SRUTXH VHQWy ODV EDVHV GH
DGHODQWRVFRPRORVRUGHQDGRUHVHOWHOpIRQRRODVUHGHVGHLQWHUQHW$pO
OHSUHRFXSDEDVLQHPEDUJRPXFKRPiVYLYLUXQDH[LVWHQFLDGHDFXHUGR
FRQ ORV SULQFLSLRV GHO 1XHYR 7HVWDPHQWR HQ HO VHQR GH XQD SHTXHxD
FRPXQLGDG SURWHVWDQWH ,QVLVWDPRV HQ HOOR VRQ VROR DOJXQRV ERWRQHV GH
PXHVWUD
+XERFLHQWtILFRVFDWyOLFRVHQHVDPLVPDpSRFDHQTXHOD(XURSDGHOD
5HIRUPDFRQRFtDXQDUHYROXFLyQFLHQWtILFDVLQSUHFHGHQWHVHQOD+LVWRULD
GH OD +XPDQLGDG" 'HVSURSRUFLRQDGDPHQWH SRFRV FXDQGR VH FRPSDUDQ
FRQ HO Q~PHUR GH ORV SURWHVWDQWHV \ VREUH WRGR VRPHWLGLWRRV D XQD
WUD\HFWRULD PiV TXH UHYHODGRUD *DOLOHR  TXH EDVy EXHQD
SDUWHGHVXVDYDQFHVHQODVREUDVGHFLHQWtILFRVFDOYLQLVWDVKRODQGHVHV
IXHMX]JDGR\FRQGHQDGRSRUODLJOHVLDFDWyOLFD6HFRQYLUWLyHQXQFODUR
DYLVRSDUDQDYHJDQWHV%ODLVH3DVFDOIXHXQKHUHMHMDQVHQLVWD
GHVGHODSHUVSHFWLYDFDWyOLFDFRQXQDYLVLyQGHODVGRFWULQDVGHODJUDFLD
FRPSOHWDPHQWHUHIRUPDGD'HVFDUWHVLQVLVWLyXQD\RWUDYH]
HQ VX RUWRGR[LD FDWyOLFD H LQFOXVR VXEUD\y TXH QR LED D H[DPLQDU ODV
FUHHQFLDV UHOLJLRVDV OR TXH QR GHMD GH VHU XQD LQWHUHVDQWH GHFODUDFLyQ
GH SULQFLSLRV TXH VH FRPSUHQGH GH VREUD FRQ HO SUHFHGHQWH UHSUHVRU GH
*DOLOHR SHUR D SHVDU GH WRGR QR FRQRFLy OD OLEHUWDG FLHQWtILFD HQ
WLHUUDVFDWyOLFDV3DVFDOHVWDEDFRQYHQFLGRGHTXH'HVFDUWHVHQHOIRQGR
HUDXQDWHRSHURIXHUDORTXHIXHVHORFLHUWRHVTXHSDVyEXHQDSDUWHGH
VX YLGD HQ OD SURWHVWDQWH 6XHFLD PLHQWUDV TXH VXV REUDV GHPDVLDGR
FLHQWtILFDVIXHURQFRORFDGDVHQHQHOQGLFHGHOLEURVSURKLELGRV
SRU HO SDSD /RV WUHV FDVRV FRQVWLWX\HQ XQD EXHQD SUXHED GH TXH OD
FLHQFLDKXELHUDSRGLGRGHVDUUROODUVHHQQDFLRQHVPHGLWHUUiQHDVLJXDOTXH
HQ HO QRUWH GH (XURSD SHUR VROR VL VH KXELHUDQ OLEUDGR GH ODV FDGHQDV
LPSXHVWDVSRUODLJOHVLDFDWyOLFD\DEUD]DGROD5HIRUPD3RUHOFRQWUDULR
HO KHFKR GH FRQWLQXDU VRPHWLGLWRD OD FLHQFLD D DXWRULGDGHV HFOHVLiVWLFDV
UHVXOWyQHIDVWDSDUDQDFLRQHVFRPR(VSDxD
/DV FRQVHFXHQFLDV TXH HVWD VLWXDFLyQ WXYR SDUD (VSDxD IXHURQ
FLHUWDPHQWHSDYRURVDV\OOHJDQKDVWDHOGtDGHKR\(QHOVLJOR ;9,FRPR
VLHPSUHKDVXFHGLGRDORODUJRGHOD+LVWRULDGHODVJXHUUDVORVDGHODQWRV
WpFQLFRV OR PLVPR VHD OD HVSDGD GH KLHUUR FRQWUD OD GH EURQFH R OD
OHJLyQURPDQDIUHQWHDODIDODQJHPDFHGyQLFDIXHURQHVHQFLDOHVSDUDOD
YLFWRULD 6LQ HPEDUJR )HOLSH ,, HO PRQDUFD TXH \D KDEtD KXQGLGR HQ
YDULDV RFDVLRQHV OD HFRQRPtD QDFLRQDO GHFLGLy SRU DxDGLGXUD SURKLELU
TXH ORV HVWXGLDQWHV HVSDxROHV VH PDWULFXODUDQ HQ XQLYHUVLGDGHV
H[WUDQMHUDV(VSDxDORSDJyPX\FDURHQHOFDPSRGHEDWDOOD&XDQGROD
$UPDGDGHVWLQDGDDLQYDGLU,QJODWHUUDSDUDUHLPSODQWDUHOFDWROLFLVPRVH
HQIUHQWyFRQODVQDYHVLQJOHVDVORVHVSDxROHVFRQWLQXDEDQWpFQLFDPHQWH
HQ /HSDQWR 'H HVD PDQHUD ORV LQJOHVHV D SHVDU GH VX LQIHULRULGDG
QXPpULFD \ GH VX PHQRU UHOHYDQFLD HFRQyPLFD QR KDEtDQ GHMDGR GH
DYDQ]DU WpFQLFDPHQWH (O UHVXOWDGR HV VDELGR SRU WRGRV 6LQ GXGD ORV
PDULQRV \ ORV VROGDGRV HVSDxROHV HUDQ H[WUDRUGLQDULRV \ GHUURFKDURQ
YDORU \ VDQJUH SHUR FRPEDWtDQ QR VROR FRQ ORV HMpUFLWRV HQHPLJRV VLQR
FRQ HO IDQDWLVPR IHUR] GH VXV SURSLRV JREHUQDQWHV XQ IDQDWLVPR
GLUHFWDPHQWHGHULYDGRGHODLJOHVLDFDWyOLFD
3RU FHQWXHVWR HQWRQFHV FRPR HQ VLJORV VXFHVLYRV KXER TXLHQ VH
SHUFDWyGHOGUDPDTXHVHHVWDEDGHVDUUROODQGRSDUDGHVJUDFLDGH(VSDxD
<DPHQFLRQDPRVFRPRHQXQDGpFDGDDQWHVGHODSXEOLFDFLyQGHOD
%LEOLDGH5HLQD9DOHUDFXDQGRHOLPSHULRHVSDxROPDUFKDEDDVXRFDVR
GHVDQJUDGRSRUJXHUUDVFX\D~QLFDMXVWLILFDFLyQDSDUHQWHHUDHOFRPEDWH
FRQWUDHOSURWHVWDQWLVPRHOGHVDVWUHVXIULGRSRUODIXHU]DGHGHVHPEDUFR
TXH GHEtD LQYDGLU ,QJODWHUUD SURYRFy XQR GH ORV SULPHURV
FXHVWLRQDPLHQWRVGHODSROtWLFDGH(VSDxDHQHOTXH*LQpVGH5RFDPRUD
SURFXUDGRU GH 0XUFLD GHIHQGLy HQ FODUD DUPRQtD FRQ DTXHOORV
SULQFLSLRV XQ GLVSDUDWDGR FRQWUDUUHIRUPLVWD PLHQWUDV TXH )UDQFLVFR
0RQ]yQ SURFXUDGRU GH 0DGULG KDEtD DSXQWDGR DO TXH VL HOORV VH
TXLHUHQ SHUGHU TXH VH SLHUGDQ /D +LVWRULD VLQ HPEDUJR QR VH GHWLHQH
SDUD QDGLH \ PHQRV SDUD ORV TXH VH HPSHxDQ HQ PLUDU D XQ SDVDGR
LGHDOL]DGR HQ OXJDU GH DO SUHVHQWH \ DO IXWXUR $OJXQDV QDFLRQHV TXH
FRPR )UDQFLD VH GHVSUHQGLHURQ GHO DUPD]yQ GH OD &RQWUDUUHIRUPD HQ
DOJ~QPRPHQWRORJUDURQUHFXSHUDUVLTXLHUDHQSDUWHHOWLHPSRSHUGLGR
3DUD HO UHVWR ORV GDWRV VHJXLUtDQ VLHQGR HVWDGtVWLFDPHQWH HVSHOX]QDQWHV
6HJ~Q -RKQ +XOOH\ XQ HFRQRPLVWD GHO %DQFR 0XQGLDO GH WRGRV ORV
SUHPLRV1REHOUHODFLRQDGRVFRQODFLHQFLD\RWRUJDGRVHQWUH\
HOKDEtDQVLGRJDQDGRVSRUSURWHVWDQWHV\MXGtRVHQHVWH~OWLPRFDVR
HO(OSRUFHQWDMHGHFDWyOLFRVQRFHQWHUDEDHO\GHPDQHUDELHQ
VLJQLILFDWLYD HQ VX PD\RUtD SURFHGtDQ GH QDFLRQHV VRFLROyJLFDPHQWH
SURWHVWDQWHV
6HJ~Q -RKQ +XOOH\ WDPELpQ HQWUH MXGtRV \ SURWHVWDQWHV H[LVWtD XQD
VLPELRVLV TXH QDFtD GH TXH DPEDV FXOWXUDV VH EDVDEDQ HQ OD %LEOLD
&LHUWDPHQWH QR SXHGH GHFLUVH OR PLVPR GHO FDWROLFLVPR /D HVWDGtVWLFD
VREUHFRJH
$GtDGHKR\\DGLIHUHQFLDGHORTXHVXFHGHHQXQDQDFLyQFRPRORV
(VWDGRV 8QLGRV HQ (VSDxD FRPR HQ ,WDOLD 3RUWXJDO R ODV QDFLRQHV
KLVSDQRDPHULFDQDV HVD KHUHQFLD GH OD &RQWUDUUHIRUPD VH HQFXHQWUD
GRORURVDPHQWHSUHVHQWH(OGHVGpQSRUODFLHQFLDODGHVFRQILDQ]DKDFLDOD
LQQRYDFLyQ\ODHVFODYLWXGDHVTXHPDVPHQWDOHVSDVDGRVFRQWLQ~DQVLHQGR
WHUULEOHVWDUDV$GHFLUYHUGDGKR\QRVVHJXLPRVWRSDQGRFRQHOPLVPR
GDxLQRIDQDWLVPRHQORVTXHQLHJDQODUHDOLGDGGHOD+LVWRULDHQORVTXH
VHxDODQTXHHOORVPiVFXDQGRVHKDEODGHQDFLRQHVTXHQRVDGHODQWDURQ
KDFH VLJORV VLQ TXH KD\DPRV FRQVHJXLGR LJXDODUQRV D HOODV HQ ORV TXH
DSHODQ D OR TXH VH KD KHFKR WRGD OD YLGD HQ ORV TXH PLUDQ FRQ
GHVSUHFLRDORVTXHFXHVWLRQDQVXVSUHMXLFLRV\GHPDQHUDPX\HVSHFLDO
VL VRQ PLHPEURV GH PLQRUtDV GLIHUHQWHV \ HQ ORV TXH REVHUYDQ SRU
HQFLPDGHOKRPEURDORVSDUWLGDULRVGHODLQQRYDFLyQSRUTXHSDUDDOJXQRV
GH HOORV KDVWD DSUHQGHU LQJOpV UHVXOWD GH FRQYHQLHQFLD GLVFXWLEOH (V
SRVLEOHTXHVHFUHDQODHVHQFLDGHODUD]DGHXQD(VSDxDHOHJLGDSRU'LRV
GHO DOPD QDFLRQDO SHUR VROR IRUPDQ SDUWH GH OD OHJLyQ GH IDQiWLFRV
GLJQRVKHUHGHURVGHOD&RQWUDUUHIRUPDTXHKDQHQFDGHQDGRDHVWDQDFLyQ
\DRWUDVDODWUDVRGXUDQWHVLJORV
 


(OWULEXWRSDJDGRDOD&RQWDUUHIRUPD9
ODSULPDFtDGHODOH\

(Q HO DxR  HO PLVPR DxR HQ TXH OD WUHJXD GH 1L]D FRQVDJUDED HO
GHELOLWDPLHQWR GH (VSDxD HQ ,WDOLD JUDFLDV D OD DOLDQ]D GH OD 6DQWD 6HGH
FRQ )UDQFLD &DOYLQR \ DOJXQRV GH VXV DPLJRV IXHURQ H[SXOVDGRV GH OD
FLXGDGGH*LQHEUDSRUODVDXWRULGDGHV(OPRPHQWRIXHDSURYHFKDGRSRU
HO FDUGHQDO 6DGROHWR SDUD HQYLDU XQD FDUWD D ORV SRGHUHV S~EOLFRV GH OD
FLXGDGLQVWiQGROHVDUHFKD]DUOD5HIRUPD\UHJUHVDUDODREHGLHQFLDDOD
LJOHVLD FDWyOLFD /D FDUWD GH 6DGROHWR HVWDED PX\ ELHQ HVFULWD SHUR OR
FLHUWR HV TXH QR GHELy GH FRQYHQFHU D ORV JLQHEULQRV \D TXH HVWRV
VROLFLWDURQ HQ  D &DOYLQR TXH VHJXtD GHVWHUUDGR TXH OH GLHUD
FRQWHVWDFLyQ HSLVWRODU DO FDUGHQDO &DOYLQR UHGDFWy VX UHVSXHVWD DO
FDUGHQDO6DGROHWRHQVHLVGtDV\HOWH[WRVHFRQYLUWLyHQXQFOiVLFRGHOD
+LVWRULDGHODWHRORJtD(VFDSDDORVOtPLWHVGHHVWHOLEURHODGHQWUDUVHHQ
HO UHOHYDQWH RS~VFXOR SHUR Vt HV REOLJDGR PHQFLRQDUOR SRUTXH HQ pO VH
SXHGHFRQWHPSODUGRVYLVLRQHVGHODOH\TXHGLIHUHQFLDURQFRPRWDQWDV
RWUDVFRVDVDODVQDFLRQHVHQODVTXHWULXQIyOD5HIRUPDGHDTXHOODVHQ
TXHYHQFLyOD&RQWUDUUHIRUPD
(O GLOHPD TXH VH SODQWHDED HUD VL HO FULWHULR TXH PDUFDUD OD FRQGXFWD
GHEtDHVWDUGHILQLGRSRUHOVRPHWLPLHQWRDODOH\RSRUHOFRQWUDULRDOD
LQVWLWXFLyQ TXH HVWDEOHFtD VLQ FRQWURO FHQWHULRU OR TXH GLFH XQD OH\ D OD
TXH KD\ TXH VRPHWHUVH 6DGROHWR GHIHQGtD HO VHJXQGR FULWHULR PLHQWUDV
TXH&DOYLQRVXVWHQWDEDHOSULPHUR3DUD&DOYLQRHUDREYLRTXHODOH\
HQHVWHFDVROD%LEOLDWHQtDSULPDFtD\SRUORWDQWRVLXQDSHUVRQDR
LQVWLWXFLyQ VH DSDUWDED GH HOOD FDUHFtD GH OHJLWLPLGDG (O FDUGHQDO
6DGROHWRSRUHOFRQWUDULRGHIHQGtDTXHHUDODLQVWLWXFLyQODTXHGHFLGtD
FyPR VH DSOLFDED HVD OH\ \ TXH DSDUWDUVH GH OD REHGLHQFLD D HVD
LQVWLWXFLyQ HUD H[WUDRUGLQDULDPHQWH JUDYH /D 5HIRUPD RSWy SRU OD
SULPHUD YLVLyQ PLHQWUDV TXH HQ ODV QDFLRQHV FRPR (VSDxD GRQGH VH
DILDQ]y OD &RQWUDUUHIRUPD VH PDQWXYR XQ SULQFLSLR GLIHUHQWH HO TXH
HVWDEOHFtD QR VROR TXH WRGRV QR HUDQ LJXDOHV DQWH OD OH\ VLQR TXH SRU
DxDGLGXUDKDEtDVHFWRUHVVRFLDOHVQRVRPHWLGLWRRVDODOH\6HFUHDED
PiVELHQVHIRUWDOHFtDDVtXQDFXOWXUDGHODH[FHSFLyQOHJDOMXVWLILFDGD
/RV HMHPSORV GH HVD GLIHUHQFLD OOHJDQ KDVWD HO PLVPtVLPR GtD GH KR\
,QFOXVR VL SDVDPRV SRU DOWR ODV YLRODFLRQHV GH OD OH\ SHUSHWUDGDV SRU
FLHUWRVVREHUDQRVFRPR)HOLSH,,TXHRUGHQyXQFULPHQGHHVWDGRFRPR
HO DVHVLQDWR GH (VFREHGR R TXH YLROy ORV IXHURV DUDJRQHVHV HQ
SHUVHFXFLyQGH$QWRQLR3pUH]ORFLHUWRHVTXHHOSUREOHPDSRUGHVJUDFLD
YD PXFKR PiV DOOi TXH HO FULPHQ GH (VWDGR TXH VH KD GDGR HQ ORV PiV
GLYHUVRV UHJtPHQHV \ pSRFDV 6H WUDWD PiV ELHQ GHO KHFKR GH TXH VH
DFHSWy VLQ GLVFXVLyQ TXH VHFWRUHV LPSRUWDQWHV GH OD SREODFLyQ
IXQGDPHQWDOPHQWH OD LJOHVLD FDWyOLFD \ OD PRQDUTXtD QR HVWXYLHUDQ
VRPHWLGLWRRV DO LPSHULR GH OD OH\ /DV SUXHEDV GH OR SULPHUR VRQ
LQWHUPLQDEOHV \ KDQ LQFOXLGR KLVWyULFDPHQWH OR PLVPR D XQ &HUYDQWHV
H[FRPXOJDGR PLHQWUDV LQWHQWDED UHFDEDU VXPLQLVWURV SDUD OD JXHUUD
LQFOXVR HQ ODV SDUURTXLDV JUDYtVLPR DWUHYLPLHQWR SUHWHQGHU TXH OD
LQVWLWXFLyQ TXH PiV VH EHQHILFLDED GHO HVIXHU]R EpOLFR KLVSDQR
FRQWULEX\HUD DO PLVPR TXH DTXHOODV FiUFHOHV FRQFRUGDWDULDV GHO
IUDQTXLVPR GRQGH VH FRQILQDED SRU HMHPSOR D ORV VDFHUGRWHV TXH
D\XGDEDQDODEDQGDWHUURULVWD(7$6REUHODLJOHVLDFDWyOLFDQLH[LVWtDQL
H[LVWLUtD FHQWUHPDFtD GH OD OH\ (Q UHODFLyQ FRQ OD PRQDUTXtD LQFOXVR D
GtDGHKR\HOUH\VLJXHVLHQGRLUUHVSRQVDEOHGHFXDOTXLHUDFWRTXHSXHGD
FRPHWHU
3RUFHQWXHVWRHVDFRQFHSFLyQSHUPHDVLQGLVFXVLyQLQFOXVRDOJXQDVGH
ODV PHMRUHV PDQLIHVWDFLRQHV FXOWXUDOHV GHO 6LJOR GH 2UR HO GH OD
&RQWUDUUHIRUPD1RQRVGHWHQJDPRVHQ&HUYDQWHVR4XHYHGRTXHXQD\
RWUDYH]GHMDQGHPDQLILHVWRTXHHQOD(VSDxDTXHFRQRFLHURQQRH[LVWtD
QLXQDVRPEUDGHDOJRSDUHFLGRDOLPSHULRGHODOH\'HWHQJiPRQRVPiV
ELHQHQREUDVGRQGHVHSUHWHQGHFDQWDUSUHFLVDPHQWHDODDGPLQLVWUDFLyQ
GHMXVWLFLD(VHOFDVRSRUHMHPSORGH)XHQWHRYHMXQDGH/RSHGH9HJD
(O FRQRFLGR GUDPD QR HV VLQR HO FDQWR D XQ SXHEOR TXH QR HQFXHQWUD
MXVWLFLD IUHQWH DO GHVSRWLVPR GH XQ QREOH \ TXH VROR WLHQH FRPR YtD GH
DFFLyQHODVHVLQDWRSHUSHWUDGRGHPDQHUDFROHFWLYDORTXHGLFKRVHDGH
SDVRQRUHVXOWDXQDySWLPDSHUVSHFWLYDSDUDXQDVRFLHGDGTXHVHSUHWHQGH
FLYLOL]DGD (Q SDUDOHOR FXDQGR OD PRQDUTXtD KD GH DGPLQLVWUDU MXVWLFLD
HVWDQRQDFHGHOWH[WRGHODOH\FRPRSUHWHQGtD&DOYLQRHQVX5HVSXHVWD
DO FDUGHQDO 6DGROHWR VLQR GHO KHFKR GH TXH HO UH\ SXHGH KDFHU
OLWHUDOPHQWHORTXHOHVDOHGHODFRURQD
8QHMHPSORD~QPiVUHYHODGRUHVHOTXHHQFRQWUDPRVHQ(ODOFDOGHGH
=DODPHD GH &DOGHUyQ GH OD %DUFD 6LQ GXGD VH WUDWD GH XQD REUD JHQLDO
FX\D FDOLGDG OLWHUDULD HV LQQHJDEOH SHUR FX\R PHQVDMH VL ELHQ VH
H[DPLQD UHVXOWD HVFDORIULDQWH 8Q JUXSR GH VROGDGRV GH ORV WHUFLRV VH
DVLHQWDHQXQSXHEOR\XQFDSLWiQDSURYHFKDODRFDVLyQSDUDUDSWDUDXQD
PXFKDFKD\YLRODUOD(QRWUDQDFLyQGRQGHH[LVWLHUDHOLPSHULRGHODOH\
VHKDEUtDHVSHUDGRTXHHOYLRODGRUIXHUDMX]JDGR\FRQGHQDGR1RHQOD
(VSDxD GRQGH QR VH SRQtD HO VRO 3HGUR &UHVSR HO SDGUH GH OD MRYHQ
FHQWOLFD SULPHUR DO YLRODGRU TXH OH UHVWDXUH OD KRQUD FDViQGRVH FRQ VX
KLMD1LTXHGHFLUWLHQHTXHHOFDSLWiQVDEHGRUGHTXHODOH\QRHVLJXDO
SDUD WRGRV VH EXUOD GH &UHVSR TXH RSWD SRU FRUWDU SRU OR VDQR
HMHFXWDQGRDORILFLDO\VRVWHQLHQGRTXHHVWDEDHQVXGHUHFKRSDUDKDFHUOR
\D TXH DO UH\ OD KDFLHQGD \ OD YLGD VH KD GH GDU SHUR HO KRQRU HV
SDWULPRQLR GHO DOPD \ HO DOPD VROR HV GH 'LRV /D IUDVH HV EXHQD VLQ
GXGD SHUR PiV DOOi GHO DUWLILFLR OLWHUDULR UHVXOWD GLVFXWLEOH (Q SULPHU
OXJDU SRUTXH QR HV FLHUWR TXH KD\D TXH GDU QDGD D XQ UH\ GH PDQHUD
LQFRQGLFLRQDO\HQVHJXQGRSRUTXHHOKRQRUGH&UHVSRSRUORYLVWRVH
YHtD PiV TXH VDWLVIHFKR VL VX SREUH KLMD FRQWUDtD PDWULPRQLR FRQ HO
FDQDOOD TXH OD KDEtD UDSWDGR \ YLRODGR /D KLVWRULD SUHVHQWDGD FRPR XQ
SDUDGLJPD pWLFR QR DFDED DTXt &UHVSR KD TXHEUDQWDGR OD OH\ SHUR ORV
HVSHFWDGRUHVGHOD(VSDxDGHOD&RQWUDUUHIRUPDQRSRGtDQYHUELHQTXHVH
FDVWLJDUDDVHPHMDQWHGHIHQVRUGHVXKRQRU6ROXFLyQ"(OUH\DSDUHFHHQ
HVFHQD\VHFRORFDGHQXHYRVREUHODOH\SDUDDEVROYHUD&UHVSR(Q
RWUDV SDODEUDV FRPR KD VHxDODGR FHUWHUDPHQWH OD HFRQRPLVWD 0DUtD
%ODQFRODREUDVLUYHSDUDGHMDUGHPDQLILHVWRTXHHOJUDQDSRUWHMXUtGLFR
GH ORV HVSDxROHV HUD HO DSDxR 3RUTXH SRU DxDGLGXUD D ORV TXH VH
DWUHYDQDGHFLUTXHHOVHQWLGRGHOKRQRUFDOGHURQLDQRQRHUDPXHVWUDGHOD
FXOWXUD HVSDxROD GH OD &RQWUDUUHIRUPD KD\ TXH UHFRUGDUOHV TXH WRGDYtD
EDMRHOUpJLPHQGH)UDQFRHVWXYLHURQH[HQWDVGHFDVWLJRFRQGXFWDVFRPR
ODVGHGDUPXHUWHDODHVSRVDDG~OWHUDRDODKLMDIRUQLFDULDGHODPLVPD
PDQHUDTXHODYLRODGDSRGtDORJUDUTXHHOYLRODGRUQRIXHUDDSULVLyQVLVH
FDVDEDFRQpO
(QOD(XURSDUHIRUPDGDHQODTXHODVFXHVWLRQHVGHKRQRUQRSHQGtDQ
GHODHQWUHSLHUQDIHPHQLQDHOVLVWHPDIXHGLIHUHQWH'HHQWUDGDODOH\
HVWDEDSRUHQFLPDGHODVSHUVRQDV\GHODVLQVWLWXFLRQHV1RSRGtDVHUGH
RWUD PDQHUD VL WRPDQGR OD OH\ GH 'LRV FRQWHQLGD HQ OD %LEOLD VH KDEtD
SXHVWR HQ VROID OD LQVWLWXFLyQ TXH SRU GHILQLFLyQ HUD PiV VDJUDGD HO
SDSDGRSDUDOOHJDUDODFRQFOXVLyQGHTXHVHKDEtDGHVOHJLWLPDGRFRQVX
FRQGXFWDLQGLJQD/DLGHDGHHVDFHQWUHPDFtDGHODOH\SRUHQFLPDGHODV
SHUVRQDV \ GH ODV LQVWLWXFLRQHV TXHGy HVWDEOHFLGD FODUDPHQWH HQ XQ
HSLVRGLRTXHVXHOHPHQFLRQDUVHQRSRFDVYHFHVVLQPXFKRFRQRFLPLHQWR
GHO PLVPR 0H HVWR\ UHILULHQGR DO ~OWLPR HVFULWR GH /XWHUR VREUH ORV
MXGtRV
$ GHFLU YHUGDG OR FLWDQ DOJXQRV DSRORJLVWDV FDWyOLFRV \ YLVWR OR TXH
GLFHQUHVXOWDREOLJDGROOHJDUDODFRQFOXVLyQGHTXHRLQFXUUHQHQXQFDVR
JUDYtVLPRGHIDOWDGHKRQUDGH]LQWHOHFWXDOTXHORVGHVFDOLILFDWRWDOPHQWH
R VLPSOHPHQWH QR KDQ OHtGR HO WH[WR FRPSOHWR HQ DOHPiQ \ WDPSRFR
FRQRFHQODWRWDOLGDGGHORVKHFKRV
/XWHUR PDQLIHVWy DO LQLFLR GH VX FDUUHUD FRPR UHIRUPDGRU XQD
FRPSDVLyQKDFLDORVMXGtRVTXHQRHUDKDELWXDOHQOD$OHPDQLDFDWyOLFD
\ SRU HVR SURIXQGDPHQWH DQWLVHPLWD GH OD pSRFD 1R GHMD GH VHU
VLJQLILFDWLYR TXH HQ XQR GH VXV HVFULWRV GH HVRV DxRV OOHJXH LQFOXVR D
LQGLFDU TXH KDVWD FLHUWR SXQWR OD IDOWD GH FRQYHUVLyQ GH ORV MXGtRV DO
FULVWLDQLVPR DUUDQFDED IXQGDPHQWDOPHQWH GHO PDOWUDWR LQQHJDEOH \
VLVWHPiWLFR TXH KDEtDQ UHFLELGR GH OD LJOHVLD FDWyOLFD 'XUDQWH ORV DxRV
VLJXLHQWHV ORV MXGtRV GHMDURQ GH WHQHU LQWHUpV SDUD /XWHUR HQYXHOWR HQ
XQD FRQWURYHUVLD WHROyJLFD HQ OD TXH VH MXJDED SHUVRQDOPHQWH OD YLGD \
(XURSDVXIXWXUR
'HHVDVLWXDFLyQVDOLyDOILQDOGHVXYLGD/XWHURDOUHGDFWDUXQWUDWDGR
WLWXODGR/RVMXGtRV\VXVPHQWLUDV(OWH[WRUH]XPDXQGHSORUDEOH
DQWLVHPLWLVPR FX\D UD]yQ REYLD HUD TXH KDVWD /XWHUR KDEtDQ OOHJDGR
QRWLFLDV GH FyPR ORV MXGtRV GLIXQGtDQ OD DILUPDFLyQ GH TXH -HV~V HUD HO
KLMR GH XQD SURVWLWXWD 7DO \ FRPR VHxDOD /XWHUR HQ VX WUDWDGR $Vt OR
OODPDQ D -HV~V HO KLMR GH XQD SURVWLWXWD \ D VX PDGUH 0DUtD XQD
SURVWLWXWDTXHORWXYRHQDGXOWHULRFRQXQDUWHVDQR&RQGLILFXOWDGWHQJR
TXH KDEODU GH XQD PDQHUD WDQ iVSHUD SDUD RSRQHUPH DO 'LDEOR $KRUD
ELHQ VDEHQ TXH KDEODQ WDOHV PHQWLUDV SRU SXUR RGLR \ YROXQWDULDPHQWH
~QLFDPHQWH SDUD HQYHQHQDU D VXV SREUHV MyYHQHV \ D ORV MXGtRV VLPSOHV
FRQWUDOD3HUVRQDGHQXHVWUR6HxRUSDUDHYLWDUTXHDFHSWHQ6XGRFWULQD
/DDFXVDFLyQFRPRKHPRVSRGLGRREVHUYDUTXHKDEtDQLQGLFDGRDQWHV
GHpOQRSRFRVFOpULJRVPHGLHYDOHVHUDFLHUWD\DTXHHIHFWLYDPHQWHHQ
DOJXQRV SDVDMHV GHO 7DOPXG VH KDFH UHIHUHQFLD D TXH 0DUtD HV XQD
DG~OWHUD \ -HV~V HV OODPDGR HVSHFtILFDPHQWH EDVWDUGR 'H KHFKR HVD
UD]yQIXHXQDGHODVTXHPiVSHVDURQHQHOSDSDGR\HQQRSRFRVRELVSRV
SDUDRUGHQDUTXHPDVGHO7DOPXGGXUDQWHOD%DMD(GDG0HGLD\WDPELpQ
ODTXHOOHYyDDOJXQRVHGLWRUHVMXGtRVDFHQWULPLUORVSDVDMHVSDUDHYLWDU
VHUREMHWRGHHVDUHSUHVLyQSDSDO6LQHPEDUJR/XWHURQRVHOLPLWDEDHQ
VX DFXVDFLyQ D ORV LQVXOWRV GLULJLGRV FRQWUD -HV~V \ VX PDGUH$GHPiV
FRQVLGHUDED TXH ORV MXGtRV HUDQ XQ FROHFWLYR TXH PHGLDQWH OD XVXUD
RSULPtDDORVPiVKXPLOGHV/DDILUPDFLyQSXHGHVHUPDWL]DGDSHURHVOD
PLVPDTXHGHVGHKDFtDVLJORVYHQtDYHUWLHQGRODLJOHVLDFDWyOLFDVREUHORV
MXGtRV SURYRFDQGR GHFLVLRQHV FLYLOHV \ HFOHVLDOHV GH HVSHFLDO GXUH]D
FRQWUD HOORV $QWH HVD VLWXDFLyQ /XWHUR SURSRQtD FRPR VROXFLyQ
OLWHUDOPHQWHODGHORVUH\HVGH(VSDxDHVGHFLUODH[SXOVLyQOOHYDGDD
FDER SRU ORV 5H\HV &DWyOLFRV HQ  (YLWDED ODV UHIHUHQFLDV D ORV
EDXWLVPRVIRU]RVRVRDODH[SXUJDFLyQGHORVWH[WRVMXGtRVFRPRKDEtD
VXFHGLGR HQ OD (XURSD FDWyOLFD \ GH PDQHUD VREUHVDOLHQWH HQ (VSDxD
SRUTXH OD OLEHUWDG GH FRQFLHQFLD R GH LPSUHQWD HUDQ UHDOLGDGHV
LQFXHVWLRQDEOHV HQ OD (XURSD GH OD 5HIRUPD 6t DEUD]DED OD PHGLGD
DGRSWDGDSRUORV5H\HV&DWyOLFRV\DSODXGLGDSRUOD6DQWD6HGH3XHGHR
QR JXVWDU SHUR OR FLHUWR HV TXH VL DOJXQD YH] D OR ODUJR GH VX GLODWDGD
FDUUHUDDSR\y/XWHURXQDGHFLVLyQFDWyOLFDUHFLHQWHIXHHQWRQFHV
(O WH[WR GH /XWHUR HV LQQHJDEOHPHQWH ODPHQWDEOH /HMRV GH VHJXLU OD
OtQHD SURSLD GH OD 5HIRUPD GH UHVSHWR D OD OLEHUWDG GH H[SUHVLyQ \ GH
FXOWR /XWHUR VH GHMy OOHYDU SRU OD FyOHUD TXH OH SURYRFDEDQ ODV LQMXULDV
FRQWUD -HV~V \ 0DUtD QLQJ~Q FDWyOLFR GH OD pSRFD KDEUtD DFWXDGR FRQ
PiVPRGHUDFLyQ\RSWySRUXQDGHODVVROXFLRQHVFDWyOLFDVPHGLHYDOHV
TXH YHQtD DSOLFiQGRVH GHVGH KDFtD VLJORV OD H[SXOVLyQ ([FOX\y RWUDV
FRQGXFWDVFRPRODPDWDQ]DHQPDVDGHORVSRJURPRVHVSDxROHVGHILQDOHV
GHO VLJOR;,9GHVHQFDGHQDGRVSUHFLVDPHQWHSRUFOpULJRVRORVEDXWLVPRV
IRU]DGRV TXH OOHYDURQ D ORV DOWDUHV D DOJ~Q SUHGLFDGRU KLVSDQR /XWHUR
FLHUWDPHQWHQROOHJyDWDQWRSHURDQWLJXRPRQMHDILQGHFXHQWDVVtIXH
FXOSDEOH GH QR VHJXLU ODV OtQHDV PDUFDGDV SRU OD 5HIRUPD VLQR GH
FRQWLQXDU XQD PXOWLVHFXODU WUDGLFLyQ FDWyOLFD &RQ WRGR /XWHUR HVFULEtD
\D HQ XQ PHGLR TXH KDEtD H[SHULPHQWDGR OD 5HIRUPD \ HV SUHFLVDPHQWH
HVD FLUFXQVWDQFLD OD TXH H[SOLFD OD UHDFFLyQ TXH SURYRFy VX SDQIOHWR$
SHVDU GH VHU XQ DXWRU SURIXQGDPHQWH RGLDGR HQ HO PXQGR FDWyOLFR QR
KXER XQ VROR WH[WR FDWyOLFR GH VX pSRFD TXH OH DIHDUD VXV FRQFOXVLRQHV
VHJXUDPHQWH SRUTXH OD FRLQFLGHQFLD FRQ OR TXH SDVDED HQ OD (XURSD
FDWyOLFD HUD PiV TXH QRWDEOH 6LQ HPEDUJR HQ OD (XURSD SURWHVWDQWH HO
WH[WRGH/XWHURIXHHQpUJLFDPHQWHUHSXGLDGR(OSUtQFLSHGH+HVVHTXH
FHQWXHVWDPHQWHGHEtDKDEHUHVFXFKDGRODHQVHxDQ]DGH/XWHURVHQHJy
URWXQGDPHQWHDH[SXOVDUDORVMXGtRVVLJXLHQGRHOHMHPSORGHORV5H\HV
&DWyOLFRV \ ORV PDQWXYR HQ VX WHUULWRULR 1R IXH HO VX\R XQ FDVR
H[FHSFLRQDO/RVGXTXHV3KLOLS\+DQV*HRUJHGH0DQVIHOGPDQLIHVWDURQ
VXIDYRUDORVMXGtRVHQODSULPDYHUDGH/RPLVPRVXFHGLyFRQHO
HOHFWRU-RDTXtQ,,3RUVLIXHUDSRFR-XDQ$JUtFRODVHSHUPLWLySUHGLFDU
HQ%HUOtQHQIDYRUGHORVMXGtRV\ORKL]RXWLOL]DQGROD%LEOLD/DOLEHUWDG
HVSLULWXDO TXH KDEtD WUDtGR OD 5HIRUPD HUD LUUHYHUVLEOH ,QFOXVR )HOLSH
0HODQFKWKRQODPDQRGHUHFKDGH/XWHURWDPELpQPDQLIHVWyVXRSRVLFLyQ
DOWH[WRVHxDODQGRTXHQRGHEtDQVHJXLUVHVXVGLUHFWULFHV
(VDIXHODSRVLFLyQJHQHUDOL]DGDGHODVLJOHVLDVQDFLGDVGHOD5HIRUPD\
HUDOyJLFRTXHDVtIXHUD$ILQGHFXHQWDVOD5HIRUPDKDEtDLQWURGXFLGR
HQ ODV PHQWHV \ ORV FRUD]RQHV GH ODV SHUVRQDV XQ SULQFLSLR IXQGDPHQWDO
TXHQRHUDRWURTXHHOGHMX]JDUODVDFFLRQHV\ODVHQVHxDQ]DVGHWRGRVORV
KRPEUHVDODOX]GHOD%LEOLD\VRPHWHUDODSULPDFtDGHODOH\\QRGH
XQD LQVWLWXFLyQ ORV DFWRV 3DUWLHQGR GH HVD EDVH QDGLH VH FRQVLGHUy
REOLJDGR D VHJXLU HO FULWHULR GH /XWHUR VL FKRFDED FRQ OD %LEOLD OR TXH
GLFKR VHD GH SDVR HUD HO FDVR 3RU HO FRQWUDULR HQ HO PXQGR FDWyOLFR
DSHQDVXQRVDxRVDQWHVHOSDSDKDEtDFHOHEUDGRODH[SXOVLyQGHORVMXGtRV
GH(VSDxDFRQXQDVHULHGHIHVWHMRVHQWUHORVTXHVHLQFOX\yXQDFRUULGD
GHWRURV(QRWUDVSDODEUDVHQHOVLJOR;9,HQOD(XURSDUHIRUPDGDQDGLH
KL]RFDVRD/XWHURFXDQGRSUHWHQGLyTXHVHH[SXOVDUDDORVMXGtRVFRPR
KDEtDQKHFKRORV5H\HV&DWyOLFRVHQ(VSDxDXQDVGpFDGDVDQWHV
(QOD(VSDxDGHOVLJOR;;,WRGDYtDKD\TXLHQSURSXJQDODFDQRQL]DFLyQ
GH ,VDEHO OD &DWyOLFD TXLHQ MXVWLILFD R PLQLPL]D OD H[SXOVLyQ GH ORV
MXGtRV \ TXLHQ SUHWHQGH FRPSDUDU HO HSLVRGLR FRQ RWURV DFRQWHFLGRV HQ
RWUDVQDFLRQHV%DVWDSUHJXQWDUDORVPLVPRVMXGtRVSDUDVDEHUTXHQRIXH
DVt,VDEHOOD&DWyOLFDIXHXQDJUDQUHLQDSHURHVDFLUFXQVWDQFLDQRSXHGH
LPSHGLU TXH H[DPLQHPRV FRQ HTXLGDG WDPELpQ DFFLRQHV FRPR OD
LPSODQWDFLyQGHOD,QTXLVLFLyQRODH[SXOVLyQGHORVMXGtRVFX\DVSpVLPDV
FRQVHFXHQFLDV SDUD (VSDxD OOHJDQ KDVWD QXHVWURV GtDV 3RU DxDGLGXUD VX
DFFLyQQRWXYRIUHQRDOJXQRXQDYH]TXHGHFLGLyQDYHJDUVREUHODRODGH
DQWLVHPLWLVPRTXHKDEtDGHVHQFDGHQDGRHOFOHURFDWyOLFR/DGH/XWHURD
SHVDU GH VX LQQHJDEOH DXWRULGDG Vt 4XL]i SRU HVR OD QDFLyQ GRQGH IXH
VDOYDGDFDVLWRGDODSREODFLyQMXGtDGXUDQWHOD6HJXQGD*XHUUD0XQGLDO
IXHUDODOXWHUDQD'LQDPDUFD\TXL]iSRUHVRODSULPHUDFRQGHQDGLULJLGD
FRQWUD HO QDFLRQDOVRFLDOLVPR SRU XQD HQWLGDG FULVWLDQD IXHUD OD
'HFODUDFLyQGH%DUPHQGHVXVFULWDSRUSURWHVWDQWHVDOHPDQHVMXVWR
FXDQGRHOGHMXOLRGHOD6DQWD6HGHKDEtDILUPDGRXQ&RQFRUGDWR
FRQ+LWOHU1LQJXQRGHHVRVKHFKRVKLVWyULFRVSURFHGtDGHOYDFtRVLQRGH
XQDOPDQDFLRQDOPROGHDGDDORODUJRGHVLJORV
(OKHFKRGHTXHODVQDFLRQHVHQODVTXHWULXQIyOD5HIRUPDDGPLWLHUDQ
GHPDQHUDFDVLLQPHGLDWDODFHQWUHPDFtDGHODOH\VREUHORVLQGLYLGXRV\
ODV LQVWLWXFLRQHV WXYR UHVXOWDGRV LPSUHVLRQDQWHV 0LHQWUDV (VSDxD
VRSRUWDEDDXQUH\FRPR)HOLSH,9TXHHVWDEDWHUPLQDQGRGHOLTXLGDUHO
LPSHULRHVSDxROHQGHIHQVDGHOD&RQWUDUUHIRUPDHLQFOXVRFXDUWHDQGROD
XQLGDGQDFLRQDOORVSXULWDQRVLQJOHVHVVHDO]DEDQFRQWUDHOUH\&DUORV,
HQ GHIHQVD GH VXV GHUHFKRV IXQGDPHQWDOPHQWH OD OLEHUWDG GH
FRQFLHQFLD OD OLEHUWDG GH UHSUHVHQWDFLyQ \ OD SURSLHGDG SULYDGD OR
GHUURWDEDQ OR MX]JDEDQ \ OR GHFDSLWDEDQ (Q WHRUtD HO SDUODPHQWDULVPR
WHQtDTXHKDEHUDYDQ]DGRPiVHQ(VSDxDTXHHQRWUDVQDFLRQHVSXHVWRTXH
IXH HO SULPHU OXJDU GH (XURSD GRQGH DSDUHFLy 1R IXH DVt SRUTXH VH
DGPLWLy FRPR FLUFXQVWDQFLD LQQHJDEOH TXH LQVWLWXFLRQHV FRPR OD LJOHVLD
FDWyOLFDRODPRQDUTXtDQRHVWXYLHUDQVRPHWLGLWRDVDOLPSHULRGHODOH\
3RUHOFRQWUDULRHOSDUODPHQWDULVPRSURJUHVySUHFLVDPHQWHHQQDFLRQHV
GRQGHWULXQIyOD5HIRUPDFRPR,QJODWHUUD+RODQGD6XL]DRODVQDFLRQHV
HVFDQGLQDYDV
'HPDQHUDWUiJLFDODSULPDFtDGHODOH\LEDDTXHGDUGHVFDUWDGDGHXQD
(VSDxDGLIHUHQWHODPHQWDEOHPHQWHGLIHUHQWHGHOD(XURSDGHOD5HIRUPD
+DVWDHOGtDGHKR\XQILVFDOJHQHUDOSXHGHDILUPDUTXHHVOtFLWRTXHORV
ILVFDOHV VH PDQFKHQ ODV WRJDV FRQ HO SROYR GHO FDPLQR SRUTXH HQ HO
IRQGRFUHHTXHODOH\QRGHEHREOLJDUGHLJXDOPDQHUDDORVTXHSHUVLJXHQ
ODVEXHQDVPHWDVGHODL]TXLHUGD+DVWDHOGtDGHKR\HORELVSR0XQLOOD
VHSXHGHOOHYDUDOD-RUQDGD0XQGLDOGHOD-XYHQWXGDORVSUHVRVGHXQD
FiUFHOYDVFD\OXHJRSUHVXPLUGHHOORHQODSiJLQDZHEGHODGLyFHVLV
SRUTXHWDPELpQHQHOIRQGRFUHHTXHODOH\QRREOLJDDORVUHSUHVHQWDQWHV
GH&ULVWRHQODWLHUUDRFXSDGRVGHVDQWDVODERUHV+DVWDHOGtDGHKR\OD
&RPSDxtDGH-HV~VSXHGHFRPRGHVDUUROODUHPRVHQXQFDStWXORXOWHULRU
SUHVWDUHOVDQWXDULRGH/R\RODSDUDUHXQLRQHVHQWUH(7$ORVHPLVDULRVGH
=3\ORVFRUUHRVGHO319SRUTXHWDPELpQHQHOIRQGRFUHHTXHODOH\QR
REOLJD D ORV TXH EXVFDQ VHUYLU FDXVDV QRELOtVLPDV FRPR OD GH TXH ORV
WHUURULVWDV VHDQ WDQ DFHSWDGRV VRFLDOPHQWH FRPR ODV YtFWLPDV 6RQ
DOJXQRVHMHPSORVSRUTXHKLVWyULFDPHQWHVHSRGUtDQFLWDUFHQWHQDUHV/D
OH\SXHGHHMHUFHUVXSULPDFtDHQ(VSDxDSHURJUDFLDVDODKHUHQFLDGHOD
&RQWUDUUHIRUPDQRVREUHWRGRVQLGHPDQHUDLJXDO
5HVXOWD LPSHUDWLYR DIURQWDU ORV KHFKRV QR SRFRV HVSDxROHV D
GLIHUHQFLD GH OD JHQHUDOLGDG GH ORV FLXGDGDQRV GH HVDV QDFLRQHV GRQGH
WULXQIy OD 5HIRUPD QRUPDOPHQWH VLHPSUH HQFXHQWUDQ H[FXVDV SDUD Vt R
SDUDHOVHFWRUDOTXHSHUWHQHFHQDODKRUDGHQRVRPHWHUVHDOLPSHULRGHOD
OH\'DORPLVPRVLVHWUDWDGHODFRUUXSFLyQGHVXSDUWLGRRGHODVPXOWDV
GHWUiILFR6LSHUWHQHFHQDVXLJOHVLDDVXSDUWLGRRDVXIDPLOLDVHJXUR
TXHQRUHVXOWDEDWDQJUDYHVLHVTXHDFDVRORHV6XFRQGXFWDQRHV~QLFD
FLHUWDPHQWH 6H GD LJXDO HQ ,WDOLD \ 3RUWXJDO HQ *UHFLD \$UJHQWLQD HQ
0p[LFR \ 1LFDUDJXD )RUPD SDUWH GH XQD YLVLyQ TXH \D HQFDUQDED HO
FDUGHQDO6DGROHWR\TXHSRUFHQWXHVWRVLHPSUHORJUDKDOODUXQDFHQWXHVWD
MXVWLILFDFLyQ $QWHV GH WHUPLQDU HO SUHVHQWH FDStWXOR UHVXOWD REOLJDGR
VHxDODUHQTXpFRQFOX\yHOHSLVRGLRGHOFDUGHQDO6DGROHWR4XL]iVDOJ~Q
OHFWRU OR FHQWRQJD \D /DV DXWRULGDGHV JLQHEULQDV HUDQ LQWHOLJHQWHV \
GHVHDEDQ OR PHMRU SDUD VXV DGPLQLVWUDGRV 5HFKD]DURQ OD SURSXHVWD GHO
FDUGHQDO 6DGROHWR \ &DOYLQR IXH OODPDGR QXHYDPHQWH D *LQHEUD
6HPHMDQWHGHFLVLyQIXHIHFXQGDHQySWLPDVFRQVHFXHQFLDV
 


(OWULEXWRSDJDGRDOD&RQWUDUUHIRUPD9,
SHFDGRVYHQLDOHV

$ LQLFLRV GHO VLJOR ;9,(VSDxDVHTXHGyGHVFROJDGDGHOUHJUHVRDXQD

VHULH GH YDORUHV UHFRJLGRV HQ OD %LEOLD TXH VH WUDGXMHURQ HQ DTXHOODV
QDFLRQHV GRQGH WULXQIy OD 5HIRUPD HQ XQD QXHYD pWLFD GHO WUDEDMR XQD
FHQWHULRUFXOWXUDFUHGLWLFLDXQDDOIDEHWL]DFLyQDFHOHUDGDXQDUHYROXFLyQ
FLHQWtILFD \ XQ UHFRQRFLPLHQWR GH OD SULPDFtD GH OD OH\ 1R IXHURQ SRU
GHVJUDFLD VXV ~QLFDV SpUGLGDV FRPR YHUHPRV HQ ODV SiJLQDV VLJXLHQWHV
3RU DxDGLGXUD (VSDxD DFHSWy VLJXLHQGR HO ~QLFR GLVFXUVR WROHUDGR OD
YHQLDOLGDG GH FLHUWDV FRQGXFWDV HVSHFLDOPHQWH GDxLQDV SDUD OD
FRQVWUXFFLyQGHXQDVRFLHGDGGHFLXGDGDQRV(QWUHHOODVVHSRGUtDQFLWDU
OD EHQHYROHQFLD FRQ TXH DFRJLy OD PHQWLUD \ OD IDOWD GH UHVSHWR SRU OD
SURSLHGDGSULYDGD
(O FRQFHSWR GH SHFDGR YHQLDO HV WHROyJLFDPHQWH PX\ GLVFXWLGR \
GLVFXWLEOH QR DSDUHFH SRU HMHPSOR HQ OD %LEOLD SHUR IRUPD SDUWH
HVHQFLDO GH OD WHRORJtD FDWyOLFD %DVWH GHFLU TXH XQR GH ORV SHFDGRV
PHQFLRQDGRV H[SUHVDPHQWH HQ HO 'HFiORJR e[RGR   MXQWR DO
FXOWRDODVLPiJHQHVHOKRPLFLGLRHODGXOWHULRRHOURERHVSUHFLVDPHQWH
OD PHQWLUD 6H SXHGH SRU FHQWXHVWR VRVWHQHU TXH OD PHQWLUD FDUHFH GH
UHOHYDQFLDVDOYRHQFDVRVHVSHFLDOHVFRPRHQVHxDHO~OWLPR&DWHFLVPRGH
OD LJOHVLD FDWyOLFD SHUR FXHVWD FUHHU TXH HO 'LRV TXH OH HQWUHJy ORV
PDQGDPLHQWRV D 0RLVpV SHQVDUD OR PLVPR 'HVGH OXHJR HQ OD FXOWXUD
HVSDxRODIRUMDGDGXUDQWHOD&RQWUDUUHIRUPDQRFDOyHVDHQVHxDQ]DEtEOLFD
/RV IUXWRV GH HVD FLUFXQVWDQFLD LQQHJDEOH QR GHMDQ GH VHU FXULRVRV
5HIOH[LyQHVHSRUHMHPSORHQHOKHFKRGHTXH(VSDxDHVOD~QLFDQDFLyQ
TXHFXHQWDFRQXQDQRYHODSLFDUHVFDVXUJLGDSUHFLVDPHQWHHQODHWDSDGH
OD &RQWUDUUHIRUPD 1R QRV UHIHULPRV DO/D]DULOOR TXH QR HV XQD QRYHOD
SLFDUHVFD VLQR HUDVPLVWD QR SRGtD VHU PHQRV WHQLHQGR HQ FXHQWD OR
KDUWRTXHHVWDEDVXDXWRU$OIRQVRGH9DOGpVGHVRSRUWDUDODPDQFHEDGR
FRQIHVRUGH&DUORV9VLQRDWRGRXQJpQHURTXHUHXQLyWDOHQWRVFRPR
ORV GH 0DWHR$OHPiQ 4XHYHGR R 9LFHQWH (VSLQHO HQWUH RWURV PXFKRV
SDUD GHMDU GH PDQLILHVWR GH PDQHUD LQGXELWDEOH TXH HQ OD (VSDxD TXH
GHVDQJUDED ORV FDXGDOHV DPHULFDQRV FRQYHUWLGD HQ HVSDGD GH OD
&RQWUDUUHIRUPD OD FHQWHUVWLFLyQ OD FRUUXSFLyQ \ OD LQFRPSHWHQFLD
LQVWLWXFLRQDO HUDQ VRSRUWDGDV UHFXUULHQGR GH PDQHUD IXQGDPHQWDO D OD
FRPLVLyQGHXQSHFDGRFRQVLGHUDGRYHQLDOFRPRHUDODPHQWLUD
3RUFHQWXHVWRODPHQWLUDVHKDGDGR\VHGDHQRWUDVFXOWXUDVSHURQROD
QRYHODSLFDUHVFDHO6LPSOLFXV6LPSOLFLVVLPXVR0ROO)ODQGHUVQRSDVDQ
GHVHUSRVLEOHV\PDWL]DGtVLPDVH[FHSFLRQHVDODUHJODJHQHUDOSRUOD
VHQFLOODUD]yQGHTXHVLELHQRWUDVWDPELpQFRQVDJUDURQHOSHFDGRYHQLDO
GHPHQWLUFRPRXQDIRUPDGHH[LVWHQFLDQRHVPHQRVFLHUWRTXHQLQJXQD
QDFLyQ IXH WDQ WUiJLFDPHQWH FRQVFLHQWH GH ODV PHQWLUDV TXH VXIUtD 3RU
GHVJUDFLD FRQFOXLGR HO GHVDVWUH GH ORV$XVWULDV TXH WDQ FHUWHUDPHQWH
FHQWRUHFRQRFHU&ODXGLR6iQFKH]$OERUQR]\TXHDOJXQRVVHHPSHxDQHQ
QHJDU(VSDxDVRORVHTXHGyFRQODYHQLDOLGDGGHODPHQWLUD\QRFRQHO
DQiOLVLV GH ODV UD]RQHV GH VX GHVJUDFLD TXH OD ~QLFD FXOWXUD OHJDO
FRQYLUWLySRUDxDGLGXUDHQPRWLYRVGHMDFWDQFLD
*XVWHRQRJXVWHUHFRQRFHUORHQHVWRQRSRFRVHVSDxROHVVRQWDPELpQ
WXHUWRV \ VROR GDQ LPSRUWDQFLD D ODV PHQWLUDV TXH OHV SHUMXGLFDQ R TXH
SURQXQFLDQORVGHORWURODGRODPHQWLUDHVXQDFDUDFWHUtVWLFDELHQWULVWH
GHODVQDFLRQHVHQODVTXHQRWULXQIyOD5HIRUPD(Q(VWDGRV8QLGRVHQ
*UDQ %UHWDxD HQ ORV SDtVHV HVFDQGLQDYRV XQ SROtWLFR TXH PLHQWH KD
ILUPDGR VX DFWD GH GHIXQFLyQ (Q (VSDxD HO XVR GH OD PHQWLUD QR KD
SURYRFDGRHOILQDOGHXQVRORSROtWLFRDORODUJRGHWRGDVX+LVWRULD6H
XWLOL]DFRPRDUPDDUURMDGL]DFRQWUDHORWURSHURLQFOXVRHQODDFWXDOLGDG
VRQSRFRVSRTXtVLPRVORVHVSDxROHVTXHODVRSHVDQFRPRIDFWRUDODKRUD
GHGHFLGLUVXYRWRVDOYRTXHVHDXQDUJXPHQWRDxDGLGRSDUDDUURMDUDOD
FDUDGHOFRQWUDULR
$OJR ODPHQWDEOHPHQWH VHPHMDQWH VXFHGH FRQ OD DFWLWXG KDFLD OD
SURSLHGDG SULYDGD +LVWyULFDPHQWH HO HVSDxRO QR KD FRQWHPSODGR OD
SURSLHGDGSULYDGDFRPRXQGHUHFKRLQYLRODEOHIUHQWHDORVSRGHURVRVTXH
HVWDQWRPiVHVHQFLDOFXDQWRPiVD\XGDDSURWHJHUODOLEHUWDGLQGLYLGXDO
(VD HV XQD LGHD QHWD \ URWXQGDPHQWH SURWHVWDQWH VXUJLGD GH ODV SiJLQDV
GHOD%LEOLDSHURQRKDDUUDLJDGRMDPiVHQODVQDFLRQHVGRQGHQRWULXQIy
OD 5HIRUPD$ GHFLU YHUGDG VROR OD SURSLHGDG UHJLD RFDVLRQDOPHQWH OD
QRELOLDULD \ SRU FHQWXHVWR OD SHUWHQHFLHQWH D OD LJOHVLD FDWyOLFD VH KDQ
FRQVLGHUDGRVDJUDGDVHLQYLRODEOHV'HKHFKRFXDQGRHQDOJXQDVLWXDFLyQ
GHYHUGDGHUDQHFHVLGDGVHKDOOHJDGRDODFRQFOXVLyQGHTXHFXDOTXLHUDGH
HVDVGRVSURSLHGDGHVQRHUDLQYLRODEOHORVHVSDxROHVORKDQSDJDGRPX\
FDUR
'DGRTXHKLVWyULFDPHQWHODV~QLFDVSURSLHGDGHVFRQVLGHUDGDVVDJUDGDV
KDQHVWDGRXQLGDVDODFRURQD\DODLJOHVLDFDWyOLFDQRVRUSUHQGHTXHHQ
(VSDxD VH UHVSHWH WDQ SRFR OD SURSLHGDG SULYDGD 3DVHPRV SRU DOWR HVD
LPSXQWXDOLGDG TXH QR HV VLQR XQ URER D ODV HPSUHVDV \ TXH VH LQWHQWD
FRPSHQVDUHQ(VSDxD\$UJHQWLQDFRQXQSOXVGHSXQWXDOLGDGTXHQR
FRPSUHQGH FRQ UD]yQ QLQJ~Q LQYHUVRU H[WUDQMHUR 3DVHPRV SRU DOWR
HOPtQLPRFDVWLJRTXHGHULYDGHGHOLWRVFRPRGDUXQFKHTXHVLQIRQGRV
SHQDGR HQ RWUDV QDFLRQHV LQFOXVR FRQ OD SULVLyQ 3DVHPRV SRU DOWR OD
FRVWXPEUH JHQHUDOL]DGD GH HQWUDU HQ HO MDUGtQ DMHQR D FRJHU IORUHV R D
UREDUIUXWDFRPRVLIXHUDHOFRPSRUWDPLHQWRPiVQRUPDO(OUHVSHWRDOD
SURSLHGDGSULYDGDSDUDPLOORQHVGHHVSDxROHVVHDFDEDHQODSURSLD/RV
KXUWRV HQ HO OXJDU GH WUDEDMR R HQ ORV KRWHOHV FRQVWLWX\HQ XQD SUiFWLFD
VRFLDODFHSWDGDGHPDQHUDVLVWHPiWLFD
(VDFRQGXFWDWDQFRP~QHQ(VSDxDHVFHQVXUDGD\SHQDGDHQQDFLRQHV
GRQGH WULXQIy OD 5HIRUPD PLHQWUDV TXH HV SUDFWLFDGD \ GLVFXOSDGD
VRFLDOPHQWH HQ RWURV OXJDUHV GHO RUEH VRFLROyJLFDPHQWH FDWyOLFR $O
UHVSHFWRQRGHMDGHVHUVLJQLILFDWLYRTXHHQXQDGHODVPHMRUHVSHOtFXODV
HVSDxRODV GH ORV ~OWLPRV DxRV8Q IUDQFR FDWRUFH SHVHWDV VH UHFRMD HO
HSLVRGLRUHDOGHFyPRXQLQPLJUDQWHHVSDxROHQ6XL]DWLHQHTXHHQVHxDUD
XQ FRPSDWULRWD TXH HQ VX SDtV GH DGRSFLyQ QR VH URED HQ ORV
FHQWHUPHUFDGRVFRPRHQ(VSDxD$OOtHOURERGHSHTXHxDVFRVDVQRHV
FRPRODPHQWLUDYHQLDO(OHVSDxROTXHVHKDYLVWRREOLJDGRDYLYLU
IXHUDDSUHQGHHQVHJXLGDODOHFFLyQVLHVTXHQRYHQtDFRQHOODDSUHQGLGD
SHUR\DORKDFHHQHOVHQRGHRWUDFXOWXUDGLVWLQWD
(OUHODWLYLVPRPRUDOQRVRORHOFRQHFWDGRFRQODPHQWLUDRODIDOWDGH
UHVSHWR KDFLD OD SURSLHGDG SULYDGD HV XQD GH ODV ODFUDV GHULYDGDV GHO
FRQWURO LGHROyJLFR HMHUFLGR SRU OD LJOHVLD FDWyOLFD (VD FLUFXQVWDQFLD
LQQHJDEOH LED D DUURMDU VX QHJUD VRPEUD HQ ORV VLJORV VLJXLHQWHV
&LHUWDPHQWHODLJOHVLDFDWyOLFDLQVLVWLUtDHQXQPHQVDMHULJRULVWDSRGUtD
LQFOXVR FDOLILFDUVH GH SDWROyJLFR HQ UHODFLyQ FRQ OD PRUDO VH[XDO 6LQ
HPEDUJRPLHQWUDVTXHORVGLULJHQWHVGHODQDFLyQODOOHYDEDQDSHUGHUHO
WUHQGHODUHYROXFLyQFLHQWtILFD\QRVHSUHRFXSDEDQGHHGXFDUDOSXHEOR
OD XQLYHUVLGDG VH GHGLFDED D LU KDOODQGR GHILQLFLRQHV TXH SHUPLWLHUDQ
ERUGHDUODPRUDOVLQPD\RUHVSUREOHPDV(VHOFDVRGHHVFXHODVPRUDOHV
FRPR ODV TXH IXHURQ DSDUHFLHQGR GXUDQWH OD &RQWUDUUHIRUPD GH OD PDQR
GHHQWLGDGHVWDQVLJQLILFDWLYDVFRPROD&RPSDxtDGH-HV~V8QHMHPSOR
DOUHVSHFWRIXHHOGHOSUREDELOLVPRXQVLVWHPDGHWHRORJtDPRUDOFDWyOLFD
TXH FRQVLGHUD TXH HQ FDVR GH GXGD DFHUFD GH VL DOJR HV R QR LQPRUDO
FRQVLGHUDTXHUHVXOWDOtFLWRVHJXLUXQDRSLQLyQSUREDEOHTXHIDYRUH]FDOD
OLEHUWDGSHVHDTXHXQDRSLQLyQFRQWUDULDIDYRUDEOHDODOH\UHVXOWHPiV
SUREDEOH6LHVWRSLQLRSUREDELOLVOLFLWXPHVWHDPVHTXLOLFHWRSSRVLWD
SUREDELOLRU VLW $XQTXH HO SUREDELOLVPR FRQWDED FRQ DOJXQRV
DQWHFHGHQWHVHQHOVLJOR;,9VXSULPHUDIRUPXODFLyQGHEHDWULEXLUVHDOD
HVFXHOD HVSDxROD GH 6DODPDQFD GHO VLJOR;9,DODTXHWDQUHSHWLGDFRPR
HUUyQHDPHQWH VH KD FRQHFWDGR FRQ OD DSDULFLyQ GHO OLEHUDOLVPR
HFRQyPLFR(OSUREDELOLVPRIXHGHIHQGLGRSRUyUGHQHVWDQHPEOHPiWLFDV
FRPR ORV GRPLQLFRV DXWpQWLFD IXHU]D GH FKRTXH GHO SDSDGR SDUD
SHUVHJXLUDORVGLVLGHQWHVUHOLJLRVRV\HMHFXWDUODSROtWLFDDQWLVHPLWDGHO
SDSDGR\ORVMHVXLWDVODRUGHQFRQWUDUUHIRUPLVWDSRUDQWRQRPDVLDTXH
QR VROR H[LJLy OD LQVWDXUDFLyQ GH OD ,QTXLVLFLyQ HQ WHUULWRULRV FRPR OD
,QGLD GRQGH H[LVWtDQ HQFODYHV SRUWXJXHVHV VLQR TXH OOHYy D FDER XQD
SROtWLFDGHVDQJUH\IXHJRFRQWUDORVSURWHVWDQWHVHVWDEOHFLyXQVLVWHPD
HGXFDWLYR QR SDUD HGXFDU DO SXHEOR FRPR HQ OD (XURSD GH OD 5HIRUPD
VLQRSDUDIRUPDUDODVpOLWHVTXHVRPHWHUtDQDODVQDFLRQHVDORVLQWHUHVHV
GH OD LJOHVLD FDWyOLFD \ QR YDFLOy D OD KRUD GH IRUPDU JUXSRV WHUURULVWDV
FX\D PLVLyQ HUD DVHVLQDU D UH\HV SURWHVWDQWHV \ SURFHGHU D VX
GHUURFDPLHQWR1RVRUSUHQGHTXHFRQXQDWUD\HFWRULDVHPHMDQWHTXHKD
SHUVLVWLGRKDVWDHOGtDGHKR\HQWRGDVVXVOtQHDVLQFOXLGRFRPRYHUHPRV
HO UHVSDOGR D JUXSRV WHUURULVWDV OD &RPSDxtD GH -HV~V QR WXYLHUD
SUREOHPDDOJXQRHQHODERUDUVLVWHPDVGHUHODWLYLVPRPRUDO
'H PDQHUD OyJLFD HO SUREDELOLVPR IXH DWDFDGR FRPR XQD IRUPD GH
OD[LVPR\DTXHSHUPLWtDTXHODJHQWHDFWXDUDVHJ~QXQFULWHULRGHOLEHUWDG
DXQTXH IXHUD PtQLPDPHQWH SUREDEOH TXH HO PLVPR UHVXOWDUD FRUUHFWR
3DVFDOIXOPLQyWHUULEOHVDWDTXHVFRQWUDHOSUREDELOLVPRSHURHOILOyVRIR
IUDQFpV HVWDED PX\ LQIOXLGR SRU OD WHRORJtD UHIRUPDGD \ QR SRGtD
HQWHQGHUOR~WLOTXHXQDYLVLyQVHPHMDQWHSRGtDVHUDODKRUDGHFRQIHVDUD
UH\HV\DULVWyFUDWDV1RGHMDGHVHUVLJQLILFDWLYRTXHODUHKDELOLWDFLyQGHO
SUREDELOLVPR WHUULEOHPHQWH YDSXOHDGR GXUDQWH ORV VLJOR;9,, \;9,,,
YLQLHUD GH OD PDQR GH$OIRQVR 0DUtD GH /LJRULR FDQRQL]DGR HQ  \
GHFODUDGRGRFWRUGHODLJOHVLDHQ$SDUWLUGHOVLJOR ;,;ORVMHVXLWDV
DGRSWDURQGHPDQHUDFODUDHOSUREDELOLVPRFRPRHQVHxDQ]DRILFLDO\KR\
HQ GtD MXQWR FRQ HO HTXLSUREDELOLVPR GH $OIRQVR 0DUtD GH /LJRULR
FRQVWLWX\H HO VLVWHPD PRUDO PiV JHQHUDOL]DGR GHQWUR GH OD LJOHVLD
FDWyOLFD
/D JHQWH GHO SXHEOR SRGtD YHUVH VRPHWLGLWRD D FULWHULRV HVWULFWRV HQ
iUHDV FRPR OD PRUDO VH[XDO GHO FDWROLFLVPR XQ FRQMXQWR GH
PDQLIHVWDFLRQHV GH GHVSUHFLR KDFLD HO FXHUSR \ OD VH[XDOLGDG
YHUGDGHUDPHQWH SDYRURVR \ TXH VROR UHFLHQWHPHQWH \ ~QLFDPHQWH HQ
DOJXQRV PHGLRV VH KD YLVWR PLWLJDGR SHUR HO OD[LVPR PRUDO GHO TXH
GLVIUXWDEDQ ODV pOLWHV UHFWRUDV VDOYR HQ OR TXH D OD VXPLVLyQ D ORV
LQWHUHVHV GH OD LJOHVLD FDWyOLFD VH UHILHUH HUD ELHQ UHYHODGRU (O WULEXWR
SDJDGRSRU(VSDxDQRKDGHMDGRGHVHUDERQDGRXQD\RWUDYH]GXUDQWHORV
VLJORVVLJXLHQWHVDOD&RQWUDUUHIRUPDHQIRUPDGHFRUUXSFLyQVLVWHPiWLFD
GHRSDFLGDGS~EOLFD\GHHQGHXGDPLHQWRPRUDO3HURKXELHUDSRGLGRVHU
GHRWUDPDQHUDFXDQGRODPHQWLUD\ODIDOWDGHUHVSHWRKDFLDODSURSLHGDG
GHRWURVVRQVRORSHFDGRVYHQLDOHV"
 


(OWULEXWRSDJDGRDODFRQWUDUUHIRUPD9,,
ODDXVHQFLDGHGLYLVLyQGHSRGHUHV

<DIXHEDVWDQWHGHVJUDFLDTXH(VSDxD\FRQHOODODVQDFLRQHVGRQGH
QRWULXQIyOD5HIRUPDVHYLHUDSULYDGDGHODpWLFDGHOWUDEDMRGHOQRUWH
GH (XURSD GH VX LPSXOVR HGXFDWLYR GH OD UHYROXFLyQ FLHQWtILFD GH OD
QXHYDFXOWXUDFUHGLWLFLDGHODDFHSWDFLyQGHOLPSHULRGHODOH\HLQFOXVR
GHXQQRWDEOHKRUURUIUHQWHDFRQGXFWDVUHSUREDEOHVFRPRODPHQWLUDROD
YLRODFLyQ GH OD SURSLHGDG DMHQD /DPHQWDEOHPHQWH QR VH GHWXYR DKt HO
RQHURVR WULEXWR SDJDGR SRU (VSDxD D OD &RQWUDUUHIRUPD 'H KHFKR
LQIOX\yGHPDQHUDPX\HVSHFLDOHQXQLQVWUXPHQWRWDQHVHQFLDOSDUDOD
GHIHQVDGHODVOLEHUWDGHVFRPRODVHSDUDFLyQGHSRGHUHV
/DV QDFLRQHV HQ ODV TXH WULXQIy OD 5HIRUPD FHQWLHURQ VLHPSUH TXH HO
SRGHU DEVROXWR FRUURPSH DEVROXWDPHQWH $ GHFLU YHUGDG HO SDSDGR HUD
SDUD HOORV XQ SDUDGLJPD LQQHJDEOH GH HVD UHDOLGDG 8Q RELVSR GH 5RPD
TXHQRFRQWDEDFRQIUHQRVDVXSRGHUKDEtDWHUPLQDGRDEDQGRQDQGRGHVGH
KDFtD VLJORV OD KXPLOGDG GHO SHVHEUH GH %HOpQ R GH OD FUX] GHO &DOYDULR
SRU OD EDVtOLFD GH 6DQ 3HGUR HQ 5RPD VLQ GXGD H[WUDRUGLQDULD GHVGH XQ
SXQWR GH YLVWD DUWtVWLFR SHUR OHYDQWDGD FRQ IRQGRV GH SURFHGHQFLD
PRUDOPHQWH GLVFXWLEOH 1R VH WUDWDED GH XQ HSLVRGLR DLVODGR VLQR GH OD
FRQWLQXDFLyQGHORTXHFRQVLGHUDEDQXQSURFHVRGHGHJHQHUDFLyQ$FDVR
ORV SDSDV QR KDEtDQ WUDVODGDGR OD FRUWH GH 5RPD D$YLxyQ SRU UD]RQHV
PHUDPHQWH SROtWLFDV " $FDVR GXUDQWH HO VLJOR;,9 QR KDEtD
SDGHFLGR OD LJOHVLD FDWyOLFD XQ &LVPD TXH VH WUDGXMR HQ OD H[LVWHQFLD GH
GRV SDSDV OOHJy D KDEHU KDVWD FXDWUR TXH VH H[FRPXOJDEDQ
UHFtSURFDPHQWH " $FDVR ORV SDSDV JXHUUHURV GHO
5HQDFLPLHQWRPDJQtILFRVPHFHQDVHLQFOXVRGRWDGRVSROtWLFRVSRURWUD
SDUWHQRKDEtDQGHVWDFDGRSUHFLVDPHQWHSRUHQJHQHUDOQRRFXSDUVHGH
OD SLHGDG FRPR VX SULPHUD WDUHD " 3XHV VL HVR VXFHGtD FRQ
JHQWH TXH SRU GHILQLFLyQ WHQtD TXH VHU HMHPSODU TXp VH SRGtD HVSHUDU
GHOSRGHUSROtWLFR"
3DUD OD WHRORJtD SURWHVWDQWH HQ VHJXLPLHQWR GH OR HQVHxDGR
H[SOtFLWDPHQWH SRU OD %LEOLD HO VHU KXPDQR WLHQH XQD QDWXUDOH]D
FRUURPSLGDSRUHOSHFDGR\SRUORWDQWRORPHMRUOR~QLFRDORTXH
SXHGHDVSLUDUVHHQWpUPLQRVSROtWLFRVHVDXQSRGHUTXHQRVHDDEVROXWR\
DOTXHSDUDTXHJHVWLRQHELHQVXVIXQFLRQHVKD\TXHOLPLWDU\YLJLODU(Q
DSHQDVXQDVGpFDGDVHVDYLVLyQFLHUWDPHQWHQRYHGRVD\GHVGHOXHJR
UDGLFDOPHQWH RSXHVWD D OD GH OD (XURSD GH OD &RQWUDUUHIRUPD IXH
DUWLFXODQGR XQD VHULH GH IUHQRV IUHQWH DO DEVROXWLVPR HQ ODV QDFLRQHV
GRQGHKDEtDWULXQIDGROD5HIRUPD(Q+RODQGDVHRSWyGLUHFWDPHQWHSRU
XQDUHS~EOLFDFRQOLEHUWDGGHFXOWRGRQGHSRUHMHPSORVHRWRUJyDVLORD
ORV MXGtRV TXH KDEtDQ VLGR H[SXOVDGRV GH (VSDxD HQ  VLHQGR OD
IDPLOLD GH 6SLQR]D XQ HMHPSOR GH HQWUH WDQWRV TXH HQFRQWUDURQ DOOt XQ
OXJDUGRQGHSURVSHUDUOLEUHPHQWH(QODVQDFLRQHVHVFDQGLQDYDVVHDVLVWLy
DO QDFLPLHQWR GH XQ SDUODPHQWDULVPR FUHFLHQWH (Q ,QJODWHUUD HQ OD
SULPHUD PLWDG GHO VLJOR;9,, XQ HMpUFLWR GHO 3DUODPHQWR IRUPDGR
IXQGDPHQWDOPHQWHSRUSXULWDQRVVHDO]yFRQWUD&DUORV,6XLQWHQFLyQQR
HUD XQD UHYROXFLyQ TXH LPSODQWDUD OD XWRStD VLQR TXH FRQVDJUDUD HO
UHVSHWR D GHUHFKRV FRPR ORV GH OLEHUWDG GH FXOWR GH H[SUHVLyQ R GH
UHSUHVHQWDFLyQ\GHSURSLHGDGSULYDGD$VtHQHOPLVPRDxRHQTXH
ORVKHURLFRV7HUFLRVHVSDxROHVLEDQFDPLQRGHVX~OWLPDHLQ~WLOVDQJUtD
SDUDPD\RUJORULDGHORV$XVWULDV\GHODLJOHVLDFDWyOLFDORVVROGDGRVGHO
3DUODPHQWR LQJOpV FRQWDEDQ FRQ XQD%LEOLD GHO VROGDGR TXH VH KDEtD
LPSUHVR SRU RUGHQ GH &URPZHOO (O WH[WR XQD DQWRORJtD GH WH[WRV
EtEOLFRV FRPHQ]DED VHxDODQGR OD LOLFLWXG GH ORV VDTXHRV \ FRQWLQXDED
PDQLIHVWDQGREtEOLFDPHQWHODMXVWLFLDGHODFDXVDGHODOLEHUWDG
 %LHQ HV FLHUWR TXH ORV LQJOHVHV FRQWDEDQ FRQ XQD YHQWDMD VREUH ORV
HVSDxROHV \ HV TXH OD 5HIRUPD KDEtD SHUPLWLGR TXH VX SRUFHQWDMH GH
DOIDEHWL]DFLyQ IXHUD PX\ FHQWHULRU DO GHO LPSHULR GRQGH QR VH SRQtD HO
VRO(QHVDpSRFDORVSXULWDQRVTXHKDEtDQHPLJUDGRD$PpULFDHQWUH
ORV TXH KDEtD HVWDGR D SXQWR GH HQFRQWUDUVH &URPZHOO FRQWDEDQ FRQ
XQD WDVD GH DOIDEHWL]DFLyQ FHQWHULRU DO  VHJ~Q VH GHVSUHQGH GH ORV
GRFXPHQWRV GH OD pSRFD (Q (VSDxD HUD XQDV VLHWH YHFHV LQIHULRU \ DVt
FRQWLQXySRUVLJORV(OUHVXOWDGRLEDDVHUREYLR/RVLQJOHVHVORJUDURQOD
YLFWRULDGHO3DUODPHQWRFRQWUDHOGHVSRWLVPRPRQiUTXLFRORVHVSDxROHV
TXH IXHURQ OD SULPHUD QDFLyQ TXH FRQRFLy XQ HPEULyQ GH
SDUODPHQWDULVPR FRQ ODV &RUWHV PHGLHYDOHV FRQWHPSODUtDQ FyPR VX
KHJHPRQtD VH SHUGtD JUDFLDV DO HQFDGHQDPLHQWR GH UH\HV DEVROXWRV
HPSHxDGRVHQVHUODHVSDGDGHOD&RQWUDUUHIRUPD/DVFRVDVHQ+LVWRULD
PDOTXHOHVSHVHDDOJXQRVQRVXFHGHQSRUTXHVt
'H KHFKR 7HRGRUR GH %H]D HO VXFHVRU GH &DOYLQR HQ HO SDVWRUDGR
JLQHEULQR \D KDEtD HVFULWR VX(O GHUHFKR GH ORV PDJLVWUDGRV XQD REUD
GRQGH MXVWLILFDED OD UHVLVWHQFLD DUPDGD FRQWUD ORV WLUDQRV< HQ  VH
KDEtD SXEOLFDGR HO9LQGLFLDH &RQWUD 7\UDQQRV &ODLPV $JDLQVW 7\UDQWV
GRQGHVHIRUPXODEDODLGHDGHOFRQWUDWRVRFLDOHVHQFLDOSDUDHOGHVDUUROOR
GHOOLEHUDOLVPRSRVWHULRUDILUPiQGRVHTXHH[LVWHVLHPSUH\HQWRGROXJDU
XQD REOLJDFLyQ PXWXD \ UHFtSURFD HQWUH HO SXHEOR \ HO SUtQFLSH 6L HO
SUtQFLSH IDOOD HQ VX SURPHVD HO SXHEOR HVWi H[HQWR GH REHGLHQFLD HO
FRQWUDWRTXHGDDQXODGR\ORVGHUHFKRVGHREOLJDFLyQFDUHFHQGHIXHU]D
%H]DRHODXWRUGHO9LQGLFLDHQRIXHURQXQDH[FHSFLyQ-RKQ.QR[XQ
GLVFtSXORGH&DOYLQRTXHIXHHVHQFLDOHQOD5HIRUPDHVFRFHVDVRVWXYRORV
PLVPRVSULQFLSLRVTXHIXHURQREMHWRGHRWURVDSRUWHVMXUtGLFRWHROyJLFRV
HVHQFLDOHV-RKQ3RQHWXQRELVSRGHODLJOHVLDDQJOLFDQDHQWRUQRD
HVFULELy$6KRUWH7UHDWLVHRI3ROLWLNH3RZHU GRQGHMXVWLILFDEDDSHODQGR
D OD %LEOLD OD UHVLVWHQFLD FRQWUD ORV WLUDQRV 3RQHW IXH GHVGH PXFKRV
SXQWRV GH YLVWD XQ DQWHFHVRU GHO IXQGDGRU GHO OLEHUDOLVPR HO WDPELpQ
SURWHVWDQWH \ WHyORJR -RKQ /RFNH 6H SXHGH LQGLFDU TXH WDPELpQ ORV
MHVXLWDV FUHtDQ HQ HO WLUDQLFLGLR SHUR OR FLHUWR HV TXH OD GLIHUHQFLD HUD
UDGLFDOHQORVSODQWHDPLHQWRV(OGHUHFKRGHUHEHOLyQVHOHJLWLPDEDHQORV
UHIRUPDGRUHV VREUH OD EDVH GH OD GHIHQVD GH ODV OLEHUWDGHV \ QR FRPR
SUHWHQGtDQORVMHVXLWDVHQHODQVLDGHDFDEDUFRQXQPRQDUFDTXHIXHUD
SRU HMHPSOR KHUHMH /RV SURWHVWDQWHV SRGtDQ YLYLU EDMR XQ VHxRU TXH
WXYLHUDRWUDUHOLJLyQ\VHUYLUORFRQOHDOWDGFRPRYLPRVHQRWUDVHQWUHJDV
SHURQRYHtDQOHJLWLPLGDGDOJXQDHQTXLHQFHQWULPtDORVGHUHFKRVGHVXV
V~EGLWRV \ ORV RSULPtD 3RU HO FRQWUDULR SDUD ORV FDWyOLFRV HVD
FLUFXQVWDQFLD UHVXOWDED LQWROHUDEOH \ DVt QR GXGDURQ HQ FRQVSLUDU FRQWUD
DTXHOORV PRQDUFDV GH ORV TXH HUDQ V~EGLWRV SHUR TXH QR HVWDEDQ
VRPHWLGLWRRVDOSDSDGRFRPRIXHHOFDVRGH,VDEHO,GH,QJODWHUUD
1RSXHGHSXHVVRUSUHQGHUHQUHDOLGDGHUDWRWDOPHQWHOyJLFRTXH
HO OLEHUDOLVPR SROtWLFR OR SHUJHxDUD -RKQ /RFNH HO KLMR GH XQ SXULWDQR
TXHKDEtDFRPEDWLGRFRQWUD&DUORV,GH,QJODWHUUD(QODSDUWHILQDOGHVX
YLGD/RFNHTXHVHYLRPX\LQIOXLGRSRUOD&RQIHVLyQGH:HVWPLQVWHU\
RWURVGRFXPHQWRVSXULWDQRVHVWDEDFRQYHQFLGRGHTXHVXVHVFULWRVPiV
LPSRUWDQWHV HUDQ VXV FRPHQWDULRV DO 1XHYR 7HVWDPHQWR SHUR OD
SRVWHULGDGQRORKDYLVWRDVtFRPRSRURWURODGRWDPSRFRORKDKHFKR
FRQ 1HZWRQ &XDQGR /RUG 6KDIWHVEXU\ UHFLELy OD RUGHQ GH HVFULELU XQD
FRQVWLWXFLyQ SDUD OD &DUROLQD SLGLy OD DVLVWHQFLD GH /RFNH (Q HO WH[WR
TXH HVFULELy D LQVWDQFLDV GH /RUG 6KDIWHVEXU\ LQVLVWLy HQ OD OLEHUWDG GH
FRQFLHQFLD\HQODH[WHQVLyQGHODPLVPDQRVRORDFULVWLDQRVGHFXDOTXLHU
FRQIHVLyQVLQRWDPELpQDMXGtRVLQGLRVSDJDQRV\RWURVGLVLGHQWHV6H
WUDWDED GH XQ SXQWR GH YLVWD TXH HUD GHULYDFLyQ QDWXUDO GH OD 5HIRUPD
SHURTXHQHFHVLWyOOHJDUDODVHJXQGDPLWDGGHOVLJOR;;SDUDTXHSXGLHUD
VHUDFHSWDGRSRUODLJOHVLDFDWyOLFD
/RFNH HUD XQ SURWHVWDQWH PX\ FRQYHQFLGR TXL]iV DOJXQRV OR
FDOLILFDUtDQ KR\ GH IXQGDPHQWDOLVWD \ SUHFLVDPHQWH SRU HVR FUHtD TXH
VROR ODV UHOLJLRQHV TXH VRQ IDOVDV QHFHVLWDQ DSR\DUVH HQ OD IXHU]D \
D\XGDVGHORVKRPEUHV3RUFHQWXHVWRFRPREXHQSURWHVWDQWHWDPELpQ
HUD FRQVFLHQWH GH TXH OD QDWXUDOH]D KXPDQD SUHVHQWDED XQD LQQHJDEOH
WHQGHQFLDKDFLDHOPDO\SRUHOORORVSRGHUHVGHEtDQHVWDUVHSDUDGRVSDUD
HYLWDUODWLUDQtD
 6HPHMDQWH YLVLyQ OLEHUDO HQFDMDED FRPR XQ JXDQWH HQ ODV QDFLRQHV
GRQGH KDEtD WULXQIDGR OD 5HIRUPD (UD LQDFHSWDEOH HQ DTXHOODV FRPR
(VSDxDGRQGHOD&RQWUDUUHIRUPDVHKDEtDLPSXHVWR3DUDODVSULPHUDVQR
KDEtDLQVWLWXFLyQDOJXQDLQFOX\HQGRODHFOHVLDOTXHQRSXGLHUDYHUVH
VDOSLFDGDSRUHVDPDODWHQGHQFLDKXPDQD\FXULRVDPHQWHHOUHJODPHQWR
GHDOJXQDVGHQRPLQDFLRQHVGHODpSRFDFRPRORVSUHVELWHULDQRVUHFRJLy
XQDGLYLVLyQGHSRGHUHVTXHPDUDYLOODDOTXHOHHVXVGRFXPHQWRV3DUDODV
VHJXQGDVVtHUDREYLRTXHKDEtDLQVWLWXFLRQHVLQPDFXODGDVDODVTXHSRU
DxDGLGXUDQRVHSRGtDQLOLPLWDUQLVRPHWHUDOLPSHULRGHODOH\
/RVIUXWRVGHHVDYLVLyQQRVHKLFLHURQHVSHUDU&RPRKDQUHFRUGDGRHQ
XQ PiV TXH LQWHUHVDQWH OLEUR &DUORV 5RGUtJXH] %UDXQ \ -XDQ 5DPyQ
5DOOR
HQ  HO SDGUH )pOL[ 6DUGi \ 6DOYDQ\ HVFULEtD(O OLEHUDOLVPR HV
SHFDGR/DVUD]RQHVTXHGDEDHOFLWDGRFOpULJRSDUDVHxDODUODPDOGDGGHO
OLEHUDOLVPR QR WHQtDQ GHVSHUGLFLR (O OLEHUDOLVPR HUD SHFDGR SRUTXH
GHIHQGtD OD DEVROXWD VREHUDQtD GHO LQGLYLGXR FRQ HQWHUD LQGHSHQGHQFLD
GH 'LRV \ GH VX DXWRULGDG VREHUDQtD GH OD VRFLHGDG FRQ DEVROXWD
LQGHSHQGHQFLDGHORTXHQRQD]FDGHHOODPLVPDVREHUDQtDQDFLRQDOHV
GHFLU HO GHUHFKR GHO SXHEOR SDUD OHJLVODU \ JREHUQDU FRQ DEVROXWD
LQGHSHQGHQFLD GH WRGR FULWHULR TXH QR VHD HO GH VX SURSLD YROXQWDG
H[SUHVDGD SRU HO VXIUDJLR SULPHUR \ SRU OD PD\RUtD SDUODPHQWDULD
GHVSXpV OLEHUWDG GH SHQVDPLHQWR VLQ OLPLWDFLyQ DOJXQD HQ SROtWLFD HQ
PRUDO R HQ UHOLJLyQ OLEHUWDG GH LPSUHQWD DVLPLVPR DEVROXWD R
LQVXILFLHQWHPHQWHOLPLWDGDOLEHUWDGGHDVRFLDFLyQFRQLJXDOHVDQFKXUDV
/DGHILQLFLyQGHOVDFHUGRWHHUDHUUyQHDHQDOJXQRVDVSHFWRVHVHQFLDOHV
SRUTXHFRPRKDQLQGLFDGRPX\ELHQ5RGUtJXH]%UDXQ\5DOORHOOLEHUDO
VDEH TXH H[LVWH XQ VRPHWLPLHQWR D OD OH\ TXH OLPLWD VHQVDWDPHQWH ORV
GHUHFKRVHQXQFLDGRVRWUDKHUHQFLDGHOSHQVDPLHQWREtEOLFRSDVDGRSRU
HO WDPL] GH OD 5HIRUPD SHUR HO SDGUH 6DUGi \ 6DOYDQ\ GLItFLOPHQWH
SRGtDHQWHQGHUXQSULQFLSLRUHIRUPDGRFRPRHOGHODSULPDFtDGHODOH\
VREUHWRGDLQVWLWXFLyQ\VREUHWRGRWHQtDSDYRUDODLGHDGHTXHHOSXHEOR
GHFLGLHUDVXGHVWLQR\ORYRWDUDVLQVRPHWHUVHDORVGLFWDGRVGHOD
LJOHVLD FDWyOLFD$Kt LED D UHVLGLU FRPR WHQGUHPRV RFDVLyQ GH YHU XQD
SDUWH FRQVLGHUDEOH GH ODV FDXVDV GHO IUDFDVR GH OD PRGHUQL]DFLyQ GH
(VSDxD HQ HO VLJOR;,; IUDFDVR TXH IXH FDSWDGR D OD SHUIHFFLyQ SRU
HMHPSOR SRU -RVp 0DUtD %ODQFR :KLWH OLEHUDO \ DPLJR GH $UJHOOHV
DQWLJXRVDFHUGRWH\FRQYHUVRDOSURWHVWDQWLVPR
&RQHVD+LVWRULDDODVHVSDOGDVQRGHEHUtDVRUSUHQGHUQRVTXHODLGHDGH
ODVHSDUDFLyQGHSRGHUHVKD\DTXHGDGRHQ(VSDxDOLPLWDGDDXQDVSRFDV
PHQWHVFXOWLYDGDV\JHQHUDOPHQWHOLEHUDOHV7DQWRODL]TXLHUGDFRPROD
GHUHFKDLEDQDGHVHDUKLVWyULFDPHQWHTXHODVHSDUDFLyQQRSXGLHUDH[LVWLU
(Q RFDVLRQHV SRUTXH KDEUtD DIHFWDGR D LQVWLWXFLRQHV LQWRFDEOHV FRPR OD
LJOHVLDFDWyOLFDRODPRQDUTXtDHQRWUDVFRPRHOIUDQTXLVPRSRUTXH
VH OOHJy D IRUMDU XQ SULQFLSLR GLVWLQWR EDVDGR HQ XQD FHQWXHVWD
FRRUGLQDFLyQ\RSXHVWRIURQWDOPHQWHDODFRQVLGHUDGDIXQHVWDVHSDUDFLyQ
GH SRGHUHV TXH SUHFRQL]DEDQ ORV OLEHUDOHV (VWRV HQ PXFKRV FDVRV VLQ
VDEHUOR VROR HVWDEDQ LQVLVWLHQGR HQ OD YLJHQFLD GH XQD IyUPXOD
SURWHVWDQWH OD TXH DILUPD TXH OD FRQFHQWUDFLyQ GH SRGHUHV VROR SXHGH
GHJHQHUDUHQWLUDQtD\TXHSRUWDQWRGHEHQVHSDUDUVH
$OILQ\DODSRVWUHHOKHFKRGHTXH(VSDxDSHUPDQHFLHUDHQHOEDQGR
GH OD &RQWUDUUHIRUPD FRQYHUWLGD HQ HVSDGD GH OD PLVPD \ HQ HQHPLJD
FHUULO GH WRGRV ORV DYDQFHV TXH VLJQLILFy OD 5HIRUPD WXYR SDYRURVDV
FRQVHFXHQFLDV 1R VRUSUHQGH TXH (VSDxD SHUGLHUD VX SDSHO KHJHPyQLFR
HQHOPXQGR\DFDEDUDSUHFLSLWDGDHQXQHVWXSRUGHOTXHQXQFDOOHJDUtDD
UHFXSHUDUVHGHOWRGRDSHVDUGHPDQWHQHUVXLPSHULRGHXOWUDPDU3HURHO
GDxRRFDVLRQDGRSRUVXYLQFXODFLyQFRQODLJOHVLDFDWyOLFDIXHPXFKRPiV
VREUHFRJHGRU6LJQLILFyODSHWULILFDFLyQGHXQDPHQWDOLGDGTXHKXQGtDVXV
UDtFHV HQ HSLVRGLRV YHUJRQ]RVRV FRPR HO DQWLVHPLWLVPR PHGLHYDO R OD
LPSODQWDFLyQ GH OD ,QTXLVLFLyQ \ TXH UHVXOWDUtD IDWDO HQ ORV VLJORV
VLJXLHQWHV FXDQGR HQ XQLyQ FRQ OD FRQWLQXDFLyQ GHO SRGHU GH OD LJOHVLD
FDWyOLFD FRPR WHQGUHPRV RFDVLyQ GH YHU IXH UD]yQ GLUHFWD GH TXH QL OD
,OXVWUDFLyQ GHO VLJOR;9,,, QL HO OLEHUDOLVPR GHO VLJOR;,; SXGLHUDQ
LPSXOVDUHODYDQFHGHODQDFLyQ
 


(OWULEXWRSDJDGRDODFRQWUDUUHIRUPD9,,,
ODFXOWXUDGHOPLHGR\GHODGHODFLyQ

&RPR\DKHPRVVHxDODGRSUHYLDPHQWH
FRQ WRWDO VHJXULGDG XQR GH ORV SHRUHV WULEXWRV LPSXHVWRV SRU OD
,QTXLVLFLyQ IXH OD FUHDFLyQ GH XQD FXOWXUD GHO WHUURU TXH SRU DxDGLGXUD
DSHODED D &ULVWR SDUD VX UHDOL]DFLyQ RPQLFRPSUHQVLYD 4XH ORV ILHOHV
VLHUYRVGHODLJOHVLDFDWyOLFDGHVHDEDQFRPRVLHPSUHKDVXFHGLGRHQORV
HVWDGRVWRWDOLWDULRVVHPEUDUHOWHUURUQRDGPLWHODPHQRUGXGD'HKHFKR
DVt OR DWHVWLJXDQ ODV IXHQWHV GHULYDGDV GH ORV SURSLRV LQTXLVLGRUHV (Q
 )UDQFLVFR 3HxD DO UHHGLWDU HO0DQXDOGHLQTXLVLGRUHVUHGDFWDGRD
ILQDOHV GHO VLJOR;9SRU1LFRODX(\PHULFKGHMyFRQVWDQFLDGHTXHKD\
TXHUHFRUGDUTXHODILQDOLGDGSULPHUDGHORVSURFHVRV\GHODFRQGHQDD
PXHUWH QR HV VDOYDU HO DOPD GHO DFXVDGR VLQR SURFXUDU HO ELHQ S~EOLFR\
DWHUURUL]DU D OD JHQWH XW DOLL WHUUHDQWXU 1R KD\ QLQJXQD GXGD GH TXH
LQVWUXLU\DWHUURUL]DUDODJHQWHFRQODSURFODPDFLyQGHODVVHQWHQFLDVOD
LPSRVLFLyQ GH ORV VDPEHQLWRV VHD XQD EXHQD DFFLyQ/D FRQIHVLyQ
YROXQWDULDGHOLQTXLVLGRUQRDGPLWHVHJXQGDVLQWHUSUHWDFLRQHV/DLJOHVLD
FDWyOLFD QR EXVFDED HO ELHQ HVSLULWXDO GH OD YtFWLPD /R TXH GHVHDED HUD
XWLOL]DUOD SDUD GLIXQGLU HO WHUURU HQWUH ODV PDVDV XQ WHUURU TXH VH
FRQVLGHUDED XQD EXHQD DFFLyQ -X]JXH HO OHFWRU HO SDUHFLGR TXH SRGtD
KDEHU HQWUH VHPHMDQWH FRVPRYLVLyQ \ OD GHO (YDQJHOLR GH -HV~V 1R
VRUSUHQGH TXH HQ RFDVLRQHV OD VLPSOH GHWHQFLyQ SRU SDUWH GH OD
,QTXLVLFLyQ OOHYDUi DO DUUHVWDGR D VXLFLGDUVH FRPR HO VDVWUH MXGtR /XLV
&RUUHyQ TXH VH DKRUFy HQ VX FHOGD GH /OHUHQD HQ  R FRPR HO
FRQYHUVR'LHJR0pQGH]TXHKL]RH[DFWDPHQWHORPLVPRHQVXHQFLHUUR
HQ
/RV PHGLRV FRQ ORV TXH OD ,QTXLVLFLyQ ORJUDED LQIXQGLU HVH WHUULEOH
SDYRUHQODSREODFLyQHVSDxRODIXHURQGLYHUVRV
(O SULPHUR IXH GHVGH OXHJR OD WRUWXUD$ ORV WRUPHQWRV KDELWXDOHV
SRWURJDUUXFKDWRFDORVLQTXLVLGRUHVJXVWDEDQGHDxDGLURWURVQXHYRV
(VDV YDULDFLRQHV HQ HO DUWH GH DWRUPHQWDU D ORV UHFOXVRV SURYRFDURQ QR
SRFDVV~SOLFDVGHODVGLVWLQWDV&RUWHVHVSDxRODV/DVDUDJRQHVDVGH
\ODVFDWDODQDVGH\ODVFDVWHOODQDVGHVROLFLWDURQ
GHO UH\ QR OD DEROLFLyQ GH OD ,QTXLVLFLyQ SHUR Vt TXH VH DEVWXYLHUDQ GH
LQWURGXFLULQQRYDFLRQHVHQHODUWHGHWRUWXUDU&RQPXHYHOHHUHOOLVWDGRGH
SHWLFLRQHV IRUPXODGDV HQ ODV FDVWHOODQDV FHOHEUDGDV HQ 9DOODGROLG HQ
/R TXH FHQWOLFDEDQ ORV SURFXUDGRUHV HUD TXH ORV MXHFHV GH OD
,QTXLVLFLyQIXHUDQILDEOHVTXHORVDFXVDGRVSXGLHUDQFRQRFHUTXLpQKDEtD
WHVWLILFDGRHQVXFRQWUD\TXHQRVHXVHGHiVSHUDV\QXHYDVLQYHQFLRQHV
GHWRUPHQWRVTXHKDVWDDTXtVHKDQXVDGRHQHVWHRILFLR1RHUDSRFR
VLJQLILFDWLYDODUHLWHUDGDV~SOLFDSRUTXHORVPpWRGRVGHWRUWXUDXWLOL]DGRV
SRUOD,QTXLVLFLyQ\DUHVXOWDEDQGHSRUVtVREUHFRJHGRUHV/DJDUUXFKDHUD
XQD SROHD TXH VHUYtD SDUD PRYHU XQD FXHUGD FRQ TXH VH DWDEDQ ODV
PXxHFDV GH OD YtFWLPD (O LQWHUURJDGR HUD OHYDQWDGR KDVWD XQD FLHUWD
DOWXUD SRU UHJOD JHQHUDO FRQ ODV PDQRV D OD HVSDOGD GHVGH OD TXH VH OH
GHMDED FDHU GH JROSH R HQ VDFXGLGDV (O GRORU QR VROR HUD LQVRSRUWDEOH
VLQR TXH DGHPiV FRQ IDFLOLGDG GHVFR\XQWDED ORV EUD]RV (O SRWUR HUD XQ
FDEDOOHWHVREUHHOTXHVHDWDEDDOLQWHUURJDGRFRQXQDVFXHUGDVDODVTXH
VHGDEDYXHOWDVSDUDTXHVHKXQGLHUDQHQODFDUQH)LQDOPHQWHODWRFDHUD
XQHPEXGRGHWHMLGRSRUHOTXHVHGHVOL]DEDOHQWDPHQWHHODJXDGHVGHXQ
UHFLSLHQWHDOHVWyPDJRGHOGHWHQLGR/DVHQVDFLyQGHDVIL[LD\GHHVWDUD
SXQWR GH UHYHQWDU HUD SXQWR PHQRV TXH LQVRSRUWDEOH (Q SDODEUDV GH XQ
DQWLJXR PLHPEUR GH OD ,QTXLVLFLyQ HO HIHFWR GHEtD VHU VXPDPHQWH
GRORURVRSXHVFRQHODJXDVHDGKHUtDODWHODDODVYHQWDQDVGHODQDUL]\D
ODPLVPDERFD\QROHGHMDEDUHVSLUDU/RVLQTXLVLGRUHVGRVLILFDEDQOD
WRUWXUDGHORVLQWHUURJDGRV\RFDVLRQDOPHQWHFRQWDEDQFRQPpGLFRVSDUD
TXH H[DPLQDUDQ HO HVWDGR GH ODV YtFWLPDV 6LQ HPEDUJR OD ILQDOLGDG QR
HUDFDXVDUGDxRDOLQWHUURJDGRVLQRDVHJXUDUVHGHTXHSXGLHUDVRSRUWDUHO
WRUPHQWR KDVWD DUUDQFDUOH OD GHVHDGD FRQIHVLyQ 7RPiV \ 9DOLHQWH KD
UHFRJLGRHOFDVRGH$ORQVRGH$ODUFyQTXHHQVHYLRVRPHWLGLWRRD
HVWH SURFHGLPLHQWR /RV GRFWRUHV GLFWDPLQDURQ TXH VROR SRGtD
WRUWXUiUVHOHSRUHOODGRGHUHFKR\DTXHHOL]TXLHUGRORWHQtDLQ~WLODFDXVD
GHXQDSDUiOLVLV
&RQ WRGR MXVWR HV UHFRQRFHUOR DO LJXDO TXH VXFHGHUtD HQ HO JXODJ
WDQ SDYRURVDPHQWH GHVFULWR SRU 6RO]KHQLWV\Q ODV WRUWXUDV GH OD
,QTXLVLFLyQ
QRVHDSOLFDURQDWRGRVSRULJXDO$TXHOORVTXHHUDQGHORVQXHVWURV
VLHPSUH UHFLELHURQ XQ WUDWR PiV EHQpYROR 3URWHVWDQWHV FULSWRMXGtRV
DOXPEUDGRV IXHURQ WRUWXUDGRV GH PDQHUD VLVWHPiWLFD \ GH IRUPD ELHQ
UHYHODGRUDHQHO5HLQRGH$UDJyQHVDVLVWHPDWLFLGDGVHDSOLFyWDPELpQD
ORVVRVSHFKRVRVGHKRPRVH[XDOLGDGR]RRILOLD6LQHPEDUJRHOWRUPHQWR
QXQFDVHDGPLQLVWUDEDDORVVDFHUGRWHVVROLFLWDQWHVHVGHFLUDTXHOORVTXH
VHKDEtDQYDOLGRGHOFRQIHVLRQDULRSDUDLQWHQWDUREWHQHUIDYRUHVVH[XDOHV
GHVXVSHQLWHQWHV1RSRGtDHVSHUDUVHRWUDVFLUFXQVWDQFLDVFLHUWDPHQWH
\ PiV WHQLHQGR HQ FXHQWD TXH HO LQTXLVLGRU JHQHUDO HUD OD SHUVRQD PiV
DOOHJDGDDOUH\
6LKRUULEOHHUDODSHUVSHFWLYDGHOWRUPHQWRQRORHUDPHQRVHOULJRUGH
ODVFRQGHQDVSRVWHULRUHVDXQTXHYDULyVHJ~QODVIHFKDV$QWHVGHOD
SURSRUFLyQ GH VHQWHQFLDV GLVSRQLHQGR OD ~OWLPD SHQD IXH PX\ HOHYDGD
6LQ HPEDUJR DXQTXH FRQ SRVWHULRULGDG VH SURGXMR XQD UHGXFFLyQ GH OD
OHWDO SURSRUFLyQ ODV FRQGHQDV D PXHUWH YROYLHURQ D H[SHULPHQWDU XQ
LQFUHPHQWRHQWUHVpSRFDVPX\FRQFUHWDV/DSULPHUDDODTXH\DQRV
KHPRVUHIHULGRFXDQGR)HOLSH,,GHFLGLyH[WHUPLQDUDORVSURWHVWDQWHV
HVSDxROHV OD VHJXQGD FXDQGR HQ OD &RURQD GH $UDJyQ VH GHVDWy XQD
ROHDGD UHSUHVLYD FRQWUD KRPRVH[XDOHV \ ]RyILORV \ ILQDOPHQWH HQWUH
 \  FXDQGR WUDV WHQHU OXJDU OD FDtGD GHO FRQGHGXTXH GH
2OLYDUHV WXYR OXJDU XQD YHUGDGHUD FDFHUtD GHO FRQYHUVR SURFHGHQWH GHO
MXGDtVPR HQ QR SRFRV FDVRV GH RULJHQ SRUWXJXpV (Q RWUDV SDODEUDV OD
,QTXLVLFLyQUHGXMRODVFRQGHQDVDPXHUWHFXDQGRHVWLPyTXHHOREMHWRGH
VX LUD KDEtD VLGR FRPSOHWDPHQWH H[WHUPLQDGR \ QR YDFLOy HQ YROYHU D
PXOWLSOLFDUODV FXDQGR OOHJy D OD FRQFOXVLyQ GH TXH H[LVWtD XQ QXHYR
VHJPHQWRGHODSREODFLyQTXHGHEtDVHUDQLTXLODGR'HDKtTXHGXUDQWHHO
VLJOR;9,,,VLJXLHUDSURQXQFLDQGRSHQDVGHPXHUWHHQ\
\TXHLQFOXVRHQSOHQRVLJOR;,;WUDVODREUDGHODV&RUWHVGH&iGL]
\ HO UHJUHVR GH )HUQDQGR 9,, VX ~OWLPR DMXVWLFLDGR IXHUD XQ PDHVWUR
OODPDGR&D\HWDQR5LSROOFX\RGHOLWRKDEtDFRQVLVWLGRHQVHUSURWHVWDQWH
(VPX\SRVLEOHTXHFRPRKDVHxDODGR%HQQDVVDU
OR TXH FDXVDED SDYRU HQ OD ,QTXLVLFLyQ QR IXHUD DTXHOOR HQ OR TXH
FRLQFLGtD HQ PD\RU R PHQRU PHGLGD FRQ OD MXVWLFLD FLYLO VLQR DTXHOORV
DVSHFWRVHQTXHFHQWHUDEDDPSOLDPHQWHDHVWD(VDViUHDVHUDQHOVHFUHWR
MXGLFLDO OD PHPRULD GH OD LQIDPLD \ OD DPHQD]D GH OD PLVHULD
&LHUWDPHQWH HO KHFKR GH TXH OD ,QTXLVLFLyQ DFWXDUD FRQ XQ VHFUHWR
DEVROXWRIXHFRQWHPSODGRSRUORVHVSDxROHVFRQYHUGDGHURKRUURU(QODV
FDSLWXODFLRQHVSUHVHQWDGDVSRUODV&RUWHVDUDJRQHVDVD&DUORV9HQ
VH FRQWXYLHURQ QR SRFDV TXHMDV IUHQWH D HVH VHFUHWLVPR LQTXLVLWRULDO \
GXUDQWH WUHV DxRV VH SURGXMR XQ HQFDUQL]DGR WLUD \ DIORMD SDUD TXH VH
FHQWULPLHUD 6LQ HPEDUJR OD 6DQWD 6HGH FRQILUPy HO RGLRVR
SURFHGLPLHQWRHQWRQFHV\YROYLyDKDFHUORXQD\RWUDYH]HQHOIXWXUR3RU
HMHPSOR HQ  FXDQGR HQ ,QJODWHUUD OD LQIOXHQFLD GH ORV SXULWDQRV
KDEtDWHUPLQDGRFRQHOXVRGHOWRUPHQWRMXGLFLDO\FUHDGRXQFRQMXQWRGH
JDUDQWtDV SURFHVDOHV OD ,QTXLVLFLyQ SURPXOJy XQD RUGHQDQ]D TXH
SURORQJDED HO VHFUHWR HQ (VSDxD (VHVHFUHWR LPSHGtD TXH HO DFXVDGR
FRQRFLHUDODVUD]RQHVGHVXSURFHVDPLHQWR\TXHSXGLHUDGHIHQGHUVHWRGR
HOORPLHQWUDVVHOHVRPHWtDDWRUPHQWRHUDVHSDUDGRGHORVVX\RV\SHQGtD
VREUH pO OD WHUURUtILFD SRVLELOLGDG GH YHU FRQILVFDGRV VXV ELHQHV \
TXHPDGR VX FXHUSR 3RU DxDGLGXUD HO VHFUHWR LED XQLGR GH PDQHUD
LQGLVROXEOH D OD SUiFWLFD GH OD GHODFLyQ 7DQ UHSXJQDQWH FRQGXFWD HUD
DQLPDGD GH PDQHUD H[SOtFLWD SRU OD ,QTXLVLFLyQ TXH QR VROR OD FDOLILFy
FRPRREUDVDQWD\PHUHFHGRUDGHLQGXOJHQFLDVVLQRFRPRJDUDQWtDGHOD
VDOYDFLyQ HWHUQD (Q HVH VHQWLGR OD LJOHVLD FDWyOLFD IXH PXFKR PiV DOOi
TXHORVHVWDGRVWRWDOLWDULRVGHOVLJOR;;1DFLRQDOVRFLDOLVWDVRFRPXQLVWDV
SRGtDQSURPHWHUUHFRPSHQVDVPDWHULDOHVRUHFRQRFLPLHQWRVRFLDOFRPR
SRU RWUD SDUWH WDPELpQ OR KL]R OD ,QTXLVLFLyQ SHUR QXQFD RVDURQ
JDUDQWL]DU HO SDUDtVR D ORV TXH FRODERUDEDQ HQ OD GHODFLyQ 1R VROR HVR
/RVWHVWLJRVIDOVRVDSHVDUGHODHQRUPHJUDYHGDGGHVXDFFLyQQRHUDQ
FDVWLJDGRV \ QR OR HUDQ SRUTXH FRQVWLWXtDQ SDUWH IXQGDPHQWDO GH XQ
HQJUDQDMHTXHSHUVHJXtDSRUHQFLPDGHWRGRSURYRFDUHOSiQLFR
$Vt OD DFWLYLGDG GH XQ GHODWRU GHO TXH QR H[LVWtD SRVLELOLGDG UHDO GH
GHIHQGHUVH\FX\DIDOVHGDGQRVHUtDFDVWLJDGDHUDVXVFHSWLEOHGHRFDVLRQDU
ODGHVJUDFLDGHFXDOTXLHUD%DVWHGHFLUTXHHQ9DOHQFLDGHD
VRORKXERGRFHDEVROXFLRQHVHQWUHVHQWHQFLDVFRQRFLGDVXQ
&RQSRVWHULRULGDGDWDQVRORXQGHORVDFXVDGRVORJUyOLEUDUVH
VLQJUDQGHVSUREOHPDV
/D ,QTXLVLFLyQ QR VROR HUD FDSD] GH FDXVDU OD UXLQD GH DOJXLHQ FX\R
GHOLWRHUDQRVRPHWHUVHDORVGLFWDGRVGHODLJOHVLDFDWyOLFDRTXHLQFOXVR
SRGtDVHULQRFHQWHVLQRTXHSRUDxDGLGXUDSRGtDH[WHQGHUODLQIDPLDD
ORVGHVFHQGLHQWHVGHOFRQGHQDGRFDXVDQGRWDPELpQVXGHVJUDFLDSHUSHWXD
/RVPpWRGRVSDUDSHUSHWXDUODLQIDPLDHUDQIXQGDPHQWDOPHQWHWUHV(O
SULPHUR \ PHQRV JUDYH HUD OD SHQLWHQFLD S~EOLFD YLQFXODGD DO XVR GH
VDPEHQLWRVTXHVHFRORFDEDQHQORVWHPSORVSDUDTXHODFRPXQLGDGIXHUD
PiV TXH FRQVFLHQWH GH TXp IDPLOLD KDEtD TXHGDGR LQIDPDGD /RV
GHVFHQGLHQWHVGHSURWHVWDQWHVFULSWRMXGtRVRPRULVFRVVHYHtDQUHGXFLGRV
D HVD FRQGLFLyQ SDUD VLHPSUH DXQTXH OD SHQD HUD H[WHQVLEOH QR FRQ OD
PLVPD DVLGXLGDG D RWUDV FDWHJRUtDV GH FRQGHQDGRV (O VHJXQGR PpWRGR
HUDODLQKDELOLWDFLyQTXHDIHFWDEDDORVGHVFHQGLHQWHVGHORVFRQGHQDGRVD
PXHUWHRDSULVLyQSHUSHWXDWUDVVXUHFRQFLOLDFLyQFRQODLJOHVLDFDWyOLFD
$OLJXDOTXHORVFRQGHQDGRV\DSHVDUGHVHULQRFHQWHVGHWRGDFXOSD
QR SRGtDQ LU D ODV ,QGLDV SUDFWLFDU RFXSDFLRQHV FRPR OD PHGLFLQD OD
FDUQLFHUtD R HO FRUUHWDMH HQ IHULDV OXFLU YHVWLGRV GH VHGD \ MR\DV OOHYDU
DUPDVRPRQWDULQFOXVRHQXQDPXODHMHUFHUIXQFLRQHVS~EOLFDVRHQWUDU
HQ XQD RUGHQ UHOLJLRVD /RV QDFLRQDOVRFLDOLVWDV DOHPDQHV LQWHQWDURQ
UHFXSHUDU D QR SRFRV KLMRV GH FRPXQLVWDV R VRFLDOLVWDV H LQFOXVR HQ OD
8QLyQ 6RYLpWLFD H[LVWtD HVSHUDQ]D SDUD ORV KLMRV GH ORV DFXVDGRV GH VHU
HQHPLJRV GHO SXHEOR 1R H[LVWtD WDO SRVLELOLGDG HQ OD (VSDxD GH OD
,QTXLVLFLyQ 'HVGH ODV LQVWUXFFLRQHV GH 7RUTXHPDGD GH  \ ORV
GHFUHWRVGHORV5H\HV&DWyOLFRVGHODLQIDPLDSDVDEDGHJHQHUDFLyQ
HQ JHQHUDFLyQ VLQ WHQHU HQ FXHQWD OD LQRFHQFLD 'H HVD PDQHUD OD
,QTXLVLFLyQFRQWULEX\yDFUHDUXQYHUGDGHURDSDUWKHLGHQHOTXHSRUXQD
SDUWH VH KDOODEDQ ORV FULVWLDQRV YLHMRV \ SRU RWUD EXHQD SDUWH GH ORV
FULVWLDQRVQXHYRV\DFRQGHQDGRVSDUDVLHPSUHDDUUDVWUDUODPDUFDGHOD
LQIDPLD LQTXLVLWRULDO +DVWD TXp SXQWR SHVDED VHPHMDQWH FRQGXFWD VREUH
OD YLGD GH ODV SHUVRQDV SXHGH YHUVH HQ HO FDVR GH &ULVWyEDO 5RGUtJXH]
5HJLGRU \ DOIpUH] GHO SXHEOR GH /RV 6DQWRV IXH GHQXQFLDGR D OD
,QTXLVLFLyQ SRU VHU KLMR \ QLHWR GH FRQGHQDGRV SRU OD LQVWLWXFLyQ
5RGUtJXH] VH VDOYy DOHJDQGR TXH VX PDGUH OH KDEtD GLFKR TXH OR KDEtD
FRQFHELGRGHUHODFLRQHVDG~OWHUDVPDQWHQLGDVFRQXQFULVWLDQRYLHMR6HU
KLMRGHXQDDG~OWHUDHUDFRQPXFKRPHMRUSDUDOD,QTXLVLFLyQTXHVHUORGH
XQKHUHMH
$ OR DQWHULRU VH VXPDED HO SRGHU DEVROXWR GHO TXH GLVSRQtD OD
,QTXLVLFLyQ SDUD DUUXLQDU HFRQyPLFDPHQWH DO UHR \ D VXV GHVFHQGLHQWHV
8QDFRQGHQDFRPRODGHGHVWLHUURLPSOLFDEDODPLVHULDGHIDPLOLDVTXHVH
YHtDQ DSDUWDGDV GH VXV PHGLRV GH YLGD$ HVWD WHUULEOH FLUFXQVWDQFLD VH
DxDGtDQODVPXOWDV\ODVFRQILVFDFLRQHVGHELHQHVTXHOOHQDEDQODVDUFDV
GHOD,QTXLVLFLyQ%DVWDDQDOL]DUHVWHWLSRGHFRQGHQDVSDUDGHVFXEULUTXH
VHFWRUHV HQWHURV GH OD SREODFLyQ FRPR ORV GHVFHQGLHQWHV GH MXGtRV R GH
PRURV IXHURQ TXHEUDGRV HFRQyPLFDPHQWH SRU OD ,QTXLVLFLyQ FRQ OD
LQWHQFLyQQDGDRFXOWDGHPDQWHQHUORVHQODSREUH]D\HYLWDUTXHSXGLHUDQ
FRPSHWLUFRQORVFULVWLDQRVYLHMRV
3RU DxDGLGXUD OD ,QTXLVLFLyQ HVWDEOHFLHQGR WHUULEOHV SDUDOHORV FRQ
RWUDVLQVWLWXFLRQHVSURSLDVGHORVVLVWHPDVWRWDOLWDULRVSUDFWLFyWDQWROD
SXHVWD HQ HVFHQD GH FDVWLJRV HMHPSODUL]DQWHV TXH DWHUURUL]DUDQ DO
FRQMXQWR GH OD SREODFLyQ FRPR XQ ULWXDO GHO WHUURU HQ HO TXH
FROHFWLYDPHQWH SDUWLFLSDED HO SXHEOR FRPR KDEtD DFRQWHFLGR SRU
HMHPSOR HQ ORV SRJURPRV GHO VLJOR;,9 \ FRPR OXHJR VXFHGHUtD HQ OD
8QLyQ6RYLpWLFD\HQHO7HUFHU5HLFK1RVHWUDWDEDVRORGHTXHPDUOLEURV
\ SHUVRQDV VLQR GH TXH HQ ODV KRUULSLODQWHV FHUHPRQLDV VH DSUHQGLHUD HO
PLHGR \R VH SDUWLFLSDUD EDMR HO VRQLGR GH ORV KLPQRV UHOLJLRVRV \ HO
HVSHFWiFXORWHUULEOHGHODVDQWRUFKDV\GHODVOODPDV$VtOD,QTXLVLFLyQ
WHQtD FDSDFLGDG QR VROR SDUD WRUWXUDU \ PDWDU QR VROR SDUD GHWHQHU VLQ
JDUDQWtDV\SDUDGHMDUOLEUHGHFDVWLJRDORVWHVWLJRVIDOVRVQRVRORSDUD
LQFLWDUDODGHODFLyQ\SURPHWHUODVDOYDFLyQDTXLHQHVLQFXUULHUDQHQXQD
FRQGXFWD VHPHMDQWH VLQR WDPELpQ SDUD DUUXLQDU H LQIDPDU D ORV
GHVFHQGLHQWHV XQ SRGHU DEVROXWDPHQWH SDYRURVR TXH FUHy OR TXH
%DUWRORPp%HQQDVVDUKDGHQRPLQDGRPX\DFHUWDGDPHQWHPHPRULDGHOD
YHUJHQ]D
1LQJXQD LQVWLWXFLyQ UHSUHVLYD DQWHV R GHVSXpV OOHJDUtD D WDQWR GH
PDQHUDWDQVLVWHPDWL]DGD\GXUDQWHWDQWRWLHPSR\DTXHVXDFWXDFLyQVH
H[WHQGLyDORODUJRGHYDULRVVLJORV/RVLQWHQWRVSXHVGHH[FXOSDUODRGH
FRPSDUDUVXDFWXDFLyQFRQRWUDVLQVWLWXFLRQHVFRHWiQHDVVRORQDFHQGHOD
PDODIHRGHODLJQRUDQFLDPiVSURIXQGDGHOD+LVWRULD
6LQ HPEDUJR OR PiV JUDYH QR HV VROR OD IRUPD HQ TXH OD ,QTXLVLFLyQ
DFWXy GXUDQWH VLJORV VLQR OD PDQHUD HQ TXH PRGHOy OD PHQWDOLGDG
KLVSiQLFD /D GRFLOLGDG DQWH HO WHUURU HO JXVWR SRU OD GHODFLyQ ODV
SURPHVDV IRUPXODGDV D ORV TXH GHQXQFLDQ IDOVDPHQWH D VXV YHFLQRV ORV
SURFHVRVLGHROyJLFRVVLQJDUDQWtDVODLQIDPDFLyQGHORVGHVFHQGLHQWHVGH
ORVRGLDGRVODUXLQDGHORVFRQVLGHUDGRVGLVLGHQWHVRODPHPRULDGHOD
LQIDPLDVRQFRPSRUWDPLHQWRVTXHVHUHSHWLUtDQYH]WUDVYH]DORODUJRGH
ORVVLJORVVLJXLHQWHV\TXHLQFOXVRKR\HQGtDQRKDQVLGRH[WLUSDGRVGHO
DOPDQDFLRQDO1RSXHGHVRUSUHQGHUSRUTXHJUDFLDVDODLJOHVLDFDWyOLFD
GXUDQWHVLJORVIXHURQFRQVLGHUDGDVFRQGXFWDVPHULWRULDVTXHQRVRORHUDQ
VXVFHSWLEOHV GH SURSRUFLRQDU UHFRPSHQVDV PDWHULDOHV \ VRFLDOHV VLQR
WDPELpQGHJDUDQWL]DUODVDOYDFLyQHWHUQD
 &8$57$3$57(
'HODVXSUHVLyQGHOD,OXVWUDFLyQ
DODRSRVLFLyQDOHVWDGROLEHUDO
 



/D,OXVWUDFLyQLPSRVLEOH

(/&$0%,2'(',1$67$

(O PLVPR DxR HQ TXH HO SURWHVWDQWH -RKQ /RFNH VH GLULJtD KDFLD
,QJODWHUUD SDUD FRQWULEXLU D OD *ORULRVD 5HYROXFLyQ \ DVHQWDU ORV
SULQFLSLRVGHOOLEHUDOLVPRHQODLVODHQ(VSDxDUHLQDEDXQWDUDGRTXHQR
UHFLELyDWHQFLyQPpGLFDSRUTXHVHFRQVLGHUyPiVDSURSLDGRWUDWDUORFRQ
H[RUFLVPRV \ UHOLTXLDV &XDQGR VH H[DPLQDQ SDUDOHORV DVt QR SXHGH
VRUSUHQGHU OD HYROXFLyQ SRVWHULRU GH OD +LVWRULD GH (VSDxD $ GHFLU
YHUGDG &DUORV ,, HO ~OWLPR PRQDUFD GH ORV $XVWULDV FRQVWLWX\y XQ
HStWRPH GH OD GHFDGHQFLD HVSDxROD SURYRFDGD GLUHFWDPHQWH SRU OD
&RQWUDUUHIRUPD (QIHUPR PHQWDO IUXWR GH HQODFHV FRQVDQJXtQHRV
WROHUDGRVSRUODDXWRULGDGHFOHVLiVWLFDFRPRHUDIiFLOGHSUHYHUDTXHOUH\
QR SXGR GHIHQGHU D (VSDxD GH ORV DVDOWRV GH XQD DJUHVLYD )UDQFLD QL GH
ORV SDFWRV TXH PDQWHQtDQ ODV UHVWDQWHV SRWHQFLDV SDUD UHSDUWLUVH HO
LPSHULRHVSDxRO
(OGHQRYLHPEUHGHIDOOHFLy&DUORV,,VLQGHVFHQGHQFLD
+DEtDWHVWDGRDIDYRUGH)HOLSHGH$QMRX\HVWHQLHWRGH/XLV;,9IXH
DFHSWDGR LQLFLDOPHQWH SRU XQDQLPLGDG SRU ODV SRWHQFLDV HXURSHDV /D
VLWXDFLyQ FDPELDUtD DO WUDVODGDU OD FRDOLFLyQ DQWLIUDQFHVD D &DUORV GH
$XVWULDD(VSDxD$Vt)HOLSH9TXHKDEtDVLGRDFHSWDGRSRUWRGDVODV
UHJLRQHV HVSDxRODV FRPR PRQDUFD OHJtWLPR VH YLR HQIUHQWDGR FRQ XQ
ULYDO\PLHQWUDV(VSDxDVHGHVJDUUDEDHQXQDJXHUUDFLYLO(XURSDYROYLy
D FRQYHUWLUVH HQ FDPSR GH EDWDOOD /D SHUVSHFWLYD GH TXH HO DUFKLGXTXH
&DUORV SXGLHUD VHU HPSHUDGRU \ DVt VH UHSLWLHUD OD YLQFXODFLyQ KLVSDQR
JHUPiQLFD GH OD pSRFD GH &DUORV 9 DFDEy OOHYDQGR D ODV GLVWLQWDV
SRWHQFLDVDVHOODUXQDFXHUGRTXHSDJy(VSDxDGHPDQHUDHVSHFLDOPHQWH
RQHURVD (Q ORV WUDWDGRV GH 8WUHFKW \ 5DVWDGW VH GLVHxy XQ QXHYR RUGHQ
PXQGLDOORTXHSRURWUDSDUWHHUDOyJLFR\DTXHORTXHKDEtDFRQFOXLGR
KDEtDVLGRXQDJXHUUDWDPELpQPXQGLDO(Q(VSDxDTXHGyFRQVDJUDGRHO
FDPELR GH GLQDVWtD SDVDQGR D UHLQDU ORV %RUERQHV HQ OD SHUVRQD GH XQ
)HOLSH9TXHUHQXQFLDEDDVXVGHUHFKRVDOWURQRGH)UDQFLD&RQWRGROR
PiV JUDYH HV TXH (VSDxD VH FRQYHUWtD HQ OD SRWHQFLD TXH SDJDED ORV
JDVWRVGHXQDJXHUUDTXHVHKDEtDOLEUDGR\GHFLGLGRHQVXWHUULWRULR$Vt
(VSDxDFHGLyD$XVWULDORVWHUULWRULRVLWDOLDQRVVDOYR6LFLOLDTXHSDVyD
ODFDVDGH6DER\D\ORV3DtVHV%DMRVGHOVXU\D,QJODWHUUD*LEUDOWDU\
0HQRUFD3DUDUHPDWH(VSDxDDGHPiVTXHGDEDVXERUGLQDGDD)UDQFLDHQ
HO SODQR LQWHUQDFLRQDO 6H FHUUDED DVt HO FLFOR LQLFLDGR FRQ OD H[SDQVLyQ
LQWHUQDFLRQDO GH ORV 5H\HV &DWyOLFRV \ PDOEDUDWDGR SRU HO SUR\HFWR
FRQWUDUUHIRUPLVWD GH ORV $XVWULDV (VSDxD MDPiV YROYHUtD D VHU XQD
SRWHQFLDGHSULPHURUGHQ
/D QXHYD GLQDVWtD HMHFXWDUtD XQD PRGHUDGD PRGHUQL]DFLyQ GH (VSDxD
VLTXLHUD SRUTXH UDFLRQDOL]y DOJR HO RUGHQDPLHQWR WHUULWRULDO FRQ ORV
'HFUHWRVGH1XHYD3ODQWDXQDPHWDQRGHOWRGRFRQVHJXLGDDSHVDUGH
OR TXH VH KD HVFULWR DO UHVSHFWR H LQWHQWy VHJXLU XQD SROtWLFD H[WHULRU
TXH DXQTXH YLQFXODGD D )UDQFLD SRU ORV 3DFWRV GH )DPLOLD IXH HQ
UHDOLGDG GH EDMR SHUILO \ SHUPLWLy TXH OD QDFLyQ REWXYLHUD XQ PtQLPR
UHVSLUR GH ORV GHVDVWUHV DFDUUHDGRV SRU DEUD]DU D OD FDXVD GH OD
&RQWUDUUHIRUPD&RQWRGRHOGHQRPLQDGR6LJORGHODV/XFHVVHYHUtDQR
SRFR RSDFDGR SRU OD PHQWDOLGDG TXH VH KDEtD FRQVROLGDGR GHVGH ILQDOHV
GHOVLJOR;96HKDFRQYHUWLGRHQPDQLGDDILUPDFLyQODGHVHxDODUTXHOD
,OXVWUDFLyQ HVSDxROD TXHGy DERUWDGD SRU OD 5HYROXFLyQ )UDQFHVD
6HPHMDQWH YLVLyQ QR VH FRUUHVSRQGH FRQ OD UHDOLGDG KLVWyULFD /D
,OXVWUDFLyQHQ(VSDxDTXHGyIUHQDGDGHFLVLYDPHQWHSRUODDFFLyQGLUHFWD
GH OD LJOHVLD FDWyOLFD \ FRQ SRVWHULRULGDG VXV HVFDVRV IUXWRV VH YLHURQ
DUUDQFDGRV SRU OD UHDFFLyQ DQWH ORV DFRQWHFLPLHQWRV GH )UDQFLD \D D
ILQDOHVGHVLJORFXDQGRUHVXOWDEDREYLRTXHODV/XFHVQRSRGtDQGDUPiV
GHVt

/$',1$67$'20(67,&$'$

0LHQWUDV(VSDxDVHKDEtDLGRGHELOLWDQGR\HPSREUHFLHQGRGpFDGD
WUDV GpFDGD OD LJOHVLD FDWyOLFD QR VROR KDEtD PDQWHQLGR VX SRGHU HQ HO
WHUULWRULRQDFLRQDOVLQRTXHLQFOXVRORKDEtDDXPHQWDGR 3RU XQ ODGR
VXVSURSLHGDGHVUXUDOHVKDEtDQDXPHQWDGRIDYRUHFLGDHVWDFLUFXQVWDQFLD
SRU ORV SULYLOHJLRV GH PDQRV PXHUWDV SRU RWUR VX FRQWURO VREUH ORV
FRUD]RQHVODVPHQWHV\ORVHVStULWXVGHORVHVSDxROHVTXHGDEDDVHJXUDGR
JUDFLDVDOD,QTXLVLFLyQ)LQDOPHQWHQRKDEtDGHMDGRGHWHQGHUXQDUHGHQ
ODTXHVHYLHUDQDWUDSDGRVORVJREHUQDQWHV$OGDULQLFLRHOVLJOR ;9,,,\HO
JRELHUQRGHORV%RUERQHVGRVWHUFLRVGHORVQRPEUDPLHQWRVGHORVFDUJRV
GH OD LJOHVLD FDWyOLFD HVSDxROD VH GHFLGtDQ HQ 5RPD \ OD 6DQWD 6HGH
GLVIUXWDED GH XQRV LQJUHVRV FLHUWDPHQWH PX\ HOHYDGRV TXH SURFHGtDQ GH
ODV VHGHV GH ORV EHQHILFLRV HFOHVLiVWLFRV YDFDQWHV HQ (VSDxD \ GH ORV
GHUHFKRVTXHSHUFLEtDQORVWULEXQDOHVHFOHVLiVWLFRV6HSRGtDFHQWRQHUTXH
VHPHMDQWHVLWXDFLyQFRQFOXLUtDHQSDUWHSRUTXH)HOLSH9SRGtDVHJXLUOD
SROtWLFD GH /XLV ;,9 GH OLPLWDU HO SRGHU SDSDO HQ HO LQWHULRU GH VX
WHUULWRULRSHURVREUHWRGRSRUTXHWHQtDFXHQWDVSHQGLHQWHVFRQOD6DQWD
6HGH 'H KHFKR HO SDSD KDEtD DSR\DGR HQ OD JXHUUD FLYLO DO DUFKLGXTXH
&DUORVQRVLJXLHQGRFULWHULRVGHOHJLWLPLGDGVLQRLQWHQWDQGRFRPRHQHO
FDVR GHO HPSHUDGRU &DUORV 9 HYLWDU OD H[LVWHQFLD GH XQD SRWHQFLD GH
FDUiFWHULPSHULDOTXHSXGLHUDIUHQDUVXSRGHU$QWHHVDDFWLWXG)HOLSH9
KDEtD URWR ODV UHODFLRQHV GLSORPiWLFDV FRQ OD 6DQWD 6HGH (O WULXQIR GHO
%RUEyQOOHYyDO9DWLFDQRDDFHSWDUSUHVWDPHQWHXQFDPELRGHEDQGR\HQ
 D LQLFLDU FRQYHUVDFLRQHV FRQ HO QXHYR PRQDUFD SDUD VXVFULELU XQ
FRQFRUGDWR1RVHOOHJyDODILUPDKDVWDHODxR\DFRQ)HUQDQGR9,
HQ HO WURQR (Q DSDULHQFLD HO UHWURFHVR GH OD LJOHVLD FDWyOLFD QR HUD
SHTXHxR \D TXH HO UH\ VH UHVHUYDED HO GHUHFKR GH QRPEUDPLHQWR \ ODV
UHQWDV TXH DQWHV SHUFLEtD OD 6DQWD 6HGH TXH D VX YH] UHQXQFLDED DO
SULYLOHJLRTXHH[LPtDGHFRQWULEXFLyQDODVWLHUUDVGHODLJOHVLDFDWyOLFD
6LQ HPEDUJR OD QXHYD GLQDVWtD QR GHMDUtD GH YHUVH VRPHWLGLWRD D ORV
LQWHUHVHVHFOHVLDOHV$HOORFRQWULEXLUtDGHPDQHUDGHFLVLYDODDFWLYLGDGGH
GRVLQVWLWXFLRQHVFRPRHUDQOD&RPSDxtDGH-HV~V\OD,QTXLVLFLyQ
6XFDUiFWHULQVWUXPHQWDODODKRUDGHLPSRQHUORVLQWHUHVHVGHOD6DQWD
6HGH VREUH ORV GH (VSDxD TXHGy \D GH PDQLILHVWR GXUDQWH ODV
FRQYHUVDFLRQHV SDUD OD ILUPD GHO FRQFRUGDWR (Q  DSHQDV LQLFLDGDV
ODVQHJRFLDFLRQHVOD,QTXLVLFLyQFRQGHQyXQDPHPRULDHQODTXH0HOFKRU
GH0DFDQD]PLQLVWURGHOUH\H[SRQtDODVSRVLFLRQHVGH)HOLSH9(O
JROSH HUD PDHVWUR SRUTXH GHMDED GH PDQLILHVWR TXH OD LJOHVLD FDWyOLFD
HVWDED PiV TXH GLVSXHVWD D DUUHPHWHU FRQWUD OD SROtWLFD UHJLD VL DVt OH
SDUHFtDFRQYHQLHQWH6HKDHVSHFXODGRFRQODSRVLELOLGDGGHTXH)HOLSH9
DFDULFLDUD OD LGHD GH GHVWLWXLU DO LQTXLVLGRU JHQHUDO \ DVt ORJUDU TXH VH
HYLWDUD OD FRQGHQD GH VX PLQLVWUR 6L DVt OR SHQVy QR IXH OR TXH
ILQDOPHQWHKL]R'RPLQDGRSRUXQFRQIHVRUSHUWHQHFLHQWHDOD&RPSDxtD
GH -HV~V OD VHQWHQFLD GH OD ,QTXLVLFLyQ VH PDQWXYR \ 0DFDQD] VH YLR
REOLJDGR D H[LOLDUVH 6DOYy VHJXUDPHQWH OD YLGD SHUR VXV ELHQHV IXHURQ
FRQILVFDGRV3RUORTXHVHUHILHUHDORV%RUERQHVDSUHQGLHURQODOHFFLyQ
$XQTXHHOFRQFRUGDWRWDUGDUDHQILUPDUVHORFLHUWRHVTXHHO6DQWR2ILFLR
\OD&RPSDxtDGH-HV~VDFWXDURQDVXDQWRMRKDVWDODOOHJDGDDOWURQRGH
&DUORV,,,HQ

-(68,7$6<-$16(1,67$6

'HVGH VX IXQGDFLyQ OD &RPSDxtD GH -HV~V KDEtD FRQVWLWXLGR XQD
DXWpQWLFD IXHU]D GH FKRTXH GHO SDSDGR \ D SDUWLU GHO VLJOR ;9,, KDEtD
OXFKDGRFRQWUDFXDOTXLHULQWHQWRGHOLPLWDFLyQGHOSRGHUGHOD6DQWD6HGH
8QD DPHQD]D HVSHFLDO D HVD YLVLyQ VH SURGXMR FXDQGR HQ  ORV
RELVSRVIUDQFHVHVSURFODPDURQORVGHQRPLQDGRVSULQFLSLRVJDOLFDQRV(Q
HOORV VH VRVWHQtD TXH HO SRGHU HVSLULWXDO GHO SDSD HUD LQGHSHQGLHQWH GHO
WHPSRUDO \ TXH ORV RELVSRV QR HVWDEDQ REOLJDGRV D DVXPLU ODV
GHFODUDFLRQHV SDSDOHV PLHQWUDV QR ODV UHIUHQGDUD XQ FRQFLOLR /RV
SULQFLSLRV JDOLFDQRV WXYLHURQ XQD DPSOLD UHFHSFLyQ HQ RWUDV QDFLRQHV
FDWyOLFDV\QRWDUGDURQHQVHUSXQWLOORVDPHQWHHODERUDGRV6XWHyULFRPiV
SRSXODU VHUtD HO RELVSR GH 7ULHU -RKDQQ 1LNRODXV YRQ +RQWKHLP TXH
HVFULEtD EDMR HO QRPEUH GH -XVWLQLXV )HEURQLXV 6RVWHQtD HVWH OD
FHQWHULRULGDGGHOFRQFLOLRVREUHHOSDSDXQDWHVLVTXHKDEtDVLGRDFHSWDGD
DQWHV GH OD UHIRUPD LQFOXVR SRU IXWXURV SRQWtILFHV FRPR 3tR ,, SHUR
TXH OD 6DQWD 6HGH VH KDEtD HVIRU]DGR SRU UHFKD]DU $KRUD HO 9DWLFDQR
FRQGHQyODVWHVLVGH)HEURQLXVSHURVXLQIOXHQFLDVLJXLyH[SDQGLpQGRVH
3DUDHQIUHQWDUVHDFXDOTXLHULQWHQWRGHOLPLWDFLyQGHOSRGHUSDSDO\GHVX
SURSLRSHVROD&RPSDxtDGH-HV~VQRGXGyHQUHFXUULUDWRGRVORVPHGLRV
DVXDOFDQFHLQFOXLGRVODFDOXPQLD\ODPDQLSXODFLyQGHORVPRQDUFDV
(OFRQWUROHVSLULWXDOSROtWLFR\VRFLDOHMHUFLGRSRUOD&RPSDxtDGH-HV~V
\ OD ,QTXLVLFLyQ HUD GHSORUDGR SRU DOJXQRV FDWyOLFRV HVSDxROHV TXH
GHVHDEDQ XQD PRGHUDFLyQ GH VXV DFWLYLGDGHV \ XQ FLHUWR FRQWURO UHJLR
VREUH ODV PLVPDV $ HVWRV FDWyOLFRV PRWHMDURQ ORV MHVXLWDV FRQ HO
SHOLJURVRQRPEUHGHMDQVHQLVWDV(QUHDOLGDGORVMDQVHQLVWDVKDEtDQVLGR
FDWyOLFRV VHJXLGRUHV GH &RUQHOLR -DQVHQ HO DXWRU GH XQD REUD WLWXODGD
$XJXVWLQXVHQTXHUHFXSHUDEDODYLVLyQGHVDQ$JXVWtQVREUHODJUDFLD\
ODVDOYDFLyQ/DREUDGH-DQVHQHUDPX\H[DFWDDODKRUDGHH[SRQHUODV
WHVLV GHO WHyORJR PHGLHYDO SHUR SDVDED SRU DOWR TXH EXHQD SDUWH GH OD
WHRORJtDDJXVWLQLDQDKDEtDTXHGDGRIXHUDGHODRUWRGR[LDHQHOFRQFLOLRGH
7UHQWR FRPR FRQVHFXHQFLD GHO HQIUHQWDPLHQWR FRQ OD 5HIRUPD
SURWHVWDQWH 3RU DxDGLGXUD FKRFDED FRQ OD WHRORJtD GH OD &RPSDxtD GH
-HV~VYHUGDGHUDPHQWHVHPLSHODJLDQD\PX\DSURSyVLWRSDUDWUDQTXLOL]DU
FRQFLHQFLDV GH SUtQFLSHV D ORV TXH VH GHVHDED VRPHWHU )LQDOPHQWH OD
DOLDQ]D HQWUH OD 6DQWD 6HGH \ /XLV ;,9 VH WUDGXMR HQ OD FRQGHQD \
UHSUHVLyQ GH ORV MDQVHQLVWDV TXH QXQFD KDEtDQ DEDQGRQDGR OD LJOHVLD
FDWyOLFD\ORVMHVXLWDVVHDSXQWDURQHOWULXQIRHQVXKDEHU
(Q(VSDxDORVMHVXLWDVQRWXYLHURQHOPHQRUSUREOHPDPRUDODODKRUD
GHDFXVDUGHMDQVHQLVWDVDTXLHQHVQDGDWHQtDQTXHYHUFRQ-DQVHQSHURQR
GXGDEDQHQPDQLIHVWDUVXGHVDJUDGRDQWHODVSROtWLFDVGHO6DQWRRILFLR\
GHOD&RPSDxtDGH-HV~VDODVD]yQHVWUHFKDPHQWHHQWUHOD]DGDV(OSRGHU
GH DPEDV LQVWLWXFLRQHV HQ (VSDxD TXHGy HVSHFLDOPHQWH GH PDQLILHVWR
FXDQGR HQ  DSDUHFLy XQD QXHYD HGLFLyQ GHOQGLFH GH OLEURV
SURKLELGRV HVSDxRO (OQGLFH HVSDxRO FRQWHQtD XQD OLVWD DGLFLRQDO GH
OLEURVSURKLELGRVVREUHHOWH[WRGHOD6DQWD6HGH6HWUDWDEDGHWH[WRV
PRWHMDGRV GH MDQVHQLVWDV SRU ORV MHVXLWDV DXQTXH D GHFLU YHUGDG GH OR
~QLFRTXHVHWUDWDEDHUDGHLQIDPDUDULYDOHVHFOHVLiVWLFRV(QWUHHOORVVH
HQFRQWUDEDQSRUHMHPSORSXEOLFDFLRQHVGHELGDVDGRPLQLFRVRDJXVWLQRV
&RPRHUDGHHVSHUDUODVyUGHQHVUHOLJLRVDVSURWHVWDURQDQWHOD6DQWD6HGH
\ HVWD OHV GLR OD UD]yQ SHUR HO FRQIHVRU MHVXLWD GH )HUQDQGR 9, ORJUy
FRQYHQFHU DO PRQDUFD GH TXH QR REHGHFLHUD OD GLVSRVLFLyQ SDSDO 'H
KHFKRHO9DWLFDQRWXYRTXHHVSHUDUDXQQXHYRLQTXLVLGRUJHQHUDO\DXQ
QXHYRFRQIHVRUUHJLRSDUDTXHVHREHGHFLHUDQVXVyUGHQHV
&RQVHPHMDQWHVSUHWHQVLRQHVGHHMHUFHUVXSRGHUQRSXHGHVRUSUHQGHU
TXH XQ MHVXLWD HO SDGUH -RVp )UDQFLVFR GH ,VOD HVFULELHUD XQ OLEUR HQ HO
TXHVHEXUODEDGHODVyUGHQHVUHOLJLRVDVVDOYRFODURHVWiODVX\D/DREUD
WLWXODGD)UD\ *HUXQGLR GH &DPSD]DV DOLDV =RWHV WHQtD PXFKR GH
YHUGDG \ H[SRQtD FRQ FLHUWR JUDFHMR HO HVWDGR GH LJQRUDQFLD \
FHQWHUVWLFLyQ TXH FDUDFWHUL]DED DO FOHUR HVSDxRO FHQWRQtD WDPELpQ
DXQTXHGHPDQHUDLQGLUHFWDXQDOHJDWRHQIDYRUGHODFHQWHULRULGDGGHORV
MHVXLWDV 6X p[LWR IXH H[WUDRUGLQDULR \ HQ VROR YHLQWLFXDWUR KRUDV VH
YHQGLyODSULPHUDHGLFLyQSHURUHVXOWDEDLQWROHUDEOHSRUORTXHWHQtDGH
FUtWLFDGHDPSOLRVVHFWRUHVGHODLJOHVLDFDWyOLFD\IXHSURKLELGD

/$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,,
'((648,/$&+($/$(;38/6,1'(/26-(68,7$6

(ODJRELDQWHSHVRGHORVMHVXLWDVVREUH(VSDxDQROOHJyHQUHDOLGDGD
VHUFXHVWLRQDGRKDVWDODOOHJDGDGHXQQXHYRUH\TXHQRHVWDEDGLVSXHVWRD
WHQHU FRPR FRQIHVRU D XQ PLHPEUR GH OD &RPSDxtD 1RV UHIHULPRV D
&DUORV,,,6HxDODUORFRPRHOPRQDUFDHVSDxROPiVLPSRUWDQWHGHOVLJOR
;9,,, UHVXOWD WySLFR SHUR QR HV SRU HOOR PHQRV H[DFWR 6XV p[LWRV
GHULYDURQ GH GRV FLUFXQVWDQFLDV UHOHYDQWHV (Q SULPHU OXJDU FRQWDED \D
FRQXQDH[SHULHQFLDQRWDEOHGHJRELHUQRHQVHJXQGRFHQWRURGHDUVHGH
WpFQLFRVFXDOLILFDGRV(VWH~OWLPRDVSHFWRH[SOLFDTXHDSHVDUGHWUDEDMDU
WDQVRORXQDKRUDDOGtD\GHHVWDUHQWUHJDGRFRQWLQXDPHQWHDSDVDWLHPSRV
FRPR OD FD]D ORV ORJURV GH VX UHLQDGR UHVXOWDUDQ VREUHVDOLHQWHV 1R HV
PHQRV FLHUWR TXH ORV p[LWRV IXHURQ OLPLWDGRV SRUTXH FRPR WHQGUHPRV
RFDVLyQGHYHUFKRFDEDQFRQXQDPHQWDOLGDGIRUMDGDGXUDQWHVLJORVSRUOD
LJOHVLDFDWyOLFD
&DUORV TXH KDEtD QDFLGR HQ 0DGULG HO  GH HQHUR GH  KDEtD
VLGRHOSULQFLSDOEHQHILFLDULRGHODSROtWLFDLWDOLDQDGH,VDEHOGH)DUQHVLR
TXH KDEtD SHUVHJXLGR FRQVHJXLU WURQRV SDUD VXV KLMRV QDFLGRV GH XQ
VHJXQGR PDWULPRQLR GH )HOLSH 9 &RQWDED SRU WDQWR FRQ HVFDVDV
SRVLELOLGDGHV GH VHU UH\ GH (VSDxD $Vt IXH &DUORV , GXTXH GH 3DUPD
\&DUORV9,,UH\GH1iSROHV\6LFLOLD/OHYDED
SXHVJREHUQDQGRFRPRPRQDUFDPiVGHXQFXDUWRGHVLJORFXDQGRUHFLELy
OD FRURQD HVSDxROD 'HEH VHxDODUVH TXH HQ VXV GLVWLQWRV UHLQRV GH ,WDOLD
&DUORVIXHXQPRQDUFDPX\TXHULGRMXQWRDVXHVSRVD0DUtD$PDOLDGH
6DMRQLD FRQ IDPD MXVWD GH UHIRUPDGRU \ FXOWR $ pO VH GHELy SRU
HMHPSORTXHGLHUDQLQLFLRODVH[FDYDFLRQHVGH3RPSH\D
$O PRULU VLQ GHVFHQGHQFLD )HUQDQGR 9, &DUORV VH FRQYLUWLy HQ UH\ GH
(VSDxDDGRQGHOOHJyFRQFODUDVLQWHQFLRQHVUHIRUPLVWDVFRQXQDQRWDEOH
H[SHULHQFLD \ FRQ VXV PLQLVWURV LWDOLDQRV HQWUH ORV TXH GHVWDFDED HO
PDUTXpVGH(VTXLODFKH&DUORV,,,ORQRPEUyHQSULPHUOXJDUVHFUHWDULR
GH +DFLHQGD SXHVWR GHVGH GRQGH OOHYy D FDER XQD SURYHFKRVD
OLEHUDOL]DFLyQ GH OD HFRQRPtD (VTXLODFKH HUD FRQVFLHQWH FRPR HO
PRQDUFD GH TXH XQR GH ORV SULQFLSDOHV REVWiFXORV D GHFLU YHUGDG HO
PD\RUFRQWUDODSROtWLFDGHUHIRUPDVHUDODLJOHVLDFDWyOLFD$VtORJUy
TXHVHLQFRUSRUDUDQVHxRUtRVDOD&RURQDTXHVHOOHYDUDDFDERXQDWDUHD
GH FRQWURO GH VHFWRUHV HFOHVLiVWLFRV \ TXH VH SURFHGLHUD D UHRUJDQL]DU HO
(MpUFLWR FX\RV JDVWRV SDVDURQ D VHU ILQDQFLDGRV FRQ OD ORWHUtD QDFLRQDO
LQWURGXFLGDDODVD]yQHQ(VSDxD
3RVLEOHPHQWH OD DFFLyQ PiV VHQVDWD HQ PDWHULD HFRQyPLFD DGRSWDGD
SRU (VTXLODFKH IXH OD GH OLEHUDOL]DU HO FRPHUFLR GH ORV FHUHDOHV 6LQ
HPEDUJRHOTXHVHPHMDQWHPHGLGDVHSURGXMHUDHQXQPRPHQWRHQTXHVH
VXFHGtDQPDODVFRVHFKDV\HQTXHORVDFDSDUDGRUHVKDEtDQSURYRFDGRXQD
VXELGD GHO SUHFLR GHO SDQ WXYR SpVLPDV FRQVHFXHQFLDV 'H KHFKR
(VTXLODFKHVHFRQYLUWLyHQXQSHUVRQDMHPX\LPSRSXODUFRQWUDHOTXHVH
DFDEy GHVHQFDGHQDQGR HO PRWtQ TXH KD SDVDGR D OD +LVWRULD FRQ VX
QRPEUH
3RVLEOHPHQWHORVGLVWXUELRVQRIXHURQLQLFLDOPHQWHPiVTXHODYiOYXOD
GHHVFDSHGHODFyOHUDTXHORVPDGULOHxRVKDEtDQLGRDFXPXODQGRFRQWUD
ORVPLQLVWURVLWDOLDQRVGHOUH\(OFKLVSD]RTXHHQFHQGLyODKRJXHUDIXHOD
RUGHQGHVXVWLWXLUODFDSDODUJD\HOFKDPEHUJRRVRPEUHURGHDODDQFKD
GHORVPDGULOHxRVSRUODFDSDFRUWD\HOVRPEUHURGHWUHVSLFRV/DJHQWH
\DLUULWDGDSRUODVFDUHQFLDVHFRQyPLFDVFRQVLGHUyDTXHOODPHGLGDFRPR
XQDWDTXHGLULJLGRFRQWUDODHVSDxROLGDGVLPEROL]DGDSRUXQWUDMHWtSLFR
/D UHDOLGDG HUD VLQ HPEDUJR PX\ GLIHUHQWH \D TXH OD FDSD ODUJD \ HO
FKDPEHUJR KDEtDQ VLGR OOHYDGRV D (VSDxD SRU ORV YDORQHV GXUDQWH HO
LQIDXVWR UHLQDGR GH &DUORV ,, /DPHQWDEOHPHQWH ODV PDVDV LUULWDGDV QR
VXHOHQDWHQGHUDODVFRQVLGHUDFLRQHVKLVWyULFDV
(O HPSHxR GH (VTXLODFKH HQ TXH VH REHGHFLHUD OD PHGLGD TXH
SUHWHQGtDHQWUHRWUDVFRVDVLPSHGLUODRFXOWDFLyQGHPDOHDQWHV\ODLUD
DFXPXODGDGHVHPERFyHQXQPRWtQHOGHPDU]RGH'RPLQJRGH
5DPRV (Q HO FXUVR GHO PLVPR WRGDV ODV IDURODV GH 0DGULG IXHURQ
DSHGUHDGDV D OD YH] TXH ODV WXUEDV EXVFDEDQ QR VROR D (VTXLODFKH VLQR
WDPELpQ D ORV PLQLVWURV *ULPDOGL \ 6DEDWLQL FRQ OD LQWHQFLyQ GH DFDEDU
FRQHOORV$SHVDUGHVXFDUiFWHULQLFLDO\DSDUHQWHPHQWHORFDOHOPRWtQ
SDVy GH 0DGULG D OXJDUHV WDQ GLVWDQWHV FRPR %LOEDR %DUFHORQD /D
&RUXxD 6DQWDQGHU R &iGL] 5HVXOWD GLItFLO FUHHU VH PLUH FRPR VH PLUH
TXH D HVDV DOWXUDV VH WUDWDED GH XQD PHUD UHDFFLyQ SRSXODU \D TXH
UHFRUGDEDDRWURVHSLVRGLRVOXFWXRVRVGHOD+LVWRULDGH(VSDxDFRPRORV
SRJURPRVGHILQDOHVGHOVLJOR;,9
$QWHDTXHOODVLWXDFLyQTXHLEDHQDXPHQWRODPD\RUtDGHORVFRQVHMHURV
GHOUH\VHLQFOLQDEDSRUFHGHUDOHJDQGRTXHORVDPRWLQDGRVVRORSHGtDQHO
FRQWUROGHORVSUHFLRVGHORVDOLPHQWRV\ODGHVWLWXFLyQGH(VTXLODFKH(O
UH\QRGDQGRSUHFLVDPHQWHPXHVWUDVGHYDOHQWtDVHWUDVODGyD$UDQMXH]D
SHVDUGHTXHORViQLPRV\DHVWDEDQDTXLHWDGRV\GHVGHDOOtVHGHFLGLySRU
GHVWHUUDU D (VTXLODFKH \ RUGHQDU D *ULPDOGL TXH VH KLFLHUD FDUJR GH
UHVWDXUDU HO RUGHQ (V PiV TXH SRVLEOH TXH D HVDV DOWXUDV HVWXYLHUD
FRQYHQFLGRGHTXHWUDVORVWXPXOWRVVHDJD]DSDEDQIXHU]DVDUWLFXODGDVGH
FRQVLGHUDEOHSHVR
&RQ SRVWHULRULGDG VH KDQ IRUPXODGR GLYHUVDV YHUVLRQHV LQWHUHVDGDV
DFHUFDGHFXiOHUDODIXHU]DTXHDFWXDEDGHWUiV3RUFHQWXHVWRXQDYHUVLyQ
FDWyOLFDWUDGLFLRQDOKDVLGRODGHFXOSDUGHOPRWtQDORVPDVRQHV/DWHVLV
HV VLQ HPEDUJR LQVRVWHQLEOH VLTXLHUD SRUTXH OD PDVRQHUtD HQWUy HQ
(VSDxDFRQPXFKDSRVWHULRULGDG
2ILFLDOPHQWH *ULPDOGL LQIRUPy D ORV HPEDMDGRUHV GH TXH KDEtD VLGR
XQD UHYXHOWD SRSXODU HQ OD TXH WXYLHURQ XQ SDSHO DOFDOGHV \ JROLOODV /D
YHUVLyQ RILFLDO SHUPLWLUtD DVt FODVLILFDU HO PRWtQ GH (VTXLODFKH FRPR XQ
WtSLFRPRWtQGHKDPEUHGHOVLJOR;9,,,HQHOTXHODVXPDGHGHVFRQWHQWR
DERUUHFLPLHQWR KDFLD ORV H[WUDQMHURV \ JDVWRV GH OD FRUWH KDEUtD
SURYRFDGRXQDUHDFFLyQTXHVHPDQLIHVWySRUHMHPSORHQDVDOWDUWLHQGDV
\ HQ DSHGUHDU ORV FLQFR PLO IDUROHV TXH KDEtD FRORFDGR (VTXLODFKH HQ
0DGULG
(Q DSDULHQFLD ODV FRQVHFXHQFLDV GHO PRWtQ IXHURQ HVFDVDV (O
GHFHSFLRQDGR(VTXLODFKHIXHQRPEUDGRHPEDMDGRUGH(VSDxDHQ9HQHFLD
VLHQGR VXVWLWXLGR SRU RWUR GH ORV JUDQGHV SHUVRQDMHV GHO VLJOR;9,,,
HVSDxROHOFRQGHGH$UDQGD'HPDQHUDDVWXWD$UDQGDTXHFRQRFtDOD
QDWXUDOH]D KLVSDQD PHMRU TXH HO LWDOLDQR GLVSXVR TXH ORV YHUGXJRV
OOHYDUDQGHVGHHQWRQFHVXQDWDYtRFRQVLVWHQWHHQFDSDODUJD\FKDPEHUJR
FRQ OR TXH OD JHQWH RSWy YROXQWDULDPHQWH SRU OR TXH KDEtD GHVHDGR
(VTXLODFKHHVGHFLUSRUVXVWLWXLUDTXHOODLQGXPHQWDULDSRUODFDSDFRUWD
\HOVRPEUHURGHWUHVSLFRV
'XUDQWH ORV SUy[LPRV DxRV ORV SHUVRQDMHV SROtWLFRV GH PD\RU
UHOHYDQFLD VHUtDQ $UDQGD \ )ORULGDEODQFD (O FRQGH GH $UDQGD WtWXOR
QRELOLDULRGH3HGUR3DEOR$EDUFDGH%ROHDKDEtDQDFLGRHQHOFDVWLOOR
GH6LpWDPR+XHVFDHQHOVHQRGHXQDLOXVWUHIDPLOLDDUDJRQHVD(GXFDGR
HQ HO 6HPLQDULR GH %RORQLD \ HQ 5RPD KDEtD YLDMDGR PXFKR HQ VX
MXYHQWXGSRU(XURSDORTXHWXYRFRPRFRQVHFXHQFLDTXHVHGHVSUHQGLHUD
GHXQDYLVLyQHVWUHFKD\VHIXHUDHPSDSDQGRGHOHVStULWXGHOD,OXVWUDFLyQ
3RUVXSDUWHHOIXWXURFRQGHGH)ORULGDEODQFD-RVp0RxLQR\5HGRQGR
 KDEtD QDFLGR HQ 0XUFLD &XUVy HVWXGLRV HQ 0XUFLD 2ULKXHOD \
6DODPDQFDHMHUFLHQGRODDERJDFtDMXQWRDVXSDGUHGXUDQWHDOJ~QWLHPSR
6XIRUPDFLyQSRUORWDQWRHUDSUHGRPLQDQWHPHQWHMXUtGLFD
$XQTXHODYHUVLyQRILFLDOGHOPRWtQORKDEtDUHGXFLGRDXQDDOJDUDGDGH
VXEVLVWHQFLD WDQWR HO PRQDUFD FRPR VXV PLQLVWURV GHELHURQ YHU WUDV HO
PLVPR D OD LJOHVLD FDWyOLFD \ HQ HVSHFLDO D OD &RPSDxtD GH -HV~V (Q
 &DUORV ,,, YROYLy D LPSRQHU HOH[HTXDWXU XQ PHFDQLVPR MXUtGLFR
TXHVRPHWtDODSXEOLFDFLyQGHORVGRFXPHQWRVSDSDOHVDXQDDXWRUL]DFLyQ
SUHYLDGHODVDXWRULGDGHVUHJLDV0XFKRPiVUHOHYDQWHIXHTXHHODxR
DQWHULRUHOPRQDUFDKXELHUDSURFHGLGRDODH[SXOVLyQGHORVMHVXLWDV/D
EDVHSDUDDGRSWDUGLFKDGHFLVLyQIXHURQORVUHVXOWDGRVGHODGHQRPLQDGD
3HVTXLVD VHFUHWD /D ODERU GH LQYHVWLJDFLyQ TXH SUHWHQGtD GHWHUPLQDU
PiV DOOi GH YHUVLRQHV RILFLDOHV TXLHQ HVWDED GHWUiV GHO PRWtQ GH
(VTXLODFKHODOOHYyDFDERXQFRQVHMRJHQHUDOH[WUDRUGLQDULRIRUPDGRSRU
FLQFRHFOHVLiVWLFRVORVRELVSRVGH7DUD]RQD$OEDUUDFtQ\2ULKXHOD\ORV
DU]RELVSRVGH=DUDJR]D\%XUJRV6LQHPEDUJRODUHVSRQVDELOLGDGGHOD
PLVPD UHFD\y HQ &DPSRPDQHV FRQ HO UHVSDOGR GH 0RxLQR HO IXWXUR
FRQGHGH)ORULGDEODQFD/DVFRQFOXVLRQHVGHOD3HVTXLVDVHFUHWDIXHURQ
UHDOPHQWH GHPROHGRUDV /D &RPSDxtD GH -HV~V DSDUHFLy FRPR XQD
LQVWLWXFLyQ JUDYHPHQWH SHOLJURVD TXH FRQWURODED OD HQVHxDQ]D IDYRUHFtD
XQ GHVFDUDGR DPLJXLVPR \ QR GXGDED HQ HQVHxDU HO GHUHFKR GH
WLUDQLFLGLR3RUDxDGLGXUDHUDQORVMHVXLWDVORVTXHKDEtDQRUJDQL]DGRHO
PRWtQGH(VTXLODFKH3DUWLHQGRGHHVDVFRQFOXVLRQHVOD~QLFDVDOLGDSDUD
HYLWDU VX SHUQLFLRVD LQIOXHQFLD \ DFFLRQHV HUD D MXLFLR GH ODV LQVWDQFLDV
HFOHVLiVWLFDV\FLYLOHVSURFHGHUDVXH[SXOVLyQ1XQFDSRGUHPRVVDEHUD
FLHQFLD FLHUWD OR TXH SRGtD KDEHU GH YHUGDG HQ ODV DFXVDFLRQHV GH OD
3HVTXLVDVHFUHWDVREUHHOSDSHOGHORVMHVXLWDVHQHOPRWtQGH(VTXLODFKH
\D TXH OD GRFXPHQWDFLyQ KD GHVDSDUHFLGR 6t UHVXOWD LQQHJDEOH TXH OD
&RPSDxtDGH-HV~VKDEtDFRQVHJXLGRHVWDEOHFHUXQFLHUWRPRQRSROLRGHOD
HQVHxDQ]D HQ FiWHGUDV FRPR ODV GH /DWLQLGDG \ *UDPiWLFD \ ODV
)DFXOWDGHVGHDUWH7DPELpQHUDFLHUWRTXHVXVSDUWLGDULRVFRQWURODEDQQR
SRFDVGHODV)DFXOWDGHVPD\RUHV\XQLYHUVLGDGHVFRPRODVGH&HUYHUD\
*DQGtD(Q~OWLPDLQVWDQFLDFXPSOtDQDVtHOSURJUDPDFRQWUDUUHIRUPLVWD
GH,JQDFLRGH/R\RODTXHHQWUHJDEDDOD&RPSDxtDGH-HV~VODPLVLyQGH
IRUPDU D ODV pOLWHV JREHUQDQWHV (VH SRGHU LQFRQWURODGR \ VREHUELR
FLHUWDPHQWHGHORVMHVXLWDVUHVXOWDEDLQWROHUDEOHSDUDQRSRFRVRELVSRV
VDFHUGRWHV \ UHOLJLRVRV FDQVDGRV GH VX LQIOXHQFLD \ GHVHRVRV GH YHU VX
GLVROXFLyQ3RUVXSDUWHORVLOXVWUDGRVDQVLDEDQDFDEDUFRQODSRWHQFLDGH
ORV MHVXLWDV SDUD OOHYDU D FDER XQD UHIRUPD HGXFDWLYD 'HVGH OXHJR QR
GHMD GH VHU VLJQLILFDWLYR TXH OD H[SXOVLyQ GH ORV MHVXLWDV IXHUD DSR\DGD
SRU OD PD\RUtD GH ORV RELVSRV HVSDxROHV 'H KHFKR FXDUHQWD \ GRV VH
PDQLIHVWDURQ D IDYRU GH OD PHGLGD VHLV HQ FRQWUD \ RFKR QR VH
SURQXQFLDURQ
7DPELpQ HV UHYHODGRU TXH HQ  KXELHUDQ VLGR H[SXOVDGRV GH
3RUWXJDO\HQGH)UDQFLD(QDEULOGHHOFRQGHGH$UDQGDSXVR
HQ HMHFXFLyQ HO GHFUHWR GH &DUORV ,,, \ VH SURFHGLy D OD H[SXOVLyQ VLQ
HVSHFLDOHVFRPSOLFDFLRQHV6LQHPEDUJRHOUH\VDEtDTXHOD&RPSDxtDGH
-HV~V HUD XQ HQHPLJR GHPDVLDGR IRUPLGDEOH FRPR SDUD OLPLWDUVH D HVD
PHGLGD6XPDGRDOUH\GH)UDQFLDQRGHVFDQVyKDVWDTXHOD6DQWD6HGH
SURFHGLy D OD GLVROXFLyQ GH OD &RPSDxtD HQ  'H VHPHMDQWH
FRPHWLGLWRRVHRFXSy-RVp0RxLQRDOTXH&DUORV,,,SUHPLyRWRUJiQGROH
HOWtWXORGHFRQGHGH)ORULGDEODQFD(Q)ORULGDEODQFDVXVWLWX\yD
*ULPDOGLFRPRSULPHUVHFUHWDULRGH(VWDGR
 /$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,,,
/$5()250$'(/$(16(f$1=$

/D H[SXOVLyQ GH ORV MHVXLWDV DEULy OD SXHUWD SDUD TXH ORV LOXVWUDGRV
SXGLHUDQSHQVDUHQXQDUHIRUPDGHODHQVHxDQ]DSUHFLVDPHQWHODUHIRUPD
TXH VH KDEtD DFRPHWLGLWRR HQ ODV QDFLRQHV GRQGH KDEtD WULXQIDGR OD
5HIRUPD\DHQHOVLJOR;9,,PLHQWUDVTXHHQ(VSDxDKDEtDVLGRLPSHGLGD
SRU OD LJOHVLD FDWyOLFD /D PDQHUD HQ TXH OD &RPSDxtD GH -HV~V KDEtD
SHUYHUWLGRODVSRFDVLQVWLWXFLRQHVTXHSUHWHQGtDQH[WHQGHUPtQLPDPHQWH
OD HGXFDFLyQ UHVXOWD FLHUWDPHQWH VLJQLILFDWLYD /RV MHVXLWDV VH KDEtDQ
DSRGHUDGR SRU HMHPSOR GH ORV FROHJLRV PD\RUHV 2ULJLQDOPHQWH HVWDV
LQVWLWXFLRQHV KDEtDQ VLGR IXQGDGDV GXUDQWH HO VLJOR;9 \ HO;9, FRQ OD
ILQDOLGDG GH SRGHU DOEHUJDU D HVWXGLDQWHV SREUHV /D &RPSDxtD GH -HV~V
HQWUHJDGDDODWDUHDGHIRUPDUpOLWHVJREHUQDQWHVFRQWURODGDVSRUHOOD\
D PDQWHQHU D OD PD\RU SDUWH GHO SXHEOR VXPLGD HQ OD LJQRUDQFLD PiV
DEVROXWD KDEtD DOWHUDGR WRWDOPHQWH DTXHO SURSyVLWR LQLFLDO (Q HO
PRPHQWR GH VX H[SXOVLyQ ORV VHJXQGRQHV GH IDPLOLDV LPSRUWDQWHV HUDQ
ORVUHFHSWRUHVGHORVIRQGRVGHVWLQDGRVHQRWURWLHPSRDJHQWHGHIDPLOLD
KXPLOGH \ GH DOOt SDVDEDQ D RFXSDU FDUJRV LPSRUWDQWHV HQ OD LJOHVLD
FDWyOLFD R HQ OD DGPLQLVWUDFLyQ GHO HVWDGR (VWRV FROHJLDOHV VHJXtDQ
FRODERUDQGR GHVSXpV FRQ OD &RPSDxtD GH -HV~V SDUD H[WHQGHU VX
LQIOXHQFLD HQ WRGDV ODV iUHDV GH OD YLGD 3DUWLHQGR GH HVD YLVLyQ VH
PRWHMDED GH PDQHUD PX\ SRFR FULVWLDQD D ORV HVWXGLDQWHV GH OD EDMD
QREOH]DH[FOXLGRVGHORVFROHJLRVFRQHOQRPEUHGHPDQWHtVWDVWDQWR
&DPSRPDQHV FRPR 0RxLQR OR KDEtDQ VLGR \D TXH OOHYDEDQ FDSDV
ODUJDVSRULPSRVLFLyQGHOUHJODPHQWR
/DH[SXOVLyQGHORVMHVXLWDVDEUtDODSXHUWDDTXHORVFROHJLRVPD\RUHV
YROYLHUDQDVHUORTXHKDEtDQVLGRHQVXVLQLFLRV\HIHFWLYDPHQWH&DUORV
,,,DSUREyWDOSUR\HFWRPHGLDQWHXQGHFUHWRGHIHEUHURGH&DUORV,,,
VHYLRVRPHWLGLWRRDGLVWLQWDVSUHVLRQHVSDUDTXHQROOHYDUDDFDERVXSODQ
\QRFHGLySHURDOILQ\DODSRVWUHORVFROHJLRVQRVDOLHURQDGHODQWH\HQ
\DUHLQDQGR&DUORV,9VHUHQXQFLyDWDQGLJQDPHWD\HOJRELHUQR
RSWySRUDSRGHUDUVHGHVXVUHQWDV6XFHGtDDVtXQGUDPDTXHFRQWDUtDFRQ
QRWDEOHVSDUDOHORVDQWHULRUHV\SRVWHULRUHVHQOD+LVWRULDGH(VSDxD/DV
LQWHQFLRQHV LOXVWUDGDV GHO PRQDUFD \ GH VXV PLQLVWURV FKRFDEDQ QR VROR
FRQODSVLFRORJtDGHOSXHEORVLQRWDPELpQFRQORVLQWHUHVHVGHODLJOHVLD
TXHODKDEtDIRUPDGRDORODUJRGHVLJORV&RQWUDHVHPXURVHHVWUHOODUtD
DO ILQ \ D OD SRVWUH WRGD XQD VHULH GH PHGLGDV TXH GHEtDQ KDEHUVH
DGRSWDGRPiVGHGRVVLJORV\PHGLRDQWHV

/$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,,,,/$5(181&,$
$/$/8&+$&2175$/$,148,6,&,1

/D H[SXOVLyQ GH ORV MHVXLWDV QR UHGXMR QL GH OHMRV HO SHVR
YHUGDGHUDPHQWHDJRELDQWHTXHODLJOHVLDFDWyOLFDHMHUFtDVREUHODQDFLyQ
'HKHFKRODLQTXLVLFLyQFRQWLQXyGHIHQGLHQGRDORVMHVXLWDV\DWDFDQGRD
VXVDGYHUVDULRVDORVTXHVLJXLHQGRHOHMHPSORGHOD&RPSDxtDGH-HV~V
VLJXLy DFXVDQGR GH MDQVHQLVWDV 6HPHMDQWH DFWLWXG QR OH HUD RFXOWD DO
JRELHUQR GH &DUORV ,,, SHUR VHQFLOODPHQWH WHPLy HQIUHQWDUVH FRQ HOOD
1RGHMDGHVHUVLJQLILFDWLYRTXHHOGHPDU]RGH&DPSRPDQHV\
0RxLQRHQVXFDOLGDGGHILVFDOHVGHO&RQVHMRGH&DVWLOODUHGDFWDUDQXQD
PHPRULD HQ OD TXH DILUPDEDQ WD[DWLYDPHQWH (Q HO GtD GH KR\ ORV
WULEXQDOHVGH,QTXLVLFLyQFRPSRQHQHOFXHUSRPiVIDQiWLFRDIDYRUGHORV
UHJXODUHV H[SXOVRV GH OD &RPSDxtD GH -HV~V TXH WLHQHQ WRWDO FRQH[LyQ
FRQ HOORV HQ VXV Pi[LPDV \ GRFWULQDV \ HQ ILQ TXH QHFHVLWDQ
UHIRUPDFLyQ 6DEHGRUD GH VX IXHU]D OD ,QTXLVLFLyQ QR GXGy HQ
GHVDILDU DO UH\ DOHJDQGR TXH QR SRGtD SURFHGHUVH D VX UHIRUPD VLQ XQ
SHUPLVRH[SUHVRGHOSDSD(QHOSODQRWHyULFRORVPLQLVWURVGH&DUORV,,,
LQVLVWLHURQ HQ TXH DO VHU HO PRQDUFD SDWURQR IXQGDGRU \ GRWDGRU GH OD
,QTXLVLFLyQ GLVIUXWDED GH ORV GHUHFKRV SURSLRV GHO SDWURQD]JR 6LQ
HPEDUJRHQODSUiFWLFDHOFDPELRIXHHVFDVR(QVHHVWDEOHFLyXQ
VLVWHPDGHFHQVXUDGHOLEURVTXHFHQWXHVWDPHQWHGHEHUtDKDEHUDIORMDGR
HO GRJDO TXH VREUH OD LQWHOLJHQFLD WHQtD FRORFDGR OD ,QTXLVLFLyQ 1R IXH
DVt 'H KHFKR VL ORV VHUYLGRUHV GH OD ,QTXLVLFLyQ QR VH GHGLFDURQ HQ
DOJXQRVFDVRVDODVSHVTXLVDVFRQHOPLVPRFHORTXHDQWDxRQRVHGHELyQL
DODGXOFLILFDFLyQGHVXVDFFLRQHVQLWDPSRFRDTXHKXELHUDFDODGRHQVX
iQLPR XQD PHQWDOLGDG LOXVWUDGD VLQR VLPSOHPHQWH DO KHFKR GH TXH OD
UHPXQHUDFLyQ QR HUD VXILFLHQWH SDUD VX JXVWR (O GDWR HV GLJQR GH
UHIOH[LyQ SRUTXH FRQILUPD FyPR OD FRGLFLD \ HO FDUUHULVPR KDEtDQ VLGR
FRPSDxHURVGHODLQWROHUDQFLD\HOIDQDWLVPRGHVGHKDFtDVLJORV
&RPRHQWDQWDVRWUDVFXHVWLRQHVQLORVPLQLVWURVQLHOUH\VHDWUHYLHURQ
DLUKDVWDODUDt]GHORVPDOHVSDWULRV(QOD,QTXLVLFLyQIXHDEROLGD
HQ HO UHLQR GH ODV 'RV 6LFLOLDV SRU HO KLMR GH &DUORV ,,, 6LQ HPEDUJR
VHPHMDQWH SDVR SDUHFLy LPSRVLEOH GH DERUGDU HQ (VSDxD (O FRQGH GH
$UDQGDSUHVLGHQWHGHO&RQVHMRGH&DVWLOODSRGtDDERUUHFHUDORVMHVXLWDV
\VHQWLUVHLQFyPRGRFRQHOSHVRGHODLJOHVLDFDWyOLFDHQODYLGDQDFLRQDO
SHUR HVWDED PiV TXH GLVSXHVWR D PDQWHQHU OD ,QTXLVLFLyQ SRUTXH VHJ~Q
SHQVDEDHOSXHEORGHHOODGHSHQGtDODH[LVWHQFLDGHODUHOLJLyQ3RUVX
SDUWH &DUORV ,,, GHFLGLy QR VHJXLU HO FDPLQR WRPDGR HQ HO UHLQR GH ODV
'RV 6LFLOLDV DSHODQGR D TXH ORV HVSDxROHV OD TXHUtDQ \ D pO QR OH
PROHVWDED/DIUDVHSXHGHUHVXOWDUKDVWDHOHJDQWHSHURORFLHUWRHVTXH
OD ,QTXLVLFLyQ FRQWLQXDUtD DUUDQFDQGR OD YLGD D GLVLGHQWHV KDVWD ELHQ
HQWUDGRHOVLJORVLJXLHQWHFRPRWHQGUHPRVRFDVLyQGHYHU

/$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,,9
(/32'(5,17$&72

*XVWDUDRQRUHFRQRFHUORHOSRGHUGHODLJOHVLDFDWyOLFD,QTXLVLFLyQ
LQFOXLGD TXHGy LQFyOXPH GXUDQWH HO UHLQDGR GH &DUORV ,,, /DV
FRQVHFXHQFLDV GLItFLOPHQWH KXELHUDQ SRGLGR VHU SHRUHV 'H HQWUDGD OD
QDFLyQ VLJXLy FRQWHPSODQGR FRPR QRUPDO XQD PHQWDOLGDG GH OD TXH QR
KDEtDFRQVHJXLGROLEHUDUVHGXUDQWHHOVLJOR;9,FRPRKDEtDVXFHGLGRFRQ
OD(XURSDGRQGHKDEtDWULXQIDGROD5HIRUPD\TXHSHVDEDFRPRXQDORVD
QR VROR VREUH OD SURVSHULGDG QDFLRQDO VLQR WDPELpQ VREUH OD YLVLyQ GHO
WUDEDMR (Q  (VSDxD WHQtD XQRV GRV PLO FRQYHQWRV \ PRQDVWHULRV
PDVFXOLQRV \ PiV GH XQ PLOODU GH IHPHQLQRV (O Q~PHUR GH IUDLOHV VH
HOHYDEDDXQRVVHVHQWDPLO\HOGHPRQMDVDXQDVWUHLQWD\WUHVPLO$WRGR
HVWRKDEtDTXHDxDGLUXQRVRFKHQWD\RFKRPLOPLHPEURVGHOFOHURVHFXODU
\DOJXQRVPLOODUHVGHGLJQDWDULRVHFOHVLDOHV(QWRWDOVHWUDWDEDGHXQRV
GRVFLHQWRV PLO HFOHVLiVWLFRV HQ XQD QDFLyQ GH GLH] PLOORQHV GH
KDELWDQWHV 1R KD\ TXH VHU PX\ LPDJLQDWLYR SDUD FRPSUHQGHU OR TXH
VHPHMDQWH FDUJD UHSUHVHQWDED SDUD HO FRQMXQWR GH (VSDxD 'H KHFKR QR
H[LVWtDRWUDQDFLyQGH(XURSDGRQGHHOFOHURIXHUDHQWpUPLQRVDEVROXWRV
\UHODWLYRVWDQQXPHURVRVDOYR3RUWXJDO
3RU VL OR DQWHULRU \D HQRUPHPHQWH JUDYH IXHUD SRFR FRQYHQWRV \
PRQDVWHULRV SRVHtDQ FXDQWLRVtVLPDV SURSLHGDGHV TXH OODPDEDQ OD
DWHQFLyQ GH ORV YLDMHURV (O DOHPiQ )LVFKHU SXGR UHODWDU SRU HMHPSOR
FyPRUHFRUULHQGR&DVWLOODOD9LHMDHQKDEtDFRQWHPSODGRFRPROD
PLVHULDGHVXVKDELWDQWHVFRPSDUiQGRODFRQODVLJOHVLDVODVFDSLOODV\
ORV PRQDVWHULRV TXH VRQ VyOLGRV \ PDJQtILFRV 1R HUD HO VX\R XQ
MXLFLR DLVODGR (O HVSDxRO *DVSDU 0HOFKRU GH -RYHOODQRV PXFKR PiV
FHUFDQR D OD UHDOLGDG QDFLRQDO DGYHUWtD GRV DxRV DQWHV GHO PLVPR
SDQRUDPD\DWULEXtDVLQQLQJ~QJpQHURGHSDOLDWLYRVODUXLQDHFRQyPLFDD
ODLJOHVLDFDWyOLFD4XpHVORTXHKDTXHGDGRGHDTXHOODDQWLJXDJORULD
VLQRORVHVTXHOHWRVGHVXVFLXGDGHVDQWHVSRSXORVDV\OOHQDVGHIiEULFDV\
WDOOHUHV GH DOPDFHQHV \ WLHQGDV \ KR\ VROR SREODGDV GH LJOHVLDV
FRQYHQWRV\KRVSLWDOHVTXHVREUHYLYHQDODPLVHULDTXHKDQFDXVDGR"OD
FXUVLYDHVQXHVWUD
/DLJOHVLDFDWyOLFDPDQWHQtDDODVD]yQJUDFLDVDOSULYLOHJLRGHPDQRV
PXHUWDV QXPHURVDV WLHUUDV TXH KXELHUDQ SRGLGR UHPHGLDU HO KDPEUH GH
DTXHOORVHVSDxROHVDORVTXHKDEtDQDUUDVWUDGRDODPLVHULD6LQHPEDUJR
FRPRHQWDQWDVRFDVLRQHVDQWHV\GHVSXpVODLJOHVLDFDWyOLFDRSWySRURWUD
YtD $ OD YH] TXH PDQWHQtD XQDV ULTXH]DV LQFDOFXODEOHV TXH QR WHQtDQ
SDUDQJyQFRQODVGHQLQJXQDRWUDLQVWLWXFLyQHQ(VSDxDDODYH]TXHKDFtD
GHVFDUJDUVREUHODQDFLyQODFDUJDSDUDVLWDULDGHGRVFLHQWRVPLOFOpULJRV\
DODYH]TXHVXMHWDEDFRQPDQRGHKLHUURHOFRQWUROLGHROyJLFRGHGLFDED
XQDSDUWHGHVXVUHFXUVRVDODEHQHILFHQFLDPDQLIHVWDGDHVSHFLDOPHQWHHQ
ODGHQRPLQDGDVRSDERED4XHHQOXJDUGHEXVFDUODPDQHUDGHTXHOD
JHQWH WUDEDMDUD SDUD JDQDUVH OD YLGD VH OD PDQWXYLHUD DVt OODPDED OD
DWHQFLyQGHORVHVFDVRVSURWHVWDQWHVTXHDODVD]yQOOHJDEDQDYLDMDUSRU
(VSDxD&XDQGRHORELVSRGH2YLHGRVHxDOyDODJHQWHTXHGDEDGHFRPHU
HOSDVWRUDQJOLFDQR-RVHSK7RZQVHQGOHSUHJXQWyVLQRFRQVLGHUDEDTXH
VHPHMDQWH FRVWXPEUH HUD GDxLQD (O RELVSR OH GLMR TXH VL ELHQ HO
PDJLVWUDGR GHEtD OLEUDU ODV FDOOHV GH SHGLJHxRV VX GHEHU HUD GDUOHV
OLPRVQD%DVWDOHHUD7RZQVHQGSDUDSHUFDWDUVHGHTXHHOHVSHFWiFXOR
GH ORV SRUGLRVHURV VLHQGR DVLVWLGRV SRU OD LJOHVLD FDWyOLFD QXQFD OOHJy D
FRQYHQFHUOH 3HQVDED TXH DTXHOOD PHGLGD SRU PX\ ELHQ LQWHQFLRQDGD
TXHHVWXYLHUDWDQVRORHGXFDEDDODJHQWHSDUDYLYLUVLQWUDEDMDU3HUR
QR HUD HVH HO ~QLFR PHFDQLVPR GH FRQWURO VRFLDO TXH OD LJOHVLD FDWyOLFD
XWLOL]DED HQ (VSDxD (O RWUR HUD XQD UHOLJLRVLGDG TXH FXHVWD PXFKR QR
FDOLILFDU VH SLHQVH OR TXH VH SLHQVH GH ORV GRJPDV FDWyOLFRV GH PHUD
FHQWHUVWLFLyQ 5LFKDUG +HUU VH KD UHIHULGR D OD UHYHUHQFLD FLHJD GHO
SXHEORDODVRWDQD\KDDILUPDGRTXHODGHYRFLyQDODUHOLJLyQFDWyOLFD
OOHYDGD IUHFXHQWHPHQWH D OD H[DJHUDFLyQ FHQWHUVWLFLRVD HUD
SUREDEOHPHQWH OD IXHU]D PiV SRGHURVD GH OD VRFLHGDG HQ OD (VSDxD GH
ILQHV GHO;9,,, &DVRV FRPR ORV GH OD %HDWD GH &XHQFD R OD GH 0DGULG
SRUQRKDEODUGHODVGHVFULSFLRQHVGHODYLGDUHOLJLRVDTXHQRVKDQGHMDGR
LOXVWUDGRVFRPR%ODQFR:KLWHSRQHQGHPDQLILHVWRTXH+HUUQR\HUUD
HQVXMXLFLR$OJXQRVHSLVRGLRVGHODpSRFDSHUPLWHQGHVFXEULUFXiOHUDOD
YLGDUHDOHQOD(VSDxDGRQGHHUDPiVTXHGLItFLOTXHSHQHWUDUDQODVOXFHV
(QHOSDSD3DXOR9PHGLDQWHXQEUHYHSURKLELyODGLVFXVLyQVREUH
OD LQPDFXODGD FRQFHSFLyQ GH 0DUtD TXH HQIUHQWDED D ORV GRPLQLFRV
FRQYHQFLGRV FRPR 6DQWR 7RPiV GH $TXLQR GH TXH 0DUtD WHQtD SHFDGR
RULJLQDO\ORVIUDQFLVFDQRVTXHORQHJDEDQVLELHQGHMyVLQUHVROYHU
ODFRQWURYHUVLD3XHVELHQ&DUORV,,,GHGLFyQRSRFDVHQHUJtDV\UHFXUVRV
DSUHVLRQDUDOSDSDSDUDTXHGHILQLHUDFRPRGRJPDODSXUH]DLQPDFXODGD
GH0DUtD1RORFRQVLJXLyGHKHFKRHOGRJPDQRVHUtDGHILQLGRKDVWD
 FRQ XQ 3tR ,; DQVLRVR GH HQFRQWUDU DUPDV FRQWUD ODV UHYROXFLRQHV
OLEHUDOHV VL ELHQ HO SDSD &OHPHQWH ;,,, DFHSWy SURFODPDU D OD
,QPDFXODGD &RQFHSFLyQ SDWURQD GH (VSDxD H ,QGLDV 1R UHVXOWD PX\
GLItFLOFRPSUHQGHUKDVWDTXpSXQWRODVSRVLELOLGDGHVGHOD,OXVWUDFLyQHQ
(VSDxD HUDQ PX\ OLPLWDGDV \ SRU TXp ODV UHIRUPDV GH &DUORV ,,, QR
HVWDEDQOODPDGDVDWULXQIDU1LODHGXFDFLyQQLODpWLFDGHOWUDEDMRQLOD
LJXDOGDG DQWH OD OH\ SRGtDQ SURJUHVDU HQ HVH DPELHQWH GRQGH FRPR
WDPELpQKDVHxDODGRO~FLGDPHQWH+HUUODLJOHVLDFDWyOLFDHUDHOHQHPLJR
PiV WHQD] GH FLHUWRV DVSHFWRV GH OD ,OXVWUDFLyQ $Vt IXH GH IRUPD
HVSHFLDOHQ(VSDxD\TXHGyGHPDQLILHVWRGHPDQHUDWUiJLFD

/$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,9/$3(56(&8&,1
'(/26&$1$/(6'(/$,/8675$&,1

&XDQGRVHUHSDVDQODVREUDVGHORVLOXVWUDGRVGHOVLJOR;9,,,DOJXQDVGH
ODV FXDOHV VH DODUJDQ D ORV SULPHURV DxRV GHO VLJOR ;,; \ D OD IUDFDVDGD
UHYROXFLyQ OLEHUDO UHVXOWD REOLJDGR OOHJDU D OD FRQFOXVLyQ GH TXH QR HV
TXHORVHVSDxROHVIXHUDQUDFLDOPHQWHQHJDGRVRWRUSHVRLQFOXVRIDOWRVGH
LQWHUpV1R(VHQRHUDHOSUREOHPD/DGHVJUDFLDYHUGDGHUDPDOGLFLyQ
KLVWyULFD TXH SHVDED VREUH HOORV HUD HO FRQWURO HMHUFLGR SRU OD LJOHVLD
FDWyOLFDXQFRQWUROHQHOTXHWXYRXQSDSHOQRSHTXHxROD,QTXLVLFLyQ
QRVRORHQFXHVWLRQHVGRFWULQDOHVVLQRHQODViUHDVPiVGLYHUVDVGHODYLGD
LQFOXLGDV OD HGXFDFLyQ \ OD LQYHVWLJDFLyQ FLHQWtILFD \ OD IRUPD HQ TXH
KDEtDLGRFRQILJXUDQGRODPHQWDOLGDGQDFLRQDO
/RVPDOHVHVWDEDQDODYLVWDHOUpJLPHQGHPDQRVPXHUWDVHOVLVWHPD
HGXFDWLYR DQTXLORVDGR \ HQ PDQRV GH ODV yUGHQHV UHOLJLRVDV OD FLHQFLD
SDUDOL]DGDSRUHODLVODPLHQWR\HOFRQWUROHMHUFLGRSRUODLJOHVLDFDWyOLFD
OD DFHSWDFLyQ GH XQD PHQWDOLGDG DVLVWHQFLDOLVWD TXH SUHIHUtD YLYLU GH OD
VRSDEREDDWUDEDMDUODUXLQDGHOFDPSRTXHFRQWUDVWDEDFRQODVULTXH]DV
DFXPXODGDVSRUHOFOHURODFHQWHUVWLFLyQRPQLSUHVHQWHFRPRPHFDQLVPR
GHRSUHVLyQ\FRKHVLyQVRFLDOHVODIDOWDGHXQDpWLFDGHOWUDEDMR7RGDV\
FDGDXQDGHDTXHOODVGHVJUDFLDVHPDQDGDVGLUHFWDPHQWHGHODFXOWXUDGH
OD &RQWUDUUHIRUPD DSDUHFHQ XQD \ RWUD YH] HQ ORV LOXVWUDGRV TXH VLQ
HPEDUJR QR FHQWLHURQ R QR TXLVLHURQ LU KDVWD ODV UDtFHV GHO SUREOHPD \
TXH SRU OR WDQWR FHJDURQ OD YtD GH VROXFLyQ 3RUTXH OR TXH UHVXOWDED
HYLGHQWH HV TXH OD LJOHVLD FDWyOLFD QR LED D UHQXQFLDU D QLQJXQR GH XQD
YDVWDOLVWDGHSULYLOHJLRVTXHUHFDtDQVREUHODVHVSDOGDVGHOVXIULGRSXHEOR
HVSDxRO
(Q SOHQR VLJOR;9,,, \D QR TXHGDEDQ HQ (VSDxD SURWHVWDQWHV SRUTXH OD
,QTXLVLFLyQ ORV KDEtD H[WHUPLQDGR HQ OD KRJXHUD R KDEtD SURYRFDGR VX
H[LOLR SDUD KXLU GH ODV OODPDV 7DPSRFR SRGtD SHUVHJXLU D XQRV MXGtRV
H[SXOVDGRV HQ  \ TXH VH KDEtDQ DVLPLODGR DO FDWROLFLVPR SRU
FRQYLFFLyQ R SiQLFR KDFtD VLJORV 6LQ HPEDUJR ODV DFFLRQHV GH OD
,QTXLVLFLyQ QR EULOODURQ SRU VX DXVHQFLD FHJDQGR ORV FRQGXFWRV GH OD
,OXVWUDFLyQ/RVHMHPSORVVRQQXPHURVRV\HORFXHQWHV
8QD GH ODV LQVWLWXFLRQHV WDQWDV YHFHV HORJLDGDV TXH SUHWHQGLy
DUUDQFDU D (VSDxD GH OD GHVIDYRUDEOH VLWXDFLyQ HFRQyPLFD \ FXOWXUDO HQ
TXHVHHQFRQWUDEDIXHURQODV6RFLHGDGHVGH$PLJRVGHO3DtV/DSULPHUD
OD 9DVFRQJDGD VH HVWDEOHFLy HQ  WUDV UHFLELU OD DXWRUL]DFLyQ
SHUWLQHQWH GHO JRELHUQR 3HxDIORULGD \ RWURV TXLQFH QREOHV YDVFRV
&DPSRPDQHVIXHXQSDUWLGDULRGHODLQLFLDWLYD\HOHMHPSORSURQWRFXQGLy
DORODUJR\DORDQFKRGH(VSDxD6LQHPEDUJRHOHPSHxRIUDFDVy\HQ
XQDUHDORUGHQ\DPRVWUDEDVXLQTXLHWXGSRUODGHFDGHQFLDGHHVWH
HVIXHU]R (O PLVPR VH KD TXHULGR DWULEXLU DO DGRFHQDPLHQWR GH ODV
PDVDVDOSDUHFHUQDGLHVHSUHJXQWDTXLpQOOHYDEDDGRFHQiQGRODVGHVGH
KDFtD VLJORV \ D OD IDOWD GH LOXVWUDGRV WDPSRFR QDGLH SDUHFH PX\
LQWHUHVDGRHQLQGDJDUHQODVUD]RQHVGHHVDFDUHQFLDSHURVHVXHOHSDVDU
SRUDOWRXQIDFWRUGHFLVLYRTXHQRIXHRWURTXHODRSRVLFLyQFHUUDGDGHOD
LJOHVLDFDWyOLFD
'HPDQHUDELHQVLJQLILFDWLYDODUHVSXHVWDGHOFOHURDODVVRFLHGDGHVIXH
GHVDWHQGHUFXDOTXLHUVROLFLWXGGHD\XGDHLQIRUPDFLyQ3RFRLPSRUWDED
TXH ORV PLHPEURV GH ODV VRFLHGDGHV IXHUDQ FDWyOLFRV H LQFOXVR
RFDVLRQDOPHQWH SURFHGLHUDQ GHO FOHUR $ OD LJOHVLD FDWyOLFD QR VH OH
HVFDSDEDHOSHOLJURTXHHQFHUUDUtDXQDVRFLHGDGTXHKXELHUDVDOLGRGHOD
VLHVWD GH VLJORV $O ILQDO OD VRFLHGDG GH 0DGULG FRQVWLWX\H XQ FODUR
HMHPSOR ODV VRFLHGDGHV VROR FRQWDEDQ FRQ YDOHGRUHV SOHEH\RV R PX\
YLQFXODGRV DGPLQLVWUDWLYDPHQWH D ODV /XFHV FRPR SRGtDQ VHU
&DPSRPDQHV&DEDUU~V\-RYHOODQRV
8QSUREOHPDVHPHMDQWHIXHHOYLYLGRHQHOiPELWRXQLYHUVLWDULR7UDVOD
H[SXOVLyQ GH ORV MHVXLWDV HO JRELHUQR LQWHQWy UHIRUPDU OD HQVHxDQ]D
XQLYHUVLWDULD<DKHPRVVHxDODGRFRPRIUDFDVyHOLQWHQWRGHUHIRUPDUORV
FROHJLRV PD\RUHV \ GHYROYHUORV DO REMHWLYR LQLFLDO SHUYHUWLGR SRU OD
&RPSDxtD GH -HV~V 'HWHQJiPRQRV DKRUD HQ ORV LQWHQWRV GH PHMRUDU VX
IXQFLRQDPLHQWR(O&ROHJLR,PSHULDOGH0DGULGIXQGDGRHQSDVyD
FRQYHUWLUVH HO  GH QRYLHPEUH GH  HQ ORV 5HDOHV (VWXGLRV GH 6DQ
,VLGUR6HLQFOX\HURQFXUVRVGHItVLFDH[SHULPHQWDOSUHFLVDPHQWHORTXH
HUD FRP~Q HQ ODV QDFLRQHV SURWHVWDQWHV GHVGH KDFtD FDVL GRV VLJORV \
PHGLR VH H[FOX\y GH OD IDFXOWDG DO FOHUR UHJXODU \ FRPHQ]DURQ D
DSDUHFHUSURIHVRUHVODLFRV'RVDxRVDQWHV2ODYLGHDVLVWHQWHGH6HYLOOD
UHFLELyODRUGHQGHGLVSRQHUGHORVHGLILFLRVGHOD&RPSDxtDGH-HV~VHQ
HVDFLXGDGORTXHDSURYHFKySDUDSURSRQHUODHQWUHJDDOD8QLYHUVLGDG\
XQ QXHYR SODQ GH HVWXGLRV XQLYHUVLWDULRV $O DxR VLJXLHQWH  HO
&RQVHMR GH &DVWLOOD RUGHQDED TXH WRGDV ODV XQLYHUVLGDGHV SUHSDUDVHQ
QXHYRV SODQHV GH HVWXGLR FUHDQGR FiWHGUDV GH ILORVRItD PRUDO
PDWHPiWLFDV HOHPHQWDOHV \ ItVLFD H[SHULPHQWDO /D UHVSXHVWD LQPHGLDWD
IXH FRQWUDULD 3RU HMHPSOR OD 8QLYHUVLGDG GH 6DODPDQFD UHVSRQGLy FRQ
XQ HVFULWR HQ TXH DWDFDED D 1HZWRQ \ 'HVFDUWHV SRU VX GHVDSHJR GH OD
HVFROiVWLFDFDWyOLFD'HQDGDVLUYLHURQODVLQVLVWHQFLDVGHOJRELHUQRRTXH
LQFOXVR HQ OD 8QLYHUVLGDG KXELHUD SDUWLGDULRV GH ODV /XFHV FRPR -RVp
&DGDOVR (O FLHQWtILFR SURWHVWDQWH \ HO UDFLRQDOLVWD PXHUWR WDPELpQ HQ
WLHUUDVUHIRUPDGDVUHVXOWDEDQLQGHVHDEOHV\GHKHFKROD8QLYHUVLGDGGH
6DODPDQFDTXHGyHVWDQFDGD&LHUWRORVMHVXLWDVKDEtDQVLGRH[SXOVDGRV
SHURORVGRPLQLFRVSRUHMHPSORQRHUDQPHQRVFRQVHUYDGRUHV\FRPR
KD VHxDODGR DFHUWDGDPHQWH +HUU OD PD\RUtD GH ORV SURIHVRUHV HQ
JHQHUDOXOWUDPRQWDQRVSUHIHUtDQVHJXLUHQVHxDQGRHOHVFRODVWLFLVPR
(QRWUDVSDODEUDV(VSDxDLEDDTXHGDUVHDQFODGDHQODSDWpWLFDUHDOLGDG
DFDGpPLFD GH OD TXH VH KDEtDQ GHVXQFLGR \D GXUDQWH HO VLJOR;9, ODV
QDFLRQHVSURWHVWDQWHV
6L ODV 6RFLHGDGHV GH $PLJRV GHO 3DtV \ OD UHIRUPD GH OD HQVHxDQ]D
XQLYHUVLWDULDHQFDOODURQHQYLUWXGGHODRSRVLFLyQGHOFOHURQRIXHPHMRU
ODVXHUWHGHORVSHULyGLFRVHOWHUFHUFDQDOGHOD,OXVWUDFLyQ(Q-RVp
&ODYLMR \ )DMDUGR IXQGy(O3HQVDGRU &ODYLMR QR GXGDGD GH TXH ORV GRV
JUDQGHVIUHQRVSDUDHOGHVSHUWDUGH(VSDxDHUDQXQDQREOH]DRFLRVD\XQ
FOHURLJQRUDQWH3RUFHQWXHVWRLQVLVWtDHQTXHVHSRGtDVHUEXHQFDWyOLFR\
GHGLFDUVH DO HVWXGLR GH ODV FLHQFLDV SURIDQDV \ DWDFDED D ORV TXH VH
YDOtDQ GH OD FHQWXHVWD RUWRGR[LD FDWyOLFD SDUD GLIDPDU D VXV ULYDOHV \
PHGUDU/DVDILUPDFLRQHVGH&ODYLMRVXHQDQGUDPiWLFDPHQWHDFWXDOHV
SHUR QR FDEH GXGD GH TXH WRFDED XQ SXQWR QHXUiOJLFR \ HQ (O
3HQVDGRU GHMy GH SXEOLFDUVH 3DVDUtD XQD GpFDGD DQWHV GH TXH OD SUHQVD
SHULyGLFDYROYLHUDDWHQHUXQDFLHUWDUHVRQDQFLD
(Q  HO DERJDGR PDGULOHxR /XLV &DxXHOR IXQGy(O &HQVRU
&XUiQGRVH HQ VDOXG GH OR TXH KDEtDQ VLGR RWUDV H[SHULHQFLDV DQWHULRUHV
&DxXHOR VH FRPSURPHWtD D FULWLFDU WRGR OR TXH IXHUD FRQWUD OD UD]yQ
VLHPSUH TXH QR VH OR LPSLGLHUDQ OD GHFHQFLD OD 5HOLJLyQ R OD
SROtWLFD/RVOtPLWHVHVWDEDQSUXGHQWHPHQWHWUD]DGRVSDUDOD(VSDxD
GH OD pSRFD SHUR OD WDUHD DVt HQXQFLDGD UHVXOWDED WRWDOPHQWH LPSRVLEOH
'H KHFKR &DxXHOR QR WDUGy HQ FHQVXUDU D OD QREOH]D RFLRVD \ FOHULFDO
RFXSDGD VREUH WRGR HQ LU D PLVD \ GDU OLPRVQD D ORV PHQGLJRV \ SRU
FHQWXHVWR D OD LJOHVLD FDWyOLFD &RPR RWURV LOXVWUDGRV &DxXHOR FULWLFy
TXHVHSURKLELHUDODOHFWXUDGH'HVFDUWHV\GH1HZWRQTXHVXGHIHQVD
IXHUD SHOLJURVD D ILQDOHV GHO VLJOR;9,,, HQ (VSDxD GLFH QR SRFR GH VX
HVWDGR DFDGpPLFR \ HGXFDWLYR \ HQ XQ PRPHQWR GHWHUPLQDGR HQ VX
GLVFXUVRVHWHQWD\FLQFRGHFLGLyHVFULELUXQDXWRStDGRQGHVHQDUUDEDOD
YLGD HQ HO SDtV GH ORV $\SDUFKRQWHV (O FOHUR GHO LPDJLQDULR OXJDU VH
FRUUHVSRQGtDGHPDQHUDIiFLOPHQWHLGHQWLILFDEOHFRQODLJOHVLDFDWyOLFD\
&DxXHOR VHxDODED FyPR VX HQULTXHFLPLHQWR OR KDEtD GLVWDQFLDGR GHO
SXHEOR$IRUWXQDGDPHQWHXQPRQDUFDLOXVWUDGRDOYHUTXHVRORGHVHDEDQ
SURWHJHUVXVULTXH]DVORVSULYyGHHOODVORTXHOOHYyDOFOHURDUHFXSHUDU
VX SXUH]D LQLFLDO UHFLELU QXHYDPHQWH HO DPRU GHO SXHEOR \ HVWLPDU DO
VDELRUH\6L&DxXHORSHQVyTXHHODUWLILFLROLWHUDULRORVDOYDUtDGHODVLUDV
GH OD LJOHVLD FDWyOLFD QR SXGR HTXLYRFDUVH PiV (O  GH QRYLHPEUH GH
HOJRELHUQRRUGHQyHOVHFXHVWURGHOGLVFXUVRVHWHQWD\QXHYHTXHQR
SDVDEDGHVHUXQDFUtWLFDVXDYHPHQWHPRUGD]GHODVyUGHQHVUHOLJLRVDV/D
FDXVD GH OD PHGLGD UHSUHVLYD YHQtD LQFXEiQGRVH GHVGH OXHJR WLHPSR
DWUiV3DUDTXHQRTXHGDUDGXGDDOJXQDHOJRELHUQRFUHyLJXDOPHQWHXQD
QXHYDFRPLVLyQGHLPSUHQWDVSDUDMX]JDUODVSXEOLFDFLRQHV(OGHVWLQR
G H(O &HQVRU HVWDED HFKDGR DXQTXH &DxXHOR YDOLHQWHPHQWH LQWHQWDUD
UHVLVWLUKDVWDHOILQDO'XUDQWHDOJRPiVGHXQDxRDODYH]TXHSXEOLFDED
SRHPDVGH-RYHOODQRV\GH0HOpQGH]9DOGpVGHIHQGLyHOOLEHUDOLVPRGH
/RFNH (Q (O &HQVRU IXH FHUUDGR TXL]iV D LQVWDQFLD GH
)ORULGDEODQFD $O DxR VLJXLHQWH &DxXHOR IXH MX]JDGR SRU OD
,QTXLVLFLyQ'HFODUDGRVRVSHFKRVROHYHGHKHUHMtDVHOHSURKLELyHVFULELU
HQ FXHVWLRQHV UHODWLYDV DO GRJPD OD SLHGDG R OD GHYRFLyQ (Q OD
SUiFWLFD KDEtD VLGR DUUDQFDGR GHO PXQGR GHO SHULRGLVPR H LQIDPDGR
S~EOLFDPHQWHSRUVXVHVFULWRVVREUHODLJOHVLDFDWyOLFD\VXGHIHQVDGHOD
,OXVWUDFLyQ\ODOLEHUWDG
(QWUH  \  RWUDV FXDWUR SXEOLFDFLRQHV SHULyGLFDV VXIULHURQ OD
VXHUWHGH(O&HQVRU/DSULPHUD(ODSRORJLVWDXQLYHUVDODSDUHFLyHQ
\HVWDEDGLULJLGDSRU3HGUR&HQWHQRXQDJXVWLQR(OKHFKRGHTXHVH
SHUPLWLHUD ULGLFXOL]DU OD OLWHUDWXUD UHOLJLRVD GH OD pSRFD GHULYy HQ XQ
SURFHVR LQTXLVLWRULDO HQ TXH VH OH DFXVy GH DWHtVPR OXWHUDQLVPR \
MDQVHQLVPR2EYLRUHVXOWDTXHQRSRGtDVHUFXOSDEOHDODYH]GHWRGRVORV
FDUJRVSHURODUHSUHVLyQFDWyOLFDGHVHDEDFHJDUODPHQRUFUtWLFDHVFULWD
)LQDOPHQWH &HQWHQR IXH FRQGHQDGR SRU VRVWHQHU TXH HO OLPER QR HUD
DUWtFXORGHIHDOJRFRQILUPDGRKDFHDSHQDVXQRVDxRVSRUHOSDSD\
FRQILQDGR HQ XQ FRQYHQWR $OOt VH YROYLy ORFR DO SDUHFHU SRU KDEHUVH
YLVWR REOLJDGR D DEMXUDU GH WHVLV HQ ODV TXH FUHtD 1R PHMRU VXHUWH
FRUULy(OFRUUHVSRQVDOGHOFHQVRU 5HGDFWDGRHQIRUPDGHFDUWDVGLULJLy
VXVFUtWLFDVDODDULVWRFUDFLD\DOFOHURHQHVSHFLDOFRVWXPEUHVFRPROD
GHORVEDLOHVTXHVHFHOHEUDEDQHQORVFRQYHQWRVFXDQGRWRPDEDHOYHOR
XQD QRYLFLD &RPR QR SRGtD VHU PHQRV QR WDUGy HQ GHMDU GH
SXEOLFDUVH 6XHUWH VHPHMDQWH FRUULHURQ RWUDV SXEOLFDFLRQHV FRPR(O
'XHQGHGH0DGULGDSHVDUGHVXLQVLVWHQFLDHQDILUPDUTXHHOGXHQGHHUD
EXHQR FKULVWLDQR FDWyOLFR /DV /XFHV HVWDEDQ UHxLGDV FRQ OD LJOHVLD
FDWyOLFDORVHMHPSORVDOUHVSHFWRDEXQGDURQTXHQRHVWDEDGLVSXHVWD
DYHUULYDOHVHQHOiPELWRLGHROyJLFR1RGHMDGHVHUVLJQLILFDWLYRTXHHQ
\PiVGHXQDWHUFHUDSDUWHGHORVOLEURV\IROOHWRVSXEOLFDGRV
FLHQWR VHVHQWD VREUH FXDWURFLHQWRV VHVHQWD HVWXYLHUDQ UHODFLRQDGRV
FRQWHPDVHVSHFtILFDPHQWHHFOHVLDOHV3RUHOFRQWUDULRODFLHQFLDDSHQDV
OOHJDED D HVWDU UHSUHVHQWDGD HQ XQ  \ OD LQGXVWULD ODV DUWHV \ HO
FRPHUFLRVXPDGRVHQXQ3RUDxDGLGXUDORVSHULyGLFRVVHSXEOLFDEDQ
~QLFD\H[FOXVLYDPHQWHHQ0DGULG9DOODGROLGVRORFRQRFLyXQRGHD
\%DUFHORQDRWURGHD(QODVWDUHDVGHOD,OXVWUDFLyQ
VL FRPR WDOHV VH LQWHUSUHWD EDVWDQWH JHQHURVDPHQWH OD OHFWXUD GH
SXEOLFDFLRQHV FRPR ODV FLWDGDV R GH OLEURV QR SDUWLFLSDED PiV GH XQ
 GH OD SREODFLyQ HQ VX PD\RUtD FRQFHQWUDGD HQ 0DGULG \ VLHPSUH
VXMHWD D OD DPHQD]D GH OD LJOHVLD FDWyOLFD SRUTXH OD ,QTXLVLFLyQ
FLHUWDPHQWHQRKDEtDGHMDGRGHDFWXDU

/$2326,&,1(&/(6,$/$/352*5$0$
5()250,67$'(&$5/26,,,9,(/75,81)2
'(/$,148,6,&,1

/DFHQVXUDSUHYLDKDEtDVLGRHVWDEOHFLGD\DHQ(VSDxDSRUORV$XVWULDVD
LQVWDQFLDV GH XQD LJOHVLD FDWyOLFD VREUHFRJLGD DQWH OD SRVLELOLGDG GHO
DYDQFH GH OD 5HIRUPD 6HPHMDQWH HYHQWXDOLGDG GHEtD VHU FRPEDWLGD D
VDQJUH \ IXHJR FRPR HIHFWLYDPHQWH VXFHGLy %XHQRV FDWyOLFRV ORV
%RUERQHVQRSHQVDURQHQYDULDUHVHHVWDGRGHFRVDV3RUHOFRQWUDULRHQ
 VH UHGDFWy QXHYDPHQWH HO UHJODPHQWR TXH UHJXODED OD FHQVXUD
SUHYLD0XHVWUDFODUDGHTXLpQGHWHUPLQDEDHVWDSROtWLFDHVTXHHOGHOLWR
PiVJUDYHHPSHURQRHUDSROtWLFRVLQRUHOLJLRVR\TXHODYHQWDGHOLEURV
UHOLJLRVRV VLQ OLFHQFLD VH SHQDED FRQ OD SpUGLGD GH OD YLGD \ GH ODV
SURSLHGDGHVVLODLQWHQFLyQHUDH[WHQGHUODKHUHMtD\VHLVDxRVGHSUHVLGLR
\GRVFLHQWRVGXFDGRVGHPXOWDVLQRORHUD
(Q(VSDxDOD,QTXLVLFLyQWHQtDVXQGLFHGHOLEURVSURKLELGRV SURSLR
XQRDSDUHFLyHQ\RWURHQ\ODVLPSOHSRVHVLyQGHDOJXQDGH
ODV REUDV FRQWHQLGDV HQ HO PLVPR FRQVWLWXtD XQ SHFDGR SXQLEOH FRQ OD
H[FRPXQLyQ 'H KHFKR ORV FRQIHVRUHV HVWDEDQ VRPHWLGLWRRV D OD
REOLJDFLyQ GH SUHJXQWDU VREUH OD SRVHVLyQ R HO FRQRFLPLHQWR GH OD
SRVHVLyQGHWDQSHOLJURVRPDWHULDODORVTXHVHDFHUFDEDQDOVDFUDPHQWR
GH OD SHQLWHQFLD HVSHFLDOPHQWH HQ &XDUHVPD TXHGDQGR FODUR TXH OD
DEVROXFLyQ GHO SHFDGR TXHGDED UHVHUYDGD DO 6DQWR 2ILFLR 1L TXH GHFLU
WLHQHTXHFRPRHQORVVLJORVDQWHULRUHVVHPHMDQWHSUiFWLFDHUDFDOGRGH
FXOWLYRLGyQHRSDUDODSUiFWLFDGHODGHODFLyQQRVRORSRUWHPRUDOSRGHU
LQTXLVLWRULDO VLQR D OD FRQGHQDFLyQ HWHUQD HQ ODV WHUULEOHV OODPDV GHO
LQILHUQR
/D HGLFLyQ GHOQGLFH GH OD ,QTXLVLFLyQ HVSDxROD GH  FRQVWLWX\H
WRGRXQUHIHUHQWHSDUDFRPSUHQGHUTXHHQ(VSDxDODOLEHUWDGQRVRORGH
SHQVDPLHQWR VLQR GH LQYHVWLJDFLyQ FLHQWtILFD HUD SXQWR PHQRV TXH
XWySLFD(OFLWDGRtQGLFHFRQWDEDFRQSiJLQDVHQIROLRFRQFROXPQDV
GREOHV\FDUDFWHUHVGHLPSUHQWDGHWDPDxRPX\UHGXFLGR3URKLELGRVQR
HVWDEDQ VROR :\FOLII /XWHUR &DOYLQR (UDVPR R 9ROWDLUH WRGRV HOORV
DXWRUHVTXHHQPD\RURPHQRUPHGLGDVHKDEtDQH[SUHVDGRHQFRQWUDGH
FUHHQFLDV \ SUiFWLFDV GH OD LJOHVLD FDWyOLFD HQ WpUPLQRV WHROyJLFRV R
ILORVyILFRV VLQR WDPELpQ HQ XQ JUDGR X RWUR 'DQWH 3HWUDUFD
0DTXLDYHOR%RFFDFFLRHLQFOXVR&HUYDQWHV$OJXQDVGHODVSURKLELFLRQHV
UHVXOWDQHVSHFLDOPHQWHOODPDWLYDV(O5RELQVRQ&UXVRHOHFWXUDLQIDQWLO
HQODDFWXDOLGDGIXHLQFOXLGRHQHOQGLFHHQ$OSDUHFHUTXHXQ
SURWHVWDQWH ORJUDUD VREUHYLYLU HQ XQD LVOD FDVL WUHLQWD DxRV \ DGHPiV
SUHWHQGLHUDHQVHxDUHO(YDQJHOLRDXQFDQtEDOUHVXOWDEDLQVRSRUWDEOHSDUD
ORV LQTXLVLGRUHV \ GHEtD PDQWHQHUVH OR PiV OHMRV SRVLEOH GH ODV PHQWHV
KLVSDQDV(OHVStULWXGHODVOH\HVGH0RQWHVTXLHXWDPELpQIXHSURKLELGR
HQ HVH DxR 7\FKR %UDKH \ -RKDQQHV .HSOHU GRV DVWUyQRPRV
LJXDOPHQWH HVWDEDQ SURKLELGRV \ OR PLVPR VXFHGtD FRQ DXWRUHV TXH WDQ
VROR SUHWHQGtDQ GHVDUUROODU XQD YLVLyQ MXUtGLFD TXH QR HQFDMDED HQ HO
DEVROXWLVPRUHJLRTXHWDQWRFRPSODFtDDOD6DQWD6HGH+XJR*URFLR-
-%XUODPDTXL6DPXHO3XIHQGRUIRTXHHUDQFRQWUDULRVDODWRUWXUDTXH
SUDFWLFDED OD ,QTXLVLFLyQ FRPR HUD HO FDVR GH &HVDUH %HFFDULD 3RU
FHQWXHVWR D WRGRV HOORV KDEtD TXH DxDGLU ORV ILOyVRIRV IUDQFHVHV FRPR
5RXVVHDX\QRSRFRVFOiVLFRVHVSDxROHVTXHKDEtDQHVFULWRSiJLQDVSRFR
HGLILFDQWHVRHQODVTXHVHGHVOL]DEDQFUtWLFDVUHODFLRQDGDVFRQODLJOHVLD
FDWyOLFD
3RU FHQWXHVWR ORV LOXVWUDGRV GHVSUHFLDEDQ HQ WpUPLQRV JHQHUDOHV D OD
,QTXLVLFLyQ SHUR XQD FRVD HUD OD RSLQLyQ PDQLIHVWDGD DQWH DPLJRV \ HQ
FtUFXORV tQWLPRV \ RWUD OD YLGD FRWLGLDQD $ ILQ GH FXHQWDV QR VH OHV
RFXOWDEDTXHFRPRKDVHxDODGR+HUUODLQTXLVLFLyQGHVDILDEDHOHVStULWX
GHODpSRFDHLPSRQtDFDVWLJRHMHPSODUDDOJXQDYtFWLPDFXLGDGRVDPHQWH
VHOHFFLRQDGD SDUD DPHGUHQWDU D VXV VHPHMDQWHV (Q RWUDV SDODEUDV
SUDFWLFDED XQD WiFWLFD GH WHUURU TXH VLHPSUH KD FDUDFWHUL]DGR D ORV
UHJtPHQHVWRWDOLWDULRV(VDDFFLyQUHSUHVLYDGHOFOHURQRVHOLPLWDEDDOD
OLWHUDWXUD \ OD FLHQFLD VLQR TXH VHUYtD SDUD TXLWDU GH HQ PHGLR D
FXDOTXLHUDVRSUHWH[WRGHKHWHURGR[LD&DUORV,,,SRGtDKDEHUH[SXOVDGRD
ORV MHVXLWDV H LQWHQWDGR UHIRUPDU HO 6DQWR 2ILFLR SHUR VHPHMDQWHV
PHGLGDV QR DPHGUHQWDURQ D XQD LQVWLWXFLyQ TXH YHQtD YDOLpQGRVH GHO
SiQLFRGHODLQIDPLDGHODWRUWXUD\GHODPXHUWHGHVGHKDFtDVLJORV/D
,QTXLVLFLyQ HVSHFXOy FRQ OD SRVLELOLGDG GH SURFHVDU D )ORULGDEODQFD
&DPSRPDQHV\$UDQGDSXHGHHQWHQGHUVHSXHVODUHVLVWHQFLDGHHVWRVD
HQIUHQWDUVH FRQ HO 6DQWR 2ILFLR \ ILQDOPHQWH FRQYLUWLy HQFDXVH
FpOpEUHHOSURFHVDPLHQWRGHRWURLOXVWUDGR3DEORGH2ODYLGH
3DEOR GH 2ODYLGH KDEtD QDFLGR HQ 3HU~ \ SRVWHULRUPHQWH YLYLGR HQ
)UDQFLD 7UDV SDVDU YDULRV PHVHV HQ 3DUtV GRQGH FRQRFLy D 9ROWDLUH
UHJUHVyD(VSDxDDILQFiQGRVHHQ0DGULGGRQGHGLVIUXWDEDGHXQDFRSLRVD
ELEOLRWHFD$OJ~QWLHPSRGHVSXpVIXHGHVWLQDGRD6HYLOODFRPRDVLVWHQWH
GH OD SURYLQFLD \ FHQWHULQWHQGHQWH GH ODV FRORQLDV DJUtFRODV GH 6LHUUD
0RUHQD$OOtIXHDFXPXODQGRODVUD]RQHVSDUDVHUDERUUHFLGRSRUHOFOHUR
2UJDQL]y XQD WHUWXOLD UHGDFWy XQ SODQ GH HVWXGLRV SDUD OD XQLYHUVLGDG \
PDQLIHVWy VX RSRVLFLyQ DO VLVWHPD GH H[SORWDFLyQ GH OD WLHUUD GLVIUXWDGR
SRU OD LJOHVLD FDWyOLFD +DEODU FRQ XQ PtQLPR GH OLEHUWDG SUHWHQGHU
UHIRUPDU OD HQVHxDQ]D \ RSRQHUVH DO SULYLOHJLR GH PDQRV PXHUWDV HUD
PXFKR PiV GH OR TXH SRGtD WROHUDU OD LJOHVLD FDWyOLFD (Q  VH
IRUPXOyFRQWUDpOODDFXVDFLyQGHQRUHVSHWDUGHELGDPHQWHODPLVD\GH
SRVHHU OLEURV SURKLELGRV \ FXDGURV REVFHQRV (O &RQVHMR GH OD
,QTXLVLFLyQ DVWXWDPHQWH RUGHQy D ORV LQTXLVLGRUHV GH 6HYLOOD TXH OR
YLJLODUDQ \ TXH LQYHVWLJDUDQ D ODV SHUVRQDV TXH IUHFXHQWDEDQ VX WHUWXOLD
(UD REYLR TXH VH HVWDED WHMLHQGR XQD WUDPD OR VXILFLHQWHPHQWH WXSLGD
FRPRSDUDTXHQRSXGLHUDVHUURWDSRUODHOHYDGDSRVLFLyQGH2ODYLGH(O
PRPHQWR LGyQHR OOHJy DO DxR GH TXH $UDQGD KXELHUD GHMDGR GH VHU
SUHVLGHQWHGHO&RQVHMRGH&DVWLOOD\KXELHUDPDUFKDGRD)UDQFLD$HVDV
DOWXUDV 2ODYLGH HVWDED VROR \ HO PDWHULDO UHXQLGR HQ VX FRQWUD HUD
FXDQWLRVR (O SUHWH[WR OR SURSRUFLRQy XQ FDSXFKLQR DOHPiQ TXH QR YHtD
ELHQ TXH HQ ODV FRORQLDV GH 6LHUUD 0RUHQD VXV RYHMDV JHUPiQLFDV VH
PH]FODUDQ FRPR SUHWHQGtD 2ODYLGH FRQ ODV HVSDxRODV 'HEtD SHQVDU HO
FOpULJR TXH HO FDWROLFLVPR QR QHFHVDULDPHQWH LPSOLFDED FUHHU HQ OD
LJXDOGDGGHUD]DV\GHQXQFLyD2ODYLGH$VtFRPHQ]yHQ(VSDxDXQRGH
ORVMXLFLRVLQTXLVLWRULDOHVPiVIDPRVRVGHOVLJOR;9,,,
(Q QRYLHPEUH GH  2ODYLGH IXH HQFDUFHODGR SRU OD ,QTXLVLFLyQ
'XUDQWH GRV DxRV VH OH PDQWXYR LQFRPXQLFDGR \ QL VLTXLHUD VX HVSRVD
SXGR KDEODU FRQ pO OR TXH FRQVWLWX\H XQ URWXQGR PHQWtV D ODV WHVLV GH
DTXHOORVTXHVRVWLHQHQTXHOD,QTXLVLFLyQHUDEHQLJQDHQVXVDFWXDFLRQHV
(O  GH QRYLHPEUH GH  HQ XQD YLVWD D SXHUWD FHUUDGD 2ODYLGH IXH
MX]JDGR\FRQGHQDGR&RPRODLQWHQFLyQGHOD,QTXLVLFLyQHUDODQ]DUXQ
DYLVR D QDYHJDQWHV VH SHUPLWLy OD SUHVHQFLD GH XQD FXDUHQWHQD GH
SHUVRQDOLGDGHVLQFOXLGRVYDULRVSUHODGRV9HVWLGRFRQHODWDYtRLQIDPDQWH
GHO KHUHMH 2ODYLGH IXH GHFODUDGR KHUHMH IRUPDO \D TXH KDEtD HORJLDGR
OLEURV GH 9ROWDLUH \ 5RXVVHDX \ KDEtD PRVWUDGR VX GHVDFDWR D DOJXQDV
SUiFWLFDVFDWyOLFDV
1R SXHGH VRUSUHQGHU TXH DO HVFXFKDU HO YHUHGLFWR 2ODYLGH VH
GHVPD\DUD 3RU FHQWXHVWR DEMXUy GH VXV HUURUHV UHDOHV R FHQWXHVWRV \
DFHSWy UHFRQFLOLDUVH FRQ OD LJOHVLD TXH OR FRQGHQDED /D VHQWHQFLD
HTXLYDOtD D VX PXHUWH FLYLO 6H OH FRQILVFDURQ WRGRV VXV ELHQHV VH OH
GHVWHUUy GH 0DGULG 6HYLOOD ODV FRORQLDV GH 6LHUUD 0RUHQD \ /LPD HV
GHFLUGHWRGRVORVOXJDUHVGRQGHSRGtDSHQVDUHQJDQDUVHODYLGD\VHOH
FRQILQyDXQPRQDVWHULRSRURFKRDxRVGRQGHVHSURFHGHUtDDUHHGXFDUOH
FRQFODVHVGLDULDV
/D FHUHPRQLD UHSUHVLYD WXYR XQ p[LWR LQPHGLDWR SRUTXH DO GtD
VLJXLHQWH XQR GH ORV TXH OD KDEtD SUHVHQFLDGR FRQIHVy OHHU OLEURV
LOXVWUDGRV\DFXVyDLPSRUWDQWHVIXQFLRQDULRVUHJLRVGHKDFHUORPLVPR
(O PHQVDMH KDEtD VLGR FDSWDGR D OD SHUIHFFLyQ 3RU OR TXH VH UHILHUH D
2ODYLGH HQ  GDGR VX SpVLPR HVWDGR GH VDOXG SLGLy SHUPLVR SDUD
WRPDUODVDJXDVHQ&DWDOXxD$OFRQFHGpUVHOHDSURYHFKySDUDHVFDSDUD
)UDQFLD\GHDOOtDOVROLFLWDU&DUORV,,,ODH[WUDGLFLyQDODSURWHVWDQWH
*LQHEUD2ODYLGHTXL]iVLQVDEHUORUHSHWtDHOGHVWLQRGHRWURVGLVLGHQWHV
HVSDxROHVHVWRVGHOVLJOR;9,3DUDKXLUGHOD,QTXLVLFLyQ\VDOYDUODYLGD
OD~QLFDVDOLGDHUDGLULJLUVHDXQDFLXGDGLPEXLGDGHORVSULQFLSLRVGHOD
5HIRUPD
$XQTXH HO FDVWLJR GH 2ODYLGH IXH HMHPSODUL]DQWH QR UHVXOWy
ODPHQWDEOHPHQWHH[FHSFLRQDO%HUQDUGR\7RPiV,ULDUWHWDPELpQIXHURQ
REMHWR GHO DWDTXH GH OD ,QTXLVLFLyQ ORV GRV SHQVDEDQ FRQ EDVWDQWH
VHQVDWH]TXHHO6DQWR2ILFLRHUDHOFXOSDEOHGHODLJQRUDQFLDGHODQDFLyQ
HVSDxROD \ OR PLVPR SXHGH GHFLUVH GHO PDWHPiWLFR %HQLWR %DLOV
TXLHQWDQWRWLHPSRGHGLFDEDDODVFLHQFLDVH[DFWDVDOSDUHFHUVRORSRGtD
VHUDWHR0DFDQD]\WDQWRVRWURV
7UHVDxRVPiVWDUGHGHODFRQGHQDGH2ODYLGHHOGHPDU]RGH
&DUORV ,,, PHGLDQWH XQD 5HDO &pGXOD LQWHQWy DFDEDU FRQ OD GHVKRQUD
OHJDO GHO WUDEDMR (Q RWUDV SDODEUDV FRPR KDEtDQ SUHWHQGLGR /XWHUR
&DOYLQRRORVSXULWDQRVHOPRQDUFDLOXVWUDGRVHxDODEDTXHQLQJ~QWUDEDMR
KRQUDGR HUD GHVKRQURVR (O LQWHQWR GHO UH\ HUD H[FHOHQWH SHUR FKRFDED
FRQXQDPHQWDOLGDGFUHDGDSRUODLJOHVLDFDWyOLFD\DUUDLJDGDDORODUJRGH
VLJORV1RHVTXHORVHVSDxROHVIXHUDQYDJRVVLPSOHPHQWHQRFUHtDQTXH
HO WUDEDMR WXYLHUD HO PLVPR YDORU TXH OH GDQ DTXHOORV TXH QDFLHURQ \
FUHFLHURQ HQ QDFLRQHV GRQGH WULXQIy OD 5HIRUPD SURWHVWDQWH \ SRU
DxDGLGXUD QR SRFRV GH HOORV VH KDEtDQ DPROGDGR D XQ VLVWHPD
DVLVWHQFLDOLVWD SDWURFLQDGR SRU OD LJOHVLD FDWyOLFD TXH SHUPLWtD YLYLU
PLVHUDEOHPHQWHVLVHTXLHUHSHURVLQQHFHVLGDGGHHVIRU]DUVH
6XHOH VHU KDELWXDO VXVFULELU OD WHVLV GH TXH OD ,OXVWUDFLyQ QR VROR
VREUHYLYLy DO UHLQDGR GH &DUORV ,,, VLQR TXH LQFOXVR VLJXLy DYDQ]DQGR
GXUDQWHHOGH&DUORV,9\TXHVRORVHYLRIUHQDGDSRUODUHYROXFLyQTXH
WHQtDOXJDUDORWURODGRGHORV3LULQHRV6LQGXGDHVXQDWHVLVFRQVRODGRUD
SDUD QR DVXPLU UHVSRQVDELOLGDGHV KLVWyULFDV /D YHUGDG KLVWyULFD
LQGLVFXWLEOH HV TXH OD LJOHVLD FDWyOLFD TXH KDEtD SUHFLSLWDGR OD UXLQD GH
(VSDxDGXUDQWHORVVLJORV;9,\;9,,DERUWyODSRVLELOLGDGGHTXHHOiUERO
GH OD ,OXVWUDFLyQ VH GHVDUUROODUD GXUDQWH HO VLJOR;9,,, $ SHVDU GH OD
H[SXOVLyQGHORVMHVXLWDV\GHOLPSXOVRGHORVPDOOODPDGRVMDQVHQLVWDVOD
LJOHVLD FDWyOLFD FRQVLJXLy DERUWDU WRGRV \ FDGD XQR GH ORV LQWHQWRV GH
PRGHUQL]DFLyQ R FDSLWLGLVPLQXLUORV OR PLVPR VL VH UHODFLRQDEDQ FRQ OD
HGXFDFLyQ HO WUDEDMR HO IRPHQWR GH OD HFRQRPtD OD OLEHUWDG GH
SHQVDPLHQWR HO ILQDO GHO VLVWHPD GH PDQRV PXHUWDV R HO DYDQFH
FLHQWtILFR(QWRGDV\FDGDXQDGHHVDViUHDVQRYLRVLQRDPHQD]DVDXQ
SRGHURPQtPRGRTXHGLVIUXWDEDPHGLDQWHODVXPDGHODFHQWHUVWLFLyQOD
LJQRUDQFLD GH ODV JHQWHV OD FHUFDQtD GHO SRGHU SROtWLFR \ OD UHSUHVLyQ
OLEHUWLFLGD/D,OXVWUDFLyQDGHFLUYHUGDGKDEtDFRQFOXLGREDVWDQWHDQWHV
GHTXH&DUORV,,,H[SLUDUD\QRSRFRVGHVXVSURWDJRQLVWDVKDEtDQSDJDGR
R LEDQ D SDJDU HQ EUHYH XQ HOHYDGR WULEXWR SRU KDEHUOD DSR\DGR
LQFOXVR PRGHUDGDPHQWH 'XUDQWH HO VLJOR VLJXLHQWH HO;,;ODLJOHVLD
FDWyOLFD VHJXLUtD RSRQLpQGRVH D WRGRV ORV LGHDOHV LOXVWUDGRV SHUR D OD
YH] KDUtD WRGR OR TXH HVWXYLHUD DO DOFDQFH GH VX PDQR SDUD HYLWDU OD
FUHDFLyQGHXQHVWDGROLEHUDO
 


/DRSRVLFLyQDORVSDWULRWDV

/$&211,9(1&,$&21(/,19$625)5$1&e6

(OVLJOR;,;UHVXOWyDEVROXWDPHQWHHVHQFLDOSDUDODFRQILJXUDFLyQGHORV
HVWDGRVPRGHUQRVHXURSHRV6LHQDOJXQRVFDVRVLPSOLFyODUHXQLILFDFLyQ
GHQDFLRQHVFRPR$OHPDQLDH,WDOLDHQRWURVVLJQLILFyODDUWLFXODFLyQGH
XQ HVWDGR OLEHUDO \ PRGHUQR FRPR VXFHGLy HQ )UDQFLD /D HPSUHVD VH
YHUtD FODPRURVDPHQWH DERFDGD DO IUDFDVR HQ (VSDxD IXQGDPHQWDOPHQWH
SRUODDFFLyQGLUHFWDGHXQDLJOHVLDFDWyOLFDQDGDGLVSXHVWDDSHUPLWLUTXH
XQ HVWDGR PRGHUQR OD SULYDUD GH VXV SULYLOHJLRV VHFXODUHV$QVLRVD SRU
GHIHQGHUORV FKRFDUtD XQD \ RWUD YH] D OR ODUJR GHO VLJOR ;,; FRQ ORV
LQWHQWRV GH UHIRUPD OLEHUDO QR SRUTXH ORV OLEHUDOHV HVSDxROHV QR IXHUDQ
FDWyOLFRV VLQR SRUTXH HO OLEHUDOLVPR LPSOLFDED OD DFHSWDFLyQ GH XQ
FRQMXQWR GH OLEHUWDGHV TXH OD LJOHVLD FDWyOLFD GHVGH HO SDSD KDVWD HO
~OWLPR GH VXV FOpULJRV FRQVLGHUDEDQ DEVROXWDPHQWH LQWROHUDEOHV (O
UHVXOWDGR ILQDO IXH TXH OD (VSDxD GHO VLJOR;,; GHVSXpV GH VXFHVLYRV
LQWHQWRV OLEHUDOHV VLJXLy VLHQGR WDQ FRQVHUYDGRUD FRPR OD GHO $QWLJXR
5pJLPHQ DXQTXH ORJUDUD HOLPLQDU DOJXQRV GH ORV DVSHFWRV PiV
YHUJRQ]RVRV GH DTXHOOD FRPR OD GLVFULPLQDFLyQ MXUtGLFD HQ IDYRU GH OD
QREOH]D3DUDDOJXQRVGHORVHVWXGLRVRVGHOSHUtRGRODFRQGXFWDGHOD
LJOHVLD FDWyOLFD SXHGH UHVXOWDU GLItFLO GH HQWHQGHU (Q UHDOLGDG FRPR HQ
RWUDV pSRFDV GH OD +LVWRULD VX FRPSRUWDPLHQWR HV PX\ IiFLO GH
FRPSUHQGHU VL VH SDUWH GH OD FRQVWDWDFLyQ GH TXH QR EXVFDED QDGD
GLIHUHQWHDODGHIHQVDGHVXVLQWHUHVHV
 (O ILQDO GHO VLJOR;9,,, YLQR DFRPSDxDGR HQ (VSDxD QR GHO ILQDO GH OD
,OXVWUDFLyQTXHVHKDEtDSURGXFLGR\DDQWHVGHODPXHUWHGH&DUORV,,,
VLQRGHODFRQVXPDFLyQGHVXIUDFDVRDKRUDPiVHYLGHQWHDFDXVDGHOD
UHYROXFLyQ TXH KDEtD HVWDOODGR HQ )UDQFLD 3RU UD]yQ QDWXUDO OD LJOHVLD
FDWyOLFDHUDWRWDOPHQWHFRQWUDULDDORVSRVWXODGRVGHOSURFHVRYLYLGRHQOD
QDFLyQYHFLQDHQODPHGLGDHQTXHLPSOLFDEDHOILQDOGHVXVSULYLOHJLRV\
XQFDPELRDEVROXWRGHSDUDGLJPD6LQHPEDUJRQRHUDPHQRVFLHUWRTXH
FRPRKDVXFHGLGRGXUDQWHVLJORVODLQVWLWXFLyQHVWDEDGLVSXHVWDDOOHJDUD
DFXHUGRV TXH SHUPLWLHUDQ FDPELDU WRGR SDUD TXH WRGR TXHGDUD LJXDO /D
GHPRVWUDFLyQGHFyPRVHFHxtDDHVHSULQFLSLRSXGRYHUVHFXDQGR)UDQFLD
VH FRQYLUWLy HQ DOLDGD GH OD (VSDxD ERUEyQLFD \ SURFHGLy D LQYDGLUOD GH
PDQHUDSRFRVXWLO
/DFULVLVGHODPRQDUTXtDERUEyQLFDOOHYyD1DSROHyQDODFRQYLFFLyQGH
TXH SRGtD GHVKDFHUVH GH ORV %RUERQHV WDQWR &DUORV ,9 FRPR VX KLMR
)HUQDQGR 9,, \ HQWUHJDU OD FRURQD GH (VSDxD D VX KHUPDQR -RVp /D
GHFLVLyQ \D HVWDED WRPDGD D ILQDOHV GH  'H KHFKR VH FRQVHUYDQ
FDUWDVGLULJLGDVDVXVKHUPDQRV/XFLDQR\-RVpHQODVTXH\DPHQFLRQDVX
SODQGHDSRGHUDUVHGH(VSDxD(OSODQQDSROHyQLFRIXHSXHVWRHQPDUFKD
VLQ HVSHFLDO GLILFXOWDG \D TXH FDVL VH OLPLWy D DSURYHFKDU ODV LQWULJDV
LQWHVWLQDV GH OD PRQDUTXtD 'H KHFKR IXH )HUQDQGR HO TXH DILUPy TXH
GHVHDEDHQWUHYLVWDUVHFRQ1DSROHyQSDUDTXH]DQMDUDGHXQDYH]SRUWRGDV
ODGLVSXWDVXFHVRULD
FHQWXHVWDPHQWH )HUQDQGR LED D HQFRQWUDUVH FRQ HO HPSHUDGRU HQ HO
QRUWH GH (VSDxD SHUR GHFLGLy SDVDU D %D\RQD DO VDEHU TXH VXV SDGUHV
WDPELpQKDEtDQGHFLGLGRHQFRQWUDUVHFRQ1DSROHyQ\SHGLUVXD\XGD(O
HPSHUDGRUIUDQFpVDSURYHFKyODULYDOLGDGHQWUHSDGUHHKLMRSDUDOOHYDUD
FDERVXVSODQHVGHGHVWURQDUDORV%RUERQHVHLPSRQHUXQDQXHYDGLQDVWtD
TXH FRPHQ]DUtD FRQ VX KHUPDQR $O SHUFDWDUVH GH ORV SODQHV GHO
HPSHUDGRU GH )UDQFLD HO FDQyQLJR (VFRLTXL] JUDQ LQWULJDQWH GH OD
FDPDULOODGH)HUQDQGR9,,LQWHQWyLPSHGLUORDOHJDQGRTXHORV%RUERQHV
HUDQ QXORV \ QR UHSUHVHQWDEDQ QLQJ~Q SHOLJUR SDUD ODV DPELFLRQHV
IUDQFHVDV6LQHPEDUJR1DSROHyQHQXQDUUHEDWRGHVREHUELDOHGLMRTXH
WHQtD HO SURSyVLWR GH DFDEDU FRQ ORV %RUERQHV (Q SDUDOHOR ODV WURSDV
IUDQFHVDVLEDQRFXSDQGRXQDWUDVRWUDODVSOD]DVHVSDxRODV
/D UHDFFLyQ GH ORV HVSDxROHV DQWH HVRV KHFKRV IXH LQLFLDOPHQWH GH
SDVLYLGDG &LHUWDPHQWH VH UHVLQWLHURQ GH OD WRPD GH SOD]DV SRU ORV
IUDQFHVHVSHURVHJXtDQFRQVLGHUiQGRORVDOLDGRV\DTXHIRUPDOPHQWHOR
HUDQ 3RU FHQWXHVWR QL OD FRUWH QL HO HMpUFLWR QL OD LJOHVLD FDWyOLFD
SHQVDEDQ HQ OD UHVLVWHQFLD IUHQWH DO LQYDVRU$Vt TXHGDUtD HVSHFLDOPHQWH
GHPDQLILHVWRHQXQDIHFKDPX\HVSHFLDOODGHOGHPD\RGH
$ ODV VLHWH GH OD PDxDQD GHO  GH PD\R  ODV FDOOHV GH 0DGULG OD
FLXGDGTXH\DHQWRQFHVVHGHVSHUWDEDODSULPHUDHQ(VSDxDHUDQWHVWLJRV
GHFyPRVXVKDELWDQWHVKDEtDQFRPHQ]DGRDDIDQDUVHHQODE~VTXHGDGHO
SDQ FRWLGLDQR$QWH HO SDODFLR UHDO DSDUHFLy XQ KRPEUH GHO SXHEOR TXH
FRPHQ]yDJULWDUTXHORVIUDQFHVHVTXHUtDQOOHYDUVHDWRGDVODVSHUVRQDV
UHDOHV /RV JULWRV DWUDMHURQ LQPHGLDWDPHQWH D XQD PXFKHGXPEUH TXH
EDMRODVYHQWDQDVGHSDODFLRFRPHQ]yDJULWDUPXHUDVDORVIUDQFHVHV\
DH[LJLUTXHQRVDOLHUDQORVLQIDQWHV)XHHQWRQFHVFXDQGRVHDEULyXQRGH
ORV EDOFRQHV \ DSDUHFLy XQ JHQWLOKRPEUH GH SDODFLR TXH ORV OODPy D ODV
DUPDVSDUDHYLWDUTXHVHOOHYDUDQDOLQIDQWH
/DUHXQLyQGHXQQ~PHURFUHFLHQWHGHSHUVRQDVDQWHSDODFLRORVJULWRV
ORVYtWRUHVHOUXLGRHQVXPDDWDQWHPSUDQDKRUDGHODPDxDQDOODPDURQ
ODDWHQFLyQGHOPDULVFDO0XUDWTXHVHDORMDEDHQHOSDODFLRGHGRxD0DUtD
GH $UDJyQ ,QTXLHWR DQWH OD SRVLELOLGDG GH DOJXQD PDQLIHVWDFLyQ
DQWLIUDQFHVD HQYLy D SDODFLR D$XJXVWH /DJUDQJH XQR GH VXV HGHFDQHV
'H PDQHUD IXOPLQDQWH HO PDULVFDO RUGHQy OD XWLOL]DFLyQ GH WURSDV TXH
OOHYDUDQ D FDER HO RSRUWXQR HVFDUPLHQWR (VFDUPLHQWR TXH QR VLPSOH
LQWHQWRGHLQWLPLGDFLyQSDUDYROYHUDLPSODQWDUHORUGHQ
(OEDWDOOyQGHJUDQDGHURVGHOD*XDUGLD,PSHULDOKL]RDFWRGHSUHVHQFLD
HQODH[SODQDGDGHSDODFLRFRQGRVSLH]DVGHO\QDGDPiVOOHJDUVLQ
GHFLU SDODEUD DOJXQD GLVSDUy XQD GHVFDUJD DOWD GH IXVLOHUtD VHJXLGD GH
RWUD EDMD GH PHWUDOOD VREUH OD PXFKHGXPEUH &DXVDURQ DVt HQWUH
PXHUWRV\KHULGRVXQDGRFHQDGHYtFWLPDV0LHQWUDVORVLQIDQWHV\ORV
PLQLVWURV VH UHIXJLDEDQ WUDV ORV PXURV GHO SDODFLR UHDO ORV JUDQDGHURV
IUDQFHVHVWRPDURQSRVLFLRQHV\VLJXLHURQDPHWUDOODQGRDORVFLYLOHVTXH
VHDSUHVWDURQDGHIHQGHUVH
/D GLIHUHQFLD GH PHGLRV HQWUH ORV LQYDVRUHV \ ORV HVSDxROHV UHVXOWDED
DELVPDO/RVSULPHURVQRFRQWDEDQDODVD]yQPiVTXHFRQXQRVFXDQWRV
UHJLPLHQWRV GH LQIDQWHUtD TXH UHXQtDQ D XQRV FLQFR PLO KRPEUHV HQ VX
FRQMXQWR\TXHDGHPiVHVWDEDQDFDQWRQDGRVQRHQODPLVPDFDSLWDOVLQR
HQHOH[WHULRU)UHQWHDHOORVORVIUDQFHVHVGLVSRQtDQGHPiVGHFLQFXHQWD
PLO3RUDxDGLGXUDHVDVIXHU]DVVHKDOODEDQVLWXDGDVHQODPLVPDFDSLWDO
HQ XQ FRQMXQWR GH DFDQWRQDPLHQWRV PDJQtILFDPHQWH HVFRJLGRV 3DUD
FROPR QL VLTXLHUD WRGRV ORV VROGDGRV HVSDxROHV HVWDEDQ GLVSXHVWRV D
VXPDUVHDODO]DPLHQWR'HVGHKDFtDPHVHVVHKDEtDLQVLVWLGRHQTXHORV
IUDQFHVHV HUDQ DOLDGRV \ TXH SRU FHQWXHVWR UHVXOWDED LQWROHUDEOH
FXDOTXLHUDFWRDJUHVLYRGLULJLGRFRQWUDHOORV
/DUHVSXHVWDIUDQFHVDUHVXOWyYHUGDGHUDPHQWHIXOPLQDQWHHQUHVSXHVWDD
ORV FRUUHRV HQYLDGRV SRU 0XUDW D WUDYpV GH ORV HQODFHV 0DGULG TXHGy
RFXSDGRSRUQRPHQRVGHWUHLQWDPLOVROGDGRVIUDQFHVHVELHQHTXLSDGRV\
VXMHWRVDXQPDQGRH[SHULPHQWDGR0LHQWUDVODPD\RUtDGHORVPLOLWDUHV
HVSDxROHV VH HQFHUUDED HQ ORV FXDUWHOHV REHGHFLHQGR yUGHQHV HO SXHEOR
OODQRUHDFFLRQyGHXQDPDQHUDPX\GLIHUHQWH/RVHMHPSORVGHUHVLVWHQFLD
SRSXODUQRUHVXOWDURQGHVGHOXHJRHVFDVRV
(QWUH ODV WURSDV TXH VH GLULJLHURQ D DSODVWDU DTXHOOD UHVLVWHQFLD VH
HQFRQWUDED OR PiV JUDQDGR GHO HMpUFLWR LPSHULDO -XQWR D ORV IDPRVRV
PDPHOXFRV TXH 1DSROHyQ KDEtD UHFOXWDGR HQ (JLSWR VH KDOODEDQ ORV
HVFXDGURQHVGHOD*XDUGLD,PSHULDOPDQGDGRVSRU'XPHVPLOTXHKDEtD
RUGHQDGRVHJXLUDYDQ]DQGRKDFLDOD3XHUWDGHO6RO(QHOSRSXODUHQFODYH
PDGULOHxRVHDJROSDEDXQDPXOWLWXGGHFLYLOHVPDODUPDGRVVREUHORVTXH
ODQ]y'XPHVPLODORVPDPHOXFRV
6LQGHMDUGHFRPEDWLUORVHVSDxROHVLQWHQWDURQUHWLUDUVHKDFLDODVFDOOHV
TXH GHVHPERFDEDQ HQ OD 3XHUWD GHO 6RO SHUR DOOt ORV HVWDEDQ HVSHUDQGR
ORVKRPEUHVHQYLDGRVSRU0XUDW&XDQGRVHH[WLQJXLyODUHVLVWHQFLDORV
PXHUWRVHVSDxROHVFHQWHUDEDQKROJDGDPHQWHHOPLOODU
0LHQWUDV ORV FLYLOHV VH HQIUHQWDEDQ D SHFKR GHVFXELHUWR FRQ ORV
IUDQFHVHV ORV PLOLWDUHV FRPR KD VLGR UHJOD JHQHUDO HQ OD +LVWRULD GH
(VSDxD QR WHQtDQ OD PHQRU LQWHQFLyQ GH HQIUHQWDUVH FRQ VXV PDQGRV
QDWXUDOHV SRU PiV TXH OD VLWXDFLyQ UHVXOWDUD LQWROHUDEOH 'DGR TXH ORV
IUDQFHVHV HUDQ IRUPDOPHQWH DOLDGRV DTXHOOD PDxDQD GHO  GH PD\R HQ
0DGULG QR VH SURGXMHURQ FDPELRV 6ROR XQ SHTXHxR JUXSR GH PLOLWDUHV
GHIHQGHUtDHOKRQRUGHODVIXHU]DVDUPDGDV\FRQpOFRQWULEXLUtDQDVDOYDU
WDPELpQHOGHODQDFLyQ/DUHVLVWHQFLDVHFHQWUyHQHO3DUTXHGH$UWLOOHUtD
GH0RQWHOHyQ/RVRFKHQWDGHIHQVRUHVGHO3DUTXHXQRVVHVHQWDGHHOORV
SDLVDQRVUHVLVWLHURQWUHVDVDOWRVGHODVWURSDVIUDQFHVDVSHURDFDEDURQ
VXFXPELHQGR
$SODVWDGD OD UHVLVWHQFLD ORV IUDQFHVHV UHDOL]DURQ HO EDODQFH GH VXV
EDMDV(UDQFLHUWDPHQWHFXDQWLRVDV(QHQVX0HPRULDKLVWyULFDGH
ORV SULQFLSDOHV DFRQWHFLPLHQWRV GHO GtD 'RV GH 0D\R GH  7DPDULW
HVWDEOHFLyODVEDMDVIUDQFHVDVSRUEDUULRV6HJ~Q7DPDULWHQHOEDUULRGH
0DUDYLOODV GRQGH VH KDOODED HO 3DUTXH GH 0RQWHOHyQ VXIULHURQ PLO
VHVHQWD \ WUHV PXHUWRV FLHQWR QRYHQWD \ VHLV KHULGRV \ QRYHQWD \ FLQFR
GHVDSDUHFLGRVHQHOEDUULRGH6DQ,VLGURYHLQWLVpLVFXDWUR\VLHWHHQHO
%DUTXLOOR FLHQ TXLQFH \ YHLQWLFLQFR HQ 6DQ 0DUWtQ FLHQWR YHLQWLGyV
WUHLQWD\GRFHHQHOEDUULRGHORV$IOLJLGRVFXDUHQWDGRVYHLQWH\QXHYH
HQ 3DODFLR FXDUHQWD \ FXDWUR GLH] \ GLHFLQXHYH HQ HO$YDSLpV WUHLQWD
XQR \ WUHFH HQ 6DQ ,VLGUR YHLQWLVpLV FXDWUR \ VLHWH HQ 6DQ )UDQFLVFR
TXLQFH RQFH \ GLH] HQ OD 3OD]D 0D\RU \ OD 3XHUWD GHO 6RO RFKHQWD \
FXDWUR WUHFH \ GLH] /ODPD OD DWHQFLyQ HO HOHYDGR Q~PHUR GH
GHVDSDUHFLGRV 4XL]iV KD\D TXH DWULEXLUOR D TXH VH WUDWy GH VROGDGRV
IUDQFHVHV FX\RV FDGiYHUHV IXHURQ HVFRQGLGRV SRU ORV PDGULOHxRV HQ
ERGHJDV\VyWDQRV
6LQ HPEDUJR VL HO SXHEOR OODQR \ DOJXQRV PLOLWDUHV DLVODGRV KDEtDQ
VDOYDGRHOKRQRUQDFLRQDOQRSRGtDGHFLUVHORPLVPRGHODVLQVWLWXFLRQHV
\ SRGHUHV IiFWLFRV GHO $QWLJXR 5pJLPHQ $ GHFLU YHUGDG HO
FRPSRUWDPLHQWRGHHVWDVUHVXOWyYHUJRQ]RVR
0XUDW HVWDED GHFLGLGR D \XJXODU FRQ ORV PpWRGRV PiV H[SHGLWLYRV OD
UHVLVWHQFLDGHOSXHEORHVSDxRO'XUDQWHODPDxDQDGHOGHPD\RGLULJLy
XQD FRPXQLFDFLyQ DO &RQVHMR GH &DVWLOOD YHUGDGHUR JRELHUQR HQ
IXQFLRQHV LQGLFDQGR TXH KDEtD RUGHQDGR D VXV KRPEUHV TXH WRGD
UHXQLyQ VH GLVSHUVH EDMR SHQD GH VHU H[WHUPLQDGRV 4XH WRGR LQGLYLGXR
TXH VHD DSUHKHQGLGR HQ XQD GH HVWDV UHXQLRQHV VHD LQPHGLDWDPHQWH
SDVDGR SRU ODV DUPDV 3HUR OD UHVSRQVDELOLGDG GH HYLWDU VHPHMDQWHV
FHQWXHVWRVUHFDtDVHJ~QDILUPDED0XUDWGHPDQHUDWDMDQWHHQHO&RQVHMR
GH&DVWLOODVLHQGRUHVSRQVDEOHVDQWHHOFLHOR\HOHPSHUDGRU1DSROHyQ
(OJRELHUQRHQIXQFLRQHVVHSOHJyDORVGHVHRVGHOLQYDVRUVLQUHFKLVWDU$
ODV GRV GH OD WDUGH VH ILMDED XQ EDQGR HQ ORV PXURV GH OD FDSLWDO
VHxDODQGRTXHODVUHXQLRQHVHQODVFDOOHV\SOD]DVTXHGDEDQSURKLELGDV\
VL QR VH GLVROYtDQ WUDV VHU DGYHUWLGRV SRU FXDOTXLHU DOFDOGH GH &RUWH R
EDUULRRFDEH]DGHURQGDRMHIHPLOLWDUFRQSDWUXOODVHOHVWUDWDUiFRPR
YLRODGRUHV GH OD S~EOLFD WUDQTXLOLGDG H LPSRQGUiQ ODV SHQDV
FRUUHVSRQGLHQWHV KDVWD OD GH PXHUWH ,JXDOPHQWH HO JRELHUQR HVSDxRO
RUGHQDEDTXHORVDOFDOGHVGH&RUWHSURFHGLHUDQDUHFRJHUWRGDVODVDUPDV
EODQFDV \ GH IXHJR \ ODV GHSRVLWDUDQ HQ ODV &DVDV &DSLWXODUHV FRQ HO
DSHUFLELPLHQWR GH TXH VL VH HQFRQWUDUD DOJXQD HQ SRGHU GH SDUWLFXODUHV
WUDVODSXEOLFDFLyQGHOEDQGRODVSHQDVSRGUtDQOOHJDUKDVWDODGHO~OWLPR
FHQWOLFLR/DILQDOLGDGGHHVWDVPHGLGDVFRPRVHxDODEDHOPLVPREDQGR
HUDFRQVHUYDUODPHMRUEXHQDDUPRQtDFRQODVWURSDVIUDQFHVDV
(OPLVPRGHPD\R0XUDWKDEtDGLFWDGRXQDRUGHQGHOGtDGLJQDGH
SDVDUDOD+LVWRULDXQLYHUVDOGHODLQIDPLD'XUDQWHODVKRUDVVLJXLHQWHV
ORV VROGDGRV IUDQFHVHV IXVLODURQ D LQIHOLFHV TXH OOHYDEDQ HQFLPD XQ
FRUWDSOXPDVRXQDVWLMHUDVRDUFDEXFHDURQDSDLVDQRVFDSWXUDGRVMXQWRD
ODIXHQWHGHOD3XHUWDGHO6RORODLJOHVLDGHOD6ROHGDGSRUHO~QLFRGHOLWR
GHHQFRQWUDUVHHQHVRVOXJDUHV3RUDxDGLGXUDWUDVKRUDVGHDVHVLQDWRVSRU
ODV FDOOHV ODV SOD]DV \ ODV WDSLDV HQ OD QRFKH GHO  DO  GH PD\R
FRPHQ]DURQ ORV IXVLODPLHQWRV GH FDUiFWHU RILFLDO /D FRQVLJQD GH ODV
DXWRULGDGHVIUDQFHVDVHUDSURFHGHUDGLH]PDUDORVSULVLRQHURVTXHHQVX
DSODVWDQWHPD\RUtDHUDQFLYLOHV8QRGHFDGDGLH]IXHVDFDGRGHOOXJDUGH
UHFOXVLyQ FRQ GHVWLQR D ORV SDUHGRQHV LPSURYLVDGRV (O Q~PHUR GH
PXHUWRV D PDQRV GH ORV LQYDVRUHV TXHGy HVWDEOHFLGR SRU HO SURSLR
1DSROHyQ HQ XQD FRPXQLFDFLyQ GLULJLGD HO  GH PD\R GH  D VXV
KHUPDQRV/XLV\-HUyQLPR\DVXFXxDGR&DPLOR%RUJKHVHFDVDGRFRQ
VX KHUPDQD 3DXOLQD /D DILUPDFLyQ GHO HPSHUDGRU HUD WDMDQWH 0iV GH
GRVPLOSHUVRQDVGHHVHSRSXODFKRKDQVLGRPXHUWDV<RWHQtDHQ0DGULG
VHLV PLO KRPEUHV TXH QR KDQ WHQLGR TXH KDFHU QDGD 6H KD DSURYHFKDGR
HVWHVXFHVRSDUDGHVDUPDUD0DGULG
0LHQWUDVVXFHGtDWRGRHVWRORVDOWRVPDQGRVPLOLWDUHVPiVFHUFDQRVD
VXV FHQWHULRUHV FLYLOHV TXH DO SXHEOR QR HVWDEDQ GLVSXHVWRV D
PDOTXLVWDUVH FRQ ORV IUDQFHVHV (O  GH PD\R HO JHQHUDO -RVp 1DYDUUR
)DOFyQHQYLyDOFDSLWiQJHQHUDOGH0DGULG-DYLHU1HJUHWHXQLQIRUPHGH
ORDFRQWHFLGR/DYHUVLyQRILFLDOHUDTXHODFXOSDGHWRGRORVXFHGLGROD
WHQtDQ ORV SDLVDQRV TXH VH KDEtDQ DSRGHUDGR GHO 3DUTXH \ DO]DGR FRQWUD
ORVDOLDGRVIUDQFHVHV
(OGHPD\RFXDQGRD~QHVWDEDQFDOLHQWHVORVFDGiYHUHVGHFHQWHQDUHV
GH IXVLODGRV SRU ODV WURSDV IUDQFHVDV ORV MHIHV \ RILFLDOHV GHO HMpUFLWR
HVSDxRO GHFLGLHURQ UHQGLU KRPHQDMH D 0XUDW /RV KHFKRV TXHGDURQ
UHIOHMDGRVHQOD*DFHWDGH0DGULGGHOGHPD\RGHPDQHUDHORFXHQWH6H
VHxDODEDDVtTXHWRGRVORVRILFLDOHVJHQHUDOHV\WRGDODRILFLDOLGDGGHOD
WURSDGHOD&DVD5HDO\GHODJXDUQLFLyQGHHVWDFRUWHKDQWHQLGRODKRQUD
GH SUHVHQWDUVH D 6$, \ 5 0XUDW SDUD UHLWHUDUOH OD RIHUWD GH VXV
VHUYLFLRV 0XUDW SRU FHQWXHVWR DSURYHFKy HO DFWR VHJ~Q OD FLWDGD
IXHQWH SDUD UD]RQDU FRQ HVWRV EXHQRV \ YDOHURVRV HVSDxROHV DFHUFD GH
ORVUHFtSURFRVLQWHUHVHVGH)UDQFLD\(VSDxDGHODOLEHUWDGGHORVPDUHV\
GHO LQIOXMR TXH GHEtDPRV WHQHU HQ ODV WUDQVDFFLRQHV SROtWLFDV GHO
FRQWLQHQWH
/DFRQFOXVLyQGHODUHXQLyQGH0XUDWFRQORVMHIHVPLOLWDUHVFRQVWLWX\y
XQD YHUGDGHUD GHFODUDFLyQ GH SULQFLSLRV 7RGRV KDQ DFFHGLGR FRQ
UHVSHWR\DUGRUDWDQMXLFLRVDVUHIOH[LRQHVPDQLIHVWDGDVFRQHQHUJtD/D
FDSLWXODFLyQGHORVDOWRVPDQGRVPLOLWDUHVHUDREYLD
(O GtD  GH PD\R HQ FODUR SDUDOHOR FRQ HO FRPSRUWDPLHQWR GH ODV
DXWRULGDGHVPLOLWDUHVOD-XQWDFHQWUHPDGH*RELHUQRFHOHEUyXQDUHXQLyQ
DODTXHDGPLWLyD0XUDWTXHFRQVLJXLyTXHORQRPEUDUDQSUHVLGHQWH(O
SDVRHUDLPSRUWDQWH\VLQHPEDUJRLQQHFHVDULR(VHPLVPRGHPD\R
)HUQDQGR 9,, GHYROYLy SRU HVFULWR \ HQ %D\RQD OD FRURQD D VX SDGUH
&DUORV ,9 (O YLHMR %RUEyQ VH DSUHVXUy HQWRQFHV D HVFULELU DQWHV GH TXH
DFDEDUD HO GtD D 0XUDW QRPEUiQGROR VX OXJDUWHQLHQWH JHQHUDO GHO UHLQR
FRQODDXWRULGDGHPDQDGDGHHVHFDUJR'HPDQHUDELHQVLJQLILFDWLYDHO
PRQDUFDVHGLULJtDDOLQYDVRUFRPR0LVHxRUKHUPDQR\FRQFOXtDFRQ
XQ FHQWOLFiQGRRV RK SUtQFLSH WHQJiLV D ELHQ DFHSWDU HVWH
QRPEUDPLHQWRTXHGDUiODWUDQTXLOLGDGDPLDOPD
$DTXHOODWUDLFLyQYHUJRQ]RVDVHVXPyWDPELpQODLJOHVLDFDWyOLFD(O
GHPD\RDOJXQRVPLHPEURVGHOFOHUREDMRKDEtDQDFRJLGRDORVKHULGRV
EULQGiQGROHV UHIXJLR HQ VXV WHPSORV SHUR QL SDUWLFLSDURQ HQ OD OXFKD QL
DOHQWDURQ D QDGLH D HQWUDU HQ HOOD $ OD VHPLSDVLYLGDG IUHQWH D ORV
SDWULRWDV VH VXPy HQ XQDV KRUDV XQD DELHUWD DJUHVLYLGDG $Vt OD
,QTXLVLFLyQ FRQGHQy HO  GH PD\R OD UHVLVWHQFLD FRQWUD ORV IUDQFHVHV
VHJXUDPHQWHFRQYHQFLGDGHTXHORVLQYDVRUHVQRODDWDFDUtDQ)LQDOPHQWH
HO DOWR FOHUR VH RSXVR IRUPDOPHQWH D DTXHO UHFXUVR D OD YLROHQFLD (O
RELVSR GH *XDGL[ SRU HMHPSOR DQDWHPDWL]y OD KRUUHQGD \ PRQVWUXRVD
GHIRUPLGDGGHOWXPXOWRVHGLFLyQRDOERURWRGHOFLHJR\QHFLRYXOJR
6H PLUDUD FRPR VH PLUDUD WRGDV ODV DXWRULGDGHV HVSDxRODV WRGRV ORV
SRGHUHVIiFWLFRVGHO$QWLJXR5pJLPHQVHKDEtDQUHQGLGRDQWH1DSROHyQ
3RFR SXHGH VRUSUHQGHU TXH 1DSROHyQ FRQVLGHUDUD ]DQMDGR HO SUREOHPD
HVSDxRO\TXHVHGLVSXVLHUDDGDUORV~OWLPRVSDVRVSDUDTXHVXKHUPDQR
-RVpDFXGLHUDD0DGULGDFHxLUVHODFRURQDFHGLGDSRUORV%RUERQHV\QR
GHIHQGLGDSRUDTXHOORVTXHGHEtDQKDEHUORKHFKR(OHMpUFLWRODQREOH]D
OD LJOHVLD FDWyOLFD \ OD PRQDUTXtD KDEtDQ GHMDGR GH PDQLILHVWR OR TXH
SRGtDQ GDU GH Vt PLHQWUDV HO SXHEOR GHUUDPDED VX VDQJUH FRPEDWLHQGR
FRQWUDORVLQYDVRUHV6RORHOWHPRUDSHUGHUVXVSULYLOHJLRVSRFRDSRFR\
QRVLHPSUHODVOOHYDUtDDFDPELDUGHDFWLWXG

%/$1&2:+,7(</$)5$&$6$'$
5(92/8&,1/,%(5$/
 /D LJOHVLD FDWyOLFD SRU HQpVLPD YH] KDEtD FRQVLGHUDGR SHUWLQHQWH
WUDLFLRQDU D (VSDxD \ VHUYLU D VXV HQHPLJRV ~QLFD \ H[FOXVLYDPHQWH HQ
SURGHVXVLQWHUHVHV1RGHMDEDGHVHUXQDSDYRURVDLURQtDGHOGHVWLQRTXH
ODLJOHVLDRILFLDOGHODQDFLyQGHFLGLHUDD\XGDUDORVLQYDVRUHVHQVXODERU
GHUHSUHVLyQGHVSLDGDGD\DGHPiVLQIDPDUDDORVSDWULRWDVTXHLQWHQWDEDQ
VDFXGLUVHHO\XJRH[WUDQMHUR8QDYH]PiVTXHGDEDGHPDQLILHVWRTXHXQD
FRVDHUDQORVLQWHUHVHVGH(VSDxD\RWUDELHQGLIHUHQWHORVGHODLJOHVLD
FDWyOLFD /D VLWXDFLyQ LED D PDQWHQHUVH DVt GXUDQWH PHVHV (O FDPELR
YHQGUtD PRWLYDGR QR SRU ODV DWURFLGDGHV SHUSHWUDGDV SRU ODV WURSDV
QDSROHyQLFDV VLQR SRU ORV VDTXHRV GH LJOHVLDV UHDOL]DGRV SRU ODV IXHU]DV
IUDQFHVDV HQ 0HGLQD GH 5LRVHFR \ HQ &yUGRED (Q RWUDV SDODEUDV HO
DVHVLQDWR PDVLYR GH SREUHV LQRFHQWHV VROR KDEtD PHUHFLGR XQD FRQGHQD
HFOHVLDO GH ODV YtFWLPDV 6LQ HPEDUJR HO URER GH LPiJHQHV \
YHVWLPHQWDV HFOHVLDOHV VH WUDGXMR HQ XQ OODPDPLHQWR D OD UHVLVWHQFLD /D
HVFDOD GH YDORUHV GH OD LJOHVLD FDWyOLFD QR SRGtD UHVXOWDU PiV REYLD (Q
SRFDVVHPDQDVXQDGHODVLQVWLWXFLRQHVTXHKDEtDOHJLWLPDGRODLQYDVLyQ
LQFOXVRHQVXVSHRUHVDVSHFWRVVHFRQYLUWLyHQQHUYLRGHODUHVLVWHQFLD6X
YLUDMH FLHUWDPHQWH HVSHFWDFXODU GHELy GH VHU FRQVLGHUDGR
HVSHFLDOPHQWHDFHUWDGRFXDQGRWUDVODGHUURWDGH%DLOpQ1DSROHyQOOHJy
D (VSDxD \ OR SULPHUR TXH KL]R IXH GLFWDU XQD VHULH GH GHFUHWRV TXH
DSDUWHGHFHQWULPLUOD,QTXLVLFLyQWRFDEDQGLUHFWDPHQWHORVSULYLOHJLRVGH
ODLJOHVLDFDWyOLFD)XHHVDFLUFXQVWDQFLDODTXHOOHYyDDOJXQRVOLEHUDOHVD
SHQVDUTXHODLJOHVLDFDWyOLFDSRGUtDVHUXQDOLDGRDODKRUDGHJDOYDQL]DU
DOSXHEORFRQWUDHOLQYDVRUIUDQFpV\DVtORJUDUQRVRORVXH[SXOVLyQVLQR
WDPELpQ OD FUHDFLyQ GH XQ QXHYR RUGHQ GH FDUiFWHU FRQVWLWXFLRQDO 6ROR
DOJXQDV PHQWHV O~FLGDV FRPR OD GH -RVp 0DUtD %ODQFR :KLWH VH
SHUFDWDURQ \D HQ  GH TXH VHPHMDQWH DOLDQ]D VROR DFDEDUtD HQ
GHWULPHQWRGHORVOLEHUDOHV
6H SRGtD DUJLU TXH OD &RQVWLWXFLyQ GH %D\RQD UHFRQRFtD D OD LJOHVLD
FDWyOLFD FRPR OD ~QLFD FRQIHVLyQ OHJDO HQ (VSDxD SHUR QR FDEtD
HQJDxDUVHVREUHORTXHSRGUtDVXFHGHUGHVSXpV-RVp,%RQDSDUWHQRLEDD
SHUPLWLUTXHSHUGXUDUDODWRUWXUDQLTXHVLJXLHUDDFWXDQGRHO6DQWR2ILFLR
&RPRVHxDOyFRQQRWDEOHLQWHOLJHQFLD%ODQFR:KLWHHQPHGLRVLJORHUD
SRVLEOH TXH OD QXHYD GLQDVWtD GH PDQHUD SDXODWLQD KXELHUD ORJUDGR
PRGHUQL]DU OD QDFLyQ VLTXLHUD SRUTXH HOLPLQDUtD OD SUHVHQFLD GH OD
,QTXLVLFLyQ(UDSXHVXQHQHPLJRDPHGLRSOD]R$OILQ\DODSRVWUH
HOSDSHOTXHODLJOHVLDFDWyOLFDLEDDDVXPLUIUHQWHDOLQYDVRUIUDQFpVQR
VHUtDHOGHODGHIHQVDGHODLQWHJULGDGQDFLRQDOQLHOGHODOLEHUWDGGHORV
HVSDxROHV 6X UHVLVWHQFLD DQKHODED ~QLFD \ H[FOXVLYDPHQWH HO
UHVWDEOHFLPLHQWR GH VXV SULYLOHJLRV OR TXH IRU]RVDPHQWH GHEtD
WUDGXFLUVH HQ OD UHLQVWDXUDFLyQ GHO$QWLJXR 5pJLPHQ \ OD LPSRVLELOLGDG
GHO HVWDEOHFLPLHQWR GH XQ UpJLPHQ JHQXLQDPHQWH OLEHUDO HQ (VSDxD$Vt
TXHGDUtDGHPDQLILHVWRHQORVDxRVVLJXLHQWHVHVSHFLDOPHQWHHQUHODFLyQ
FRQHOGHVWLQRGHODSULPHUD&RQVWLWXFLyQHVSDxROD
(OELFHQWHQDULRGHOD&RQVWLWXFLyQOLEHUDOGHSURYRFyXQDVHULHGH
DQiOLVLV TXH UHVXOWDEDQ PiV TXH SUHYLVLEOHV (Q OD L]TXLHUGD VH RVFLOy
HQWUHODDSURSLDFLyQGHODSURH]DOLEHUDORVXGHVGRURVLTXLHUDSRUTXHQR
OHVDOtDKDEODUGHPDQHUDHORJLRVDGHDOJRTXHHUDOLEHUDO(QODGHUHFKD
HO SpQGXOR IXH GHVGH XQ GHVSUHFLR GH FROPLOOR UHWRUFLGR HPSHxDGR
WRGDYtDHQTXHHORULJHQGHORVPDOHVGH(VSDxDHVWiHQKDEHUFUHtGRHQ
ODV ERQGDGHV GHO OLEHUDOLVPR DEDQGRQDQGR OD YLVLyQ LQTXLVLWRULDO GH OD
&RQWUDUUHIRUPDDXQROYLGRLQWHUHVDGRSRUTXHQRHVSUHFLVDPHQWHOLEHUDO
HO UXPER VHJXLGR HQ ORV ~OWLPRV DxRV SRU HO SULQFLSDO SDUWLGR GH HVD
UHJLyQSROtWLFD(QDPERVFDVRVMXVWRHVGHFLUORWDQWRDODL]TXLHUGD
FRPRDODGHUHFKDQRIDOWDURQWDPSRFRORVGLWLUDPERV6LQHPEDUJRVH
DGRSWHHOHQIRTXHTXHVHDGRSWHGHORTXHQRSXHGHGXGDUVHHVGHTXHOD
&RQVWLWXFLyQ GH  IUDFDVy HQ VXV REMHWLYRV $O ILQ \ D OD SRVWUH OD
UHYROXFLyQ OLEHUDO VH YLR \XJXODGD SRU OD DFFLyQ GH )HUQDQGR 9,, \ HO
VLJOR;,; HVSDxRO VH FRQYLUWLy HQ XQ HQIUHQWDPLHQWR FRQWLQXR HQWUH ORV
TXHFUHtDQHQODPRGHUQL]DFLyQGHXQD(VSDxDGHVWUR]DGD\ORVTXHSRUHO
FRQWUDULRSHQVDEDQTXHHODIHUUDPLHQWRDO$QWLJXR5pJLPHQFRQGXFLUtDD
ODQDFLyQDXQD$UFDGLDIHOL]HQODTXHGLFKRVHDGHSDVRQXQFDHVWXYR
SRU OD VHQFLOOD UD]yQ GH TXH QXQFD KDEtD H[LVWLGR /R FLHUWR HV TXH OD
&RQVWLWXFLyQGHSRGtDKDEHUWULXQIDGRHQVXQREOHHPSHxRTXHORV
GHIHFWRVTXHODFRQGHQDEDQDOIUDFDVR\DIXHURQVHxDODGRVHQVXWLHPSR
SRU XQ SHUVRQDMH FRPR -RVp 0DUtD %ODQFR :KLWH \ TXH HO GHVRtU
VHPHMDQWHYR]WXYRIXQHVWDVFRQVHFXHQFLDV
6LQ OXJDU D GXGDV -RVp 0DUtD %ODQFR :KLWH HV XQD GH ODV ILJXUDV
PiV H[WUDRUGLQDULDV GHO VLJOR;,; HVSDxRO DXQTXH VX FRQGLFLyQ GH
KHWHURGR[R KD\D GHWHUPLQDGR VX GHVFRQRFLPLHQWR SRU SDUWH GH OD
LQPHQVDPD\RUtDGHORVHVSDxROHV&OpULJRVHYLOODQRTXHDFDEyDEUD]DQGR
HOSURWHVWDQWLVPRHQXQRGHORVYLDMHVHVSLULWXDOHVPiVLQWHUHVDQWHVGHVX
VLJOR UHSUHVHQWDQWH LQVLJQH GH OD GHQRPLQDGD *HQHUDFLyQ GH  \
OLEHUDOFRQYHQFLGRFRQWDEDFRQWUHLQWD\FLQFRDxRVGHHGDGFXDQGRODV
&RUWHVVHUHXQLHURQHQODLVODGH/HyQ5HGDFWRUGHODSDUWHSROtWLFDGHO
6HPDQDULR3DWULyWLFRGHVGHGHIHQGLyODQHFHVLGDGGHUHGDFWDUXQD
FRQVWLWXFLyQ OLEHUDO D OD YH] TXH VH FRQYHUWtD HQ XQR GH VXV
SURSDJDQGLVWDVHQODFRQYLFFLyQGHTXHH[LVWtDXQDSHUHQWRULDQHFHVLGDG
GHIRUPDUXQDRSLQLyQS~EOLFDIDYRUDEOH
(QDOFDHU6HYLOODHQPDQRVGHORVIUDQFHVHV%ODQFRVHWUDVODGyD
,QJODWHUUD GRQGH FRQWLQXy HVFULELHQGR GHVGH OD EDUEDFDQD HQ TXH KDEtD
FRQYHUWLGR VX SHULyGLFR(O(VSDxRO 3XEOLFDFLyQ OLEHUDO \ SDWULyWLFD(O
(VSDxROFRQVWLWX\HXQDGHODVIXHQWHVLQGLVSHQVDEOHVSDUDFRPSUHQGHUOD
+LVWRULDGH(VSDxDGHODpSRFDDVtFRPRODDQGDGXUDGHORVOLEHUDOHV$
WUDYpVGHPLOHVGHSiJLQDV%ODQFRVHFRQYLUWLyHQXQWHVWLJRGHH[FHSFLyQ
GHO SURFHVR FRQVWLWXFLRQDO SHUR WDPELpQ HQ XQR GH VXV FUtWLFRV PiV
O~FLGRV IXQGDPHQWDOPHQWH SRUTXH FHQWR SUHYHU FRPR QDGLH TXH HO
SURFHVRLQLFLDGRFRQODUHXQLyQGHODV&RUWHVDFDEDUtDGHPDQHUDWUiJLFD
/RVDQWHFHGHQWHVGH%ODQFRKXQGtDQVXVUDtFHVHQOD,OXVWUDFLyQ<DHQ
FXDQGRVRORWHQtDYHLQWL~QDxRV\HUDXQVDFHUGRWHLQWDFKDEOH
%ODQFRKDEtDOHtGRHQOD$FDGHPLDGH/HWUDV+XPDQDVXQD(StVWRODDGRQ
-XDQ3DEOR)RUQHU HQ OD TXH DSDUHFtDQ DOJXQRV GH VXV WHPDV HVHQFLDOHV
FRPRODGHIHQVDGHODFLHQFLDPRWHMDGDSRUDOJXQRVHFOHVLiVWLFRVFRPR
LQVXILFLHQWHODUHVLVWHQFLDIUHQWHDOWLUDQRRSUHVRUTXHSRGtDVHUOD
UHOLJLyQFDWyOLFD\HOIDQDWLVPRFRPRHQHPLJRGHOD9HUGDG'XUDQWHORV
DxRV  HQ HO&RUUHR GH 6HYLOOD IXHURQ DSDUHFLHQGR HVFULWRV
VX\RVHQORVTXHHORJLDEDHOPRGHOREULWiQLFRGHVRFLHGDG\HGXFDFLyQ$
ODVD]yQQRVRORVHGHGLFDEDDODSUHQGL]DMHGHOHQJXDVVLQRTXHDGHPiV
VH HQWUHJDED D OD OHFWXUD GH OLEURV SURKLELGRV QR SRFDV YHFHV SUHVWDGRV
SRU)RUQHU
(Q%ODQFRVHWUDVODGyD0DGULGGRQGHDGHPiVGHVXVDFWLYLGDGHV
HQHO,QVWLWXWR3HVWDOR]]LDQRDVLVWtDFRQIUHFXHQFLDDODWHUWXOLDGRQGHVH
UHXQtDQ ILJXUDV WDQ QRWDEOHV GH OD ,OXVWUDFLyQ FRPR 4XLQWDQD -XDQ
1LFDVLR*DOOHJRR&DPSPDQ\3HUPDQHFLyHQODFDSLWDOGH(VSDxDKDVWD
OD OOHJDGD GH ORV LQYDVRUHV IUDQFHVHV FXDQGR GHFLGLy UHJUHVDU D 6HYLOOD
(OYLDMHGHWDOODGRHQVXV&DUWDVXQDGHODVOHFWXUDVDEVROXWDPHQWH
REOLJDGDV SDUD FRQRFHU \ FRPSUHQGHU HO VLJOR;,; HVSDxRO OH IXH
PRVWUDQGRXQD(VSDxDPX\DOHMDGDGHORVLGHDOHVGHOD,OXVWUDFLyQ\GHO
OLEHUDOLVPRHQODTXHHOSXHEORHUDSUHVDGHODWUDVRVRFLDO\HFRQyPLFR\
GHO IDQDWLVPR UHOLJLRVR DWL]DGR PiV TXH FRQVFLHQWHPHQWH SRU OD LJOHVLD
FDWyOLFD &RQVWHUQDGR FRPSUREDUtD FyPR VR FDSD GH SDWULRWLVPR HQ
PXFKDV SREODFLRQHV VROR VH HVWDEDQ SURGXFLHQGR WHUULEOHV HVWDOOLGRV GH
YLROHQFLD\GHUUDPDPLHQWRGHVDQJUH
8QDYH]HQ6HYLOOD%ODQFRVHHQWUHJyDODFDXVDGHODOLEHUWDGSHURVLQ
HQJDxDUVH D Vt PLVPR (UD GRORURVDPHQWH FRQVFLHQWH GH TXH HO JULWR
SRSXODU DXQTXH H[SUHVH HO VHQWLU GH XQD PD\RUtD QR PHUHFH HO QRPEUH
GH RSLQLyQ S~EOLFD GH OD PLVPD PDQHUD TXH WDPSRFR OR PHUHFHQ ODV
XQiQLPHV DFODPDFLRQHV GH XQ DXWR GH IH \ QR OR HUD SRUTXH OD
GLVLGHQFLD HV OD JUDQ FDUDFWHUtVWLFD GH OD OLEHUWDG 0DO SRGtD GDUVH OD
GLVLGHQFLDHQXQD(VSDxDPDUFDGDSRUODDFWLYLGDGGHOD,QTXLVLFLyQSRU
ODSURKLELFLyQGHOHFWXUDV\SRUXQFHUULOPRQROLWLVPRUHOLJLRVR
'XUDQWH HVRV DxRV VHYLOODQRV %ODQFR HQ FRQWDFWR FRQ SHUVRQDMHV
FRPR 6DDYHGUD -RYHOODQRV *DUD\ R 4XLQWDQD VH FRQYLUWLy HQ
SDUDGLJPD GH OD GHIHQVD GH OD UHGDFFLyQ GH XQD FRQVWLWXFLyQ
SUHFLVDPHQWH FXDQGR OD LGHD HUD DMHQD D GHFLU YHUGDG DMHQtVLPD D OD
LQPHQVD PD\RUtD GH ORV HVSDxROHV 1R FDXVD VRUSUHVD TXH 4XLQWDQD
IXQGDGRU GHO6HPDQDULR 3DWULyWLFR HQFRPHQGDUD D VX DPLJR ,VLGRUR
$QWLOOyQ OD VHFFLyQ GH +LVWRULD SHUR OD GH 3ROtWLFD VH OD HQWUHJDUD D
%ODQFR(OOHPDGHODSXEOLFDFLyQHUDREYLR'HIHQGLHQGRSRUHQFLPDGH
WRGR OD QDFLHQWH OLEHUWDG HVSDxROD 3RU HVR HO6HPDQDULR GXUDUtD HQ
WDQWR TXH HQ pO UHVSLUH OD YHUGDG VHQFLOOD HQ WDQWR TXH OD DGXODFLyQ QR
YHQJD D PDQFKDUOR PLHQWUDV TXH HO RGLR D OD WLUDQtD OH FRPXQLTXH VX
IXHJRPLHQWUDVTXHHOSDWULRWLVPROHGpVXLQWUHSLGH]DOWLYD
%ODQFR ODQ]y GHVGH HO6HPDQDULR VXV SURSXHVWDV D IDYRU GH XQD
&RQVWLWXFLyQ GH OD UHXQLyQ GH XQD 5HSUHVHQWDFLyQ QDFLRQDO OOiPHVH
&RUWHVRFRPRVHTXLHUDGHODLQGHSHQGHQFLDGHPLOORQHVGHHVSDxROHV
IUHQWHDOFDSULFKRGHXQRVROR\GHTXHFDGDFLXGDGDQROOHJXHDVHQWLU
VXV SURSLDV IXHU]DV HQ OD PiTXLQD SROtWLFD 6L SRU XQ ODGR FODPDED
FRQWUDHOLQYDVRUSRURWURHOHYDEDODYR]HQSURGHODOLEHUWDGGHOSXHEOR
)LQDOPHQWH OD SXEOLFDFLyQ SHUHFLy SRU ODV FRUUXSWHODV GHO QXHYR RUGHQ
QDFLGRGHODVXEOHYDFLyQ\WDPELpQSRUODSUHVHQFLDGHOD,QTXLVLFLyQ
(OGHGLFLHPEUHGH%ODQFRFRQFOX\yVX'LFWDPHQVREUHHOPRGR
GH UHXQLU ODV &RUWHV HQ (VSDxD (Q pO VHxDODED TXH QR WHQtD VHQWLGR
LQVLVWLU HQ ORV SUHFHGHQWHV KLVWyULFRV GH ODV &RUWHV HQ OD PHGLGD HQ TXH
VDOYRDOJXQRVHUXGLWRVQDGLHORVFRQRFtD3RUHOFRQWUDULRORHVHQFLDOHUD
UHXQLUODV FRQ XUJHQFLD SDUD HYLWDU ODV DPELFLRQHV GH ORV TXH \D KDEtDQ
FRQFHELGR HVSHUDQ]DV GH PDQGR \ FRQVHJXLU TXH OR FHGLHUDQ QR D XQD
FODVHGHKRPEUHVVLQRDODSDWULDQRDXQDFRUSRUDFLyQVLQRDODQDFLyQ
HQWHUD
<DGHVGH/RQGUHV%ODQFRDSODXGLyFRQHQWXVLDVPRORVORJURVVXFHVLYRV
GH ODV &RUWHV FRPR OD DSUREDFLyQ GH OD OLEHUWDG GH LPSUHQWD R OD
GHFODUDFLyQGHVREHUDQtDGHODQDFLyQ1RHVPHQRVFLHUWRTXHQRWDUGyHQ
ODPHQWDU OD FRQFUHFLyQ H[DFWD GH HVDV FRQTXLVWDV 3RU HMHPSOR HO
5HJODPHQWR GH OD OLEHUWDG GH LPSUHQWD HQ (VSDxD SURPXOJDGR SRU ODV
&RUWHV GLVJXVWy D %ODQFR SRUTXH HUD PX\ UHVWULFWLYR \ HOLPLQDED DVt OD
SRVLELOLGDG GH TXH XQD DFFLyQ GHVSyWLFD GH ODV &RUWHV SXGLHUD YHUVH
IUHQDGDSRUODRSLQLyQS~EOLFD'HODPLVPDPDQHUD%ODQFRVHSHUFDWyGH
TXH OD 5HJHQFLD VHJXtD WHQLHQGR XQ SRGHU QR HVFDVR VREUH ODV &RUWHV
FXDQGR D VX MXLFLR GH HVWDV GHEtD VDOLU HO JRELHUQR 6HxDODUtD DVt
3yQJDVHSRUHMHPSORDXQ$UJHOOHVHQHO0LQLVWHULRGH(VWDGRDXQ
7RUUHURVHQHOGH*UDFLD\-XVWLFLDDXQ*RQ]iOH]HQHOGH*XHUUD\VH
YHUi FyPR FUHFH OD DFWLYLGDG \ FyPR VH FRPXQLFDQ IXHU]D ORV GRV
SRGHUHV
(QWUH\ODSXEOLFDFLyQGLULJLGDSRU%ODQFRGLRFDELGDDODV
LQVWUXFFLRQHV GDGDV SRU ODV -XQWDV D ORV GLSXWDGRV DO'LFWDPHQ DQWH OD
-XQWD FHQWUDO GH -RYHOODQRV D ODV5HIOH[LRQHV VREUH OD 5HYROXFLyQ
HVSDxRODGH0DUWtQH]GHOD5RVDDOWH[WRFRPSOHWRGHOD&RQVWLWXFLyQGH
SHURVREUHWRGRDQDOL]yORVWH[WRVFRQXQULJRUTXHFDVLVREUHFRJH
SRUVXOXFLGH]'HPDQHUDPX\HVSHFLDO%ODQFRUHGDFWyXQFRQMXQWRGH
HVFULWRVFRQRFLGRVFRPRODV&DUWDVGH-XDQ6LQWLHUUDGRQGHVHxDODEDORV
SUREOHPDVTXHYHtDHQODDFWLYLGDGGHODV&RUWHV\HQODVSRVLELOLGDGHVGH
TXHOD&RQVWLWXFLyQWXYLHUDXQIXWXURIHOL]
/DV FUtWLFDV IRUPXODGDV SRU %ODQFR VXHQDQ ODPHQWDEOHPHQWH PX\
IDPLOLDUHV SDUD HO OHFWRU DFWXDO 6H TXHMD SRU HMHPSOR GH TXH QR SRFDV
FXHVWLRQHVVHVROYHQWDEDQQRHQODV&RUWHVGHPDQHUDDELHUWDVLQRHQORV
SDVLOORV\HQUHXQLRQHVVHFUHWDVRGHTXHORVGLSXWDGRVSDUHFtDQPiVHVWDU
HQXQDWHUWXOLDTXHDOVHUYLFLRGHODQDFLyQ7DPELpQGHTXHEXVFDQGRHO
OXFLPLHQWRVHHOHYDEDQSHUGLHQGRHOFRQWDFWRFRQODUHDOLGDG
/DV &RUWHV GHVGH OXHJR DGROHFtDQ GH GHIHFWRV TXH D %ODQFR QR VH OH
HVFDSDEDQ$VtIXHPHQFLRQDQGRFyPRODV$PpULFDVSDUWHGH(VSDxDD
OD VD]yQ QR HVWDEDQ VXILFLHQWH \ OHJtWLPDPHQWH UHSUHVHQWDGDV FyPR
DGHPiVVHSUHWHQGtDTXHORVGLSXWDGRVQRWXYLHUDQHPSOHRHQHO(VWDGR\
VREUHWRGRFyPRFRQVWLWXtDXQJUDQHUURUTXHODV&RUWHVQRIXHUDQODVTXH
GHFLGLHUDQ OD UHJXODFLyQ GH ORV LPSXHVWRV 6LQ HPEDUJR GRQGH PiV
FHUWHURVHH[SUHVy%ODQFRIXHHQORVGHIHFWRVGHOD&RQVWLWXFLyQ
(Q SULPHU OXJDU D VX MXLFLR OD &RQVWLWXFLyQ FDUHFtD GH UHDOLVPR DO
DERUGDU ODV UHODFLRQHV HQWUH ODV &RUWHV \ OD &RURQD 'H PRPHQWR ORV
GLSXWDGRV SRGtDQ SHQVDU TXH HO OHJLVODWLYR QR WHQGUtD SUREOHPDV FRQ HO
HMHFXWLYRGDGRHOHVFDVRSHVRGHOD5HJHQFLDSHUROOHJXHDSRQHUVHHQHO
WURQRXQDSHUVRQDUHDO\YHUiQODV&RUWHVFXiQYDQRHVHOWULXQIRTXHKDQ
JDQDGRHQDXVHQFLDGHFRQWUDULR/D&RQVWLWXFLyQDMXLFLRGH%ODQFRHUD
WDQ SRFR PLUDGD HQ VXV SUHFDXFLRQHV FRQWUD HO SRGHU UHDO TXH SRGtD
DFDEDUWHQLHQGRXQWUiJLFRILQDO
(Q VHJXQGR OXJDU OD &RQVWLWXFLyQ QHJDED XQ SULQFLSLR WDQ LPSRUWDQWH
FRPRHOGHODOLEHUWDGUHOLJLRVDSDUDFRPSODFHUDODLJOHVLDFDWyOLFD(VD
FLUFXQVWDQFLD GROtD D %ODQFR KDVWD HO SXQWR GH ODPHQWDU OD LQWROHUDQFLD
UHOLJLRVD FRQ TXH HVWi HQQHJUHFLGD OD SULPHUD SiJLQD GH XQD
&RQVWLWXFLyQ TXH TXLHUH GHIHQGHU ORV GHUHFKRV GH ORV KRPEUHV 'H
KHFKR ODV &RUWHV FRQYHUWLGDV HQ FRQFLOLR QR VROR GHFODUDQ FXiO HV OD
UHOLJLyQ GH OD (VSDxD D OD FXDO WLHQHQ GHUHFKR LQFRQWHVWDEOH VLQR
FRQGHQDQDWRGDVODVRWUDVQDFLRQHVQRFDWyOLFDV(QRWUDVSDODEUDVORV
HVSDxROHVKDQGHVHUOLEUHVHQWRGRPHQRVHQVXVFRQFLHQFLDVVHJ~QVH
GHVSUHQGHGHVXDUWtFXORXQDQXEHTXHRVFXUHFHODDXURUDGHOLEHUWDG
TXH DPDQHFH HQ (VSDxD %ODQFR QR SUHWHQGtD TXH VH FUHDUD XQ VLVWHPD
ODLFLVWD FRPR HO LPSODQWDGR HQ )UDQFLD GXUDQWH OD 5HYROXFLyQ H LQFOXVR
LQVLVWtDHQTXHKDEtDTXHVHUPX\FXLGDGRVRHQHOWUDWRFRQODDULVWRFUDFLD
\ OD LJOHVLD FDWyOLFD 6LQ HPEDUJR HVWDED FRQYHQFLGR GH TXH HVD
SUXGHQFLD QR SRGtD LPSOLFDU OD HOLPLQDFLyQ GH OD OLEHUWDG UHOLJLRVD \D
TXHGHDGPLWLUVHHVHKHFKRXQGHUHFKRDEVROXWDPHQWHHVHQFLDOFRPROD
OLEHUWDGGHFRQFLHQFLDTXHGDUtDFRQFXOFDGR\VLODOLEHUWDGGHFRQFLHQFLD
TXHGDEDHQPDQRVGHXQDLQVWLWXFLyQFRPRODLJOHVLDFDWyOLFDTXHVHYDOtD
GHOD,QTXLVLFLyQTXpRWUDVOLEHUWDGHVHQODSUiFWLFDOHVLEDQDTXHGDUD
ORVHVSDxROHV"
(Q  %ODQFR :KLWH VHxDODUtD TXH HUURUHV PX\ JUDYHV KDQ
FRPHWLGLWRRORVMHIHVGHODV&RUWHVSHURVRQHUURUHVTXHWXYLHURQRULJHQ
HQXQSULQFLSLRPX\QREOHHQHODPRUDVXSDWULD6LQHPEDUJRDSHVDU
GH HVWDV SDODEUDV %ODQFR :KLWH KDEtD GHMDGR GH PDQLILHVWR ODV UD]RQHV
SRUODVTXHOD&RQVWLWXFLyQGHHVWDEDFRQGHQDGDDOIUDFDVR(VWDVQR
VHUtDQRWUDVTXHODIDOWDGHPHFDQLVPRVGHFRQWUROSDUODPHQWDULRVREUHHO
UH\ \ OD DXVHQFLD GH OLEHUWDG UHOLJLRVD TXH DO LPSHGLU OD OLEHUWDG GH
FRQFLHQFLDDFDEDUtDLQYDOLGDQGRRWURVGHUHFKRVFRPRSRUHMHPSORHOGH
OLEHUWDGGHH[SUHVLyQ3DUDFROPRODPDQHUDHQTXHVHKDEtDDERUGDGROD
UHSUHVHQWDFLyQ KLVSDQRDPHULFDQD QR HUD FRUUHFWD \ OOHYDED D SUHYHU
FRQIOLFWRVIXWXURV
 )XH XQD WUDJHGLD SHUR QR SXHGH GXGDUVH TXH %ODQFR :KLWH DFHUWy HQ
WRGDVVXVSUHYHQFLRQHVHQWRGRVVXVDYLVRVHQWRGRVVXVSURQyVWLFRV'H
HQWUDGDHOUHJUHVRGH)HUQDQGR9,,VHWUDGXMRGHPDQHUDLQPHGLDWDHQOD
FHQWUHVLyQ GH OD &RQVWLWXFLyQ \ HQ XQ LQWHQWR DEVXUGR SHUR
GHWHUPLQDGRGHYROYHUDO$QWLJXR5pJLPHQ/RKDEtDLQGLFDGR%ODQFR
/DOOHJDGDGHXQUH\FRQDUUHVWRVLQFOXVRHOIHOyQ)HUQDQGR9,,LEDD
FRQYHUWLU HQ QDGD OD REUD GH ODV &RUWHV $ HOOR LED D FRODERUDU ELHQ
FRQVFLHQWHPHQWHODLJOHVLDFDWyOLFD&RPRHQWDQWDVRFDVLRQHVHOODVHUtD
OD JUDQ YHQFHGRUD GH XQD JXHUUD HQ OD TXH VH KDEtD GHUUDPDGR HQ
DEXQGDQFLDODVDQJUHGHORVHVSDxROHV

(/5(72512'(/$%62/87,602

'XUDQWH OD JXHUUD GH OD ,QGHSHQGHQFLD ODV &RUWHV QR VLQ FLHUWD
LQJHQXLGDGUHFRQRFLHURQFRPRUH\OHJtWLPRD)HUQDQGR9,,\H[FOX\HURQ
GHODOtQHDVXFHVRULDDORVLQIDQWHVQRFRPRVHKDGLFKRPiVGHXQDYH]
SRUTXHVHGXGDUDGHVXOHJLWLPLGDGVLQRSRUTXHWHPtDQTXH1DSROHyQ
SXGLHUDFRQYHUWLUDDOJXQRGHHOORVHQQXHYDPDULRQHWDGHVXVSODQHV8Q
GHFUHWR GH ODV &RUWHV HVSDxRODV GHURJDUtD OD H[FOXVLyQ GH ORV LQIDQWHV
VHxDODQGR TXH \D QR H[LVWtDQ ODV UD]RQHV OD LQYDVLyQ IUDQFHVD \ HO
FDXWLYHULR HQ PDQRV GH 1DSROHyQ TXH OD KDEtDQ PRWLYDGR 3RU
FHQWXHVWR)HUQDQGR9,,TXHQXQFDDEULJyGXGDVQLGHODOHJLWLPLGDGGH
VXVKHUPDQRVQLGHODLQH[LVWHQFLDGHUHODFLRQHVHQWUHVXPDGUH\*RGR\
QRVHRSXVRDOGHFUHWR
$OILQDOL]DUODJXHUUDGHOD,QGHSHQGHQFLD&DUORV,9\VXHVSRVD0DUtD
/XLVD KDEUtDQ GHVHDGR UHJUHVDU D (VSDxD \ FRQFOXLU VXV GtDV HQ HO PX\
UHFRUGDGR SDODFLR GH$UDQMXH] 6LQ HPEDUJR VX KLMR )HUQDQGR 9,, QR
HVWDED GLVSXHVWR D SHUPLWtUVHOR 1R WXYLHURQ RWUD VDOLGD ORV UH\HV TXH
GLULJLUVH D ,WDOLD LQVWDOiQGRVH HQ HO SDODFLR %DUEHULQL GH 5RPD 'H OD
DQWLJXDFRUWHVRORSHUPDQHFtDDVXODGR0DQXHO*RGR\\VXHVSRVDGRxD
0DUtD7HUHVDGH%RUEyQFRQGHVDGH&KLQFKyQ\VXKLMD&DUORWDTXHDOD
VD]yQFRQWDEDGLHFLRFKRDxRV
(OGHPDU]RGHYHQFLGRVORVLQYDVRUHVIUDQFHVHV)HUQDQGR9,,
UHJUHVy D (VSDxD 1DGD PiV SLVDU WHUULWRULR HVSDxRO XQ JUXSR GH
DEVROXWLVWDVOHSUHVHQWyHOGHQRPLQDGR0DQLILHVWRGHORVSHUVDVHQHOTXH
OH URJDEDQ TXH DEROLHUD HO UpJLPHQ FRQVWLWXFLRQDO \ UHJUHVDUD DO
DEVROXWLVPR GHO $QWLJXR 5pJLPHQ )HUQDQGR 9,, FLHUWDPHQWH QR
FRQWHPSOy OD SRVLELOLGDG FRQ GHVDJUDGR 3RU DxDGLGXUD QR WDUGy HQ
FRPSUREDUTXHVXOOHJDGDHUDDFRJLGDFRQXQHQWXVLDVPRGHOLUDQWH3DUD
OD DSODVWDQWH PD\RUtD GH OD SREODFLyQ )HUQDQGR 9,, HUD HO PRQDUFD
GHVHDGR SRU HO TXH KDEtDQ GHUUDPDGR VX VDQJUH ORV HVSDxROHV \ HQ
SURSRUFLyQQRPXFKRPHQRUHVSHUDEDQTXHDOHMDUDGHODQDFLyQODVLGHDV
TXHDSR\DGDVSRUODVED\RQHWDVJDEDFKDVWDQWRGDxROHKDEtDQFDXVDGR
(Q RWUDV SDODEUDV \ SRU GLItFLO GH DFHSWDU TXH VHD SDUD QXHVWUD
PHQWDOLGDG FRQWHPSRUiQHD GHVHDEDQ TXH UHLQDUD FRPR PRQDUFD
DEVROXWR \ DVt VH OR KLFLHURQ VDEHU ODQ]DQGR HO JULWR GH 9LYDQ ODV
FDHQDV'LItFLOPHQWHKXELHUDQSRGLGRFRLQFLGLUPiVDTXHOORVJULWRVFRQ
OD YLVLyQ GH )HUQDQGR 9,, (O PRQDUFD TXH WDQ YLOPHQWH VH KDEtD
FRPSRUWDGRIUHQWHD1DSROpRQVHDSUHVXUyDGHURJDUODFRQVWLWXFLyQGH
&iGL]DVXMXLFLRXQDYHUVLyQHVSDxRODGHODVDWURFLGDGHVIUDQFHVDV\D
GHFODUDUVXYROXQWDGGHVHUVREHUDQRDEVROXWR
'XUDQWH HO VH[HQLR VLJXLHQWH )HUQDQGR 9,, QR VROR SHUVLJXLy
HQFDUQL]DGDPHQWH D XQRV OLEHUDOHV TXH VH KDEtDQ FRPSRUWDGR IUHQWH DO
LQYDVRU FRQ PXFKD PD\RU JDOODUGtD TXH pO VLQR TXH DGHPiV LQWHQWy
UHJUHVDUDO$QWLJXR5pJLPHQFRQODPLVPDLQVLVWHQFLDFRQTXH)HOLSH,,
VHHPSHxyHQFRQYHUWLUD(VSDxDHQODHVSDGDGHOD&RQWUDUUHIRUPD'H
PDQHUD QDGD VRUSUHQGHQWH WDPELpQ FRPR )HOLSH ,, SHUVLJXLy FRQ
YHUGDGHUDVDxDDORVGLVLGHQWHVTXHEUyODHFRQRPtDQDFLRQDO\QRGXGy
HQ LQWHQWDU DKRUPDU HO VLVWHPD HGXFDWLYR D OD FHUUD]yQ VHFWDULD TXH OR
FDUDFWHUL]DED /RV UHVXOWDGRV QR IXHURQ PHMRUHV 6L HO SULPHU PRQDUFD
ORJUy GHMDU WRFDGR GHO DOD DO LPSHULR HVSDxRO HQ (XURSD HO VHJXQGR QR
SXGRHYLWDUODUXLQDGHHVHPLVPRLPSHULRHQXOWUDPDU
(QHOOLEHUDO5LHJRVHSURQXQFLyHQ&DEH]DVGH6DQ-XDQFRQWUDHO
DEVROXWLVPR/DQDFLyQKXQGLGDHQODSDUiOLVLVHFRQyPLFD\HQHOSURFHVR
GH HPDQFLSDFLyQ GH +LVSDQRDPpULFD QR UHDFFLRQy (O  GH PDU]R GH
HOUH\XQFHQWHUYLYLHQWHHQHOSHRUVHQWLGRGHOWpUPLQRVHYLR
REOLJDGR D MXUDU OD GHWHVWDGD SRU pO &RQVWLWXFLyQ GH  &RQ FLQLVPR
SDUDGLJPiWLFRHOPRQDUFDDILUPyDTXHOORGH0DUFKHPRVWRGRV\\RHO
SULPHURSRUODVHQGDGHOD&RQVWLWXFLyQ7DPSRFRVLPSDWL]DEDODUHLQD
FRQ ORV OLEHUDOHV \ SDUD FROPR QR VH OH RFXUULy DOLYLDU HO SHVDU GH VX
PDULGRGHRWUDPDQHUDTXHQRIXHUDUHFXUULHQGRDORVUH]RVODVOHWDQtDV\
OD UHGDFFLyQ GH YHUVRV 4XL]i ODV KLHOHV GHO JRELHUQR OLEHUDO KXELHUDQ
UHVXOWDGR PHQRV DFLEDUDGDV SDUD )HUQDQGR 9,, VL DO PHQRV OD UHLQD
KXELHUD TXHGDGR HQFLQWD 6LQ HPEDUJR OR FLHUWR HV TXH QL VLTXLHUD VH
SURGXMHURQIDOVDVDODUPDVTXHDQXQFLDUDQVXHVWDGRGHEXHQDHVSHUDQ]D
3DUD HQIUHQWDUVH FRQ HVD FRQWUDULHGDG ORV PRQDUFDV UHFXUULHURQ SRU
FHQWXHVWRDORVUHPHGLRVSLDGRVRVGHODpSRFDUHOLTXLDVURJDWLYDV
H LQFOXVR D OD KLGURWHUDSLD 3RU GHFLVLyQ H[SUHVD GHO UH\ VX HVSRVD OH
DFRPSDxyDORVEDOQHDULRVGH6DFHGyQ\GH6ROiQGH&DEUDV1RVLUYLyGH
QDGD
(O 7ULHQLR /LEHUDO SXHGH VHU FDOLILFDGR FRQ WRGD MXVWLFLD GH RFDVLyQ
SHUGLGD3RUXQODGRORVOLEHUDOHVSHUVHJXtDQODUHDOL]DFLyQGHUHIRUPDV
QHFHVDULDV FRPR OD FRGLILFDFLyQ OD GHVDPRUWL]DFLyQ OD OLEHUDOL]DFLyQ
GH OD HFRQRPtD HWF SHUR HO SHVR GH OD PDVRQHUtD UHVXOWy GHVDVWURVR
/DV GLVSXWDV DFRQWHFLGDV HQ HO VHQR GH ODV ORJLDV GRQGH VH GHFLGtD OD
RFXSDFLyQ GH HPSOHRV \ FDUJRV S~EOLFRV WXYR XQD UHSHUFXVLyQ GLUHFWD
HQ OD YLGD SROtWLFD $Vt ORV OLEHUDOHV VH IUDJPHQWDURQ HQ GRFHDxLVWDV
SDUWLGDULRV GH OD &RQVWLWXFLyQ GHO 'RFH \ YHLQWHQRV SDUWLGDULRV GH XQ
SODQWHDPLHQWRPiVUDGLFDODOLJXDOTXHODPDVRQHUtDVHGLYLGtDHQWUHOD
6RFLHGDG GHO $QLOOR PRGHUDGRV \ OD &RQIHGHUDFLyQ GH &DEDOOHURV
&RPXQHURVPiVH[WUHPRV'HHVDPDQHUDORVOLEHUDOHVTXHHUDQOD~QLFD
IXHU]DFRQVFLHQWHGHODVUHIRUPDVTXHQHFHVLWDEDODQDFLyQVHGLVWDQFLDURQ
HQRUPHPHQWH GHO SXHEOR DO TXH GHFtDQ UHSUHVHQWDU \ VH FRORFDURQ HQ OD
VHQGDGHVXSURSLDGHUURWD
(O  GH MXOLR GH  OD *XDUGLD 5HDO VH VXEOHYy FRQ OD LQWHQFLyQ GH
D\XGDUDOUH\DGHURJDUOD&RQVWLWXFLyQOLEHUDOGH\GHUHJUHVDUDOD
PRQDUTXtD DEVROXWD /D LQWHQWRQD IUDFDVy SHUR D SDUWLU GH OD PLVPD VH
FUHyXQHVWDGRGHRSLQLyQTXHFRQVLGHUDEDTXHHOPRQDUFDQRHUDVLQRXQ
FDXWLYRGHORVOLEHUDOHV/DFRQYLFFLyQQRGHOWRGRH[HQWDGHEDVHHUD
WDQFODUDTXHHQOD6HRGH8UJHOOOHJyDFUHDUVHXQDUHJHQFLDFHQWUHPDGH
(VSDxDGXUDQWHODFRQVLGHUDGDFDXWLYLGDGGH)HUQDQGR9,,
7DPELpQHQHOH[WHULRUORVYLHQWRVVRSODEDQHQFRQWUDGHORVOLEHUDOHV
7HPLHQGR TXH VH SURGXMHUD XQD LQYDVLyQ H[WUDQMHUD GH FDUiFWHU
DEVROXWLVWD ODV &RUWHV VH WUDVODGDURQ D 6HYLOOD REOLJDQGR DO UH\ \ D VX
JRELHUQR D DFRPSDxDUODV (O  GH DEULO GH  HQWUDED HQ (VSDxD XQ
HMpUFLWRDOPDQGRGHOGXTXHGH$QJXOHPDFX\RREMHWLYRHUDUHVWDXUDUHO
HMHUFLFLRFRPSOHWRGHODPRQDUTXtDDEVROXWDGH)HUQDQGR9,,/RV&LHQ
0LO +LMRV GH 6DQ /XLV TXH HV FRPR OOHJy D VHU FRQRFLGR HVWH FXHUSR
H[SHGLFLRQDULRQRHQFRQWUDURQSUiFWLFDPHQWHUHVLVWHQFLDGHPDQHUDELHQ
GLVWLQWD D OR TXH KDEtD VXFHGLGR FRQ VXV FRPSDWULRWDV HQ  4XH DVt
IXHUD UHVXOWD OyJLFR SRUTXH D ILQ GH FXHQWDV VL ORV SULPHURV HUDQ
HQHPLJRVMXUDGRVGHODLQGHSHQGHQFLDQDFLRQDOGHODLJOHVLDFDWyOLFD\GH
OD PRQDUTXtD GH )HUQDQGR 9,, PLHQWUDV HVWRV HUDQ ORV PiV FODURV
GHIHQVRUHVGHODVGRV~OWLPDV
5HVWDXUDGRHQVXVSOHQRVSRGHUHVHOPRQDUFDQRGXGyHQVDOLUVHGHOD
VHQGD FRQVWLWXFLRQDO \ HQ HPSUHQGHU OD GH OD UHSUHVLyQ (VWD GLULJLGD
FRQWUD ORV OLEHUDOHV IXH HQFDUQL]DGD OOHJDQGR KDVWD HO SXQWR GH
SURFHGHUVH DO UHQFRURVR DMXVWLFLDPLHQWR GH 5LHJR 6L HQ HO VLJOR;9,
(VSDxD VH KDEtD TXHGDGR GHVHQJDQFKDGD GH OD 5HIRUPD VL HQ HO VLJOR
;9,,,OD,OXVWUDFLyQQRSXGRSURVSHUDUDWHQD]DGDSRUOD,QTXLVLFLyQHQHO
VLJOR;,;ODPRGHUQL]DFLyQTXHFHQWRQtDHOOLEHUDOLVPRVHYHUtDIUXVWUDGD
SRUODVPLVPDVIXHU]DVTXHKDEtDQDERUWDGRHOSURJUHVRGH(VSDxDHQORV
VLJORVDQWHULRUHV
)HUQDQGR 9,, VH KDEtD FRQYHUWLGR VLQ HVSHFLDO HVIXHU]R WRGR KD\ TXH
UHFRQRFHUOR HQ HO SDUDGLJPD LGHDO GHO PRQDUFD GHVHDGR SRU OD LJOHVLD
FDWyOLFD &HUULOPHQWH DQWLOLEHUDO \ IDQiWLFDPHQWH HPSHxDGR HQ GDU
PDUFKD DWUiV D OD UXHGD GHO WLHPSR HO %RUEyQ JDUDQWL]DED TXH WRGR HO
HQWUDPDGR VRFLDO \ SVLFROyJLFR GHO SXHEOR HVSDxRO SHUPDQHFLHUD LJXDO
JDUDQWL]DQGR VX PRQRSROLR LGHROyJLFR \ VXV SULYLOHJLRV GH VLJORV
6HPHMDQWH SDQRUDPD VH YHUtD DOWHUDGR SRU XQ LQHVSHUDGR SUREOHPD
GLQiVWLFR TXH SURSRUFLRQDUtD D OD LJOHVLD FDWyOLFD XQ LQVWUXPHQWR
SULYLOHJLDGR SDUD RSRQHUVH D OD FUHDFLyQ GHO HVWDGR OLEHUDO FRQ XQDV
FRQVHFXHQFLDVWUiJLFDVTXHOOHJDQKDVWDODDFWXDOLGDG
 


(OOLEHUDOLVPRHVSHFDGR

&$<(7$125,32//(//7,02$-867,&,$'2

/DFDtGDGHORVOLEHUDOHVWXYRHQWUHRWUDVIXQHVWDVFRQVHFXHQFLDVTXHOD
,QTXLVLFLyQ YROYLHUD D DFWXDU \ TXH SHUSHWUDUD VX ~OWLPD HMHFXFLyQ HQ
(VSDxD HQ IHFKD WDQ WDUGtD FRPR  /D YtFWLPD IXH XQ SURWHVWDQWH
HVSDxROOODPDGR&D\HWDQR5LSROO
5LSROO KDEtD FRPEDWLGR FRQWUD HO LQYDVRU IUDQFpV \ DO VHU KHFKR
SULVLRQHUR VH YLR GHSRUWDGR D )UDQFLD )XH HQ HVWH SDtV GRQGH HVWDQGR
JUDYHPHQWH HQIHUPR IXH YLVLWDGR SRU DOJXQRV FXiTXHURV TXH VH
GHGLFDEDQ D DVLVWLU FDULWDWLYDPHQWH D ORV QHFHVLWDGRV VLQ H[FOXLU SUHVRV
(O HMHPSOR FULVWLDQR GH ORV FXiTXHURV WDQ GLIHUHQWH GH OR TXH KDEtD
FRQRFLGRHQ(VSDxDOOHYyD5LSROODH[SHULPHQWDUXQDFRQYHUVLyQWUDVOD
TXH DVXPLy HO FRPSURPLVR GH UHJUHVDU D VX WLHUUD QDWDO D SUHGLFDU XQ
(YDQJHOLR ELHQ GLVWLQWR GHO GLIXQGLGR SRU HO FDWROLFLVPR (VWi
GRFXPHQWDGR TXH RWURV FXiTXHURV OH DGYLUWLHURQ GHO SHOLJUR TXH SRGtD
FRUUHUSHUR5LSROOVHPDQWXYRILUPHHQVXSURSyVLWR
0LHQWUDV GXUy HO JRELHUQR OLEHUDO 5LSROO QR WXYR SUREOHPD DOJXQR
JDQiQGRVH OD YLGD FRPR PDHVWUR GH HVFXHOD (Q  XQD GHQXQFLD
DQyQLPD OOHYy D OD -XQWD GH )H GH 9DOHQFLD D GHWHQHUOR 3HUPDQHFLy HQ
SULVLyQGRVDxRVHQHOFXUVRGHORVFXDOHVODLJOHVLDFDWyOLFDHQYLyDXQ
WHyORJR D VX OXJDU GH UHFOXVLyQ SDUD TXH LQWHQWDUD FRQYHQFHUOR GH TXH
UHJUHVDUD D VX VHQR 5LSROO FRQRFtD OR VXILFLHQWH OD %LEOLD FRPR SDUD
GHVEDUDWDUSRUFRPSOHWRODVHQVHxDQ]DVFDWyOLFDV\VHPDQWXYRILUPHHQ
VXV FRQYLFFLRQHV )LQDOPHQWH OD ,QTXLVLFLyQ SURQXQFLy VHQWHQFLD FRQWUD
pOFRQGHQiQGRORDPXHUWHSRUKHUHMtD/DVDFXVDFLRQHVTXHORFRQGXMHURQ
DO FDGDOVR FRQVLVWtDQ HQ KDEHU VXVWLWXLGR HQ FODVH OD H[SUHVLyQ $YH
0DUtDSRUDODEDGRVHD'LRVQRDFXGLUDPLVDQLOOHYDUDVXVDOXPQRV
QRVDOLUDODSXHUWDSDUDVDOXGDUHOSDVRGHODSURFHVLyQ\FRPHUFDUQHHO
9LHUQHV 6DQWR 7RGDV HUDQ FRQGXFWDV SURSLDV GH XQ SURWHVWDQWH SHUR
UHVXOWDEDQLQWROHUDEOHVSDUDXQDLJOHVLDFDWyOLFDHPSHxDGDHQODWDUHDGH
VHJXLUDKRUPDQGRDXQTXHIXHUDFRQVDQJUHODVDOPDVGHORVHVSDxROHV
(O  GH MXOLR GH  WXYR OXJDU OD HMHFXFLyQ SUHFHGLGD SRU HO
WUDVODGRGHOUHRSRUHOFHQWURGHODFLXGDGSDUDTXHIXHUDLQMXULDGRSRUORV
YHFLQRV (O PDUWLULR GH &D\HWDQR 5LSROO IXH SUHVHQFLDGR SRU GLVWLQWRV
H[WUDQMHURV TXH GHMDURQ WHVWLPRQLR GH OR VXFHGLGR )XH DKRUFDGR WUDV
DILUPDUTXHPRUtDUHFRQFLOLDGRFRQ'LRV\FRQORVKRPEUHV(QWHRUtD
GHEtD KDEHU VLGR DUURMDGR D OD KRJXHUD SHUR ILQDOPHQWH SURFHGLHURQ D
DKRUFDUORVLELHQODQ]DURQVXFDGiYHUGHVSXpVDXQWRQHOGRQGHVHKDEtDQ
SLQWDGR XQDV OODPDV /XHJR SURFHGLHURQ D HQWHUUDUOR FRPR KHUHMH TXH
HUDHQHOH[WHULRUGHOFHPHQWHULR
6L HO DVHVLQDWR OHJDO GH &D\HWDQR 5LSROO UHVXOWy ERFKRUQRVR QR OR HV
PHQRV TXH HO UHVSRQVDEOH GLUHFWR GHO PLVPR IXHUD 6LPyQ /ySH]
DU]RELVSRGH9DOHQFLD/ySH]KDEtDVLGRGLSXWDGRHQODV&RUWHVGH&iGL]
GRQGH KDEtD LQWHQWDGR IUHQDU ODV UHIRUPDV OLEHUDOHV H LQFOXVR OOHJDGR D
DEDQGRQDU VX HVFDxR SDUD QR WHQHU TXH MXUDU OD &RQVWLWXFLyQ (Q 
SUHVLGtDOD-XQWDGH)HGH9DOHQFLDXQDLQVWLWXFLyQFUHDGDSDUDYLJLODUOD
GRFWULQD/DLGHDGHTXHXQSURWHVWDQWHSXGLHUDYLYLUHQSD]HQ(VSDxDOH
UHVXOWDEDLQWROHUDEOHDODU]RELVSRTXHQRGXGyHQMXVWLILFDUODHMHFXFLyQ
GH &D\HWDQR 5LSROO DILUPDQGR 'LRV TXLHUD TXH VLUYD GH HVFDUPLHQWR
SDUDXQRV\GHOHFFLyQSDUDRWURV6HJXUDPHQWHORLJQRUDEDSHURHVWDED
HVJULPLHQGR HO PLVPR DUJXPHQWR GHO TXH ODV DXWRULGDGHV GHO WHPSOR VH
KDEtDQYDOLGRSDUDSODQHDUODPXHUWHGH-HV~V-XDQ$GHFLUYHUGDG
HVPX\SRVLEOHTXHHVSLULWXDOPHQWHHVWXYLHUDPXFKRPiVFHUFDGHHOODV
TXH GHO FUXFLILFDGR 'H PDQHUD ELHQ VLJQLILFDWLYD HO DU]RELVSR /ySH]
UHVSRQVDEOH GLUHFWR GH XQ DVHVLQDWR FUXHO \ IDQiWLFR HVWi VHSXOWDGR
DFWXDOPHQWH HQ OD FDWHGUDO GH 9DOHQFLD HQ OD FDSLOOD GH 6DQ -RVp 'H
IRUPD QR PHQRV UHYHODGRUD GH OR TXH SXHGD SDUHFHU D SULPHUD YLVWD HO
~OWLPRDU]RELVSRGHODFLXGDG$JXVWtQ*DUFtD*DVFRSLGLyGHVFDQVDUDVX
ODGR\VXGHVHRIXHFXPSOLGR
&RPRHQVLJORVDQWHULRUHVODLJOHVLDFDWyOLFDHVWDEDPiVTXHGLVSXHVWD
D VHJDU YLGDV SDUD PDQWHQHU VX SRGHU \ VXV SULYLOHJLRV /RV DxRV
VLJXLHQWHVGDUtDQXQDSUXHEDWUDVRWUDGHODYHUDFLGDGGHHVWHDVHUWR

(/$32<2'(/$,*/(6,$&$7/,&$
$'21&$5/26

$XQTXH HQ  FRQ D\XGD GH XQ FXHUSR H[SHGLFLRQDULR IUDQFpV
FRQRFLGR FRPR ORV &LHQ 0LO +LMRV GH 6DQ /XLV HO UpJLPHQ DEVROXWLVWD
TXHGy UHLQVWDXUDGR HQ (VSDxD \ DXQTXH UHFLELy WRGR WLSR GH DOEULFLDV \
SDUDELHQHVGHODLJOHVLDFDWyOLFDDTXHOFDPELyQRVLUYLySDUDFRQVHUYDUHO
LPSHULRHVSDxRO(OGHGLFLHPEUHGHHQODEDWDOODGH$\DFXFKRVH
FRQVXPyHOSURFHVRGHLQGHSHQGHQFLDGHOD$PpULFDKLVSDQDFRQWLQHQWDO
'HOLPSHULRGHXOWUDPDUWDQVRORTXHGDEDQ&XED6DQWR'RPLQJR3XHUWR
5LFR\ODV)LOLSLQDV
(VWH DFRQWHFLPLHQWR TXH QR SXHGH FDOLILFDUVH GH LQHVSHUDGR LED D
SHVDU HQRUPHPHQWH VREUH HO iQLPR GH )HUQDQGR 9,, &RQYHQFLGR
DEVROXWLVWDVHSHUFDWyHQWRQFHVGHTXHQRWHQtDPiVUHPHGLRTXHVXDYL]DU
VXV SRVLFLRQHV H LQFOXVR DFHSWDU OD SDUWLFLSDFLyQ HQ OD SROtWLFD GH ORV
OLEHUDOHV PRGHUDGRV GLVSXHVWRV D VHUOH OHDOHV 3UHFLVDPHQWH HQ HVWRV
PRPHQWRV \ QR DxRV GHVSXpV FRPR VH UHSLWH D PHQXGR HV FXDQGR
VXUJLyHOSDUWLGRFDUOLVWDRDSRVWyOLFRTXHVHDJUXSyHQWRUQRDOLQIDQWH
&DUORV 0DUtD ,VLGUR 3DUD VXV PLHPEURV )HUQDQGR 9,, HVWDED
HYROXFLRQDQGR GH PDQHUD SHOLJURVD KDFLD HO OLEHUDOLVPR \ SRU OR WDQWR
UHVXOWDEDLPSHUDWLYRGHVWURQDUOR\VXVWLWXLUORSRUVXKHUPDQRXQIDQiWLFR
FDWyOLFRFRQYHQFLGRGHODVERQGDGHVGHODEVROXWLVPR/DVLWXDFLyQOOHJyD
VHUWDQDPHQD]DQWHHQDOJXQDVSDUWHVGH(VSDxDFRPR&DWDOXxDTXHHO
GH VHSWLHPEUH GH  HO UH\ WXYR TXH GLULJLUVH KDFLD HVWD UHJLyQ SDUD
VRIRFDUORVFRQDWRVFDUOLVWDV
'H KDEHU IDOOHFLGR VLQ GHVFHQGHQFLD )HUQDQGR 9,, KXELHUD SUHIHULGR
FRQPXFKRTXHOHVXFHGLHUDVXKHUPDQRSHTXHxR)UDQFLVFRGH3DXOD'H
VLPSDWtDV OLEHUDOHV \ PDVyQ OH SDUHFtD FRQ PXFKR SUHIHULEOH D &DUORV
DEVROXWLVWD\FOHULFDO6LQHPEDUJRQRHVWDEDHQVXPDQRDOWHUDUHORUGHQ
VXFHVRULR \ SRU OR WDQWR OD ~QLFD PDQHUD GH LQWHQWDU LQIOXLU HQ OD
VXFHVLyQ UHVLGtD HQ HO KHFKR GH HQJHQGUDU KHUHGHURV YDURQHV TXH OH
VREUHYLYLHUDQ 6H LPSRQtD SRU OR WDQWR TXH )HUQDQGR 9,, D OD VD]yQ
YLXGRYROYLHUDDFRQWUDHUPDWULPRQLR
/RV DEVROXWLVWDV HUDQ SDUWLGDULRV GH XQD SULQFHVD DOHPDQD TXH
FHQWXHVWDPHQWH PDQWHQGUtD DO UH\ HQ OR TXH FRQVLGHUDEDQ HO EXHQ
FDPLQR 6LQ HPEDUJR )HUQDQGR 9,, QR GHVHDED EDMR QLQJ~Q FRQFHSWR
UHSHWLU OD H[SHULHQFLD TXH KDEtD WHQLGR FRQ XQD HVSRVD DQWHULRU 0DUtD
-RVHID\VHDILUPDTXHDOHVFXFKDUODVXJHUHQFLDGLMR1RPiVURVDULRV
QLYHUVLWRVFRxR(QHVHPRPHQWRIXHODHVSRVDGH)UDQFLVFRGH3DXOD
/XLVD &DUORWD OD TXH OH VXJLULy TXH FRQWUDMHUD PDWULPRQLR FRQ VX
KHUPDQDODSULQFHVD0DUtD&ULVWLQDGH%RUEyQQDFLGDHOGHDEULOGH
/DYLVLyQGHXQUHWUDWRGHODMRYHQIXHODTXHDOILQ\DODSRVWUH
GHFLGLy DO UH\ D SHGLU VX PDQR$Vt HO  GH VHSWLHPEUH GH  D ORV
FXDWURPHVHVGHHQYLXGDUHOPRQDUFDVHDQXQFLyRILFLDOPHQWHTXHKDEtD
SHGLGRODPDQRGHODSULQFHVDQDSROLWDQD
/D ERGD VH FHOHEUy HO  GH GLFLHPEUH GH  HQ $UDQMXH] \ OD
LQIOXHQFLDGHODUHLQDQRWDUGyHQKDFHUVHQRWDU(QSRFRWLHPSR0DUtD
&ULVWLQD FRQVLJXLy TXH LQGXOWDUD D QXPHURVRV OLEHUDOHV H LQFOXVR TXH OH
SURPHWLHUD TXH SURPXOJDUtD XQD DPQLVWtD SROtWLFD VL OOHJDED D GDUVH HO
FDVR GH TXH WXYLHUDQ ORV DQVLDGRV KLMRV 4XH OD LQIOXHQFLD GH 0DUtD
&ULVWLQD HUD SRVLWLYD DGPLWH KR\ SRFDV GXGDV 1R REVWDQWH HQ VX pSRFD
IXHPX\PDOYLVWDSRUFLHUWRVVHFWRUHVGHODFRUWH6XVDFFLRQHVQRVROR
DEUtDQODSXHUWDDODFHUFDPLHQWRGHORVOLEHUDOHVVLQRTXHDGHPiVDOHMDEDQ
GHOSRGHUUHDODOLQIDQWHGRQ&DUORV\DVXHVSRVD
&XDQGR HQ PDU]R GH  VH DQXQFLy TXH OD UHLQD HVWDED HQFLQWD OD
DQVLHGDGKL]RSUHVDHQORVDEVROXWLVWDVTXHWHPtDQQRVRORTXHGRQ&DUORV
QRIXHUDUH\VLQRTXHHOVXFHVRUGH)HUQDQGR9,,SXGLHUDVHULQFOXVRXQ
OLEHUDO6LQHPEDUJRVHSHUILODEDWDPELpQXQDFXHVWLyQGHPXFKRPD\RU
FDODGRTXHQRLEDDWDUGDUHQSODQWHDUVH
'HVGHODSHUVSHFWLYDGHORVUH\HVHOSUREOHPDQRVHUHGXFtD~QLFDPHQWH
DWHQHUGHVFHQGHQFLDVLQRTXHDGHPiVHVWDGHEtDVHUGHOVH[RPDVFXOLQR
/D UD]yQ HVWDED HQ HO FDPELR GH ODV OH\HV VXFHVRULDV TXH VH KDEtD
SURGXFLGR DO OOHJDU D (VSDxD ORV %RUERQHV 6L KDVWD HQWRQFHV ODV UHLQDV
KDEtDQ SRGLGR DFFHGHU D OD FRURQD GH QR KDEHU KHUHGHUR YDUyQ XQD
VLWXDFLyQTXHSHUPLWLyVHQWDUVHHQHOWURQRD,VDEHOOD&DWyOLFD\DVXKLMD
-XDQD D SDUWLU GH )HOLSH 9 VHPHMDQWH SRVLELOLGDG OHV TXHGy YHGDGD
(IHFWLYDPHQWH HQ  HO SULPHUR GH ORV %RUERQHV HVSDxROHV KDEtD
SURPXOJDGR HO $FWD 5HDO TXH LPSODQWDED HQ (VSDxD OD OH\ ViOLFD
6HPHMDQWHQRUPDQRVRORLEDHQFRQWUDGHODWUDGLFLyQOHJDOHVSDxRODVLQR
TXHDGHPiV\HVIiFLOFRPSUHQGHUHOSRUTXpLPSOLFDEDXQVHPLOOHURGH
SUREOHPDVVXFHVRULRV
<DHQUHLQDQGR&DUORV,9HO$FWD5HDOKDEtDVLGRDEROLGDSRUXQD
3UDJPiWLFD6DQFLyQSUHVHQWDGDDQWHODV&RUWHV6LQHPEDUJRSRUUD]RQHV
GHFRQYHQLHQFLDSROtWLFDHOWH[WROHJDOQRKDEtDVLGRSXEOLFDGR\SRUOR
WDQWRFDUHFtDGHYLJHQFLD$KRUD)HUQDQGR9,,DOTXHQRVHOHHVFDSDED
ODSRVLELOLGDGGHTXHVXSUy[LPRYiVWDJRIXHUDXQDKHPEUDDFHSWyFRQ
HODSR\RGHVXHVSRVDGHVXKHUPDQRPHQRU)UDQFLVFRGH3DXOD\GHVX
FXxDGD/XLVD&DUORWDSURPXOJDUOD3UDJPiWLFD6DQFLyQGH&DUORV,9
(QSXULGDGODPHGLGDDGRSWDGDSRU)HUQDQGR9,,HUDH[FHOHQWHQRVROR
SRUTXH DO PHQRV HQ DSDULHQFLD JDUDQWL]DED TXH QR H[LVWLHUD YDFtR
LQVWLWXFLRQDOVLQRWDPELpQSRUTXHGHHVDPDQHUDVHUHVWDEOHFtDHORUGHQ
VXFHVRULR WUDGLFLRQDO SHUILODGR SRU HMHPSOR HQ ODV 3DUWLGDV 6LQ
HPEDUJRFRPRQRUHVXOWDGLItFLOFRPSUHQGHUQLHOLQIDQWH&DUORV0DUtD
,VLGURQLVXFtUFXORFRQWHPSODURQFRQEXHQRVRMRVHOSDVRGDGRSRUHOUH\
6HFRQWDUDFRPRVHFRQWDUDVLJQLILFDEDHOILQDOIDOOLGRGHXQDHVSHUDGH
DxRV SDUD RFXSDU HO WURQR 6H WUDWDED SRU DxDGLGXUD GH XQD RSFLyQ
DSR\DGD H[SUHVDPHQWH SRU HO FOHUR FDWyOLFR HQ OD FRQYLFFLyQ QDGD
GHVHQFDPLQDGDGHTXHVHUYLUtDPHMRUDORVLQWHUHVHVGHODLQVWLWXFLyQDOD
TXHVHUYtD
(O  GH RFWXEUH GH  OD UHLQD GLR D OX] D XQD QLxD D OD TXH VH
LPSXVRHOQRPEUHGH,VDEHO/DQRWLFLDFDXVyXQDHQRUPHVDWLVIDFFLyQHQ
ORVPHGLRVFDUOLVWDVSRUTXHQRWHQtDQHOPHQRULQFRQYHQLHQWHHQLUDXQD
JXHUUD FLYLO SDUD FRURQDU D GRQ &DUORV 7DPELpQ SURGXMR XQ QR PHQRV
FRQVLGHUDEOH SHVDU HQ ORV OLEHUDOHV SRUTXH VH SHUFDWDEDQ GH TXH ORV
DEVROXWLVWDVQRDFHSWDUtDQODOHJDOLGDGFRQWDOGHORJUDUTXHWULXQIDUDQVXV
DPELFLRQHV(QHVHHQIUHQWDPLHQWRLEDDGHVHPSHxDUXQSDSHOGHSULPHU
RUGHQ OD FXxDGD GHO UH\ \ HVSRVD GHO LQIDQWH &DUORV OD SULQFHVD 0DUtD
)UDQFLVFD$SR\DGDHQXQJUXSRGHLQWULJDQWHVDEVROXWLVWDVHQWUHORVTXH
VH GDEDQ FLWD QR SRFRV FOpULJRV FDWyOLFRV 0DUtD )UDQFLVFD VH ILMy FRPR
REMHWLYRGHURJDUOD3UDJPiWLFD6DQFLyQ\DOODQDUHOFDPLQRGHVXPDULGR
KDFLDHOWURQR
(OGHHQHURGHODUHLQDGLRDOX]SRUVHJXQGDYH])XHRWUDQLxD
DODTXHSXVRSRUQRPEUH/XLVD)HUQDQGD(VWDLQIDQWDVHFDVDUtDHQ
FRQ HO GXTXH GH 0RQWSHQVLHU 6X QDFLPLHQWR IRUWDOHFLy ODV HVSHUDQ]DV
FDUOLVWDVGHTXHVXFDQGLGDWRVXFHGLHUDD)HUQDQGR9,,
(OGHVHSWLHPEUHGHDTXHOPLVPRDxRHOUH\VXIULyXQDWDTXHGHJRWD
TXH SXVR HQ SHOLJUR VX YLGD 'DGD OD OHJDOLGDG YLJHQWH UHVXOWDED REYLR
TXHODKHUHGHUDOHJtWLPDHUDODLQIDQWD,VDEHOSHURSDUDHYLWDUHOFKRTXH
FRQ GRQ &DUORV VH OH RIUHFLy D HVWH KDFHUVH FDUJR GH OD UHJHQFLD (O
LQIDQWHQDGDGLVSXHVWRDUHQXQFLDUDVXVDPELFLRQHV\VXHxRVGHDxRVQR
VROR UHFKD]y OD SURSXHVWD VLQR TXH DGHPiV DFXVy D VXV DGYHUVDULRV GH
TXHUHU OD JXHUUD FLYLO SRUTXH VH REVWLQDEDQ HQ VRVWHQHU XQD FDXVD
LQMXVWD6HJXUDPHQWHGRQ&DUORVFRQVLGHUDEDLQMXVWRTXHVHOHDUUDQFDUD
ODPLHOGHODFRURQDGHORVODELRVWUDVWDQWRVDxRVGHHVSHUDSHURORFLHUWR
HV TXH OD OH\ \ HO GHUHFKR HVWDEDQ HQ VX FRQWUD \ D IDYRU GH OD LQIDQWD
3DUD UHPDWH FRQ WDO GH FRQVHJXLU HO REMHWR GH VXV DPELFLRQHV D GRQ
&DUORVQROHLPSRUWDEDTXHORVHVSDxROHVVHPDWDUDQHQWUHVt
'HWHPSHUDPHQWRPX\GLVWLQWRVHPDQLIHVWy0DUtD&ULVWLQDHQDTXHOODV
KRUDV 7HPHURVD GH TXH WRGR FRQFOX\HUD HQ XQ EDxR GH VDQJUH GLR
PXHVWUDGHVXJUDQGH]DGHHVStULWXDODILUPDU3XHVELHQTXH(VSDxDVHD
IHOL] DXQTXH PL KLMD QR UHLQH 1R VH WUDWDED VROR GH XQD IUDVH (Q
SDUDOHORODUHLQDURJyDVXPDULGRTXHUHYRFDUDOD3UDJPiWLFD1RHVWDED
PX\GLVSXHVWRDHOOR)HUQDQGR9,,SHURODUHVROXFLyQGH0DUtD&ULVWLQD
HUDLQFRQPRYLEOH'HVGHVXSXQWRGHYLVWDUHVXOWDEDSUHIHULEOHPDUFKDU
DOH[LOLRFRQVXVKLMDVTXHFRQWULEXLUDOHVWDOOLGRGHXQFRQIOLFWRDUPDGR
TXH GHVJDUUDUD OD QDFLyQ )LQDOPHQWH HO UH\ VH DYLQR D ODV UD]RQHV
HVJULPLGDV SRU VX HVSRVD \ HO  GH VHSWLHPEUH GH  ILUPy XQ
FRGLFLOR IRUPDOPHQWH XQ GHFUHWR TXH DQXODED OD 3UDJPiWLFD /D ~QLFD
FRQGLFLyQLPSXHVWDSRUHOPRQDUFDIXHTXHHOGRFXPHQWRVHPDQWXYLHUD
HQVHFUHWRKDVWDVXPXHUWH
$ODVD]yQQRSDUHFtDTXHVXWUiQVLWRDODRWUDYLGDSXGLHUDUHWUDVDUVH
PXFKR(VHPLVPRGtDHOUH\TXHGyLQFRQVFLHQWH\VXVSURSLRVPLQLVWURV
SHQVDQGRTXHHOIDOOHFLPLHQWRVHUtDLQPLQHQWHGHFLGLHURQUHYHODUORTXH
WHQtDTXHKDEHUVHPDQWHQLGRRFXOWR$VtH[WHQGLHURQFHUWLILFDFLRQHVGHOD
DFFLyQGHOUH\\ODVHQYLDURQDO&RQVHMR3RUFHQWXHVWRKXERIXQFLRQDULRV
UHJLRV TXH QR SHUGLHURQ OD FDEH]D GH HVD PDQHUD (O VHFUHWDULR GH OD
*XHUUDPDUTXpVGH=DPEUDQRHQXQDPXHVWUDGHUHVSHWRSRUODOHJDOLGDG
GHOTXHWDQD\XQRVVHPRVWUDEDQORVSDUWLGDULRVGHGRQ&DUORVVHQHJyHQ
UHGRQGRDFXUVDUODGHURJDFLyQPLHQWUDVQRUHVXOWDUDRILFLDOODPXHUWHGHO
PRQDUFD3RUVLIXHUDSRFRFRPXQLFyORTXHHVWDEDVXFHGLHQGRDOLQIDQWH
)UDQFLVFRGH3DXOD\DVXHVSRVDTXHVHHQFRQWUDEDQHQHVRVPRPHQWRV
HQ$QGDOXFtD 1R WRGRV VH FRPSRUWDURQ GHVGH OXHJR FRQ HVD GLJQLGDG
(Q /D *UDQMD ORV FRUWHVDQRV FRPHQ]DURQ D GHVHUWDU HQ PDVD GH ODV
KDELWDFLRQHV GH OD UHLQD 0DUtD &ULVWLQD SDUD DFXGLU FRPR PRVFDV D OD
PLHO D ODV GHO LQIDQWH &DUORV 0DUtD ,VLGUR 1R IXHURQ SRFRV ORV TXH OHV
RWRUJDURQ \D HQWRQFHV HO WUDWDPLHQWR GH PDMHVWDGHV 6LQ HPEDUJR GH
IRUPD WRWDOPHQWH LQHVSHUDGD )HUQDQGR 9,, QR VROR UHFXSHUy HO
FRQRFLPLHQWRVLQRTXHDGHPiVFRPHQ]yDPHMRUDUGHVDOXG
(O IOXMR GH FRUWHVDQRV TXH VH KDEtDQ SUHFLSLWDGR D EXVFDU XQD EXHQD
SRVLFLyQDOODGRGHORVQXHYRVUH\HVGHVDQGXYRDKRUDHOFDPLQR\QRVROR
YROYLy D WUDWDU GH DOWH]D DO LQIDQWH &DUORV VLQR TXH DGHPiV PRVWUy XQD
HVSHFLDODOHJUtDSRUODPHMRUtDGHOPRQDUFD
(OGtDGHVHSWLHPEUHGHPDGUXJDGDOOHJDURQD/D*UDQMD)UDQFLVFR
GH 3DXOD \ /XLVD &DUORWD VX HVSRVD 6L HQ OD FRUWH 0DUtD &ULVWLQD OD
UHLQD VH KDEtD FRQYHUWLGR HQ XQ VtPEROR GH OD PDJQDQLPLGDG \ 0DUtD
)UDQFLVFD GH %UDJDQ]D OD HVSRVD GHO LQIDQWH &DUORV GH OD LQWULJD
HQFDPLQDGD D VHQWDUVH HQ HO WURQR D FXDOTXLHU SUHFLR LQFOXLGR HO GH XQD
JXHUUD FLYLO DKRUD /XLVD &DUORWD LED D HQFDUQDU OD GHFLVLyQ IUHQWH D OD
DPELFLyQ/XLVD&DUORWDPDQGyOODPDUDOPLQLVWUR&DORPDUGHFXULRVR
DEVROXWLVWD TXH VHQWtD XQ HVSHFLDO LQWHUpV SRU OD HGXFDFLyQ \ OD
WDXURPDTXLD \ OH RUGHQy TXH OH PRVWUDUD HO FRGLFLOR ILUPDGR SRU
)HUQDQGR 9,,$Vt OR KL]R &DORPDUGH \ HQWRQFHV OD LQIDQWD OR GHVJDUUy
DUURMDQGR ORV SHGD]RV DO IXHJR GH OD FKLPHQHD ,QWHQWy HQWRQFHV HO
PLQLVWURVDOYDUDTXHOGRFXPHQWRTXHHUDODEDVHGHODIRUWXQDGHOLQIDQWH
&DUORV \ /XLVD &DUORWD VLQ WLWXEHR DOJXQR SURSLQy D &DORPDUGH XQ
VRQRUR ERIHWyQ TXH OH LPSLGLy OOHYDU D FDER VXV SURSyVLWRV (VWXYR D OD
DOWXUD GH OD VLWXDFLyQ HO PLQLVWUR SRUTXH PLHQWUDV YHtD FRQYHUWLUVH HQ
KXPR \ FHQL]DV HO GRFXPHQWR VH OLPLWy D GHFLU D OD LQIDQWD 6HxRUD
PDQRV EODQFDV QR RIHQGHQ 4XL]i SHUR KDEtDQ LPSHGLGR TXH VH
FRQVXPDUDXQYHUGDGHURDWURSHOOROHJDOGLULJLGRSRUODVDPELFLRQHVGHXQ
IDQiWLFRFRQWUDODUHLQD\VXKLMD
5HFXSHUDGR HO UH\ DGRSWy PHGLGDV FRQWUD DTXHOORV TXH KDEtDQ
LQWHQWDGR WRUFHU VX YROXQWDG SULPHUR \ DVHJXUy XQD UHIRUPD GH OD OH\
VXFHVRULD TXH WHQtD SUHFHGHQWHV YDULDV GpFDGDV DWUiV HQ ORV %RUERQHV
HVSDxROHV\TXHSRUDxDGLGXUDLPSOLFDEDXQUHJUHVRDOGHUHFKRKLVWyULFR
KLVSDQR 0LHQWUDV TXH &DORPDUGH VH YLR SULYDGR GH VXV FDUJRV \
GHVWHUUDGR D 2OYD GH$UDJyQ GHVGH GRQGH GLVIUD]DGR GH IUDLOH KX\y D
)UDQFLD/XLVD&DUORWDIXHIHOLFLWDGDSRUHOPRQDUFDSRUVXGHFLVLyQ3RU
ORTXHVHUHILHUHD0DUtD&ULVWLQDOOHJyDODFRQFOXVLyQGHILQLWLYDGHTXH
HOIXWXURSDVDEDSRULQWHJUDUDORVOLEHUDOHVHQODPRQDUTXtD\HQIUHQWDUVH
FRQ HO DEVROXWLVPR FDUOLVWD TXH DPELFLRVR \ FOHULFDO GHPRVWUDED XQD
QRWDEOHIDOWDGHpWLFDDODKRUDGHDFWXDU
)HUQDQGR 9,, FRQVFLHQWH GH TXH VX PHMRUD GH VDOXG SRGtD QR VHU
GXUDGHUD GHOHJy HQ OD UHLQD DPSOLRV SRGHUHV 6ROR HQ HOOD \ HQ
)UDQFLVFR GH 3DXOD \ VX HVSRVD SRGtD FRQILDU HO PRQDUFD SDUD HYLWDU
TXHHORUGHQLQVWLWXFLRQDOVHYLHUDDVDOWDGRFRQODYLROHQFLDLQFOXVRSRU
ORVSDUWLGDULRVGHGRQ&DUORV
(OGHGLFLHPEUHGH)HUQDQGR9,,DQXOySRUGHFUHWRHOFRGLFLOR
GHOGHVHSWLHPEUHXQGRFXPHQWRTXH\DQRH[LVWtD\DFHUFDGHOTXHHO
PLVPRUH\LQVLVWtDTXHOHKDEtDVLGRDUUDQFDGRHQFRQWUDGHVXYROXQWDG\
DSURYHFKiQGRVHGHVXHVWDGR(OGHHQHURGHHOUH\UHDVXPLyOD
SOHQLWXG GH ODV SUHUURJDWLYDV UHJLDV DXQTXH DVRFLDQGR D ODV PLVPDV D
0DUtD&ULVWLQD$HVDVDOWXUDVSRUORWDQWRODOHJDOLGDGUHVXOWDEDREYLD\
QDGLH GH EXHQD IH SRGtD GXGDU GH TXH OD LQIDQWD ,VDEHO HUD OD KHUHGHUD
OHJtWLPD GH OD FRURQD HVSDxROD &XHVWLyQ DSDUWH HUD TXH RWUR WLSR GH
DPELFLRQHV SHUVRQDOHV \ HFOHVLDOHV QR HVWXYLHUDQ GLVSXHVWDV D
VRPHWHUVHDORHVWDEOHFLGRSRUODOH\
(QWUHORVTXHVHSUHSDUDEDQSDUDHOGtDGHVSXpVDODPXHUWHGH)HUQDQGR
9,,VHHQFRQWUDEDQHQOXJDUGHSULYLOHJLRVXKHUPDQR&DUORV\VXHVSRVD
0DUtD )UDQFLVFD GH %UDJDQ]D DVt FRPR HO UH\ 0LJXHO GH 3RUWXJDO (VWH
KDEtD HVFULWR D )HUQDQGR 9,, FHQWOLFiQGROH TXH SHUPLWLHUD HO YLDMH D
/LVERD GH VX FXxDGR HO LQIDQWH GRQ &DUORV \ GH VX KHUPDQD 0DUtD
)UDQFLVFD GH %UDJDQ]D /D LQWHQFLyQ UHVXOWDED REYLD 6L HO UH\ HVSDxRO
IDOOHFtDVXKHUPDQR&DUORVHVWDUtDDXVHQWHGHODMXUDGHODLQIDQWD,VDEHO
FRPRUHLQD\DGHPiVFRQWDUtDFRQXQDEDVHGHRSHUDFLRQHVGHVGHODTXH
SRGHU GHVHQFDGHQDU OD JXHUUD FLYLO )HUQDQGR 9,, DFHSWy FRQFHGHU HO
SHUPLVRDVXKHUPDQRSHURDFRQGLFLyQGHTXHUHJUHVDUDD(VSDxDHQXQ
SOD]RPi[LPRGHGRVPHVHVGHWDOPDQHUDTXHODVLQWHQFLRQHVTXHKDEtD
FRQFHELGRHQFRQFLOLiEXORFRQHOUH\SRUWXJXpVQRSXGLHUDQOOHJDUDEXHQ
SXHUWR
(OGHPDU]RGH&DUORV0DUtD,VLGURDEDQGRQy0DGULG\HOGH
DEULO)HUQDQGR9,,SXEOLFyXQGHFUHWRHQYLUWXGGHOFXDOVHILMDEDHO
GH MXQLR FRPR IHFKD SDUD OD MXUD GH VX SULPRJpQLWD FRPR SULQFHVD GH
$VWXULDV 1DWXUDOPHQWH VH HQYLy XQD PLVLYD DO LQIDQWH &DUORV SDUD TXH
DFXGLHUD D UHQGLU MXUDPHQWR GH ILGHOLGDG /D UHVSXHVWD SRFR SRGtD
VRUSUHQGHUGHOKHUPDQRGHOUH\FRQVLVWLyHQQHJDUVHDREHGHFHUDODYH]
TXH HQYLDED XQ GRFXPHQWR D )HUQDQGR 9,, HQ HO TXH SURWHVWDED GH OD
GHFODUDFLyQGHVXVREULQDFRPRKHUHGHUDGHODFRURQD
/D UHVSXHVWD GHO UH\ IXH WDMDQWH 0HGLDQWH XQD FDUWD GH IHFKD  GH
DJRVWR ILUPDGD QR FRPR )HUQDQGR VLQR FRPR<R HO 5H\  GHVWHUUy D VX
KHUPDQR D ORV (VWDGRV 3RQWLILFLRV /D PHGLGD SUHWHQGtD HYLWDU OD
SUR[LPLGDGGHODPELFLRVRGRQ&DUORVFRQHOVXEVLJXLHQWHHVWDOOLGRGHXQD
JXHUUD FLYLO &UHtD SRVLEOHPHQWH )HUQDQGR TXH OD FHUFDQtD GHO SDSD
SRGUtD UHIUHQDU ODV DPELFLRQHV GH VX KHUPDQR 1R SRGtD KDEHUVH
HTXLYRFDGRPiV\GHHVDHTXLYRFDFLyQGHULYDUtDTXHGXUDQWHODGpFDGDGH
ORV WUHLQWD JUDQ SDUWH GHO FOHUR FDWyOLFR VRxDUD FRQ XQD DSRFDOtSWLFD
YLFWRULDILQDOTXHUHVWDXUDUtDHODEVROXWLVPR\VDOYDUtDDODLJOHVLDGHODV
UHIRUPDVOLEHUDOHV(QUHDOLGDGQRSRGtDVHUGHRWUDPDQHUDWHQLHQGR
HQ FXHQWD OD SRVLFLyQ LGHROyJLFD TXH DEUD]DED FRQ YHUGDGHUD HQHUJtD OD
6DQWD6HGH

/$326,&,1/,%(57,&,'$'(/$6$17$6('(

'RQ&DUORVOOHJyDOD6DQWD6HGHDSHQDVXQRVPHVHVGHVSXpVGHTXHHO
SDSD UHLQDQWH *UHJRULR ;9, VH H[SUHVDUD FRQ WRGD FODULGDG VREUH OD
OLEHUWDG HQ XQ WH[WR OD HQFtFOLFD0LUDUL9RV (OWH[WRXQRGHORVPiV
OLEHUWLFLGDVGHOVLJOR;,;DUUHPHWtDFRQWUDODOLEHUWDGGHFRQFLHQFLDGH
PDQHUDWDMDQWHHLQGLVFXWLEOHDILUPDQGRSRUHMHPSOR

'H HVD FHQDJRVD IXHQWH GHO LQGLIHUHQWLVPR PDQD DTXHOOD DEVXUGD \ HUUyQHD
VHQWHQFLD R PHMRU GLFKR ORFXUD TXH DILUPD \ GHILHQGH D WRGD FRVWD \ SDUD WRGRV OD
OLEHUWDGGHFRQFLHQFLD(VWHSHVWLOHQWHHUURUVHDEUHSDVRHVFXGDGRHQODLQPRGHUDGD
OLEHUWDGGHRSLQLRQHVTXHSDUDUXLQDGHODVRFLHGDGUHOLJLRVD\GHODFLYLOVHH[WLHQGH
FDGD GtD PiV SRU WRGDV SDUWHV OOHJDQGR OD LPSXGHQFLD GH DOJXQRV D DVHJXUDU TXH GH
HOOD VH VLJXH JUDQ SURYHFKR SDUD OD FDXVD GH OD UHOLJLyQ < TXp SHRU PXHUWH SDUD HO
DOPDTXHODOLEHUWDGGHOHUURUGHFtDVDQ$JXVWtQ<FLHUWDPHQWHTXHURWRHOIUHQRTXH
FRQWLHQHDORVKRPEUHVHQORVFDPLQRVGHODYHUGDGHLQFOLQiQGRVHSUHFLSLWDGDPHQWH
DO PDO SRU VX QDWXUDOH]D FRUURPSLGD FRQVLGHUDPRV \D DELHUWR DTXHO DELVPR GHO TXH
VHJ~Q YLR VDQ -XDQ VXEtD XQ KXPR TXH RVFXUHFtD HO VRO \ DUURMDED ODQJRVWDV TXH
GHYDVWDEDQ OD WLHUUD 'H DTXt OD LQFRQVWDQFLD HQ ORV iQLPRV OD FRUUXSFLyQ GH OD
 MXYHQWXG HO GHVSUHFLR SRU SDUWH GHO SXHEOR GH ODV FRVDV VDQWDV \ GH ODV OH\HV H
LQVWLWXFLRQHVPiVUHVSHWDEOHVHQXQDSDODEUDODPD\RU\PiVPRUWtIHUDSHVWHSDUDOD
VRFLHGDGSRUTXHDXQODPiVDQWLJXDH[SHULHQFLDHQVHxDFyPRORV(VWDGRVTXHPiV
IORUHFLHURQ SRU VX ULTXH]D SRGHU \ JORULD VXFXPELHURQ SRU HO VROR PDO GH XQD
LQPRGHUDGDOLEHUWDGGHRSLQLRQHVOLEHUWDGHQODRUDWRULD\DQVLDGHQRYHGDGHV

1RVRORFRQGHQDEDHOSDSDODOLEHUWDGGHFRQFLHQFLDODPLVPDTXHORV
OLEHUDOHV HVSDxROHV QR VH KDEtDQ DWUHYLGR D FRQVDJUDU HQ OD FRQVWLWXFLyQ
GH  VLQR WDPELpQ GH OD GH LPSUHQWD TXH KD\ TXH UHFRQRFHUOR
GHVGH OD 5HIRUPD GHO VLJOR;9, VLHPSUH KDEtD UHVXOWDGR IDWDO SDUD OD
LJOHVLDFDWyOLFD$OUHVSHFWRHOSRQWtILFHQRSRGtDVHUPiVH[SOtFLWRHQOD
FLWDGDHQFtFOLFD

 'HEHPRV WDPELpQ WUDWDU HQ HVWH OXJDU GH OD OLEHUWDG GH LPSUHQWD QXQFD
VXILFLHQWHPHQWH FRQGHQDGD VL SRU WDO VH HQWLHQGH HO GHUHFKR GH GDU D OD OX] S~EOLFD
WRGDFODVHGHHVFULWRVOLEHUWDGSRUPXFKRVGHVHDGD\SURPRYLGD1RVKRUURUL]DPRV
9HQHUDEOHV +HUPDQRV DO FRQVLGHUDU TXp PRQVWUXRV GH GRFWULQD R PHMRU GLFKR TXp
VLQQ~PHUR GH HUURUHV QRV URGHD GLVHPLQiQGRVH SRU WRGDV SDUWHV HQ LQQXPHUDEOHV
OLEURV IROOHWRV \ DUWtFXORV TXH VL VRQ LQVLJQLILFDQWHV SRU VX H[WHQVLyQ QR OR VRQ
FLHUWDPHQWHSRUODPDOLFLDTXHHQFLHUUDQ\GHWRGRVHOORVVDOHODPDOGLFLyQTXHYHPRV
FRQ KRQGD SHQD HVSDUFLUVH VREUH OD WLHUUD +D\ VLQ HPEDUJR RK GRORU TXLHQHV
OOHYDQVXRVDGtDDWDOJUDGRTXHDVHJXUDQFRQLQVLVWHQFLDTXHHVWHDOXYLyQGHHUURUHV
HVSDUFLGRSRUWRGDVSDUWHVHVWiFRPSHQVDGRSRUDOJ~QTXHRWUROLEURTXHHQPHGLRGH
WDQWRVHUURUHVVHSXEOLFDSDUDGHIHQGHUODFDXVDGHODUHOLJLyQ(VGHWRGRSXQWRLOtFLWR
FRQGHQDGR DGHPiV SRU WRGR GHUHFKR KDFHU XQ PDO FLHUWR \ PD\RU D VDELHQGDV
SRUTXH KD\D HVSHUDQ]D GH XQ SHTXHxR ELHQ TXH GH DTXHO UHVXOWH 3RU YHQWXUD GLUi
DOJXQR TXH VH SXHGHQ \ GHEHQ HVSDUFLU OLEUHPHQWH DFWLYRV YHQHQRV YHQGHUORV
S~EOLFDPHQWH\GDUORVDEHEHUSRUTXHDOJXQDYH]RFXUUHTXHHOTXHORVXVDKD\DVLGR
DUUHEDWDGRDODPXHUWH"

/D YLVLyQ GHO SDSD HUD WDQ HYLGHQWH TXH VLJXLHQGR OD SRVLFLyQ GH OD
LJOHVLD FDWyOLFD GXUDQWH VLJORV SRGtD MDFWDUVH GH OD TXHPD GH OLEURV \
OOHJDU D OHJLWLPDUOD 6HPHMDQWHV SUHFHGHQWHV VH PLUDUD FRPR VH PLUDUD
FRORFDEDQ DO SRQWtILFH PXFKR PiV FHUFD GH GRQ &DUORV TXH GH ORV
OLEHUDOHVSRUPX\PRGHUDGRVTXHHVWRVSXGLHUDQVHU

 (QWHUDPHQWH GLVWLQWD IXH VLHPSUH OD GLVFLSOLQD GH OD ,JOHVLD HQ SHUVHJXLU OD
SXEOLFDFLyQ GH ORV PDORV OLEURV \D GHVGH HO WLHPSR GH ORV$SyVWROHV HOORV PLVPRV
TXHPDURQS~EOLFDPHQWHXQJUDQQ~PHURGHOLEURV>@%DVWDOHHUODVOH\HVTXHVREUH
 HVWH SXQWR GLR HO &RQFLOLR9 GH /HWUiQ \ OD &RQVWLWXFLyQ TXH IXH SXEOLFDGD GHVSXpV
SRU /HyQ ; GH I U D ILQ GH LPSHGLU TXH OR LQYHQWDGR SDUD HO DXPHQWR GH OD IH \
SURSDJDFLyQ GH ODV EXHQDV DUWHV VH HPSOHH FRQ XQD ILQDOLGDG FRQWUDULD RFDVLRQDQGR
GDxRDORVILHOHV>@$HVWRDWHQGLHURQORV3DGUHVGH7UHQWRTXHSDUDSRQHUUHPHGLR
DWDQWRPDOSXEOLFDURQHOVDOXEpUULPRGHFUHWRSDUDKDFHUXQtQGLFHGHWRGRVDTXHOORV
OLEURV TXH SRU VX PDOD GRFWULQD GHEHQ VHU SURKLELGRV >@ +D\ TXH OXFKDU
YDOLHQWHPHQWH GLFH 1XHVWUR SUHGHFHVRU &OHPHQWH ;,,, GH S P KD\ TXH OXFKDU FRQ
WRGDV QXHVWUDV IXHU]DV VHJ~Q OR H[LJH DVXQWR WDQ JUDYH SDUD H[WHUPLQDU OD PRUWtIHUD
SODJD GH WDOHV OLEURV SXHV H[LVWLUi PDWHULD SDUD HO HUURU PLHQWUDV QR SHUH]FDQ HQ HO
IXHJR HVRV LQVWUXPHQWRV GH PDOGDG >@ &ROLMDQ SRU WDQWR GH OD FRQVWDQWH VROLFLWXG
TXH PRVWUy VLHPSUH HVWD 6HGH $SRVWyOLFD HQ FRQGHQDU ORV OLEURV VRVSHFKRVRV \
GDxLQRVDUUDQFiQGRORVGHVXVPDQRVFXiQHQWHUDPHQWHIDOVDWHPHUDULDLQMXULRVDDOD
6DQWD 6HGH \ IHFXQGD HQ JUDYtVLPRV PDOHV SDUD HO SXHEOR FULVWLDQR HV OD GRFWULQD GH
TXLHQHV QR FRQWHQWRV FRQ UHFKD]DU WDO FHQVXUD GH OLEURV FRPR GHPDVLDGR JUDYH \
RQHURVDOOHJDQDOH[WUHPRGHDILUPDUTXHVHRSRQHDORVSULQFLSLRVGHODUHFWDMXVWLFLD
\QLHJDQDOD,JOHVLDHOGHUHFKRGHGHFUHWDUOD\HMHUFLWDUOD

'HPDQHUDELHQUHYHODGRUDHOSRQWtILFHQRGXGDEDHQVHxDODUDORULJHQ
GHO PRYLPLHQWR GH OLEHUWDG TXH D VX MXLFLR VXIUtD (XURSD 1R HUD RWUR
TXHDTXHOORVTXHHQXQPRPHQWRXRWURKDEtDQUHJUHVDGRDOD%LEOLD\VH
KDEtDQQHJDGRDVHJXLUVRPHWLGLWRRVD5RPD$OUHVSHFWRODDILUPDFLyQ
HUDURWXQGD

 1R RWURV HUDQ ORV FULPLQDOHV GHOLULRV H LQWHQWRV GH ORV YDOGHQVHV EHJDUGRV
ZLFOHILWDV \ RWURV KLMRV GH %HOLDO TXH IXHURQ SODJD \ GHVKRQRU GHO JpQHUR KXPDQR
TXHFRQWDQWDUD]yQ\WDQWDVYHFHVIXHURQDQDWHPDWL]DGRVSRUOD6HGH$SRVWyOLFD<
WRGRV HVRV PDOYDGRV FRQFHQWUDQ WRGDV VXV IXHU]DV QR SRU RWUD UD]yQ TXH SDUD SRGHU
FUHHUVHWULXQIDQWHVIHOLFLWiQGRVHFRQ/XWHURSRUFRQVLGHUDUVHOLEUHVGHWRGRYtQFXOR\
SDUDFRQVHJXLUORPHMRU\FRQPD\RUUDSLGH]VHODQ]DQDODVPiVFULPLQDOHV\DXGDFHV
HPSUHVDV

3UHFLVDPHQWH SDUWLHQGR GH HVWRV SUHFHQWXHVWRV HO SDSD OOHJDED D OD

FRQFOXVLyQ GH TXH OD ~QLFD PDQHUD GH HYLWDU GHVJUDFLDV HUD VHJXLU
PDQWHQLHQGRHO\XJRGHODLJOHVLDFDWyOLFDVREUHODVQDFLRQHV/DDOLDQ]D
GHO WURQR \ GHO DOWDU HUD OD ~QLFD JDUDQWtD GH PDQWHQHU HO RUGHQ
HVWDEOHFLGR

 /DV PD\RUHV GHVJUDFLDV YHQGUtDQ VREUH OD UHOLJLyQ \ VREUH ODV QDFLRQHV VL VH
FXPSOLHUDQORVGHVHRVGHTXLHQHVSUHWHQGHQODVHSDUDFLyQGHOD,JOHVLD\HO(VWDGR\
VHURPSLHUDODFRQFRUGLDHQWUHHOVDFHUGRFLR\HOSRGHUFLYLO&RQVWDHQHIHFWRTXHORV
 SDUWLGDULRV GH XQD OLEHUWDG GHVHQIUHQDGD VH HVWUHPHFHQ DQWH OD FRQFRUGLD TXH IXH
VLHPSUHWDQIDYRUDEOH\WDQVDOXGDEOHDVtSDUDODUHOLJLyQFRPRSDUDORVSXHEORV

6HSRGUiSHQVDUORTXHVHTXLHUDGHOPHQFLRQDGRSRQWtILFHSHURQRVH
SXHGHDILUPDUTXHQRGHMDUDVXHQVHxDQ]DELHQHVWDEOHFLGDHQQHJURVREUH
EODQFR$MXLFLRGHOSDSDODOLEHUWDGGHFRQFLHQFLDHUDXQPDOWHUULEOHVX
RULJHQSRUGHILQLFLyQHUDHOPLVPRDELVPRGHVFULWRHQHO$SRFDOLSVLV\
VXFRQVHFXHQFLDWRGRJpQHURGHPDOHV/D~QLFDYtDSDUDODIHOLFLGDGHUD
LPSHGLUODOLEHUWDGGHFRQFLHQFLDVDOYRODTXHSRUFHQWXHVWRGHEtDWHQHU
ODLJOHVLDFDWyOLFDSDUDPRQRSROL]DUORTXHSHQVDUDKLFLHUD\FUH\HUDWRGD
OD VRFLHGDG (O *UDQ +HUPDQR GH 2UZHOO VLQ GXGD KDEUtD VXVFULWR
FRPSODFLGRHVDPLVPDFRQFHSFLyQ$ILQGHFXHQWDVVHRIUHFtDODGLFKDD
ODVRFLHGDGLQFOXLGDODHWHUQDDFDPELRGHHQWUHJDUVXFRQFLHQFLD\
VXFDSDFLGDGSDUDDQDOL]DUSHQVDU\GLVFHUQLU3HQVDUTXHODFHUFDQtDGH
GRQ &DUORV D VHPHMDQWH SHUVRQDMH WHPSODUtD VX IDQDWLVPR IXH FRPR
PtQLPR XQD PXHVWUD GH SHOLJURVD LQJHQXLGDG $ GHFLU YHUGDG OD
HQFtFOLFD0LUDUL9RV  HUD MXVWR HO SURJUDPD SROtWLFR TXH GHIHQGHUtDQ ORV
FDUOLVWDV GXUDQWH GpFDGDV IHUR]PHQWH HQIUHQWDGRV FRQ OD DUWLFXODFLyQ GH
XQHVWDGROLEHUDOPRGHUQR
6DEtD GH VREUD HO SRQWtILFH OR TXH GHFtD /D VRFLHGDG SHUIHFWD SDUD OD
LJOHVLD FDWyOLFD VROR SRGtD VHU DTXHOOD TXH JREHUQDGD SRU XQ PRQDUFD
DEVROXWR ~QLFDPHQWH UHFLELHUD ODV HQVHxDQ]DV FDWyOLFDV OD (VSDxD GHO
UH\ IHOyQ VLQ LU PiV OHMRV \ FX\R SXHEOR VH OLPLWDUD D REHGHFHU
VXPLVDPHQWH (O UHVXOWDGR GH LQWHQWDU PDQWHQHU HQ SLH DTXHO HGLILFLR VH
VDOGDUtDHQ(VSDxDFRQXQDVXFHVLyQGHGHVSLDGDGDVJXHUUDVFLYLOHV
 


(OHVWDGROLEHUDODERUWDGR

(/,1,&,2'(/$6*8(55$6&$5/,67$6

(OGHVHSWLHPEUHGHWXYROXJDUODPXHUWHGHOUH\)HUQDQGR9,,
$SHQDVIDOWDEDQXQRVGtDVSDUDTXHFXPSOLHUDORVFXDUHQWD\QXHYHDxRV
6X PXHUWH VHUtD HO SLVWROHWD]R GH VDOLGD SDUD HO LQLFLR GH ODV JXHUUDV
FDUOLVWDV $XQTXH VH FRQVLGHUDQ KDELWXDOPHQWH FRPR XQ FRQIOLFWR
GLQiVWLFR OLEUDGR SRU DxDGLGXUD HQWUH PLHPEURV GH OD PLVPD IDPLOLD OR
FLHUWRHVTXHHQHOODVVHHQIUHQWDEDXQDQRFLyQYLHMDREVROHWDDWUDVDGD\
SUREDGDPHQWH GDxLQD GH (VSDxD FRQ RWUD QXHYD DGDSWDGD D OD
PRGHUQLGDG \ GHVHRVD GH DYDQ]DU FRQ WRGRV ORV PDWLFHV TXH VH GHVHH
FRPRRWUDVQDFLRQHVRFFLGHQWDOHV(QWRUQRDGRQ&DUORVQRVHDJUXSDEDQ
~QLFDPHQWH ORV SDUWLGDULRV GH VX PiV TXH GXGRVD OHJLWLPLGDG GLQiVWLFD
VLQRVREUHWRGRORVTXHDERUUHFtDQHOOLEHUDOLVPRTXHDODVD]yQHUDXQD
GRFWULQDSROtWLFDFRQGHQDGDH[SUHVDPHQWHSRUOD6DQWD6HGH)UHQWHDOD
LGHD GH XQD VRFLHGDG OLEUH LPSXOVDGD KDFLD HO GHVDUUROOR FDSLWDOLVWD H
LPSUHJQDGD GHO DPRU SRU OD OLEHUWDG HO FDUOLVPR SURSXJQDED XQD
VRFLHGDGYHUWHEUDGDHQWRUQRDXQDPRQDUTXtDDEVROXWDDXQDOHJLVODFLyQ
LQVSLUDGDHQODGRFWULQDGHODLJOHVLDFDWyOLFDDXQDFHQWUHVLyQGHULYDGD
GH OD FLUFXQVWDQFLD DQWHULRU GH FXDOTXLHU VLVWHPD GH OLEHUWDGHV D XQ
PRGHOR HFRQyPLFR IXQGDPHQWDOPHQWH DJUDULR \ DULVWRFUiWLFR \
SRVWHULRUPHQWH SHUR QR HQ HO PRPHQWR LQLFLDO DO PDQWHQLPLHQWR GH ORV
SULYLOHJLRVPHGLHYDOHVGHFLHUWDVUHJLRQHV
/RV OLEHUDOHV VREUH ORV TXH VH DSR\DED LQHYLWDEOHPHQWH OD UHJHQWH
EXVFDEDQSDUD(VSDxDHOGHVDUUROORTXHKDEtDQSUHYLVWRVXVFRQJpQHUHVGH
ODV&RUWHVGH&iGL]GXUDQWHODJXHUUDGHOD,QGHSHQGHQFLDWHQLHQGRFRPR
PRGHORV OR TXH HVWDED VXFHGLHQGR HQ )UDQFLD \ HVSHFLDOPHQWH HQ *UDQ
%UHWDxDODQDFLyQPiVGHVDUUROODGDGHODpSRFDDXQTXHH[FOX\HQGRSRU
HMHPSOR OLEHUWDGHV HVHQFLDOHV FRPR OD UHOLJLRVD /RV FDUOLVWDV SRU HO
FRQWUDULRSUHWHQGtDQXQUHJUHVRHQWHRUtDDO$QWLJXR5pJLPHQSUHYLRD
ODJXHUUDGHOD,QGHSHQGHQFLDSHURHQWDOPDQHUDLGHDOL]DGRTXHFXDQGR
VH LQWURGXMHURQ HQ pO ORV HOHPHQWRV UHJLRQDOLVWDV LPSOLFy PiV ELHQ HO
UHWRUQR D IRUPDV GH JRELHUQR PHGLHYDOHV WRGDYtD PiV DEVROXWDV $Vt
FXDQGRHOPXQGRFLYLOL]DGRFDPLQDEDKDFLDODXQLGDGGHMXULVGLFFLRQHV
HO VLVWHPD GH FyGLJRV XQLILFDGRV SDUD WRGR HO WHUULWRULR QDFLRQDO \ HO
UHFRQRFLPLHQWR GH OD OLEHUWDG GH FRQFLHQFLD \D FRQVDJUDGR SRU OD
5HIRUPDSURWHVWDQWHGHOVLJOR;9,ORVFDUOLVWDVSUHWHQGtDQFHQWULPLUHVWD
\ PDQWHQHU ODV SHFXOLDULGDGHV IRUDOHV SURSLDV GHO 0HGLRHYR 4XH HO
OLEHUDOLVPRIXHUDXQDFRUULHQWHXUEDQDHLQGXVWULDODXQTXHQRVRORHVR
 \ TXH HO FDUOLVPR TXHGDUD ILMDGR HQ HO FDPSR HQ ]RQDV GHQVDPHQWH
FOHULFDOHV \ FRQ PD\RUHV UHVWRV GH QRUPDWLYDV PHGLHYDOHV QR UHVXOWD
H[WUDxR (Q UHDOLGDG HUD OR QDWXUDO 'H OD PLVPD PDQHUD QR SXHGH
VRUSUHQGHUTXHGHVSURYLVWR\DGHOHOHPHQWRGLQiVWLFR\DFHQWXDGDPHQWH
HVSDxRO EXHQD SDUWH GH HVH FDUOLVPR DFDEDUD HYROXFLRQDQGR KDFLD OD
FUHDFLyQGHORVQDFLRQDOLVPRVFDWDOiQ\YDVFRHQORVTXHODVDQJUH\HO
VXHOR\ODLGHDWHRFUiWLFDFDWyOLFDWHQGUtDQXQYDORUPX\FHQWHULRU
DOGHORVSULQFLSLRVGHPRFUiWLFRV
(O DSR\R TXH UHFLELHURQ ORV FDUOLVWDV IXH GLYHUVR VHJ~Q ODV GLVWLQWDV
UHJLRQHVHVSDxRODV)XQGDPHQWDOPHQWHSURFHGLyGHPHGLRVUXUDOHVTXH
FRQWHPSODEDQFRQGHVFRQILDQ]DORVFDPELRV\HQRFDVLRQHVGHFLXGDGHV
SHTXHxDV VL ELHQ FLUFXQVFULWDV D ODV 9DVFRQJDGDV \ 1DYDUUD (Q HVWRV
FDVRV UHVXOWy IXQGDPHQWDO HO UHVSDOGR GH XQ FOHUR TXH QR WHUPLQDED GH
DVLPLODUTXH)HUQDQGR9,,QRKXELHUDUHVWDXUDGRORVSOHQRVSRGHUHVDOD
,QTXLVLFLyQ (Q JHQHUDO ORV FDUOLVWDV DVSLUDEDQ QR WDQWR D FRQWHQHU OD
UHYROXFLyQ FRPR GLUtD OD SURSDJDQGD SRVWHULRU FRPR D UHVWDXUDU HO
$QWLJXR 5pJLPHQ \ WHQtDQ FRPR REMHWLYR VLQ GLVFXVLyQ DOJXQD XQD
SROtWLFD GH DWUDVR /RV FULVWLQRV HUDQ UHIRUPLVWDV \ FDWyOLFRV SHUR QR
UHYROXFLRQDULRV QL LQWHJULVWDV \ EXVFDEDQ PRGHUQL]DU OD QDFLyQ \
DFDEDUFRQODVGHVLJXDOGDGHVKLVWyULFDVHQWUHODVUHJLRQHVXQDWDUHDTXH
SHUPDQHFtDLQFRQFOXVDGHVGHKDFtDVLJORV\HQODTXHVHKDEtDHVWUHOODGR
HQWUHRWURVHOFRQGHGXTXHGH2OLYDUHV
(QEXHQDPHGLGDIUDFDVDURQORVFDUOLVWDVSRUTXHFRPRVLHPSUHTXHVH
SHUPLWHHOHJLUHOLQWHJULVPRUHVXOWDEDLQVRSRUWDEOHLQFOXVRSDUDPXFKRV
GH ORV TXH SHUWHQHFtDQ D OD PLVPD LJOHVLD FDWyOLFD 6H PLUDUD FRPR VH
PLUDVHHOUHJUHVRDO$QWLJXR5pJLPHQQRFRQVWLWXtDXQSURJUDPDSROtWLFR
SRSXODU R DWUDFWLYR 'H KHFKR VX DSR\R TXHGy PX\ OLPLWDGR D ]RQDV
FRPR ODV 9DVFRQJDGDV 1DYDUUD HO DJUR FDWDOiQ /RJURxR \ HO
0DHVWUD]JR3RUDxDGLGXUDVXVMHIHVPLOLWDUHVDSHVDUGHODOH\HQGD
GLVWDEDQ PXFKR GH VHU HILFDFHV \ QXQFD SDVDURQ GH GRPLQDU ]RQDV
SHTXHxDV PHGLDQWH HO WHUURU R OD HMHFXFLyQ GH FDEDOJDGDV GH QXOD
UHSHUFXVLyQPLOLWDUFRPRIXHHOFDVRGHODGH*yPH]HQTXHOOHJyD
6DQWLDJR GH &RPSRVWHOD R OD ([SHGLFLyQ UHDO GH  TXH VH DFHUFy D
0DGULG (O PLVPR =XPDODFiUUHJXL IXH XQ JXHUULOOHUR TXH GHPRVWUy VX
HVFDVDFRPSHWHQFLDHQDFFLRQHVPiVRUJDQL]DGDV&yUGRYDORGHUURWyHQ
 HQ 0HQGD]D \$UTXLMDV \ HQ  HQ$UWD]D 3DUD FROPR D SHVDU
GHO FDWROLFLVPR GH VX FDXVD QR WXYR HPSDFKR DOJXQR HQ GLVSRQHU GH OD
YLGDGHLQGHIHQVRVFDXWLYRV$Vt=XPDODFiUUHJXLRUGHQyHOIXVLODPLHQWR
GHFLHQWRGLHFLRFKRSULVLRQHURVTXHSHUWHQHFtDQDORV&HODGRUHVGHODYD
XQD XQLGDG FUHDGD HQ GLFLHPEUH GH  SDUD SURWHJHU D ORV SXHEORV
DODYHVHV GHO WHUURU FDUOLVWD 6H KDEtDQ UHQGLGR WUDV XQD HQFDUQL]DGD
UHVLVWHQFLDEDMRSURPHVDGHTXHVHUHVSHWDUtDQVXVYLGDV=XPDODFiUUHJXL
RUGHQyTXHVHORVIXVLODUDHQFRQWUDGHODRSLQLyQGHOFRPDQGDQWHDODYpV
%UXQRGH9LOODUUHDOTXHKDEOyGHODVFRQVHFXHQFLDVQHJDWLYDVQRGHODV
UD]RQHV KXPDQLWDULDV GH XQ FRPSRUWDPLHQWR DVt 1R VH WUDWy GH XQD
FRQGXFWDH[FHSFLRQDOSRUTXH=XPDODFiUUHJXLHUDSDUWLGDULRGHHPSOHDUHO
WHUURU \ GH PDQHUD KDELWXDO IXVLODED D ORV SULVLRQHURV 6ROR HO FRQYHQLR
/RUG (OOLRW LPSLGLy OD FRQWLQXDFLyQ GH HVWDV PDWDQ]DV (Q QR HVFDVD
PHGLGD=XPDODFiUUHJXLHUDXQKRPEUHGHRWURVWLHPSRVDTXHOORVHQORV
TXHVHFRQVLGHUDEDTXHODFUX]SRGtDOHJLWLPDUHODVHVLQDWRGHLQRFHQWHV
6LQ HPEDUJR HO FULPHQ SRU Vt VROR QR KD JDUDQWL]DGR QXQFD OD YLFWRULD
PLOLWDU$OILQDOODJXHUUDIXHFRQGXFLGDFRQPXFKDPiVHILFDFLDSRUORV
FULVWLQRV \ ODV YLFWRULDV GH (VSDUWHUR HQ 5DPDOHV \ *XDUGLQR 
DFDEDURQ REOLJDQGR DO JHQHUDO FDUOLVWD 0DURWR D OOHJDU DO GHQRPLQDGR
DEUD]R GH 9HUJDUD HV GHFLU D DFHSWDU OD FRQFOXVLyQ GH ODV KRVWLOLGDGHV
PHGLDQWHHOVtPERORGHXQDEUD]RHQWUHDPERVJHQHUDOHV/DJXHUUDTXH
KDEtDWHQLGRXQFODURFRPSRQHQWHFDWyOLFRDFDEyDVtFRQXQDPXHVWUDGH
JHQHURVLGDG SRU SDUWH GH 0DUtD &ULVWLQD TXH ORV FDUOLVWDV QXQFD
DJUDGHFLHURQ(QYLUWXGGHODSD]ILUPDGDHQ2xDWHHQDJRVWRGHORV
PLOLWDUHVFDUOLVWDVVLJXLHURQHQHOHMpUFLWR\1DYDUUD\ODV9DVFRQJDGDV
FRQVHUYDURQ XQRV SULYLOHJLRV TXH HUDQ DQDFUyQLFRV H LQMXVWRV 3RU
FHQWXHVWRDTXHOILQDOQRVROXFLRQyQLQJXQDGHODVFXHVWLRQHVSHQGLHQWHV
SHURGHpOHPHUJLyODLJOHVLDFDWyOLFDHQXQDVLWXDFLyQHQQDGDGHELOLWDGD
(OUpJLPHQOLEHUDOQRVRORQRVHKDEtDDVHQWDGRFRQVWLWXFLRQDOPHQWHVLQR
TXH SRU DxDGLGXUD WHQtD DSXQWDGR FRQWUD VX FXHOOR XQD VLWXDFLyQ ILVFDO
SULYLOHJLDGDHQ9DVFRQJDGDV\1DYDUUDTXHLPSHGtDDUWLFXODUXQDQDFLyQ
GH FLXGDGDQRV OLEUHV H LJXDOHV DGHPiV GH XQD DPHQD]D FRQWLQXD HQ XQ
FDUOLVPR IiFLOPHQWH H[FLWDEOH &RQ HO WLHPSR OD JXHUUD YROYHUtD D
HVWDOODUSHURHQFXDOTXLHUDGHORVFDVRVHOHVWDGROLEHUDOQXQFDVHUtDOR
VXILFLHQWHPHQWH IXHUWH FRPR SDUD SRGHU LQWHQWDU DFDEDU FRQ ORV
SULYLOHJLRVGHODLJOHVLDFDWyOLFD'HKHFKRHO~QLFRLQWHQWRGHDFRPHWHU
WDQ QHFHVDULD WDUHD HUD \D FXHVWLyQ GHO SDVDGR FXDQGR OOHJy D VX ILQ OD
SULPHUDJXHUUDFDUOLVWD

/$'(6$0257,=$&,1<(/25'(1&2167,78&,21$/

(O ILQDO GH OD SULPHUD JXHUUD FDUOLVWD QR VLJQLILFy QL OHMDQDPHQWH HO
WULXQIRGHXQSURFHVRGHPRGHUQL]DFLyQLPSXOVDGRSRUORVOLEHUDOHVPiV
PRGHUDGRV /DV VHxDV PiV FODUDV H LQFRPSOHWDV GH HVH SURFHVR
IXHURQ OD GHVDPRUWL]DFLyQ \ HO LQWHQWR GH HVWDEOHFHU XQ UpJLPHQ
FRQVWLWXFLRQDO/RVGRVLQWHQWRVSUHYLRVDOUHLQDGRGH)HUQDQGR9,,
QR DOFDQ]DURQ VXV REMHWLYRV SRQLHQGR GH PDQLILHVWR KDVWD TXp SXQWR OD
DUWLFXODFLyQ GHO HVWDGR OLEHUDO FRQVWLWXLUtD XQ SURFHVR DERUWDGR SRU OD
RSRVLFLyQ GH OD LJOHVLD FDWyOLFD $ ILQDOHV GHO VLJOR ;9,,, OD LJOHVLD
FDWyOLFD HUD OD LQVWLWXFLyQ PiV SRGHURVD HQ WpUPLQRV HFRQyPLFRV GHO
UHLQR 'H DFXHUGR FRQ HO FDWDVWUR GH (QVHQDGD GH  HQ ODV
YHLQWLGyV SURYLQFLDV GH &DVWLOOD ODV LQVWLWXFLRQHV HFOHVLiVWLFDV UHFLEtDQ
FHUFD GH OD FXDUWD SDUWH GH ORV LQJUHVRV DJUtFRODV FLIUD YHUGDGHUDPHQWH
HVSHFWDFXODU D OD TXH KDEtD TXH VXPDU GLH]PRV SUpVWDPRV \ ORV
EHQHILFLRVGHULYDGRVGHODSURSLHGDGGHFHUFDGHWUHVPLOORQHVGHFDEH]DV
GHJDQDGRGHSDVWRUHR'DGRTXHODVSURSLHGDGHVGHODLJOHVLDFDWyOLFD
HVWDEDQVXMHWDVDOGHQRPLQDGRUpJLPHQGHPDQRVPXHUWDVTXHLPSHGtD
VX YHQWD \ VROR WHQtD FRPR ILQDOLGDG VX DFXPXODFLyQ XQD SRUFLyQ
DOWtVLPDGHODULTXH]DQDFLRQDOTXHGDEDIXHUDGHOPHUFDGR\QRSRGtDVHU
DSURYHFKDGD /D GHVDPRUWL]DFLyQ SRU OR WDQWR FRQVWLWXtD XQD PHGLGD
SROtWLFD VRFLDO \ HFRQyPLFD FX\D ILQDOLGDG HUD SRQHU HQ HO PHUFDGR
PHGLDQWH VXEDVWD S~EOLFD ODV WLHUUDV \ ELHQHV QR SURGXFWLYRV TXH VH
KDOODEDQ HQ SRGHU GH ODV OODPDGDV PDQRV PXHUWDV HV GHFLU OD LJOHVLD
FDWyOLFDRODQREOH]D$PEDVORVKDEtDQDFXPXODGRGXUDQWHVLJORVFRPR
KDELWXDOHV EHQHILFLDULDV GH GRQDFLRQHV WHVWDPHQWRV \ DELQWHVWDWRV \ OD
PDQHUDHQTXHORVUHWHQtDQHUDIXHQWHGHQRSRFRVWUDVWRUQRVSDUDODYLGD
GH OD QDFLyQ /D GHVDPRUWL]DFLyQ VH KDEtD OOHYDGR D FDER FRQ EXHQRV
UHVXOWDGRV \D HQ HO VLJOR;9, HQ DTXHOODV QDFLRQHV GRQGH KDEtD WHQLGR
OXJDUOD5HIRUPDSURWHVWDQWH(Q(VSDxDSRUHOFRQWUDULRJUDFLDVDOSHVR
GH OD LJOHVLD FDWyOLFD OD GHIHQVD GH OD GHVDPRUWL]DFLyQ QR VH KDEtD
HPSUHQGLGRKDVWDHOVLJOR;9,,,SRUSDUWHGHLOXVWUDGRVTXHHUDQFDWyOLFRV
SHURTXHFRQVLGHUDEDQTXHODGHVDSDULFLyQGHOVLVWHPDGHPDQRVPXHUWDV
UHVXOWDED LQGLVSHQVDEOH SDUD HO ELHQHVWDU QDFLRQDO (VWDOODGD OD JXHUUD
FDUOLVWDODGHVDPRUWL]DFLyQSHUVHJXtDHODXPHQWRGHODULTXH]DQDFLRQDO
ODDPRUWL]DFLyQGHODGHXGDS~EOLFDLQGLVSHQVDEOHSDUDSRGHUKDFHUIUHQWH
D ORV JDVWRV EpOLFRV FRQWUD ORV LQVXUUHFWRV FDUOLVWDV \ OD FUHDFLyQ GH XQD
FODVH PHGLD GH ODEUDGRUHV SURSLHWDULRV TXH HVWDELOL]DUD OD QDFLyQ FRPR
KDEtDVXFHGLGRHQOD)UDQFLDSRVWHULRUDOD5HYROXFLyQ)UDQFHVDDXQTXH
GHEHPRV LQVLVWLU HQ HOOR OD GHVDPRUWL]DFLyQ HQ (VSDxD QR PLUDED D
ORVHMHPSORVGHOD5HIRUPDGHOVLJOR;9,QLDODH[SHULHQFLDIUDQFHVDVLQR
DORVDQWHFHGHQWHVHVSDxROHV
'HKHFKRORVSULPHURVLQWHQWRVGHGHVDPRUWL]DFLyQVHOOHYDURQDFDER
GXUDQWH ORV UHLQDGRV GH &DUORV ,,, \ &DUORV ,9 HQWUH  \ HQWUH
HOORVGHEHQLQFOXLUVHGHPDQHUDPX\HVSHFLDOODGHVDPRUWL]DFLyQGHELGDD
*RGR\ \ DO PLQLVWUR &D\HWDQR 6ROHU  (Q HO FXUVR GH OD
PLVPDVHGHVDPRUWL]DURQELHQHVGHORVMHVXLWDVGHKRVSLWDOHVKRVSLFLRV
GHFDVDVGHPLVHULFRUGLDGHFROHJLRVPD\RUHVXQLYHUVLWDULRV\ELHQHVQR
H[SORWDGRV GH SDUWLFXODUHV &RPR WDQWRV LQWHQWRV LPSXOVDGRV FRQ OD
,OXVWUDFLyQ TXHGy PDORJUDGR SRUTXH OD LJOHVLD FDWyOLFD HUD GHPDVLDGR
SRGHURVDFRPRSDUDWROHUDUORV
'LIHUHQWHGHHVDDFFLyQGHVDPRUWL]DGRUDLOXVWUDGDIXHODOOHYDGDDFDER
SRU -RVp , HO UH\ LQWUXVR TXH QR LPSOLFy OD FHQWUHVLyQ GH OD SURSLHGDG
VLQRODFRQILVFDFLyQGHUHQWDVSDUDHPSOHDUODVHQHODYLWXDOODPLHQWR\ORV
JDVWRVGHJXHUUDGHODVWURSDVQDSROHyQLFDV(QHVWHFDVRVHSURFHGLyDOD
GHYROXFLyQHQ
&RQ SRVWHULRULGDG \ GH PDQHUD EDVWDQWH OyJLFD GXUDQWH HO 7ULHQLR
/LEHUDO  VH OOHYDURQ D FDER DOJXQDV GHVDPRUWL]DFLRQHV
UHDOPHQWH SRFR DPELFLRVDV 6LQ HPEDUJR FRPR WDQWDV RWUDV PHGLGDV
IXHURQGHURJDGDVWUDVODOOHJDGDGHORV&LHQ0LO+LMRVGH6DQ/XLV\OD
H[SXOVLyQGHORVOLEHUDOHVGHOSRGHU
/DV GHVDPRUWL]DFLRQHV UHDOPHQWH LPSRUWDQWHV IXHURQ VREUH WRGR ODV
UHDOL]DGDV SRU 0HQGL]iEDO \ SRVWHULRUPHQWH SRU 0DGR] /D LGHD GH
0HQGL]iEDOSUHVLGHQWHGHOJRELHUQRQRHUDGHMDUDODLJOHVLDFDWyOLFDDO
DUELWULR GH VXV SURSLRV UHFXUVRV D GHFLU YHUGDG FRPR WRGRV ORV
OLEHUDOHV HVSDxROHV DQWHV \ GHVSXpV QL SHQVy HQ VHSDUDU D OD LJOHVLD GHO
HVWDGR QL WDPSRFR HQ GHMDU GH PDQWHQHU DO FOHUR GLRFHVDQR R HQ TXH OD
LJOHVLD VH VRVWXYLHUD FRQ VXV SURSLRV PHGLRV VLQR FHQWULPLU DOJXQDV
yUGHQHV UHOLJLRVDV PDVFXOLQDV \ SRQHU D OD YHQWD VXV SURSLHGDGHV HQ
VXEDVWDS~EOLFDSDUDDVtHQMXJDUODGHXGDQDFLRQDOGHULYDGDGHODJXHUUD
3RUFHQWXHVWRODUHVLVWHQFLDGHODLJOHVLDFDWyOLFDIXHHQFDUQL]DGD\DTXH
FRQVLGHUDED TXH DTXHOODV PHGLGDV KDEtDQ VDTXHDGR HO SDWULPRQLR GH
-HVXFULVWRXQDDILUPDFLyQELHQUHYHODGRUDVLVHWLHQHHQFXHQWDTXHHO
SURSLR-HV~VVHKDEtDSUHVHQWDGRFRPRDOJXLHQWDQGHVSURYLVWRGHELHQHV
TXHQRWHQtDGRQGHUHFRVWDUODFDEH]D0DWHR(QVXRSRVLFLyQ
OD LJOHVLD FDWyOLFD OOHJy LQFOXVR D DJLWDU HO HVSDQWDMR GHO DQWLVHPLWLVPR
SUHWHQGLHQGR TXH 0HQGL]iEDO HUD XQ MXGtR XQD DILUPDFLyQ TXH QR WHQtD
SXQWRGHFRQWDFWRFRQODUHDOLGDG$GHFLUYHUGDGWRGDYtDVLJOR\PHGLR
GHVSXpV VHJXLUtD UHDOL]DQGR HVWDV DILUPDFLRQHV (Q DTXHO PRPHQWR OD
LJOHVLDFDWyOLFDWRPyODGHFLVLyQGHH[FRPXOJDUWDQWRDORVH[SURSLDGRUHV
FRPRDORVFRPSUDGRUHVGHODVWLHUUDV\GHVHJXLUDSR\DQGRDOFDUOLVPR
'HVGH XQD SHUVSHFWLYD HFRQyPLFD OD GHVDPRUWL]DFLyQ WXYR
FRQVHFXHQFLDVGHVLJXDOHV3RUXQODGRVHSURGXMRXQDFRQFHQWUDFLyQGHOD
SURSLHGDG GH DFXHUGR FRQ OD HVWUXFWXUD \D H[LVWHQWH \D VH WUDWDUD GH
ODWLIXQGLRV R GH H[SORWDFLRQHV PHGLDV \ SHTXHxDV $GHPiV VH
FHQWULPLHURQ ORV ELHQHV FRPXQDOHV FRQ OR TXH PXFKRV HPLJUDURQ KDFLD
ODVFLXGDGHV6LQHPEDUJRWDPELpQVHGLHURQUHVXOWDGRVSRVLWLYRVFRPR
HOKHFKRGHTXHVHVDQHDUDOD+DFLHQGD3~EOLFDTXHLQJUHVyPiVGH
PLOORQHV GH UHDOHV SURFHGHQWHV GH ODV VXEDVWDV \ VH DXPHQWDUD OD
FHQWHUILFLHFXOWLYDGD\ODSURGXFWLYLGDGDJUtFROD
3ROtWLFDPHQWH VH LGHQWLILFy QR VLHPSUH MXVWDPHQWH QR VLHPSUH
LQRFHQWHPHQWH HO OLEHUDOLVPR FRQ HO DQWLFOHULFDOLVPR OR TXH QR HUD
VLHPSUHFLHUWR\DGHPiVVHIRUWDOHFLyODSRVLFLyQGHOFDUOLVPRHQFLHUWDV
]RQDV GH (VSDxD FRQ XQD LJOHVLD FDWyOLFD TXH VHJ~Q RSLQLyQ GHO
KLVWRULDGRUFDWyOLFR5LFDUGRGHOD&LHUYDHUDSUHFRQFLOLDUSHURKDVWDGHO
9DWLFDQR , (Q QR HVFDVD PHGLGD OD GHVDPRUWL]DFLyQ IXH XQD GH WDQWDV
RFDVLRQHV SHUGLGDV HQ OD +LVWRULD GH (VSDxD 3HUR OR IXH
IXQGDPHQWDOPHQWH SRUTXH ODV SUHVLRQHV HFOHVLiVWLFDV LPSLGLHURQ TXH VH
SXGLHUD OOHYDU D FDER (Q  0HQGL]iEDO KDEtD GHVHDGR TXH OD
GHVDPRUWL]DFLyQ VH DPSOLDUD DO FOHUR GLRFHVDQR SHUR QR IXH KDVWD 
TXH SXGR SRQHUVH HQ SUiFWLFD VHPHMDQWH SODQ \ KDVWD  TXH SXGR
FRQVLGHUDUVH YHQGLGR HO JUXHVR GH ODV JUDQGHV SURSLHGDGHV GH OD LJOHVLD
FDWyOLFD(OTXHVHSUHFLVDUDPiVGHGRVGpFDGDVSDUDOOHYDUDFDERXQ
SURFHVR DQJXVWLRVDPHQWH QHFHVDULR SDUD OD HFRQRPtD QDFLRQDO GLFH QR
SRFR GH ODV OLPLWDFLRQHV LQPHQVDV FRQWUD ODV TXH FKRFy HO SUR\HFWR GH
FUHDUXQHVWDGRPRGHUQRGHFRUWHOLEHUDO
1R PiV DIRUWXQDGR UHVXOWy HO LQWHQWR GH FUHDU XQ UpJLPHQ
YHUGDGHUDPHQWH FRQVWLWXFLRQDO /D 5HJHQFLD GH 0DUtD &ULVWLQD QR VROR
GHELy RFXSDUVH GH OD JXHUUD FRQWUD ORV FDUOLVWDV \ GH OD GLItFLO VLWXDFLyQ
ILQDQFLHUD VLQR WDPELpQ D OD DUWLFXODFLyQ GHO QXHYR HVWDGR XQ HVWDGR
PRGHUQR FX\D FUHDFLyQ VH DFRPHWtD FRQ GpFDGDV GH UHWUDVR HQ UHODFLyQ
FRQRWURVGH(XURSDRFFLGHQWDO(QEUHYHWLHPSRVXUJLUtDQGHHVHHPSHxR
GRV FRQVWLWXFLRQHV 4XL]i OR PiV OyJLFR KXELHUD VLGR UHJUHVDU D OD
&RQVWLWXFLyQGHSHURODGLYLVLyQGHORVOLEHUDOHVHQWUHPRGHUDGRV\
SURJUHVLVWDVOOHYyDORVSULPHURVDSURFHGHUDODHODERUDFLyQGHO(VWDWXWR
5HDOGH(VWHWH[WROHJDOQRIXHXQDFRQVWLWXFLyQSURSLDPHQWHGLFKD
VLQR XQ HVWDWXWR HV GHFLU XQ WH[WR RWRUJDGR SRU HO UH\ DO SXHEOR 6X
UHGDFFLyQVHGHELyD0DUWtQH]GHOD5RVDOODPDGRSRUVXVDGYHUVDULRV
SROtWLFRV5RVLWD OD SDVWHOHUD SRU VX WHQGHQFLD D ODV FRPSRQHQGDV \
DGRSWyODIRUPDGHFDUWDRWRUJDGDHVGHFLUTXHODVREHUDQtDQRUHVLGtDHQ
OD QDFLyQ FRPR KDEtD LQGLFDGR OD &RQVWLWXFLyQ GH  VLQR HQ HO UH\
TXH FRPSDUWtD DOJXQDV IXQFLRQHV FRQ HO 3DUODPHQWR 3RU DxDGLGXUD ODV
&RUWHV DSDUHFtDQ FRQWHPSODGDV FRPR XQ RUJDQLVPR VLWXDGR D PLWDG GH
FDPLQR HQWUH XQD DVDPEOHD FRQVXOWLYD \ XQD OHJLVODWLYD \ SRGtDQ VHU
LQWHUIHULGDVSRUHOUH\)LQDOPHQWHHOPRQDUFDWHQtDHOPRQRSROLRGHOD
LQLFLDWLYD OHJLVODWLYD FRQYRFDED VXVSHQGtD R GLVROYtD ODV &RUWHV
VDQFLRQDEDODVOH\HVFRQSRVLELOLGDG~OWLPDGHHMHUFHUHOGHUHFKRGHYHWR
QRPEUDED SUyFHUHV GH PRGR LOLPLWDGR HOHJtD DO SUHVLGHQWH \
YLFHSUHVLGHQWHGHORV(VWDPHQWRV\QRPEUDED\FHVDEDDOSUHVLGHQWHGHO
&RQVHMR GH 0LQLVWURV \ D ORV PLHPEURV GHO JDELQHWH (O (VWDWXWR 5HDO
VLJQLILFDED HO ILQ GHO DEVROXWLVPR SHUR D OD YH] QR VH WUDGXFtD HQ HO
HVWDEOHFLPLHQWR GH XQ UpJLPHQ OLEHUDO \ UHSUHVHQWDWLYR $ OR VXPR VH
GDEDXQSURWRSDUODPHQWDULVPRDOVHUQHFHVDULDODFRQILDQ]DGHOUH\\GH
ODV&RUWHVSDUDJREHUQDU
 1R SXHGH VRUSUHQGHU TXH HO (VWDWXWR QR DJUDGDUD D PXFKRV OLEHUDOHV
$Vt HO  GH DJRVWR GH  VH VXEOHYDURQ ORV VDUJHQWRV GH /D *UDQMD
SURFODPDQGR OD &RQVWLWXFLyQ GH  /D UHVSXHVWD PRGHUDGD D HVH
LQWHQWR GH UHJUHVDU D ORV LQLFLRV SROtWLFRV GHO VLJOR;,; LQLFLRV PXFKR
PiV UHSUHVHQWDWLYRV TXH ORV TXH VH YLYtDQ HQ HVRV PRPHQWRV IXH
SURPXOJDUXQDQXHYD&RQVWLWXFLyQODGH'HiQLPRFRQFLOLDGRUHO
WH[WRSUHWHQGtDHQFDMDUGHPDQHUDSUiFWLFDDODPRQDUTXtDHQHOVLVWHPD
SDUODPHQWDULR$VtUHFRJtDHOSULQFLSLRGHVREHUDQtDQDFLRQDO\HOWH[WR
PiV GHVDUUROODGR KDVWD HQWRQFHV GH UHFRQRFLPLHQWR GH GHUHFKRV
IXQGDPHQWDOHV SHUR DPERV DVSHFWRV ORV WHPSODED FRQ OD H[LVWHQFLD GH
XQDV &RUWHV ELFDPHUDOHV (O ILQDO GH OD 5HJHQFLD WHQGUtD VLQ HPEDUJR
UHSHUFXVLRQHVQHJDWLYDVSDUDHVWHDYDQFHSROtWLFR
(O ILQDO GH OD 5HJHQFLD FRPR HQ WDQWDV RFDVLRQHV GH OD +LVWRULD GH
(VSDxD WXYR OXJDU GH PDQHUD FDVL IRUWXLWD \ UHODFLRQDGD PiV FRQ
DVXQWRVSULYDGRVTXHS~EOLFRV3RFRGHVSXpVGHODPXHUWHGHVXHVSRVROD
UHLQD VH FDVy VHFUHWDPHQWH HQ  FRQ HO VDUJHQWR $JXVWtQ )HUQDQGR
0XxR] \ 6iQFKH] (VWH HSLVRGLR GLVWy PXFKR GH VHU LQPRUDO SHUR IXH
XWLOL]DGRFRQWUDODUHJHQWHSRUORVHQHPLJRVGHODVUHIRUPDVOLEHUDOHV
/DVHJXQGDUD]yQIXHODLPSRVLELOLGDGGHFRQFLOLDUORVSXQWRVGHYLVWD
GHORVOLEHUDOHVGLYLGLGRVHQPRGHUDGRV\SURJUHVLVWDV$OFRQWURODUHVWRV
~OWLPRVFDVLWRGD(VSDxDPLHQWUDVGXUDEDODJXHUUDFDUOLVWDSRFRDSRFR
VHIXHDEULHQGRFDPLQRODLGHDGHXQJROSHGHQRPLQDGRUHYROXFLyQ
TXH SURYRFDUD XQ FDPELR GH UXPER HQ OD SROtWLFD $Vt VXFHGLy
HIHFWLYDPHQWH/DGHQRPLQDGDUHYROXFLyQGHDUURMyGHOD5HJHQFLD
D0DUtD&ULVWLQD\VHODHQWUHJyDXQRGHORVSURJUHVLVWDVPiVUHOHYDQWHV
HOJHQHUDO(VSDUWHUR

/$5(*(1&,$'((63$57(52

(OGHPDU]RGH(VSDUWHURIXHHOHJLGRUHJHQWHSRUFLHQWRVHVHQWD
\ QXHYH YRWRV FRQWUD FLHQWR WUHV REWHQLGRV SRU $UJHOOHV (VSDUWHUR
FRQWDED FRQ XQ FRQVLGHUDEOH SUHVWLJLR \D TXH KDEtD FRPEDWLGR HQ OD
JXHUUDGHOD,QGHSHQGHQFLDHQHO3HU~\HQODSULPHUDJXHUUDFDUOLVWD\
DGHPiVGHKDEHUFRVHFKDGRGLYHUVRVp[LWRVKDEtDVLGRKHULGRRFKRYHFHV
$ WRGR HOOR VH DxDGtDQ VX SDSHO VREUHVDOLHQWH HQ OD FRQFOXVLyQ GH OD
SULPHUD JXHUUD FDUOLVWD HO DSR\R GHO SDUWLGR SURJUHVLVWD \ GH PDQHUD
QDGDGHVGHxDEOHHOGHWHULRURGHOD5HJHQFLDGH0DUtD&ULVWLQD
(VSDUWHURWHQtDGRVPHWDVELHQGHILQLGDV(QSULPHUOXJDULPSODQWDUXQ
RUGHQ FRQVWLWXFLRQDO GH FDUiFWHU YHUGDGHUDPHQWH OLEHUDO \ HQ VHJXQGR
LQLFLDU UHIRUPDV OLEHUDOHV HQ HO SODQR HFRQyPLFR 1R WXYR p[LWR HQ
QLQJXQDGHODVGRViUHDV/DUD]yQFRPRWDQWDVRWUDVYHFHVHQOD+LVWRULD
GH(VSDxDHVWXYRHQHOLQPHQVRSRGHUGHVXVDGYHUVDULRVTXHHQVXFDVR
FRQFUHWR IXHURQ IXQGDPHQWDOPHQWH GRV ODV ROLJDUTXtDV UHJLRQDOHV \ OD
LJOHVLDFDWyOLFD/DSDQWDOODSROtWLFDIXHODRSRVLFLyQGHORVGHQRPLQDGRV
PRGHUDGRV XQR GH HOORV HO JHQHUDO 2'RQQHOO VH VXEOHYy HQ 
TXH QR YHtDQ FRQ EXHQRV RMRV ODV UHIRUPDV SURJUHVLVWDV (Q  FRPR
PXHVWUD FODUD GH OD RSRVLFLyQ FRQ OD TXH LED D FKRFDU HO LQWHQWR GH
DUWLFXODU XQ HVWDGR OLEHUDO VH SURGXMHURQ GRV JUDYtVLPRV \ D OD YH]
UHYHODGRUHV DFRQWHFLPLHQWRV (O SULPHUR IXH XQD GHFODUDFLyQ SDSDO GH
KRVWLOLGDG KDFLD (VSDUWHUR 6H WUDWDED GH OD FDUWD DSRVWyOLFD&DWKROLFDH
UHOLJLRQLV GH  GH IHEUHUR GH  HQ TXH VH MX]JDEDQ ORV DFWRV GH OD
UHJHQFLDHVSDUWHULVWDGHPDQHUDVHYHUtVLPD&LHUWDPHQWHGLFHPXFKRGH
OD LQVWLWXFLyQ TXH HQ HVD pSRFD DUUHPHWLHUD GLUHFWDPHQWH FRQWUD XQ
JRELHUQR OLEHUDO \ XQ VLJOR GHVSXpV IXHUD DEVROXWDPHQWH LQFDSD] GH
FRQGHQDU XQ UHJtPHQ FRPR HO QDFLRQDOVRFLDOLVWD (O VHJXQGR IXH HO
DO]DPLHQWRGH%DUFHORQD/DUD]yQQRHUDRWUDTXHRSRQHUVHDODVPHGLGDV
OLEHUDOHV GH (VSDUWHUR &RPR HQ RWUDV RFDVLRQHV (VSDxD LED D YHUVH
VRPHWLGLWRDDFLUFXQVWDQFLDVHFRQyPLFDV\VRFLDOHVGHHQRUPHJUDYHGDG
SRUVDWLVIDFHUDODVROLJDUTXtDVFDWDODQDV'XUDQWHVLJORVHVDVROLJDUTXtDV
KDEtDQFRQVHJXLGRPDQWHQHUXQVLVWHPDSURWHFFLRQLVWDTXHODVIDYRUHFtD
DOFRQYHUWLUHOPHUFDGRHVSDxROHQFDXWLYRSHURTXHDODYH]FDXVDEDXQ
GDxR HQRUPH DO FRQMXQWR GH (VSDxD /DV UD]RQHV GH HVH SHUMXLFLR HUDQ
GLYHUVDV(QSULPHUOXJDUHVHSURWHFFLRQLVPRIDYRUDEOHDODVROLJDUTXtDV
FDWDODQDVSHUMXGLFDEDODVH[SRUWDFLRQHVQDFLRQDOHVTXHHUDQYtFWLPDVGH
ODV UHSUHVDOLDV GH RWURV SDtVHV TXH QR SRGtDQ H[SRUWDU D (VSDxD (Q
VHJXQGR OXJDU HVH SURWHFFLRQLVPR HOLPLQDQGR OD FRPSHWHQFLD H[WHUQD
HQFDUHFtDHOFRQVXPRLQWHUQRTXHTXHGDEDPDUFDGRSRUODVROLJDUTXtDVGH
&DWDOXxD(QWHUFHUOXJDUODH[LVWHQFLDGHHVHPHUFDGRFDXWLYRLPSHGtDHO
GHVDUUROOR GH XQD LQGXVWULD QDFLRQDO FRPSHWLWLYD )LQDOPHQWH HQ FXDUWR
OXJDUHVHSURWHFFLRQLVPRUHDILUPDEDD~QPiVHOSHVRGHODVROLJDUTXtDV
FDWDODQDVTXHVHRFXSDEDQGHQRWHQHUULYDOHVWDPSRFRDHVFDODQDFLRQDO
(VSDUWHUR GHVHDED REYLDPHQWH DFDEDU FRQ VLWXDFLRQHV FRPR HVDV
PHGLDQWHXQDOLEHUDOL]DFLyQGHOPHUFDGR/DUHDFFLyQGHODVROLJDUTXtDV
FDWDODQDVIXHLQVWLJDUXQDO]DPLHQWRDUPDGRHQGHIHQVDGHVXVLQWHUHVHV
SDUWLFXODUHV (Q SDUDOHOR \ PLHQWUDV ODV ROLJDUTXtDV GH &DWDOXxD
LQWHQWDEDQ LQWURGXFLU XQD FXxD HQWUH DTXHOORV TXH DPHQD]DEDQ VXV
LQWHUHVHV OD LJOHVLD FDWyOLFD OOHJy D XQ DFXHUGR FRQ ORV PRGHUDGRV
6HPHMDQWHSDVRLPSOLFDEDWUDLFLRQDUHQQRHVFDVDPHGLGDDORVFDUOLVWDV
SHUR HQ HVWD RFDVLyQ FRPR HQ RWUDV DQWHULRUHV R SRVWHULRUHV OD LJOHVLD
FDWyOLFDDQWHSXVRVXVLQWHUHVHVDODILGHOLGDGDODVDOLDQ]DV(OVDFULILFLR
GHORVFDUOLVWDVTXHGDUtDPiVTXHFRPSHQVDGRSRUODDOLDQ]DFRQHOQXHYR
JRELHUQR&XDQGRHOJHQHUDOFDWDOiQ3ULPVHVXEOHYyHQ%DUFHORQDDVX
DFWR DELHUWDPHQWH LOHJDO VH VXPDURQ RWUDV FLXGDGHV LPSXOVDQGR D
(VSDUWHUR D GLVROYHU ODV &RUWHV /RV ~OWLPRV SDUWLGDULRV GHO UHJHQWH VH
SDVDURQDOHQHPLJRHQ7RUUHMyQGH$UGR](VSDUWHURKDEtDVLGRH[SXOVDGR
GHODYLGDSROtWLFDDXQTXHDGHFLUYHUGDGVHWUDWDEDQRGHXQDGLyVVLQR
GHXQKDVWDOXHJR
(O SDQRUDPD QDFLRQDO QR SRGtD VHU PiV UHYHODGRU &RQ HO VLJOR ;,;
FHUFDQR D VX HFXDGRU (VSDxD VHJXtD VLQ VHU XQD QDFLyQ GH FLXGDGDQRV
OLEUHVHLJXDOHVVHJXtDVLQFRQWDUFRQXQVLVWHPDFRQVWLWXFLRQDOGLJQRGH
WDO QRPEUH \ VHJXtD VLQ DUWLFXODU XQ HVWDGR WRWDOPHQWH VHSDUDGR GH ODV
FRQFHSFLRQHV GHO $QWLJXR 5pJLPHQ (Q HVD EDWDOOD SHUGLGD SRU OD
PRGHUQLGDGODLJOHVLDFDWyOLFDKDEtDVXIULGRXQDGHUURWDQRWRWDOODGH
OD GHVDPRUWL]DFLyQ TXH KDEtD VLGR PiV WDUGtD TXH HQ RWUDV QDFLRQHV
HXURSHDV\TXHQRVHKDEtDWUDGXFLGRHQODVHSDUDFLyQGHODLJOHVLD\GHO
HVWDGR6LQHPEDUJRDOPLVPRWLHPSRKDEtDLGRDUWLFXODQGRUHVRUWHVGH
SRGHUHOFDUOLVPRORVUHJLRQDOLVPRVODDOLDQ]DFRQORVPRGHUDGRVODV
LQWULJDVHQODFRUWHTXHLPSHGtDQGLUHFWDPHQWHODWUDQVIRUPDFLyQGH
(VSDxD HQ XQD QDFLyQ GH FLXGDGDQRV OLEUHV H LJXDOHV (Q HO FXUVR GHO
QXHYRUHLQDGRODLJOHVLDFDWyOLFDQRVRORORJUDUtDGDUQXHYDIRUPDOHJDOD
XQ FRQMXQWR GH SULYLOHJLRV VLQR TXH SRU DxDGLGXUD REWHQGUtD
FRQFHVLRQHV HFRQyPLFDV GH H[WUDRUGLQDULD LPSRUWDQFLD \ VHJXLUtD
IRUMDQGRQXHYRVLQVWUXPHQWRVSDUDLPSHGLUODYHUWHEUDFLyQGH(VSDxD
 


/DFRUWHGHORVPLODJURV

(/32'(502'(5$'2<(/&21&25'$72'(

/DFDtGDGH(VSDUWHURFRQGXMRDODSURFODPDFLyQGHODPD\RUtDGHHGDG
GH OD SULQFHVD ,VDEHO FRQ WDQ VROR WUHFH DxRV  6L HQ XQ SULPHU
PRPHQWR KXER TXLHQ HVSHUy TXH HO SRGHU SDVDUD D ORV SURJUHVLVWDV
HQFDEH]DGRVSRU6DOXVWLDQR2Oy]DJDORFLHUWRHVTXHHOJHQHUDOPRGHUDGR
1DUYiH] ORJUy LPSRQHUVH GDQGR LQLFLR D OD GHQRPLQDGD 'pFDGD
0RGHUDGD$XQTXHORVPRGHUDGRVHUDQHQWHRUtDOLEHUDOHVODUHDOLGDGHV
TXH VROR SUHWHQGtDQ LPSXOVDU XQD VLWXDFLyQ TXH IUHQDUD ODV UHIRUPDV
PDORJUDGDVGHODVGpFDGDVDQWHULRUHV\TXHGLHUDVDWLVIDFFLyQDGLYHUVRV
JUXSRVGHSRGHULQFOX\HQGRHQWUHHOORV\GHPDQHUDPX\SUHGRPLQDQWHD
ODLJOHVLDFDWyOLFD'HKHFKRSXHGHGHFLUVHTXHODVJUDQGHVPHWDVGH
ORV PRGHUDGRV IXHURQ GHVGH HO SULQFLSLR DFDEDU FRQ OD &RQVWLWXFLyQ GH
ORTXHFRQVLJXLHURQ\HPDVFXODUHOOLEHUDOLVPRSDUDFRQYHUWLUOR
HQ DOJR TXH SXGLHUD VHU DFHSWDEOH SDUD OD LJOHVLD FDWyOLFD (Q SDUDOHOR
DSURYHFKDURQ HO SRGHU SDUD GDU LQLFLR D DOJXQRV JUDQGHV QHJRFLRV SHUR
LQFOXVR HVWRV QR VH GHELHURQ D OD LQLFLDWLYD SULYDGD VLQR D LPSXOVRV
HVWDWDOHV HQ EHQHILFLR GH SDUWLFXODUHV &RPR WHOyQ GH IRQGR GHFLGLHURQ
PDQWHQHU D OD UHLQD HQ XQD VLWXDFLyQ GH IiFLO PDQLSXODFLyQ XWLOL]DQGR
DOWHUQDWLYDPHQWH VXV SDVLRQHV LQVDWLVIHFKDV \ VX EHDWHUtD FHQWHUVWLFLRVD
1RVRUSUHQGHSXHVTXHDFRUGDUDQHOPDWULPRQLRGH,VDEHOFRQ)UDQFLVFR
GH$VtVGH%RUEyQHQODFHTXHIXHXQVHPLOOHURGHSUREOHPDV
1RGHMDGHUHVXOWDUVLJQLILFDWLYRTXHORVPRGHUDGRVREWXYLHUDQVXVGRV
JUDQGHV p[LWRV JUDFLDV D XQRV LQVWUXPHQWRV OHJDOHV TXH LPSOLFDEDQ XQ
IUHQR GLUHFWR GH OD PRGHUQL]DFLyQ GH (VSDxD (O SULPHUR IXH OD QXHYD
FRQVWLWXFLyQTXHHQUHDOLGDGQRPHUHFtDHOQRPEUHGHWDO\DTXHHUDXQD
HVSHFLHGHYtDPHGLDHQWUHHO(VWDWXWR5HDO\ODVFRQVWLWXFLRQHVOLEHUDOHV
$Vt DILUPDED OD VREHUDQtD FRPSDUWLGD HQWUH HO PRQDUFD \ OD QDFLyQ \
OLPLWDEDSRURWUDSDUWHHOQ~PHURGHODVSHUVRQDVTXHSRGtDQSDUWLFLSDU
HQORVSURFHVRVHOHFWRUDOHV
(OVHJXQGRD~QPiVVLJQLILFDWLYRIXHHO&RQFRUGDWR6XVFULWRHQHO
DxR  HO &RQFRUGDWR FRQVWLWXLUtD OD EDVH GH ODV UHODFLRQHV HQWUH OD
LJOHVLD\HOHVWDGRHQ(VSDxDKDVWD(QRWUDVSDODEUDVUHVXOWDUtD
XQ LQVWUXPHQWR OHJDO TXH FRPR WHQGUHPRV RFDVLyQ GH YHU LPSHGLUtD
GXUDQWHSUiFWLFDPHQWHXQVLJORODFRQILJXUDFLyQGH(VSDxDFRPRQDFLyQ
GH FLXGDGDQRV OLEUHV H LJXDOHV VLTXLHUD SRUTXH FRQVDJUDED QXPHURVRV
SULYLOHJLRVIDYRUDEOHVDODLJOHVLDFDWyOLFDHQiUHDVTXHSRUVXQDWXUDOH]D
VRORVRQDUELWULRGHOHVWDGR(OSDSD3tR,;XQSRQWtILFHTXHOOHJDUtDDO
SXQWRGHGHFODUDUTXHHOSDSDHUDLQIDOLEOHHQXQLQWHQWRIDOOLGRSRURWUD
SDUWHGHPDQWHQHUODH[LVWHQFLDGHORV(VWDGRV3RQWLILFLRVDFHSWyHQHO
FRQFRUGDWR OD YHQWD GH ODV SURSLHGDGHV HFOHVLiVWLFDV UHDOL]DGD KDVWD
HQWRQFHVFRQILUPyORVGHUHFKRVDQWLJXRVGHODFRURQDHVSDxRODVREUHORV
QRPEUDPLHQWRV HSLVFRSDOHV \ VDQFLRQy HO SULQFLSLR GH UHRUJDQL]DFLyQ
GLRFHVDQD \ SDUURTXLDO $ GHFLU YHUGDG OD 6DQWD 6HGH VLJXLHQGR XQ
SDWUyQTXHVHUHSLWHYH]WUDVYH]HQOD+LVWRULDGH(VSDxDQRGLRQDGDTXH
QR WXYLHUD \D HO JRELHUQR $ FDPELR \ GH QXHYR ORV SDUDOHORV VRQ
LQQHJDEOHV HO JRELHUQR PXOWLSOLFy ODV FRQFHVLRQHV (O DUWtFXOR  GHO
&RQFRUGDWR HOLPLQDED GH UDt] OD SRVLELOLGDG GH TXH H[LVWLHUD OLEHUWDG
UHOLJLRVD \ FRQVDJUDED HO PRQRSROLR FRQIHVLRQDO DO DILUPDU TXH HO
FDWROLFLVPR FRQ H[FOXVLyQ GH FXDOTXLHU RWUR FXOWR FRQWLQ~D VLHQGR OD
~QLFD UHOLJLyQ GH OD QDFLyQ HVSDxROD (O DUWtFXOR  SRU VX SDUWH
HQWUHJDED OD HGXFDFLyQ HQ PDQRV GH OD LJOHVLD FDWyOLFD DO VHxDODU TXH
GHEtD DMXVWDUVH D OD SXUH]D GH OD GRFWULQD GH OD IH $SDUWH GHO
PRQRSROLR LGHROyJLFR \ HGXFDWLYR FRQFHGLGR D OD LJOHVLD FDWyOLFD HO
JRELHUQRDVXPtDODREOLJDFLyQGHPDQWHQHUDOFOHURGLRFHVDQRUHFRQRFtD
OD LQGHSHQGHQFLD HSLVFRSDO \ DFHSWDED OD UHVWDXUDFLyQ GH ODV yUGHQHV
UHOLJLRVDVPDVFXOLQDVDXQTXHHVWH~OWLPRSXQWRVHFRQFOX\HUDGHPDQHUD
WDQDPELJXDTXHVHUtDXQVHPLOOHURGHFRQIOLFWRVIXWXURV(O&RQFRUGDWR
FLHUWDPHQWH LPSOLFDED XQD YLFWRULD H[WUDRUGLQDULD GH OD LJOHVLD FDWyOLFD
TXHYHtDUHFRQRFLGROHJDOPHQWHVXSDSHOGHWXWRUDGHODQDFLyQFRQORTXH
HVWR LPSOLFDED GH FHUFHQDPLHQWR GH GHUHFKRV KXPDQRV LQDOLHQDEOHV $
GHFLU YHUGDG FRQVHJXtD QR PHQRV GH OR TXH \D KDEtD H[LJLGR GHO
DEVROXWLVWD )HUQDQGR 9,, H LQFOXVR GHVGH FLHUWD SHUVSHFWLYD LQFOXVR
PiV 1R HUD WDPSRFR XQ WULXQIR PHQRU SDUD ORV PRGHUDGRV D ORV TXH
DVHQWDED HQ HO SRGHU \ D ORV TXH SHUPLWtD FRQMXUDU HO SHOLJUR FDUOLVWD
&RPRHQWDQWDVRWUDVRFDVLRQHVTXLHQSDJDEDHOWULEXWRGHDTXHODFXHUGR
HUDODQDFLyQTXHYHtDFyPRDOJXQRVGHORVSULQFLSLRVPiVUHOHYDQWHVGHO
OLEHUDOLVPRHUDQWUDLFLRQDGRVSDUDEHQHILFLRGHXQDVFDVWDVSULYLOHJLDGDV
RTXHDVSLUDEDQDVHUOR

(63$57(5218(9$0(17('(5527$'2

7RGRHVWHHQWUDPDGRTXHEHQHILFLDEDHQRUPHPHQWHDODLJOHVLDFDWyOLFD
\RWUDVLQVWDQFLDVSULYLOHJLDGDVDODYH]TXHSHUPLWtDFUHDUODLOXVLyQGH
XQHVWDGROLEHUDOHQUHDOLGDGLQH[LVWHQWHVHVXVWHQWDEDVREUHXQDQXHYD
YLVLyQ GHO RUGHQ S~EOLFR FLHUWDPHQWH PiV UDFLRQDO \ PRGHUQD TXH
WXYR FRPR PDQLIHVWDFLRQHV HVSHFLDOPHQWH LPSRUWDQWHV OD FUHDFLyQ GH OD
*XDUGLD &LYLO  R OD UHRUGHQDFLyQ WHUULWRULDO PHGLDQWH HO
HVWDEOHFLPLHQWR GH ORV JREHUQDGRUHV FLYLOHV HQ SURYLQFLDV 0D\RU ORJUR
IXHODOH\0RQ6DQWLOOiQTXHIRUWDOHFLyODHFRQRPtDGHODQDFLyQ
DO OOHYDU D FDER XQD UHIRUPD WULEXWDULD EDVDGD HQ OD FHQWUHVLyQ GH ODV
DGXDQDVLQWHULRUHV
(QFDVLWRGD(XURSDVHYLRVDFXGLGDSRUXQDUHYROXFLyQTXHKL]R
SHQVDU PX\ HUUyQHDPHQWH DO SURSLR .DUO 0DU[ TXH OD YLFWRULD GHO
SUROHWDULDGR \ OD LPSODQWDFLyQ GH VX GLFWDGXUD VH HQFRQWUDEDQ
H[WUDRUGLQDULDPHQWH FHUFD 'H PDQHUD ELHQ VLJQLILFDWLYD OD RQGD
H[SDQVLYD GH HVD UHYROXFLyQ QR OOHJy D (VSDxD GRQGH HO VLVWHPD
PRGHUDGRHVWDEDWDQELHQWUDEDGRTXHORLPSLGLy/DQDFLyQVXIULUtDXQD
FRQYXOVLyQSHURSRUUD]RQHVLQWHUQDV\PiVGHXQOXVWURGHVSXpV\DHQ
 &RPR HQ HO FDVR GH WDQWRV FDPELRV SROtWLFRV HQ (VSDxD WRGR VH
SURGXMR GH PDQHUD LQHVSHUDGD (Q SULPHU OXJDU WXYR OXJDU XQ FRQIOLFWR
SDUODPHQWDULR TXH VXUJLy GH XQ HQIUHQWDPLHQWR HQWUH HO 6HQDGR \
6DUWRULXV HO FRQGH GH 6DQ /XLV (O FLWDGR QREOH KDEtD FDSLWDQHDGR XQD
DGPLQLVWUDFLyQ H[WUDRUGLQDULDPHQWH FRUUXSWD FRQ OD TXH VH KDEtDQ
HQULTXHFLGRQRSRFRVYDOLpQGRVHHQWUHRWURVPHGLRVGHODVFRQWUDWDVGH
IHUURFDUULOHV/RVHVFiQGDORVHUDQWDQHYLGHQWHVTXHHO6HQDGRSODQWHy
\JDQyXQDFXHVWLyQGHFRQILDQ]D6LQHPEDUJR6DUWRULXVQRVHGLRSRU
YHQFLGR 3RU HO FRQWUDULR UHVSRQGLy VXVSHQGLHQGR ODV VHVLRQHV
SDUODPHQWDULDVDVtFRPRDORVPLOLWDUHV\DORVIXQFLRQDULRVTXHOHHUDQ
FRQWUDULRV(QODSUiFWLFDHOFRQGHGH6DQ/XLVKDEtDOOHYDGRDFDERXQ
JROSHGHHVWDGRSDUODPHQWDULRFX\R~QLFRPRWLYRHUDVDOYDUVHDVtPLVPR
\ D VXV SDQLDJXDGRV GH ODV FRQVHFXHQFLDV GH OD LQPHQVD FRUUXSFLyQ TXH
KDEtDQFUHDGR6HYLRUHVSRQGLGRGHPDQHUDQRPHQRVDXGD](OJHQHUDO
2'RQQHOO VH SURQXQFLy HQ 9LFiOYDUR GDQGR OXJDU DO HSLVRGLR FRQRFLGR
FRPR OD 9LFDOYDUDGD $ HVH SURQXQFLDPLHQWR OH VLJXLy XQ PDQLILHVWR
UHGDFWDGR SRU &iQRYDV GHO &DVWLOOR HQ TXH VH KDFtD UHIHUHQFLD D OD
QHFHVLGDGGHPHMRUDUODOH\HOHFWRUDOEDMDUORVLPSXHVWRV\GHVFHQWUDOL]DU
OD DGPLQLVWUDFLyQ &iQRYDV QR SUHWHQGtD OD KLJLHQL]DFLyQ GHO UpJLPHQ
VLQR D GHFLU YHUGDG XQ PD\RU XVXIUXFWR GHO PLVPR SRU SDUWH GH ODV
ROLJDUTXtDVUHJLRQDOHVSHURHOFDQVDQFLRDQWHODFRUUXSFLyQGH6DUWRULXV
HUD WDQ FRQVLGHUDEOH TXH OD SXEOLFDFLyQ GHO WH[WR FDQRYLVWD IXH VHJXLGD
SRUXQDVHULHGHOHYDQWDPLHQWRVSRSXODUHVHQ0DGULGODVGHQRPLQDGDV
MRUQDGDVGHMXOLR%DUFHORQD=DUDJR]D\6DQ6HEDVWLiQ
(OKHFKRGHTXHQRKXELHUDQSRGLGRPDQWHQHUHORUGHQ\GHPDQHUD
PX\ HVSHFLDO QR VH KXELHUDQ SHUFDWDGR GH OD DPHQD]D GHMy GH
PDQLILHVWR TXH ORV PRGHUDGRV QR SRGUtDQ VHJXLU JREHUQDQGR (O DFWR
IRUPDOGHHVHGHVSOD]DPLHQWRVHSURGXMRFXDQGRODV&RUWHVHQWUHJDURQHO
SRGHUSULPHURDOGXTXHGH5LYDV\OXHJRGHPDQHUDELHQVLJQLILFDWLYD
DOJHQHUDO(VSDUWHUR(ODQWLJXRUHJHQWHUHJUHVy\ORKL]RFRQODLQWHQFLyQ
GHOOHYDUDFDERODVUHIRUPDVTXHQRKDEtDSRGLGRFRQVXPDUXQDVGpFDGDV
DQWHV(QRWUDVSDODEUDVSUHWHQGtDDVHQWDUXQRUGHQFRQVWLWXFLRQDOGRQGH
ODVREHUDQtDUHVLGLHUDHQODQDFLyQ\WHUPLQDUVLTXLHUDHQSDUWHFRQORV
SULYLOHJLRVGHTXHVHJXtDGLVIUXWDQGRODLJOHVLDFDWyOLFD/DVLQWHQFLRQHV
GH(VSDUWHURHUDQEXHQDV\FRQVHJXULGDGQHFHVDULDVSHURXQDYH]PiV
YROYLHURQ D FRQFOXLU HQ IUDFDVR (Q  0DGR] LQLFLy XQD QXHYD
GHVDPRUWL]DFLyQ HQFDPLQDGD D FRQFOXLU OD GH 0HQGL]iEDO D VDQHDU ODV
FXHQWDVS~EOLFDV\DFHQWULPLUSULYLOHJLRVHFOHVLDOHV(QXQDQXHYD
&RQVWLWXFLyQ GHYROYtD OD VREHUDQtD D OD QDFLyQ \ GHIHQGtD HO MXLFLR GH
MXUDGRV SDUD OD SUHQVD \ OD HOHFFLyQ SRSXODU GH DOFDOGHV +DVWD DKt
OOHJDURQORVLQWHQWRVGH(VSDUWHURGHPRGHUQL]DUODQDFLyQ

(/5(*5(62'(/2602'(5$'26
<(/),1$/'(/5e*,0(1

(OPLVPRDxRGHHOJHQHUDO2'RQQHOOVHKL]RFRQHOSRGHUFRQOR
TXH OD &RQVWLWXFLyQ UHVXOWy QRQDWD \ QR OOHJy QXQFD D DSOLFDUVH \ OD
GHVDPRUWL]DFLyQ GH 0DGR] QR VH FRQVXPy 6RVWHQLGR SRU ORV OLEHUDOHV
HFOpFWLFRV TXH DSR\DURQ D 2'RQQHOO GXUDQWH OD PD\RU SDUWH GHO WLHPSR
\SRUORVPRGHUDGRVEDMRODGLUHFFLyQGH
1DUYiH] HO UpJLPHQ LQWHQWy VXEVLVWLU SHUR UHVXOWDED REYLR TXH HVD
SHUGXUDELOLGDG LED D VHU OLPLWDGD &LHUWDPHQWH ORV PRGHUDGRV VH
HVIRU]DURQ HQ OOHYDU D FDER XQD SROtWLFD H[WHULRU GH UHOHYDQFLD TXH VH
WUDGXMRHQLQWHUYHQFLRQHVHQ0p[LFRDOODGRGH1DSROHyQ,,,
HQ &RFKLQFKLQD WDPELpQ DO ODGR GH )UDQFLD  HQ
+LVSDQRDPpULFD FRQ OD JXHUUD GHO 3DFtILFR FRQWUD 3HU~ \ &KLOH 
 \ VREUH WRGR HQ 0DUUXHFRV  GRQGH VH REWXYLHURQ
p[LWRV QRWDEOHV 6LQ HPEDUJR HO VLVWHPD FRPR WDO VHJXUDPHQWH HVWDED
PXHUWRXQDGpFDGDDQWHVGHVXGHVDSDULFLyQ
/DVUD]RQHVGHOILQDOGHODPRQDUTXtDLVDEHOLQDIXHURQGLYHUVDV3RUXQ
ODGR HO VLVWHPD HOHFWRUDO HVWDED QRWDEOHPHQWH YLFLDGR \ UHVXOWDED SRFR
UHSUHVHQWDWLYR (Q  SRU HMHPSOR KDEtD  HOHFWRUHV VREUH XQ
FRQMXQWR GH  PLOORQHV GH KDELWDQWHV (VD VLWXDFLyQ SHUPLWtD TXH ORV
SROtWLFRVYLYLHUDQHQXQDEXUEXMDHLJQRUDUDQSDUDGHVJUDFLDGHWRGRVOD
UHDOLGDG$OSUREOHPDLQVWLWXFLRQDOVHVXPyODFULVLVHFRQyPLFD(Q
HVWDOOy HQ (VWDGRV 8QLGRV OD JXHUUD GH 6HFHVLyQ TXH VH H[WHQGLy KDVWD
 (VWH FRQIOLFWR TXH SRU HMHPSOR SULYy GHO DOJRGyQ VXUHxR D OD
LQGXVWULD WH[WLO DFDEy JHQHUDQGR OD FULVLV HXURSHD GH  TXH
UHSHUFXWLy WDPELpQ HQ (VSDxD \ DOHMy D OD EXUJXHVtD GHO UpJLPHQ$ OR
DQWHULRU KXER TXH VXPDU XQD FULVLV JHQHUDFLRQDO $Vt ORV SROtWLFRV GH
DQWDxR IXHURQ GHVDSDUHFLHQGR VLQ TXH WXYLHUDQ OXJDU ORV UHFDPELRV
RSRUWXQRV \ QHFHVDULRV 2'RQQHOO IDOOHFLy HQ  1DUYiH] HQ 
*RQ]iOH]%UDERHQ\%UDYR0XULOORHQ1DGLHGHVXWDOODORV
VXVWLWX\y
7RGR HOOR VH SURGXFtD HQ XQ FRQWH[WR HQ HO TXH OD GLVSHQVDGRUD GH
LGHRORJtDPiVSRGHURVDODLJOHVLDFDWyOLFDVHGHILQtDXQDYH]PiVFRPR
HQHPLJD GLUHFWD GH OD OLEHUWDG$O UHVSHFWR HO WH[WR PiV FRQRFLGR HV HO
IDPRVR6\OODEXVGH3tR,;SHURHVWHQRHUDVLQRXQDUHFRSLODFLyQ
GH GRFXPHQWRV SRQWLILFLRV HQ ORV TXH OD 6DQWD 6HGH KDEtD FRPEDWLGR OR
TXHFRQVLGHUDEDHUURUHVSHUQLFLRVRVHLQWROHUDEOHVGHMDQGRFODUDPHQWHGH
PDQLILHVWR TXH HO DERUUHFLPLHQWR H[SOtFLWR TXH *UHJRULR ;9, KDEtD
PRVWUDGR KDFLD ODV OLEHUWDGHV PiV HOHPHQWDOHV QR KDEtD FRQVWLWXLGR XQD
H[FHSFLyQ 3RU HO FRQWUDULR IRUPDED SDUWH GH XQD FRKHUHQWH OtQHD
OLEHUWLFLGD TXH VH UHSHWLUtD YH] WUDV YH] (O6\OODEXV QR VROR DUUHPHWtD
FRQWUDODOLEHUWDGUHOLJLRVDQHJDEDODSRVLELOLGDGGHVDOYDFLyQDORVTXH
QR HVWXYLHUDQ VRPHWLGLWRRV D OD LJOHVLD FDWyOLFD \ FDOLILFDED GH
SHVWLOHQWHV D ODV VRFLHGDGHV EtEOLFDV VLQR TXH DGHPiV LQVLVWtD HQ OD
OHJLWLPLGDGGHOSRGHUSROtWLFRGHOSDSDGR3RUHMHPSOREDMRHOHStJUDIH
,;(UURUHVDFHUFDGHOSULQFLSDGRFLYLOGHO5RPDQR3RQWtILFH HO6\OODEXV
VHxDODEDORVVLJXLHQWHV

/;;9 (Q SXQWR D OD FRPSDWLELOLGDG GHO UHLQR HVSLULWXDO FRQ HO WHPSRUDO GLVSXWDQ
HQWUH Vt ORV KLMRV GH OD FULVWLDQD \ FDWyOLFD ,JOHVLD /HWUDV$SRVWyOLFDV$G$SRVWROLFDH
 DJRVWR
/;;9, /D DEROLFLyQ GHO FLYLO LPSHULR TXH OD 6HGH $SRVWyOLFD SRVHH D\XGDUtD
PXFKtVLPRDODOLEHUWDG\DODSURVSHULGDGGHOD,JOHVLD$ORFXFLyQ4XLEXVTXDQWLVTXH
DEULO
1 % $GHPiV GH HVWRV HUURUHV H[SOtFLWDPHQWH QRWDGRV PXFKRV RWURV VRQ
LPSOtFLWDPHQWHUHSUREDGRVHQYLUWXGGHODGRFWULQDSURSXHVWD\DILUPDGDTXHWRGRVORV
FDWyOLFRV WLHQHQ REOLJDFLyQ GH WHQHU ILUPtVLPDPHQWH /D FXDO GRFWULQD VH HQVHxD
SDWHQWHPHQWH HQ OD $ORFXFLyQ4XLEXV TXDQWLVTXH  GH DEULO GH  HQ OD
$ORFXFLyQ6L VHPSHU DQWHD  GH PD\R GH  HQ ODV /HWUDV $SRVWyOLFDV&XP
FDWKROLFD(FFOHVLDGHPDU]RGHHQOD$ORFXFLyQ1RYRVGHVHSWLHPEUHGH
 HQ OD $ORFXFLyQ-DPGXGXP  GH PDU]R GH  HQ OD $ORFXFLyQ0D[LPD
TXLGHPGHMXQLRGH

(Q RWUDV SDODEUDV ORV FDWyOLFRV QR SRGtDQ GLVFXWLU VLTXLHUD VREUH OD
FRPSDWLELOLGDGGHKHFKRVFRPRTXHHOSDSDVHSUHVHQWDUDDODYH]FRPR
YLFDULR GH &ULVWR \ FRPR UH\ GH XQ HVWDGR WHRFUiWLFR 7DPSRFR OHV HUD
OtFLWR VRVWHQHU TXH OD GHVDSDULFLyQ GH ORV (VWDGRV 3RQWLILFLRV WRGDYtD
H[LVWHQWHV SRGUtD VHU XQD PHGLGD TXH UHYHUWLUtD HQ EHQHILFLR GH OD
LJOHVLD FDWyOLFD $PEDV WHVLV GHEtDQ VHU UHFKD]DGDV GH SODQR SRU ORV
FDWyOLFRV\FRPRPXHVWUDGHFXiOHVHUDQODVUD]RQHVVHDGXFtDQXQDVHULH
GHGRFXPHQWRVSRQWLILFLRVSUHYLRV
1RPHQRVREYLDVUHVXOWDEDQODVHQVHxDQ]DVGHOSDSDHQUHODFLyQFRQOR
TXH DSDUHFH DJUXSDGR EDMR HO HStJUDIH WLWXODGR ; (UURUHV UHODWLYRV DO
OLEHUDOLVPRGHQXHVWURVGtDV

/;;9,, (Q HVWD QXHVWUD HGDG QR FRQYLHQH \D TXH OD 5HOLJLyQ FDWyOLFD VHD WHQLGD
FRPR OD ~QLFD UHOLJLyQ GHO (VWDGR FRQ H[FOXVLyQ GH RWURV FXDOHVTXLHUD FXOWRV
$ORFXFLyQ1HPRYHVWUXPMXOLR
/;;9,,,'HDTXtTXHODXGDEOHPHQWHVHKDHVWDEOHFLGRSRUODOH\HQDOJXQRVSDtVHV
FDWyOLFRVTXHDORVH[WUDQMHURVTXHYD\DQDOOtOHVVHDOtFLWRWHQHUS~EOLFRHMHUFLFLRGHO
FXOWRSURSLRGHFDGDXQR$ORFXFLyQ$FHUELVVLPXPVHSWLHPEUH
/;;,; (V VLQ GXGD IDOVR TXH OD OLEHUWDG FLYLO GH FXDOTXLHUD FXOWR \ OR PLVPR OD
DPSOLD IDFXOWDG FRQFHGLGD D WRGRV GH PDQLIHVWDU DELHUWDPHQWH \ HQ S~EOLFR
FXDOHVTXLHUD RSLQLRQHV \ SHQVDPLHQWRV FRQGX]FD D FRUURPSHU PiV IiFLOPHQWH ODV
FRVWXPEUHV \ ORV iQLPRV \ D SURSDJDU OD SHVWH GHO LQGLIHUHQWLVPR $ORFXFLyQ
1XQTXDPIRUHGLFLHPEUH
/;;;(O5RPDQR3RQWtILFHSXHGH\GHEHUHFRQFLOLDUVH\WUDQVLJLUFRQHOSURJUHVR
FRQHOOLEHUDOLVPR\FRQODPRGHUQDFLYLOL]DFLyQ
 /RV WH[WRV FLWDGRV QR SXHGHQ UHVXOWDU PiV HORFXHQWHV /D 6DQWD 6HGH
FRQVLGHUDED XQ HUURU HO TXH HQ XQD QDFLyQ FXDOTXLHUD VH WROHUDUD RWUD
UHOLJLyQ GLVWLQWD D OD LJOHVLD FDWyOLFD HO TXH VH SHUPLWLHUD HQ QDFLRQHV
FDWyOLFDV HO FXOWR S~EOLFR GH ORV H[WUDQMHURV GH RWUD UHOLJLyQ HO TXH VH
QHJDUDTXHODOLEHUWDGUHOLJLRVDFRUURPSHPiVIiFLOPHQWHODVFRVWXPEUHV
\ORViQLPRVRHOTXHVHSUHWHQGLHUDTXHHOSDSDGHEtDDFHSWDUFRQFHSWRV
WDQRGLRVRVFRPRORVGHSURJUHVROLEHUDOLVPRRPRGHUQDFLYLOL]DFLyQ
6H PLUH FRPR VH PLUH OD SRVWXUD GH OD LJOHVLD FDWyOLFD GLItFLOPHQWH
KXELHUD SRGLGR VHU PiV FRQWUDULD D OD OLEHUWDG HQ HVSHFLDO OD GH
FRQFLHQFLD \ OD GH H[SUHVLyQ \ D FXDOTXLHU HOHPHQWR TXH LPSOLFDUD OD
SRVLELOLGDGGHUHGXFLUPtQLPDPHQWHVXSRGHUSROtWLFRRGHDYDQ]DUHQOD
FDXVDGHODVOLEHUWDGHV6HSRGUiQHJDUDGtDGHKR\SHURORFLHUWRHVTXH
ODLJOHVLDFDWyOLFDOHMRVGHVHUXQDGHIHQVRUDGHODOLEHUWDGHUDXQDGHVXV
HQHPLJDV PiV HQFDUQL]DGDV (Q HVH FRQWH[WR TXp SRGtDQ KDFHU XQRV
SROtWLFRV HVSDxROHV TXH SRU GHILQLFLyQ HUDQ FDWyOLFRV \ TXH KDEtDQ
VXVFULWRXQFRQFRUGDWRFRQOD6DQWD6HGH"$OILQ\DODSRVWUHVRORWHQtDQ
FRPRYtDGHSURJUHVRGHODQDFLyQXQDSROtWLFDH[WHULRUTXHWHQtDPiVGH
IRUPD TXH GH IRQGR \ OD UHDOL]DFLyQ GH XQDV REUDV S~EOLFDV VLQ GXGD
QHFHVDULDVSHURTXHVLUYLHURQQRSRFRSDUDIRPHQWDUXQDH[WUDRUGLQDULD
FRUUXSFLyQ 3RGtD VHU GH RWUD PDQHUD FXDQGR HQ  3tR ,; HQ VX
HQFtFOLFD4XLSOXULEXV GHMDED GH PDQLILHVWR TXH HVWDED GLULJLGD FRQWUD
ORV YDULRV PRGRV FRQ TXH VH SUHVHQWDQ DWUDFWLYRV ORV YLFLRV HQ HVD WDQ
JUDQGHOLEHUWDGGHSXEOLFDFLRQHV\FXULRVLGDGWDQJUDQGHGHVDEHU"6LOD
OLEHUWDG GH SXEOLFDFLRQHV \ OD FXULRVLGDG GH VDEHU HUDQ FRQGHQDGDV
H[SUHVDPHQWH SRU HO SDSD SXHGH VRUSUHQGHU HO DWUDVR GH (VSDxD \ OD
OtQHD VHJXLGD SRU XQRV SROtWLFRV TXH SRU GHILQLFLyQ GHVHDEDQ VHU
PRGHUDGRV\PDQWHQHUODVPHMRUHVUHODFLRQHVFRQOD6DQWD6HGH"
(QPHGLRGHHVHFOLPDLGHROyJLFRQDGDSXHGHH[WUDxDUTXHHQWUH
\HOJRELHUQRFRQFHGLHUDDODLJOHVLDFDWyOLFDQXHYRVSULYLOHJLRVHQ
HO WHUUHQR GH OD HGXFDFLyQ S~EOLFD DO FRQWURODU HO QRPEUDPLHQWR GH ORV
QXHYRV GRFHQWHV \ ORV SODQHV GH HVWXGLRV QL WDPSRFR TXH 1DUYiH]
DXPHQWDUD OD DVLJQDFLyQ SUHFHQWXHVWDULD SDUD ORV VDODULRV GHO FOHUR \ HO
PDQWHQLPLHQWRGHORVWHPSORVSRUHQFLPDGHODVFLIUDVHVWLSXODGDVSRUHO
&RQFRUGDWR GH  /D LJOHVLD FDWyOLFD LQFOXVR SUHVLRQy VREUH HO
JRELHUQR SDUD TXH HQYLDUD WURSDV D ,WDOLD D GHIHQGHU ORV (VWDGRV
3RQWLILFLRV7DPSRFRUHVXOWDVRUSUHQGHQWHTXHODYROXQWDGGHODUHLQD
HVWXYLHUDHQPDQRVGHVRU3DWURFLQLRODUHOLJLRVDFRQRFLGDSRSXODUPHQWH
FRPRODPRQMDGHODVOODJDV
6RU3DWURFLQLRQDFLyFRPR0DUtD-RVHIDGHORV'RORUHV$QDVWDVLDGH
4XLURJD&DSRSDUGRHOGHDEULOGHHQ6DQ&OHPHQWH&XHQFD$O
IDOOHFHUVXSDGUH'LHJRGH4XLURJDODIDPLOLDVHWUDVODGyD0DGULG6X
PDGUH KDEUtD GHVHDGR TXH VH FDVDUD FRQ 6DOXVWLDQR 2Oy]DJD HQWRQFHV
VRORXQMRYHQDERJDGRSHURHOHQODFHVHIUXVWUy\HQLQJUHVyHQHO
FRQYHQWRGHODVFRPHQGDGRUDVGH6DQWLDJRGH0DGULGVLHQGRVXPDGULQD
VXWtDODPDUTXHVDGH6DQWD&RORPD6RORSHUPDQHFLyHQHVWHFRQYHQWR
WUHVDxRVHQWUDQGRHQHOGH&DEDOOHURGH*UDFLDGHODVFRQFHSFLRQLVWDV\
VLHQGRHVWDYH]VXPDGULQDODGXTXHVDGH%HQDYHQWH)XHSUHFLVDPHQWHHQ
HVHDxRGHFXDQGRPRVWUyXQDOODJDHQHOFRVWDGRL]TXLHUGRTXHVH
LQWHUSUHWy FRPR XQ HVWLJPD (O  GH HQHUR GHO DxR VLJXLHQWH KL]R
SURIHVLyQVROHPQHHQOD2UGHQGHOD,QPDFXODGD&RQFHSFLyQGH1XHVWUD
6HxRUDFRQFHSFLRQLVWDVIUDQFLVFDQDVGHVFDO]DVHQHOFRQYHQWRGH-HV~V
0DUtD\-RVpGHO&DEDOOHURGH*UDFLDHQ0DGULGWRPDQGRHOQRPEUHGH
VRU 0DUtD 5DIDHOD GH ORV 'RORUHV \ GHO 3DWURFLQLR 'XUDQWH  OD
PRQMDDOHJDUtDKDEHUUHFLELGRYDULDVYLVLRQHVGHO6DQWtVLPR&ULVWRGHOD
3DODEUD\GHOD9LUJHQGHO2OYLGR7ULXQIR\0LVHULFRUGLDV\PRVWUDUtD
OODJDVHQORVSLHV\HQODVPDQRVTXHVHLQWHUSUHWDURQQXHYDPHQWHFRPR
HVWLJPDV(QXQDVRFLHGDGVXPLGDGHVGHKDFtDVLJORVHQODPiVSURIXQGD
FHQWHUVWLFLyQ UHOLJLRVD VRU 3DWURFLQLR FDXVy LQPHGLDWD VHQVDFLyQ
VHQVDFLyQTXHWHQtDVXUHSHUFXVLyQSROtWLFDSRUTXHODPRQMDHUDSDUWLGDULD
GHORVFDUOLVWDV
(Q  IXH SURFHVDGD SRU LPSRVWXUD \ DFXVDGD GH DSR\DU OD FDXVD
FDUOLVWD 7UDV YDULRV WUDVODGRV GLR HQ OD FDVD GH DUUHSHQWLGDV GH 6DQWD
0DUtD 0DJGDOHQD GRQGH SHUPDQHFLy KDVWD TXH VH GLFWy VHQWHQFLD /D
FDXVD MXGLFLDO HQ OD TXH VH SUHWHQGtD DYHULJXDU HO RULJHQ GH ODV OODJDV
FHQWXHVWDPHQWH VREUHQDWXUDOHV FRQVWLWX\H XQ SDUDGLJPD GH OD SROtWLFD
GHHQJDxR\PHQWLUDSHUSHWUDGDGXUDQWHVLJORVSRUODLJOHVLDFDWyOLFDFRQ
OD ~QLFD ILQDOLGDG GH GHVYDOLMDU ODV DOPDV \ ORV EROVLOORV GH ORV ILHOHV
,QLFLDGDHOGHQRYLHPEUHGHHQHOFXUVRGHODPLVPDHOMXH]FLWyD
WUHV IDFXOWDWLYRV TXH H[DPLQDURQ FRQ ULJRU ODV FHQWXHVWDV KXHOODV GH OD
DFFLyQVREUHQDWXUDO\TXHVHFRPSURPHWLHURQDFXUDUODV(IHFWLYDPHQWH
OR FRQVLJXLHURQ \ HO  GH HQHUR HQ SUHVHQFLD GH ORV GRFWRUHV 'LHJR
$UJXPRVD 0DWHR 6HRDQH \ 0D[LPLOLDQR *RQ]iOH] DVt FRPR GH RWURV
QRWDEOHV SHUVRQDMHV HQWUH ORV TXH VH KDOODED HO DQWLJXR SUHWHQGLHQWH
6DOXVWLDQR2Oy]DJDVHSURFHGLyDXQH[DPHQTXHGHMyGHPDQLILHVWRTXH
ORV FHQWXHVWRV HVWLJPDV VH KDEtDQ FXUDGR FLFDWUL]iQGRVH 6RPHWLGLWRD D
MXUDPHQWRODPRQMDUHODWyODYHUGDGVREUHODVOODJDV
(Q HO RULJHQ GHO IUDXGH VH KDOODED HO VRPHWLPLHQWR LUUDFLRQDO TXH ODV
PRQMDV GHPRVWUDEDQ KDFLD VDFHUGRWHV \ UHOLJLRVRV 8Q IUDLOH FDSXFKLQR
OODPDGR IUD\ )HUPtQ GH$OFDUD] OH KDEtD HQWUHJDGR VLHQGR QRYLFLD XQD
UHOLTXLDTXHDSOLFDGDDFXDOTXLHUSDUWHGHOFXHUSRFDXVDEDXQDOODJDTXH
GHEtDWHQHUVHDELHUWDSDUDVHJXLUSDGHFLHQGR\WHQLHQGRWDOPRUWLILFDFLyQ
RIUHFLHQGRD'LRVORVGRORUHVFRPRSHQLWHQFLDGHODVFXOSDVFRPHWLGLWRDV
>@PDQGiQGRODDSOLFDVHDODVSDOPDVGHODVPDQRV\DOGRUVRGHHOODVD
ODV SODQWDV \ SDUWH FHQWHULRU GH ORV SLHV HQ HO FRVWDGR L]TXLHUGR \
DOUHGHGRU GH OD FDEH]D HQ IRUPD GH FRURQD HQFDUJiQGROD PX\
HVWUHFKDPHQWH EDMR REHGLHQFLD \ ODV PiV WHUULEOHV SHQDV HQ HO RWUR
PXQGRTXHQRPDQLIHVWDVHDQDGLHGHTXpODKDEtDQSURYHQLGR\TXHVLOH
SUHJXQWDEDQ GHEHUtD GHFLU TXH VREUHQDWXUDOPHQWH VH KDEtD KDOODGR HQ
HOODV(QRWUDVSDODEUDVODVKHULGDVHUDQDXWRLQIOLJLGDVDLQVWDQFLDVGH
XQIUDLOH\VRSHQDGHORVSHRUHVFDVWLJRVVREUHQDWXUDOHV/DILQDOLGDGGH
DTXHOOD FRQGXFWD LPSRVLEOH GH GLVFXOSDU KDEtD VLGR OD PLVPD TXH KDEtD
OOHYDGRSRUHMHPSORD*RQ]DORGH%HUFHR\DRWURVDXWRUHVDHVFULELUORV
PLODJURV GH GHWHUPLQDGRV VDQWRV HO PiV GHVFDUQDGR DIiQ GH OXFUR /D
IDPD GH VDQWLGDG GH VRU 3DWURFLQLR HUD PiV TXH VXVFHSWLEOH GH UHSRUWDU
OLPRVQDV\GRQDFLRQHVDODRUGHQ
&RPRGHWDOOHPHQRUVLVHTXLHUHSHURQRPHQRVHORFXHQWHHOSURFHVR
GHMy GH PDQLILHVWR TXH XQ UHODWR GH VRU 3DWURFLQLR UHODWLYR D TXH KDEtD
VLGROOHYDGDSRUXQGHPRQLRSRUORVDLUHVKDVWDXQWHMDGLOORGRQGHKDEtD
VLGR GHVFXELHUWD SRU RWUDV PRQMDV VXFLD \ FXELHUWD GH WLHUUD HUD RWUD
SDWUDxD \D TXH UHVXOWDED IiFLO DFFHGHU DO OXJDU GHVGH XQ YHQWDQDO GHO
FRQYHQWR4XpKDEtDHVWDGRKDFLHQGRODPRQMDHQDTXHOHQFODYHGRQGHOD
GHVFXEULHURQ VXV FRPSDxHUDV VLJXH VLQ HVWDU HVFODUHFLGR SHUR ORV
SDUDOHORVFRQKLVWRULDVGHRWUDVLQIHOLFHVHMHFXWDGDVSRUOD,QTXLVLFLyQVRQ
OODPDWLYRV
(OMXH]VHHVIRU]ySRUTXHHOIUDLOHFRPSDUHFLHUDSHURIXHLPSRVLEOHGDU
FRQpOSRUKDEHUVHDXVHQWDGRGHOUHLQRXQDFLUFXQVWDQFLDTXHHOILVFDO
LQWHUSUHWy VHJXUDPHQWH FRQ UD]yQ FRPR PXHVWUD FODUD GH VX
FXOSDELOLGDG WHVLV UHFRJLGD SRU RWUD SDUWH HQ OD VHQWHQFLD /D PLVPD
GHIHQVD GHVHPSHxDGD SRU -XDQ 0 *RQ]iOH] $FHYHGR UHFRQRFLy TXH
WRGDVODVKLVWRULDVGHPLVWLFLVPR\HVWLJPDVHUDQPHQWLUDSHURLQVLVWLyHQ
VXEUD\DU TXH VX GHIHQGLGD KDEtD VLGR YtFWLPD GHO IUDXGH \ TXH GH QR
KDEHUVH GHVFXELHUWR VH KDEUtD YLVWR FRQGHQDGD D XQD PXHUWH OHQWD \
SHQRVD(UDFLHUWRORTXHDOHJDEDHOGHIHQVRU\QRSXHGHQHJDUVHTXH
DOUHSDVDUODVDFWDVGHOSURFHVRODVHQVDFLyQTXHVHGHVSUHQGHGHHOODVHV
TXHODPRQMDHUDIXQGDPHQWDOPHQWHYtFWLPD
/D VHQWHQFLD GLFWDGD HQ 0DGULG HO  GH QRYLHPEUH GH  UHVXOWy
YHUGDGHUDPHQWH VDORPyQLFD 3RU XQ ODGR GHMy GH PDQLILHVWR TXH VRU
3DWURFLQLR KDEtD SHUSHWUDGR XQ IUDXGH DO TXH WHQtD TXH KDEHUVH QHJDGR
GDQGR FXHQWD D VXV FHQWHULRUHV SHUR SRU RWUR VH DSR\y HQ VX
DUUHSHQWLPLHQWR SDUD FRQGHQDUOD D VHU GHVWHUUDGD D XQ FRQYHQWR TXH
HVWXYLHUDDQRPHQRVGHFXDUHQWDOHJXDVGHODFRUWH/DPRQMDVRSRUWyOD
VLWXDFLyQ SRFR WLHPSR \ VH GLULJLy D OD UHLQD SDUD TXH OD SHUPLWLHUDQ
WUDVODGDUVH D RWUR OXJDU 0DUtD &ULVWLQD DWHQGLy D VXV V~SOLFDV \ DVt VRU
3DWURFLQLRVHHVWDEOHFLyHQ7RUUHODJXQDSRUXQOXVWUR
(Q FLUFXQVWDQFLDV QRUPDOHV VRU 3DWURFLQLR TXH KDEtD FRPHQ]DGR D
HVFULELU XQD REUD TXH LQLFLDOPHQWH LED D OODPDUVH0HV GH 0DUtD
3HUSHWXR \ TXH DO ILQDO UHFLELy HO QRPEUH GH/LEUR GH 2UR KXELHUD
WHUPLQDGRDKtVXFDUUHUD(QUHDOLGDGDFDEDEDGHFRPHQ]DUOD6LHQGR\D
,VDEHO,,UHLQDVHSHUPLWLyDVRU3DWURFLQLRUHJUHVDUD0DGULG\HQWUDUHQ
HOFRQYHQWRGH/D/DWLQD(QWRQFHVGHPDQHUDFLHUWDPHQWHVRUSUHQGHQWH
WUDEyUHODFLyQFRQODUHLQDTXHODFRQYLUWLyHQVXFRQVHMHUD(QOD
PRQMDHUDPDHVWUDGHQRYLFLDVHQHOFRQYHQWRGH-HV~V1D]DUHQR$HVDV
DOWXUDVVRU3DWURFLQLRTXHGLVIUXWDUtDGHODFRPSDxtDGHOSDGUH&ODUHW
HQODLQWLPLGDGHVSLULWXDOGHODUHLQDORPLVPRGDEDD,VDEHO,,FRQVHMRV
VREUHORVSROtWLFRVTXHOHLQVLVWtDSDUDTXHLQWHUFHGLHUDDQWHHOSDSDDILQ
GHTXHSURFODPDUDHOGRJPDGHOD,QPDFXODGD&RQFHSFLyQGH0DUtD(O
SRGHU GH OD PRQMD GH ODV OODJDV HUD VRUSUHQGHQWH \ GHVGH OXHJR
VREUHFRJHGRU HQ XQD QDFLyQ PRGHUQD \ H[SOLFD OD RSRVLFLyQ TXH IXH
GHVSHUWDQGR6L1DUYiH]KDUWRGHVXVLQWULJDVODGHVWHUUyD%DGDMR]XQ
GHVWLHUURTXHSRUUD]RQHVREYLDVGXUySRFRHQIXHYtFWLPDGHXQ
DWHQWDGRFRQDUPDGHIXHJRGHOTXHVDOLyLOHVD3XHGHLPDJLQDUVHTXHQR
IXHGLItFLOLQVWUXPHQWDUDTXHOHSLVRGLRHQEHQHILFLRSURSLR3RFRGHVSXpV
IXHHOHJLGDDEDGHVDXQFDUJRTXHHMHUFHUtDHQGLVWLQWRVFRQYHQWRVKDVWD
VXPXHUWH
(OSHVRGHODPRQMDVREUHHOiQLPRGHODUHLQDUHVXOWDEDWDQRPQtPRGR
TXHHOJRELHUQRFRQYHQFLGRGHTXHQRKDEtDGHMDGRGHVHUXQDIDUVDQWH
GHFLGLyHQYLDUODD5RPDSDUDTXHSURFHGLHUDQDHVWXGLDUVXFRQGXFWD1R
OR FRQVLJXLy 6RU 3DWURFLQLR DOHJy GXUDQWH HO YLDMH TXH VH VHQWtD
HQIHUPD\QROOHJyVLTXLHUDDSLVDUVXHORLWDOLDQR'HUHJUHVRD(VSDxD
IXH WUDVODGDGD SRU RUGHQ GHO JRELHUQR DO FRQYHQWR GH ODV +HUPDQDV
'HVFDO]DV GH 7ROHGR \ SRVWHULRUPHQWH DO GH ODV FODULVDV GH 6DQWD
&DWDOLQD 0iUWLU GH %D]D$ HVDV DOWXUDV VX SDSHO HQ OD SROtWLFD HUD WDQ
FRQRFLGR\WDQLQQHJDEOHTXHHODU]RELVSRGH7ROHGRGHFLGLyWUDQVJUHGLU
ODV yUGHQHV GHO JRELHUQR \ VDFDUOD GHO FRQYHQWR DOHJDQGR TXH VH LED D
GHGLFDUDODUHIRUPDGHODVFDVDVGHUHOLJLyQ&RPHQ]yDFRQWLQXDFLyQD
IXQGDU GLVWLQWRV FRQYHQWRV HQ HO GH $UDQMXH] VHUtD REMHWR GH RWUR
DWHQWDGRSRUDUPDGHIXHJRWDPELpQVLQHIHFWRPLHQWUDVVXSHVRVRFLDO
FRQWLQXDEDDXPHQWDQGRDQWHHOKRUURUGHQRSRFRVTXHQRSRGtDQYHUFRQ
EXHQRVRMRVTXHODYROXQWDGGHODUHLQDHVWXYLHUDVXMHWDDODVSDODEUDV\
ODV DFFLRQHV GH XQD FRQRFLGD IDUVDQWH (Q HVH HVWDGR GH FRVDV HQ 
HVWDOOy OD UHYROXFLyQ (Q XQ JHVWR GH LQWHOLJHQFLD HO FDUGHQDO &LOLULD VH
DSUHVXUy D VDFDU D OD PRQMD GH (VSDxD SDUD HYLWDU TXH SXGLHUD FDHU HQ
PDQRV GH ORV UHYROXFLRQDULRV <D KDEtD FRQIHVDGR FXDQGR HUD PXFKR
PHQRV LPSRUWDQWH XQ IUDXGH \ HV SDUD VRVSHFKDU OR TXH KXELHUD SRGLGR
GHFLUHQVHGHMXGLFLDOGHYHUVHVRPHWLGLWRDDXQQXHYRSURFHVR
6LQHPEDUJRQLVLTXLHUDHOGHVWLHUURDFDEyFRQODFDUUHUDGHODPRQMD
1DGD PiV OOHJDU DO WURQR$OIRQVR ;,, KLMR GH ,VDEHO ,, VRU 3DWURFLQLR
UHJUHVy D (VSDxD FRQWLQXDQGR FRQ VX ODERU IXQGDGRUD KDVWD HO DxR
DQWHULRU D VX PXHUWH DFDHFLGD HQ  (Q  VH GDED LQLFLR D VX
SURFHVRGHEHDWLILFDFLyQ7RGRXQVtPERORSDUDXQD(VSDxDTXHGXUDQWH
VLJORVVHKDQHJDGRDYHUODUHDOLGDGGHODLJOHVLDFDWyOLFD
$TXHOODVXPLVLyQDORVGHVHRVHFOHVLDOHVH[SOLFDPiVTXHVREUDGDPHQWH
ODFHJXHUDVXIULGDSRUODUHLQD\SRUHOVLVWHPD$LQLFLRVGH,VDEHO
,,UHFLELyOD5RVDGH2URRWRUJDGDSRUHOSDSD3tR,;FRPRPXHVWUDGH
UHFRQRFLPLHQWRGHORTXHODUHLQDKDEtDUHDOL]DGRHQSURGHOFDWROLFLVPR
/DSUHQVDGHODpSRFDGLRDEXQGDQWHHVSDFLRDOHSLVRGLR$OVLVWHPDVLQ
HPEDUJRDSHQDVOHTXHGDEDQXQDVVHPDQDVGHYLGD
 


(OIDOOLGRLQWHQWRGHXQDFRQVWLWXFLyQGHPRFUiWLFD

/$6&21'(1$63$3$/(6'(/$/,%(57$'

&XDQGRHOUpJLPHQLVDEHOLQRKDEtD\DHQWUDGRHQFULVLVHOSDSD3tR,;
VHxDOy FRPR \D WXYLPRV RFDVLyQ GH YHU ORV SHOLJURV TXH
FHQWXHVWDPHQWH VH UHODFLRQDEDQ FRQ OD OLEHUWDG GH SXEOLFDFLRQHV \ OD
FXULRVLGDG JUDQGH GH VDEHU 3RFR SXHGH VRUSUHQGHU SDUWLHQGR GH XQD
YLVLyQ DVt D ILQDOHV GHO VLJOR;,; HO DWUDVR FLHQWtILFR GXUDQWH VLJORV GH
(VSDxD 3RUWXJDO ,WDOLD \ WDQWDV QDFLRQHV TXH VHJXtDQ VHPHMDQWHV
SULQFLSLRV IUHQWH D ORV LPSXOVDGRV SRU ORV TXH *UHJRULR ;9, WDFKy GH
FULPLQDOHV \ DXGDFHV SURWHVWDQWHV 1R IXH OD ~QLFD FRQVHFXHQFLD
YHUGDGHUDPHQWHQHIDVWDGHVHPHMDQWHFRVPRYLVLyQ$HOODKD\TXHVXPDU
OD H[WUDRUGLQDULD GLILFXOWDG GHO SXHEOR HVSDxRO SDUD SRGHU WHQHU OLEHUWDG
VLQHPEULDJDUVHFRQHOOD\ODPDQHUDHQTXHODPHQWDOLGDGFDWyOLFDDFDEy
PROGHDQGRHOQDFLPLHQWR\SRVWHULRUGHVDUUROORGHXQDL]TXLHUGDWDUGtD\
SHFXOLDU7RGRHOORTXHGyGHPDQLILHVWRGXUDQWHHOGHQRPLQDGR6H[HQLR
5HYROXFLRQDULR
(QGHUULEDUDODUHLQD,VDEHO,,UHVXOWyUHODWLYDPHQWHIiFLOFRPR
VXHOH VXFHGHU FRQ ORV UHJtPHQHV H[KDXVWRV 0XFKR PiV GLItFLO LED VHU
SDUD ORV SURWDJRQLVWDV GH /D *ORULRVD FRQVWUXLU XQ UpJLPHQ TXH GLHUD
FDELGDDWRGRVORVHVSDxROHV\PiVFXDQGRODVIXHU]DVWULXQIDGRUDVHUDQ
LQFRPSDWLEOHV HQWUH Vt \ ORV HQHPLJRV FRQ ORV TXH GHEtDQ HQIUHQWDUVH
UHVXOWDEDQ FRORVDOHV (O DSR\R GH OD UHYROXFLyQ SURFHGtD GH VHJPHQWRV
SRSXODUHVGHODFLXGDGFRPRORVPLHPEURVGHODVFODVHVPHGLDV\EDMDV
GHODUWHVDQDGRRORVMRUQDOHURV\H[FOX\yDORVFDPSHVLQRVODPD\RUtD
GH OD VRFLHGDG HVSDxROD GH OD pSRFD \ D EXHQD SDUWH GH ODV FODVHV
PHGLDV \ DOWDV /DV IXHU]DV SROtWLFDV VH OLPLWDEDQ D OD 8QLyQ /LEHUDO
GLULJLGDSRU6HUUDQR\IDYRUDEOHDTXHHOQXHYRUH\IXHUD$QWRQLR0DUtD
GH 2UOHDQV HO GXTXH GH 0RQWSHQVLHU HO SDUWLGR GHPyFUDWD TXH VH
HVFLQGLy HQWUH ORV FLPEULRV PRQiUTXLFRV GH 1LFROiV 0DUtD 5LYHUR \ ORV
UHSXEOLFDQRV GH &DVWHODU \ 6DOPHUyQ \ XQ UHSXEOLFDQLVPR GH FDUiFWHU
IHGHUDO YLQFXODGR D 3L L 0DUJDOO 6HPHMDQWH FRQILJXUDFLyQ SROtWLFD
SODQWHDED OD DXVHQFLD GH XQ SURJUDPD FRP~Q PiV DOOi GHO
GHUURFDPLHQWR GH OD UHLQD \ OD H[LVWHQFLD GH GLYHUJHQFLDV LQVDOYDEOHV
FRPRODVUHODWLYDVDODIRUPDGHHVWDGR\DVXRUGHQDFLyQWHUULWRULDO
$ SHVDU GH WRGR OD LPSURQWD GH OD UHYROXFLyQ HUD SURIXQGDPHQWH
GHPRFUiWLFD \ HVD FLUFXQVWDQFLD H[SOLFD TXH GHVGH HO SULQFLSLR XQD GH
ODV FXHVWLRQHV HVHQFLDOHV SODQWHDGDV SRU HOOD IXHUD OD GH OLPLWDU ORV
SULYLOHJLRV LQFRPSDWLEOHV WRWDOPHQWH FRQ XQ HVWDGR YHUGDGHUDPHQWH
OLEHUDO GH TXH JR]DED OD LJOHVLD FDWyOLFD (Q XQ GHFUHWR GHO JRELHUQR
SURYLVLRQDO VH DILUPy OD YROXQWDG GH TXH VH FXPSOLHUD OD OH\ VREUH
FRPXQLGDGHV UHOLJLRVDV TXH QR HUUyQHDPHQWH LGHQWLILFDED FRPR SDUWH
LQWHJUDQWH \ SULQFLSDO GHO UpJLPHQ YHUJRQ]RVR TXH OD QDFLyQ DFDED GH
GHUULEDU FRQ WDQWD JORULD $SHQDV GRV VHPDQDV GHVSXpV HQ VX
0DQLILHVWRDODQDFLyQHOJRELHUQRVHxDODEDVXLQWHQFLyQGHUHVWULQJLU
HOSHVRGHODLJOHVLDFDWyOLFDHQODHGXFDFLyQ-X]JDEDHOJRELHUQRQRVLQ
UD]yQ TXH HVD FLUFXQVWDQFLD KDEtD UHSHUFXWLGR QHJDWLYDPHQWH HQ OD
HQVHxDQ]D 1R VRUSUHQGH SRU OR WDQWR TXH OD LJOHVLD FDWyOLFD VH
DSUHVXUDUD D UHDFFLRQDU DQWH OR TXH SUHYLVLEOHPHQWH VH DYHFLQDED (Q
GLFLHPEUHGHVHIRUPyOD$VRFLDFLyQGH&DWyOLFRVGH(VSDxDSDUD
FRQFXUULUDODVHOHFFLRQHVD&RUWHV(QHOODVHDJUXSDEDQORVFDUOLVWDV\HO
DOD PiV H[WUHPD GHO SDUWLGR PRGHUDGR FRQRFLGD FRPR ORV
QHRFDWyOLFRV ,QVSLUDGR HQ 'RQRVR &RUWpV HQ HVWH JUXSR
SUiFWLFDPHQWHQRTXHGDEDQDGDGHOOLEHUDOLVPRFRQILDQGRWRGDODGHIHQVD
GHXQRUGHQVRFLDODFXVDGDPHQWHFRQVHUYDGRUDODLJOHVLDFDWyOLFD8QRGH
VXVSUyFHUHV&iQGLGR1RFHGDOKDEtDOOHJDGRDUHFKD]DUXQSXHVWRHQHO
JRELHUQR GHO JHQHUDO 1DUYiH] SRUTXH OR FRQVLGHUDED GpELO IUHQWH D OD
UHYROXFLyQ 3DUD MX]JDU DFHUFD GH OD IDOWD GH HQHUJtD GH 1DUYiH] EDVWH
UHFRUGDUTXHHOFLWDGRJHQHUDOSXGRVHxDODUDOILQDOGHVXVGtDVTXHQROH
TXHGDEDQ HQHPLJRV SRU OD VHQFLOOD UD]yQ GH TXH ORV KDEtD IXVLODGR D
WRGRV
/D$VRFLDFLyQGH&DWyOLFRVGH(VSDxDIXHFUHDGDFRQODDSUREDFLyQGHO
SDSD \ GHVGH HO SULQFLSLR GHMy GH PDQLILHVWR TXH VX LQWHQFLyQ HUD
SURSDJDU\GHIHQGHUODVGRFWULQDVLQVWLWXFLRQHV\HOLQIOXMRVRFLDOGHOD
,JOHVLDVHxDODGDPHQWHVXOLEHUWDG\ODXQLGDGFDWyOLFDGH(VSDxD(Q
RWUDV SDODEUDV OD QXHYD HQWLGDG SUHWHQGtD PDQWHQHU XQRV SULYLOHJLRV
VHFXODUHVTXHVHUHIOHMDEDQHQHOFRQWUROGHODHQVHxDQ]DODDXVHQFLDWRWDO
\ DEVROXWD GH OLEHUWDG UHOLJLRVD \ HO FRQWURO GH OD PRUDO 6H SURGXMR
HQWRQFHV XQ IHQyPHQR TXH VH UHSHWLUtD YH] WUDV YH] HQ OD +LVWRULD GH
(VSDxD HO GHO IUDFDVR GH XQD RSFLyQ SROtWLFD FRQIHVLRQDO$SDUWH GH VX
PD\RU R PHQRU YLQFXODFLyQ FRQ OD LJOHVLD OD LGHD GH TXH HVWD SXGLHUD
FRQWDU FRQ XQ SHVR FHQWHULRU DO TXH \D GLVIUXWDED SURYRFy XQD UHDFFLyQ
FRQWUDULD \ HO UHVXOWDGR IXH XQ YHUGDGHUR GHVDVWUH HOHFWRUDO SDUD OD
$VRFLDFLyQGH&DWyOLFRVGH(VSDxD/RVHIHFWRVGHODGHUURWDHQODVXUQDV
UHVXOWDQD~QPiVHYLGHQWHVDOWHQHUHQFXHQWDHOKHFKRGHTXHODV&RUWHV
H[SUHVDPHQWH FRQVWLWX\HQWHV VXUJtDQ GH XQ VXIUDJLR XQLYHUVDO SRU
SULPHUDYH]SUDFWLFDGRHQ(VSDxD
'HVGH HO SULQFLSLR HO JRELHUQR SURYLVLRQDO GHMy GH PDQLILHVWR TXH
DSR\DUtD OD LGHD GH TXH OD QXHYD &RQVWLWXFLyQ LQFOX\HUD OD OLEHUWDG
UHOLJLRVDXQGHUHFKRUHVSHWDGRHQRWUDVQDFLRQHVGHVGHKDFtDVLJORVSHUR
DO TXH OD LJOHVLD FDWyOLFD VH KDEtD RSXHVWR GH PDQHUD HQFDUQL]DGD \
FUXHQWDDORODUJRGHOD+LVWRULD3DUDLPSHGLUHOUHFRQRFLPLHQWRGHHVH
GHUHFKR OD LJOHVLD FDWyOLFD GHVDWy XQD FDPSDxD FX\R REMHWLYR HUD
LPSRVLELOLWDUVXLQFOXVLyQHQHODUWLFXODGRFRQVWLWXFLRQDO6HUHXQLHURQDVt
FDVL WUHV PLOORQHV GH ILUPDV FRQWUDULDV D OD OLEHUWDG SHUR HVWD YH] OD
FRPSRVLFLyQGHODV&RUWHV\HQQRHVFDVDPHGLGDODFRQYLFFLyQGHTXH
VRORODOLPLWDFLyQGHOSRGHUGHODLJOHVLDFDWyOLFDSHUPLWLUtDDYDQ]DUKDFLD
XQ UpJLPHQ DXWpQWLFDPHQWH GHPRFUiWLFR LPSLGLHURQ TXH VH FRQVDJUDUDQ
FRQ HO p[LWR ODV PDQLREUDV OLEHUWLFLGDV (PLOLR &DVWHODU DUUDQFy HQ ODV
&RUWHV XQD HQFHQGLGD RYDFLyQ DO SURQXQFLDU XQ GLVFXUVR HQ GHIHQVD GHO
GHUHFKR D OD OLEHUWDG UHOLJLRVD \ DO FDER GH XQ PHV HO WH[WR
FRQVWLWXFLRQDOIXHDSUREDGRSRUXQDPD\RUtDDSODVWDQWH

(/)5$&$62'(/$021$548$'(02&57,&$

/D&RQVWLWXFLyQVXUJLGDGHOD*ORULRVD5HYROXFLyQGHIXHODPiV
GHPRFUiWLFDGHWRGDOD+LVWRULDGH(VSDxDVRSRUWDQGRPDJQtILFDPHQWHOD
FRPSDUDFLyQFRQODYLJHQWHGH\FHQWHUDQGRFRQDPSOLWXGQRVRORD
ODVDQWHULRUHVVLQRDODGHOD5HVWDXUDFLyQ\DODGHOD6HJXQGD5HS~EOLFD
(O WH[WR FRQVDJUDED HO VXIUDJLR XQLYHUVDO UHFRQRFtD SRU SULPHUD YH]
GHUHFKRV FRPR HO GH OLEHUWDG UHOLJLRVD \ GRWDED GH SOHQD OHJLWLPLGDG
GHPRFUiWLFD D OD PRQDUTXtD DO HOHJLU DO QXHYR UH\ (Q WHRUtD VH KDEtD
FRORFDGR OD PHMRU EDVH OHJDO SDUD HOHYDU XQ HVWDGR PRGHUQR HQ (VSDxD
&RPRHQRWUDVRFDVLRQHVDQWHV\GHVSXpVHOHGLILFLRVHUHYHODUtDIUiJLODO
FDUHFHUGHFLPLHQWRV(OJUDQGUDPDHUDTXHODQDFLyQKDEtDVXIULGRTXH
VX PHQWDOLGDG VH PRGHODUD GXUDQWH VLJORV HQ HO IDQDWLVPR UHOLJLRVR \ OD
LQWUDQVLJHQFLDLGHROyJLFD\TXHHOFRQWHQLGRGHODLPSHFDEOH&RQVWLWXFLyQ
FKRFDEDFRQPLQRUtDVFRQWUDULDV\DJUHVLYDVFRPRHUDQORVFDUOLVWDVORV
UHSXEOLFDQRV \ ORV IHGHUDOLVWDV \ GH PDQHUD PX\ HVSHFLDO FRQ ORV
LQWHUHVHVGHODLJOHVLDFDWyOLFD
3RUDxDGLGXUDHOPRQDUFDHOHJLGR$PDGHRGH6DER\DGXTXHGH$RVWD
HKLMRGH9tFWRU0DQXHO,,GH,WDOLDFRQWDEDFRQODLQTXLQDLQPHGLDWDGH
FDWyOLFRV \ FDUOLVWDV \D TXH 9tFWRU 0DQXHO HUD HO PRQDUFD TXH QR VROR
KDEtD XQLILFDGR ,WDOLD FRPR QDFLyQ VLQR TXH DGHPiV KDEtD UHGXFLGR DO
PtQLPR ORV (VWDGRV 3RQWLILFLRV &XDQGR D HVRV HQHPLJRV GHO QXHYR
UpJLPHQVHVXPDURQDOIRQVLQRV\UHSXEOLFDQRVHOPLVPRVHFRQYLUWLyHQ
SXQWR PHQRV TXH LQYLDEOH (VWRV JUXSRV ILQDOPHQWH DQLTXLODUtDQ HO
VLVWHPD
&RPR SUHVDJLR WUiJLFR GH OR TXH LED D VXFHGHU WUDV OD YLFWRULD GH OD
*ORULRVD 5HYROXFLyQ HO JHQHUDO 3ULP HQWXVLDVWD YDOHGRU GH$PDGHR GH
6DER\DIXHDVHVLQDGRDQWHVGHTXHHOQXHYRPRQDUFDOOHJDUDD(VSDxD(O
 GH QRYLHPEUH GH  $PDGHR IXH GHVLJQDGR SRU YRWDFLyQ GH ODV
&RUWHV (O  GH GLFLHPEUH $PDGHR DFHSWy \ HO  GHO PLVPR PHV
GHVHPEDUFyHQ&DUWDJHQDOOHJDQGRD0DGULGHOGHHQHURGH(QWUH
ODV IXHU]DV TXH HQFRQWUDUtD HQIUHQWH HQ VX SUR\HFWR GH PRQDUTXtD
FRQVWLWXFLRQDOILJXUDUtDHQSULPHUtVLPROXJDUODLJOHVLDFDWyOLFD1RVROR
HUD LQWROHUDEOH SDUD HVWD HO UHFRQRFLPLHQWR GHO GHUHFKR D OD OLEHUWDG
UHOLJLRVD VLQR TXH DGHPiV DWDFy YLUXOHQWDPHQWH OD H[LVWHQFLD GHO
PDWULPRQLRFLYLOFDOLILFiQGRORGHUHFRQRFLPLHQWROHJDOGHOFRQFXELQDWR
S~EOLFR-XQWRFRQODVSURWHVWDV\ODDJLWDFLyQFDOOHMHUDHOFOHURQRGXGy
HQDWL]DUODKRJXHUDGHODYLROHQFLDUHVSDOGDQGRXQOHYDQWDPLHQWRFDUOLVWD
TXH HQ  VH KDEtD FRQYHUWLGR HQ QXHYD JXHUUD FLYLO 6HPHMDQWH
UDGLFDOL]DFLyQ LPSXOVDGD GLUHFWDPHQWH SRU OD LJOHVLD FDWyOLFD UHSHUFXWLy
HQ OD FDtGD GH OD FRDOLFLyQ JXEHUQDPHQWDO IRUPDGD SRU ORV XQLRQLVWDV
OLEHUDOHV\ORVSURJUHVLVWDVGHMDQGRHQHOSRGHUVRORDHVWRV(QUHVSXHVWD
D OD JXHUUD FDUOLVWD HO JRELHUQR UHFXSHUy HOH[HTXDWXU XQD LQVWLWXFLyQ
MXUtGLFDSURFHGHQWHGHOVLJOR;9,,,TXHREOLJDEDDOD6DQWD6HGHDVROLFLWDU
SHUPLVR GHO JRELHUQR SDUD OD SXEOLFDFLyQ GH FXDOTXLHU EXOD R HVFULWR
SDSDO
7DQWR $PDGHR FRPR VX HVSRVD VH FRPSRUWDURQ GH PDQHUD HMHPSODU
SHURODVIXHU]DVDO]DGDVFRQWUDHOORVHUDQGHPDVLDGRSRGHURVDV(OGH
IHEUHURGHHOPRQDUFDDEGLFy<DDQWHVKDEtDH[FODPDGR $KSHU
%DFFR ,R QRQ FDSLVFR QLHQWH 6LDPR XQD JDEELD GH SD]]L QR HQWLHQGR
QDGD HVWR HV XQD MDXOD GH ORFRV $PDGHR FKRFDED QR VROR FRQ XQRV
DGYHUVDULRVWDLPDGRV\VLQHVFU~SXORVHQWUHORVTXHVHHQFRQWUDEDQRVROR
OD SURSLD LJOHVLD FDWyOLFD VLQR WDPELpQ FRQ XQ SXHEOR FX\D PHQWDOLGDG
IRUMDGDGXUDQWHVLJORVGHVFULELyGHODVLJXLHQWHPDQHUDHQHOGLVFXUVRHQ
TXHDQXQFLyVXUHQXQFLDDODFRURQDHVSDxROD

'RV DxRV ODUJRV KD TXH FLxR OD FRURQD GH (VSDxD \ OD (VSDxD YLYH HQ FRQVWDQWH
OXFKD YLHQGR FDGD GtD PiV OHMDQD OD HUD GH SD] \ GH YHQWXUD TXH WDQ DUGLHQWHPHQWH
DQKHOR 6L IXHUDQ H[WUDQMHURV ORV HQHPLJRV GH VX GLFKD HQWRQFHV DO IUHQWH GH HVWRV
 VROGDGRVWDQYDOLHQWHVFRPRVXIULGRVVHUtDHOSULPHURHQFRPEDWLUORVSHURWRGRVORV
TXHFRQODHVSDGDFRQODSOXPDFRQODSDODEUDDJUDYDQ\SHUSHW~DQORVPDOHVGHOD
QDFLyQ VRQ HVSDxROHV WRGRV LQYRFDQ HO GXOFH QRPEUH GH OD SDWULD WRGRV SHOHDQ \ VH
DJLWDQ SRU VX ELHQ \ HQWUH HO IUDJRU GHO FRPEDWH HQWUH HO FRQIXVR DWURQDGRU \
FRQWUDGLFWRULRFODPRUGHORVSDUWLGRVHQWUHWDQWDV\WDQRSXHVWDVPDQLIHVWDFLRQHVGHOD
RSLQLyQ S~EOLFD HV LPSRVLEOH DILUPDU FXiO HV OD YHUGDGHUD \ PiV LPSRVLEOH WRGDYtD
KDOODUUHPHGLRSDUDWDPDxRVPDOHV/RVKHEXVFDGRiYLGDPHQWHGHQWURGHODOH\\QR
ORKHKDOODGR)XHUDGHODOH\QRKDGHEXVFDUORTXLHQKDSURPHWLGLWRRREVHUYDUOD

(QKRQRUGHOUH\GHEHGHFLUVHTXHVHWUDWDEDGHXQGLDJQyVWLFREDVWDQWH
H[DFWRGHODUHDOLGDG

/$35,0(5$5(3%/,&$

/D SURFODPDFLyQ GH OD 3ULPHUD 5HS~EOLFD WXYR OXJDU SRU SXUR
DJRWDPLHQWRGHXQVLVWHPDTXHWUiJLFDPHQWHDFDEDEDGHFRPHQ]DU3HUR
OD 5HS~EOLFD D GLIHUHQFLD GH OR VXFHGLGR HQ RWUDV QDFLRQHV HVWDED
WDPELHQFRQGHQDGDDOIUDFDVR%DVWHUHFRUGDUTXHHQPHQRVGHXQDxRVH
SURFHGLy D OD LQYHVWLGXUD GH FXDWUR SUHVLGHQWHV )LJXHUDV 3L L 0DUJDOO
6DOPHUyQ\&DVWHODU7HyULFDPHQWHORVUHSXEOLFDQRVHUDQIDYRUDEOHVDOD
VHSDUDFLyQ GH OD LJOHVLD \ HO HVWDGR SHUR HO GHVRUGHQ FUHFLHQWH LPSLGLy
TXH SXGLHUD FRQFUHWDUVH (O SULPHU JRELHUQR UHSXEOLFDQR GXUy WDQ VROR
WUHFHGtDVFD\ySRUODDXVHQFLDGHGLVFLSOLQDHQORVFXDUWHOHV\GLRSDVRD
XQ VHJXQGR JRELHUQR OODPDGR GH ORV SiMDURV SRUTXH ORV PLQLVWURV VH
OODPDEDQ3L7XWDX6RUQt\&KDR$QWHXQDVLWXDFLyQVHPHMDQWHHOFOHUR
FDWyOLFR QR GXGy HQ D]X]DU HQ ODV 9DVFRQJDGDV D ORV FDUOLVWDV SDUD TXH
YROYLHUDQ D HFKDUVH DO PRQWH SURFODPDQGR D XQ UH\ GH QXOD OHJLWLPLGDG
OHJDO(Q&DWDOXxDPLHQWUDVWDQWROD'LSXWDFLyQSURFODPyVLQHOPHQRU
UHVSHWRSRUODOHJDOLGDGHO(VWDGRFDWDOiQ
'HPDQHUDELHQUHYHODGRUD)LJXHUDVDSURYHFKyODPXHUWHGHVXHVSRVD
SDUDSHGLUXQSHUPLVRGHOTXH\DQRUHJUHVy/RVXVWLWX\yHQHOFDUJRTXH
WDQ PDO KDEtD GHVHPSHxDGR HO SUHVLGHQWH LQWHULQR 3L L 0DUJDOO 6X
SUHVLGHQFLD EDMR OD TXH VH UHGDFWy XQ GLVSDUDWDGR SUR\HFWR GH
FRQVWLWXFLyQUHSXEOLFDQDUD\yHQHOGHOLULR\VHJXUDPHQWHQRSRGtDVHU
GH RWUD PDQHUD SRUTXH 3L L 0DUJDOO HUD PiV XQ GLULJHQWH FRQ
FDUDFWHUtVWLFDVGHIXQGDGRUGHXQDRUGHQUHOLJLRVDYHOHLGDGHVDVFpWLFDV
LQFOXLGDV TXH XQ SROtWLFR VHQVDWR 'H PDQHUD QDGD VRUSUHQGHQWH VXV
WHVLV DFDEDURQ VLHQGR DVLPLODGDV SRU HO DQDUTXLVPR RWUR PRYLPLHQWR
TXH HQ (VSDxD SUHVHQWDED XQD PHQWDOLGDG SURIXQGDPHQWH UHOLJLRVD
PXFKR PiV FHUFDQD D OD LJOHVLD FDWyOLFD TXH D XQ DQiOLVLV PHUDPHQWH
SROtWLFR
(VHPLVWLFLVPRSROtWLFRFDUHQWHSRURWUDSDUWHGHOIUtRUHDOLVPRGHOD
LJOHVLD FDWyOLFD WXYR FRPR FRQVHFXHQFLD XQD GHVLQWHJUDFLyQ WHUULWRULDO
H[WUDRUGLQDULD 6H SURFODPDURQ UHS~EOLFDV LQGHSHQGLHQWHV &DWDOXxD
0iODJD&iGL]6HYLOOD*UDQDGD9DOHQFLD\&DVWHOOyQ6HWUDWDEDVRORGHO
SULQFLSLR$VtSRUHMHPSOR&DPXxDVXQSXHEORVLWXDGRMXQWRDODUD\D
GH 7ROHGR \ &LXGDG 5HDO VH GHFODUy LQGHSHQGLHQWH \ VREHUDQR <
FRQRFLGRHVFyPRQDFLyWDPELpQHOFDQWyQGH&DUWDJHQDTXHWXYRFRPR
FDXGLOORDOKXHUWDQR$QWRQHWH*iOYH]PLHQWUDVODUHS~EOLFDLQGHSHQGLHQWH
GH*UDQDGDGHFODUDEDODJXHUUDDODGH-DpQRODGH-XPLOODGHFLGtDLUDOD
JXHUUDFRQWUDWRGDVODVQDFLRQHVYHFLQDVLQFOXLGD0XUFLD3LFD\yXQ
GH MXOLR WUDV DILUPDU TXH ORV SURWDJRQLVWDV GHO HSLVRGLR GHO FDQWyQ GH
&DUWDJHQDHUDQVXVFRUUHOLJLRQDULRV\TXHpOHUDSDUWLGDULRGHODSROtWLFD
GHFRQFHVLRQHV
(O IUDFDVR HVWUXHQGRVR GH ORV GRV SULPHURV SUHVLGHQWHV UHSXEOLFDQRV
DEULy FDPLQR KDFLD XQ LQWHQWR GH UHS~EOLFD XQLWDULD TXH PDQWXYLHUD OD
HVWDELOLGDGSROtWLFD\ODLQWHJULGDGWHUULWRULDOGHODQDFLyQ$VtGHPDQHUD
ELHQVLJQLILFDWLYDOD3ULPHUD5HS~EOLFDDFDEyVLHQGRDSXQWDODGDSRUODV
ED\RQHWDV 6DOPHUyQ LQWHQWy DFDEDU FRQ HO FDQWRQDOLVPR UHFXUULHQGR DO
HMpUFLWRSHURIUDFDVyDFRVDGRSRUORVFDUOLVWDVTXHQRORJUDURQXQLUHO
IRUDOLVPR FRQ HO PRYLPLHQWR FDQWRQDOLVWD \ SRU ORV FDQWRQDOLVWDV
6DOPHUyQGLPLWLyHOGHVHSWLHPEUHDOQHJDUVHDILUPDUXQDVVHQWHQFLDV
GH PXHUWH /R VXVWLWX\y (PLOLR &DVWHODU $XQTXH KDEtD GHIHQGLGR
EULOODQWHPHQWH HO GHUHFKR D OD OLEHUWDG UHOLJLRVD \ HUD XQ SDUWLGDULR
GHFLGLGRGHODVHSDUDFLyQGHODLJOHVLD\HOHVWDGR&DVWHODUFHQWRFDSWDU
TXHODUHYROXFLyQLQTXLHWDEDORVXILFLHQWHPHQWHDODLJOHVLDFDWyOLFDFRPR
SDUD OOHJDU D DOJ~Q WLSR GH DFXHUGR 6DJD]PHQWH LQLFLy XQD VHULH GH
QHJRFLDFLRQHV FRQ OD 6DQWD 6HGH SDUD FXEULU QXPHURVDV YDFDQWHV
HSLVFRSDOHV /DV JHVWLRQHV WXYLHURQ p[LWR \ SURYRFDURQ OD FRPSUHQVLEOH
LUULWDFLyQ GH ORV FDUOLVWDV \ GH RWURV JUXSRV FDWyOLFRV TXH QR OOHJDEDQ D
HQWHQGHU TXH OD 6DQWD 6HGH VH SUHVWDUD D ODV PDQLREUDV GHO UHSXEOLFDQR
&RPR HQ WDQWDV RFDVLRQHV DQWHV \ GHVSXpV DTXHOORV ILHOHV FDWyOLFRV QR
DFHUWDEDQ D SHUFDWDUVH GH TXH OD LJOHVLD D OD TXH SHUWHQHFtDQ WHQtD
LQWHUHVHVPX\FHQWHULRUHVDORVVX\RVSDUWLFXODUHV
&DVWHODU KXELHUD GHVHDGR DVHQWDU XQD UHS~EOLFD TXH FRQWXYLHUD OD
UHYROXFLyQ\OOHYDUDD(VSDxDKDFLDODPRGHUQLGDGSHURODJXHUUDFDUOLVWD
\ XQD QXHYD VXEOHYDFLyQ HQ &XED LPSLGLHURQ VHPHMDQWH SRVLELOLGDG 6X
SUHVLGHQFLD FRQFOX\y HO  GH HQHUR GH  GH PDQHUD LQHVSHUDGD
&XDQGRODPD\RUtDGHO&RQJUHVRHVWDEDGLVSXHVWDDGHUULEDUOR\VHVDEtD
TXHDOJXQRVPLOLWDUHVGHVHDEDQPDQWHQHUORHQHOSRGHUSRUVHUSHUVRQDGH
RUGHQ &DVWHODU DILUPy TXH HVWDED GLVSXHVWR D PRULU TXHGiQGRVH HQ OD
VHGH GHO OHJLVODWLYR 6LQ HPEDUJR OR FLHUWR HV TXH FXDQGR DSDUHFLy HO
FDSLWiQ JHQHUDO 3DYtD FRQ OD *XDUGLD &LYLO HQ HO HGLILFLR &DVWHODU QL VH
TXHGy QL PXULy &RPR WRGRV ORV GLSXWDGRV DEDQGRQy HO KHPLFLFOR
DOJXQR VH ODQ]y SRU ODV YHQWDQDV URPSLpQGRVH XQ WRELOOR DXQTXH OD
5HS~EOLFD D SHVDU GH WRGR FRQWLQXy WUDV OD FDtGD GH &DVWHODU (O
SURQXQFLDPLHQWRGH3DYtDIXHHOSULPHURHQOD+LVWRULDGH(VSDxDHQTXH
HVWXYR GH DFXHUGR WRGR HO HMpUFLWR 1R EXVFDED DFDEDU FRQ OD 5HS~EOLFD
VLQRHYLWDUTXHVHGHVSORPDUDDFDXVDGHODH[SHULHQFLDFDQWRQDOLVWD
'HPDQHUDELHQUHYHODGRUD3DYtDVHSURQXQFLyHOGHHQHURGH
SHURQRVHFUHyXQDMXQWDPLOLWDUQLWDPSRFRHOHMpUFLWRVRVWXYRD&DVWHODU
HQ VX FDUJR FRPR VH KDEtD SHQVDGR LQLFLDOPHQWH 3RU HO FRQWUDULR HO
JHQHUDO 6HUUDQR VH FRQYLUWLy HQ HO TXLQWR SUHVLGHQWH GH OR TXH DOJXQRV
DXWRUHVKDQGHQRPLQDGRUHS~EOLFDXQLWDULD6HUUDQRORJUyFLHUWDPHQWH
IUHQDU D ORV FDUOLVWDV SHUR OD 3ULPHUD 5HS~EOLFD HVWDED \D GDQGR VXV
~OWLPDVERTXHDGDV$GHFLUYHUGDGGXUDQWHDTXHOORVPHVHVODVGLIHUHQWHV
IXHU]DVSROtWLFDV\DVHGHGLFDEDQDSUHSDUDUVHSDUDHOQXHYRUpJLPHQXQ
UpJLPHQ HQ FX\D FRQILJXUDFLyQ WHQGUtD XQ SDSHO HVHQFLDO OD LJOHVLD
FDWyOLFD
 48,17$3$57(

(OUpJLPHQGHOD5HVWDXUDFLyQ


(OUpJLPHQGHOD5HVWDXUDFLyQ

(/18(925e*,0(1

(O IUDFDVR GHO 6H[HQLR 5HYROXFLRQDULR LED D GHVHPERFDU HQ XQ QXHYR
UpJLPHQ TXH VH LQWXtD \D HQ ORV HVWHUWRUHV GH OD 3ULPHUD 5HS~EOLFD
6XVWHQWDGR HQ XQD QXHYD UHVWDXUDFLyQ ERUEyQLFD LED D LQWHQWDU FDPELDU
WRGRSDUDTXHWRGRVLJXLHUDLJXDODOSHUtRGRDQWHULRUDOGHUURFDPLHQWRGH
,VDEHO,,'HPDQHUDQDGDVRUSUHQGHQWHHQHVDWUDQVLFLyQ\FRQILJXUDFLyQ
GHOQXHYRUpJLPHQWHQGUtDXQSDSHOHVSHFLDOODLJOHVLDFDWyOLFD$VtTXHGy
GH PDQLILHVWR GHVGH HO SULPHU PRPHQWR &RPR HQ RWURV HSLVRGLRV
DQWHULRUHV \ SRVWHULRUHV GH OD +LVWRULD GH (VSDxD ODV ROLJDUTXtDV GH
VLHPSUH IRUMDUtDQ XQ QXHYR UpJLPHQ D HVSDOGDV GHO SXHEOR \ OD LJOHVLD
FDWyOLFDXQDGHODVLQVWDQFLDVPiVEHQHILFLDGDVEHQGHFLUtDHOSURFHVR\
SRUFHQWXHVWRVHDSURYHFKDUtDGHpO
$QWRQLR &iQRYDV GHO &DVWLOOR JUDQ IDFWyWXP GH ODV LQWULJDV
UHVWDXUDFLRQLVWDVQRWXYRSUREOHPDVSDUDKDFHUVHFRQD\XGDVSURFHGHQWHV
GH LQGXVWULDOHV FDWDODQHV \ KDFHQGDGRV FXEDQRV GRV LQVWDQFLDV TXH QR
SRFDVYHFHVVHFRQIXQGtDQ/DUD]yQGHDTXHODSR\RHUDREYLD'XUDQWHOD
3ULPHUD 5HS~EOLFD VH KDEtD OOHYDGR D FDER XQ QXHYR LQWHQWR GH
OLEUHFDPELVPR LPSXOVDGR SRU HO FDWDOiQ /DXUHDQR )LJXHUROD VHFXQGDGR
SRU 6HJLVPXQGR 0RUHW (VH SDVR SURYRFy \ QR VRUSUHQGH HO
QDFLPLHQWRGHOQDFLRQDOLVPRFDWDOiQGRWDGRGHXQFDUiFWHUDFXVDGDPHQWH
SURWHFFLRQLVWD1RGHMDGHVHUVLJQLILFDWLYRTXHODVROLJDUTXtDVFDWDODQDV
SDVDUDQ GH PDQHUD DFHOHUDGD GHO IHGHUDOLVPR UHSXEOLFDQR DO
SURWHFFLRQLVPR UHJLRQDOLVWD 6HJXtDQ DVt XQD WUD\HFWRULD \D DQWHULRU TXH
KD SHUGXUDGR KDVWD HO GtD GH KR\ \ TXH HQ WRGDV ODV RFDVLRQHV KD
FRVWHDGR HO UHVWR GH (VSDxD )XH SUHFLVDPHQWH HO GLQHUR GH HVDV
ROLJDUTXtDVHOTXHSHUPLWLyD&iQRYDVRUJDQL]DUFtUFXORVDOIRQVLQRVSRUHO
SDtV
(QGLFLHPEUHGH&iQRYDVGLIXQGLyHO0DQLILHVWRGH6DQGKXUVWHQ
TXH $OIRQVR HO KLMR GH ,VDEHO ,, VH SURFODPDED EXHQ HVSDxRO EXHQ
FDWyOLFR \ YHUGDGHUDPHQWH OLEHUDO 'H HVD PDQHUD HO MRYHQ SUtQFLSH
WHQGtD OD PDQR D WRGRV ORV SRGHUHV IiFWLFRV TXH SRGtDQ HQWUHJDUOH HO
WURQR ODV ROLJDUTXtDV ORV HVSDxROHV KDUWRV GHO FDQWRQDOLVPR OD LJOHVLD
FDWyOLFD \ ORV SDUWLGDULRV GH XQ UpJLPHQ FRQVWLWXFLRQDO TXH QR IXHUD
GHPRFUiWLFR FRPR HO GH OD &RQVWLWXFLyQ GH  VLQR PiV G~FWLO D OD
DFFLyQ GH ORV JUXSRV GH SUHVLyQ (UD \D FXHVWLyQ FDVL GH GtDV TXH HO
UpJLPHQ UHSXEOLFDQR GHVDSDUHFLHUD \ DVt VXFHGLy FXDQGR HO  GH HVH
PLVPR PHV HO JHQHUDO $UVHQLR 0DUWtQH] &DPSRV VH SURQXQFLy HQ
6DJXQWRSURYRFDQGRODFDtGDGH6HUUDQR\EULQGDQGRD&iQRYDVHOSRGHU
(O QXHYR JRELHUQR VH FRQVWLWXtD FXDUHQWD \ RFKR KRUDV GHVSXpV GHO
SURQXQFLDPLHQWR 'HO 6H[HQLR 5HYROXFLRQDULR VROR TXHGDUtDQ OD SHVHWD
FUHDGDHQHOWUDQYtDGHPXODVHVWDEOHFLGRHQ\ODFRQYHUVLyQ
GHO%DQFRGH(VSDxDHQEDQFRQDFLRQDOFRQPRQRSROLRSDUDODHPLVLyQGH
PRQHGD HQ  (UD ELHQ SRFR SDUD WDQ JUDQGLRVR H[SHULPHQWR
GHPRFUiWLFR9ROYtDDTXHGDUGHPDQLILHVWRORPLVPRTXHKDEtDVXFHGLGR
HQHOTXHXQSXHEORPDQWHQLGRHQODPLQRUtDGHHGDGSRUODLJOHVLD
FDWyOLFD R UHFKD]DED VX OLEHUWDG DO JULWR GH 9LYDQ ODV FDHQDV R VH
UHYHODEDLQFDSD]GHDGPLQLVWUDUODVLQDUUXLQDUHOVLVWHPDTXHVHODKDEtD
FRQFHGLGR (VD PHQWDOLGDG GH VLJORV WHQGUtD DGHPiV XQD FRQVHFXHQFLD
GLUHFWD \ WUiJLFD HQ HO QXHYR RUGHQ SROtWLFR \ HQ OD FRQILJXUDFLyQ
SHFXOLDUGHODL]TXLHUGDHVSDxRODHQHVDPLVPDpSRFD
 (/6,67(0$'(/$5(67$85$&,1

(OQXHYRUpJLPHQXQLQWHQWRGHFDPELDUWRGRSDUDTXHWRGRVLJXLHUD
LJXDO VH HQIUHQWDED FRQ VLWXDFLRQHV HQ ODV TXH HO SDSHO GH OD LJOHVLD
FDWyOLFD QR HUD EDODGt (O SULPHUR HUD HO GHO FDUOLVPR XQ PRYLPLHQWR
SURIXQGDPHQWH FDWyOLFR TXH VH KDEtD HQIUHQWDGR FRQ ODV DUPDV HQ OD
PDQRDOVLVWHPDGHPRFUiWLFRGH\GHVSXpVDOD3ULPHUD5HS~EOLFD
(V FLHUWR TXH HO JROSH GHO JHQHUDO 3DYtD KDEtD SULYDGR GH IXHU]D DO
FDUOLVPRSHURODVSDUWLGDVFRPRODGHOFXUD6DQWD&UX]FRQWURODEDQ
DOJXQDV]RQDVGH&DWDOXxD9DVFRQJDGDV\1DYDUUDVDOYRODVFDSLWDOHV
 FUHDQGR XQ SHTXHxR HVWDGR EDMR &DUORV 9,, HO SUHWHQGLHQWH FDUOLVWD
1R HVWi GH PiV UHSDUDU HQ TXH VH WUDWDED GH ]RQDV GH (VSDxD TXH OXHJR
DEUD]DUtDQ XQ QDFLRQDOLVPR DQWLOLEHUDO WDPELpQ DPSDUDGR SURWHJLGR \
OHJLWLPDGRSRUODLJOHVLDFDWyOLFD(QDTXHOORVPRPHQWRVWUDVHOLPLQDUOD
UHVLVWHQFLDFDUOLVWDHQ&DWDOXxDVHGHVHQFDGHQyXQDRIHQVLYDTXHREOLJyD
&DUORV 9,, D VDOLU GH (VSDxD HO  GH IHEUHUR GH  HO PLVPR GtD HQ
TXH$OIRQVR;,,HQWUDEDHQ3DPSORQD3RUDxDGLGXUD5DPyQ&DEUHUDHO
KLVWyULFRJHQHUDOFDUOLVWDUHFRQRFLyFRPRUH\D$OIRQVR;,,
$VtHOSUREOHPDFDUOLVWDFRQFOX\yHQDSDULHQFLDJUDFLDVDXQDYLFWRULD
PLOLWDU TXH SUiFWLFDPHQWH KDEtD VLGR FRQVHJXLGD GXUDQWH OD 3ULPHUD
5HS~EOLFD\TXHVHWUDGXMRHQHOUHFRUWHGHORVIXHURVSHURODUHDOLGDG
HVTXHFRQWLQXyHQFODYHSROtWLFDDOFUHDU&iQRYDVGHMXOLRGHOD
ILJXUD GH ORV FRQFLHUWRV HFRQyPLFRV TXH SUHWHQGtDQ FRPSHQVDU GH ORV
IXHURV \ TXH FRQVWLWX\HURQ XQD FRQFHVLyQ LQMXVWLILFDGD GH SULYLOHJLR
HFRQyPLFRSDUDJXVWRGHYDVFRV\QDYDUURV(OHVWDGRGHOD5HVWDXUDFLyQ
TXHSUHWHQGtDVHUOLEHUDOGHHQWUDGDSRQtDODEDVHMXUtGLFDSDUDTXH(VSDxD
QR SXGLHUD VHU XQD QDFLyQ GH FLXGDGDQRV OLEUHV H LJXDOHV VLWXDFLyQ TXH
SHUGXUDDGtDGHKR\8QSUREOHPDGHQRPHQRUHQYHUJDGXUDVLJQLILFyOD
UHGDFFLyQGHOD&RQVWLWXFLyQ
&iQRYDV HUD FLHUWDPHQWH FRQVHUYDGRU \ GHVHDED FDVL SRU HQFLPD GH
WRGR LPSHGLU HO HVWDOOLGR GH XQD UHYROXFLyQ VRFLDO OR TXH VLJQLILFDED
HVWDEOHFHUXQVLVWHPDGHSDUWLGRVTXHVHWXUQDUDQHQHOSRGHU\VRPHWHUD
ORV PLOLWDUHV D OD DXWRULGDG FLYLO &RQ WRGR WDPELpQ HUD SOHQDPHQWH
FRQVFLHQWHGHTXHSRUODSURSLDQDWXUDOH]DGHOOLEHUDOLVPRGHWHUPLQDGDV
OLEHUWDGHV FRPR OD GH UHOLJLyQ QR SRGtDQ TXHGDU H[FOXLGDV GHO WH[WR
FRQVWLWXFLRQDO3RUDxDGLGXUD&iQRYDVGHVHDEDUHQHJRFLDUHO&RQFRUGDWR
GH  IXQGDPHQWDOPHQWH SRUTXH HVWDED GHFLGLGR D GDU HVWDELOLGDG DO
UpJLPHQ DPSOLDQGR VX EDVH VRFLDO \ HVD EDVH VH YHUtD UHGXFLGD VL VH
DFHSWDEDHOPDQWHQLPLHQWRGHWRGRVORVSULYLOHJLRVGHORVTXHGLVIUXWDED
ODLJOHVLDFDWyOLFD1RSUHWHQGtD&iQRYDVQLOHMDQDPHQWHODVHSDUDFLyQ
GHODLJOHVLD\HOHVWDGRRTXHHVWHGHMDUDGHVRVWHQHUHFRQyPLFDPHQWHD
ODSULPHUD6LQHPEDUJRGHWHUPLQDGDVFXHVWLRQHVH[WUDRUGLQDULDPHQWH
PRGHUDGDV SRU RWUD SDUWH OH SDUHFtDQ LQGLVSHQVDEOHV 7DO SRVLFLyQ
UHVXOWDEDDEVROXWDPHQWHLQWROHUDEOHSDUDODLJOHVLDFDWyOLFD
1DGD PiV FRPHQ]DU HO DxR  HV GHFLU D ORV SRFRV GtDV GHO
SURQXQFLDPLHQWR GH 0DUWtQH] &DPSRV \ FXDQGR WRGDYtD ORV FDUOLVWDV
FRPEDWtDQHQDOJXQDVUHJLRQHVHVSDxRODVXQJUXSRTXHUHFLELyHOQRPEUH
GH KLVWyULFRV \ TXH DVSLUDED VLPSOHPHQWH D UHJUHVDU DO VLVWHPD
LVDEHOLQRGHVDUUROOyXQDDJUHVLYDFDPSDxDHQSURGHODFHQWUHVLyQGHOD\D
UHFRQRFLGD OLEHUWDG UHOLJLRVD \ GH XQ FXPSOLPLHQWR HVWULFWR GHO
&RQFRUGDWR GH  TXH JDUDQWL]DED OD FRQIHVLRQDOLGDG FDWyOLFD GH
(VSDxD FRQ H[FOXVLyQ GH FXDOTXLHU RWUD UHOLJLyQ 'H PDQHUD IiFLO GH
FRPSUHQGHU ORV KLVWyULFRV SUHWHQGtDQ TXH WRGDV ODV OH\HV WRGDV ODV
GLVSRVLFLRQHV \ WRGRV ORV DFWRV GHO *RELHUQR VH LQIRUPHQ HQ HO HVStULWX
FDWyOLFR
/RV KLVWyULFRV QR HUD XQ JUXSR TXH DFWXDUD GH PDQHUD DLVODGD VLQR
TXHFRQWDEDFRQHOUHVSDOGRGHORVRELVSRV\GHPDQHUDELHQUHYHODGRUD
FRQHOGHOQXQFLR*LRYDQQL6LPHRQL(QIHEUHURGHDSRFRPiVGH
XQPHVGHOSURQXQFLDPLHQWRGH0DUWtQH]&DPSRVFXDQGRHOUpJLPHQQL
VLTXLHUD VH KDOODED HVWDEOHFLGR HO RELVSR GH -DpQ $QWROtQ 0RQHVFLOOR
KL]R S~EOLFD XQD FDUWD GLULJLGD D $OIRQVR ;,, HO QXHYR PRQDUFD SDUD
LQGLFDUOHTXHQRFRQWDUtDFRQHODSR\RGHORVFDWyOLFRVVLQRVHVRPHWtDD
ODVH[LJHQFLDVGHODLJOHVLDFDWyOLFD0RQVHxRU0RQHVFLOORQRDFWXDED
HQVROLWDULR3RUHOFRQWUDULRVHOLPLWDEDDH[SUHVDUODSRVLFLyQGHOSURSLR
SRQWtILFH
/D6DQWD6HGHGHVHDEDHQFDUHFLGDPHQWHXQUHJUHVRDOVWDWXTXRSUHYLRD
OD UHYROXFLyQ GH  FRQ OR TXH HVR VLJQLILFDED REYLDPHQWH GH
FHUFHQDPLHQWR GH ODV OLEHUWDGHV GH FRQVDJUDFLyQ GH SULYLOHJLRV \ GH
OLPLWDFLyQ GH IXQFLRQHV HVWDWDOHV FRPR OD HGXFDWLYD (O QXQFLR 6LPHRQL
HQODHQWUHJDGHFUHGHQFLDOHVD$OIRQVR;,,OHKDEtDHQWUHJDGRXQDFDUWD
GHO SDSD 3tR ,; HQ OD TXH VH H[LJtD TXH HO &RQFRUGDWR GH  VH
FXPSOLHUDHQVXSOHQRYLJRUSRUTXH(VSDxDQRSXHGHWHQHUHQVXVHQR
RWUR FXOWR TXH HO FDWyOLFR 6H WUDWDED GH XQD LQWURPLVLyQ LQWROHUDEOH
HQODVREHUDQtDQDFLRQDOSHURGHEHUHFRQRFHUVHQLHUDODSULPHUDYH]
QLVHUtDSRUGHVJUDFLDOD~QLFD
(O GHVDItR TXH OD LJOHVLD FDWyOLFD FRPHQ]DQGR SRU HO SURSLR SDSD
ODQ]DEDDOQXHYRJRELHUQRHUDIRUPLGDEOHV\&iQRYDVLQWHQWyHQIUHQWDUVH
FRQ pO GH PDQHUD HVSHFLDOPHQWH LQWHOLJHQWH $Vt HQ VX SULPHU DxR GH
JRELHUQRODSULPHUDPHGLGDTXHDGRSWyUHVSHFWRDODVLWXDFLyQIXHODGH
HPSOHDUHOGLQHURS~EOLFRHQD\XGDUDODVILQDQ]DVHFOHVLDOHVUHJUHVDQGRD
ODVLWXDFLyQSUHYLDDODUHYROXFLyQGH(QODSUiFWLFDHOSDVRGDGR
SRU &iQRYDV VLJQLILFy PXOWLSOLFDU SRU WUHFH OD DVLJQDFLyQ TXH KDEtD
UHFLELGRODLJOHVLDFDWyOLFDGHOIXJD]UpJLPHQDQWHULRU1RVHWUDWDEDVROR
GH GLQHUR DXQTXH OD FXHVWLyQ HFRQyPLFD UHVXOWDUD LPSRUWDQWH (O
JRELHUQR GHURJy DGHPiV XQD OH\ GH  TXH DXWRUL]DED D ORV DQWLJXRV
PLHPEURV GH yUGHQHV UHOLJLRVDV D FRQWUDHU PDWULPRQLR \ YROYLy D
LPSRQHU HO PDWULPRQLR FDQyQLFR FRPR ~QLFD IRUPD OHJDO GH FRQWUDHU
QXSFLDV SDUD ORV FDWyOLFRV &RPR FRORIyQ GH WRGDV HVWDV PHGLGDV HO
PLQLVWURUHVSRQVDEOHGHODHGXFDFLyQSURFHGLyDGHVSHGLUDXQDVHULHGH
SURIHVRUHVFRPR*XPHUVLQGRGH$]FiUDWH1LFROiV6DOPHUyQ\)UDQFLVFR
*LQHU GH ORV 5tRV D ORV TXH VH FRQVLGHUDED RSXHVWRV D ODV WHVLV GH OD
LJOHVLDFDWyOLFD
/DV FRQFHVLRQHV HQ WHUUHQRV FRPR HO GHUHFKR GH IDPLOLD HO
PDQWHQLPLHQWR S~EOLFR GHO FOHUR \ HO FRQWURO GH OD HQVHxDQ]D HUDQ WDQ
FODPRURVDVTXHVHKXELHUDHVSHUDGRTXHVHWHPSODUDQDOJRODVDQVLDVGHOD
LJOHVLD FDWyOLFD 1R IXH DVt /D LGHD GH TXH SXGLHUD H[LVWLU OLEHUWDG
UHOLJLRVD HQ (VSDxD UHVXOWDED LQDFHSWDEOH \ ORV JUXSRV GH SUHVLyQ
FDWyOLFRVORPLVPRSUHVLRQDURQD$OIRQVR;,,FXDQGRHVWHOOHJyD(VSDxD
SDUD H[LJLUOH TXH GHIHQGLHUD OD XQLGDG FDWyOLFD TXH VH HQWUHJDURQ D
GHQLJUDU D &iQRYDV /RV RELVSRV SRU VX SDUWH ODQ]DURQ GLYHUVDV
SURFODPDV D ILQ GH TXH HQ ODV HOHFFLRQHV D &RUWHV &RQVWLWX\HQWHV ORV
FDWyOLFRV QR YRWDUDQ D FDQGLGDWRV TXH HVWXYLHUDQ D IDYRU GH OD OLEHUWDG
UHOLJLRVD /RV RELVSRV GH OD SURYLQFLD HFOHVLiVWLFD GH 7DUUDJRQD
GHFODUDURQS~EOLFDPHQWHTXHQLQJ~QFDWyOLFRSXHGHYRWDUHVDOLEHUWDGGH
SHUGLFLyQ QL HQYLDU FRQ VX VXIUDJLR D ODV &RUWHV D DTXHOORV TXH VH
PXHVWUDQ GLVSXHVWRV D HVWDEOHFHUOD HQ (VSDxD 3RU VX SDUWH HO
FDUGHQDO %DUULR GH 9DOHQFLD VXEUD\y TXH OD OLEHUWDG UHOLJLRVD HUD XQD
OLEHUWDG IXQHVWtVLPD TXH QR SXHGH PHQRV GH RIHQGHU D 'LRV /RV
RELVSRVSRUFHQWXHVWRQRDFWXDEDQGHPDQHUDDXWyQRPDVLQRVLJXLHQGR
OD YROXQWDG H[SUHVD GHO SDSD 'H KHFKR ODV LQVWUXFFLRQHV VHFUHWDV GH OD
6DQWD 6HGH UHFLELGDV SRU HO QXQFLR HVWDEOHFtDQ TXH WHQtD TXH RSRQHUVH
HVSHFLDOPHQWHDOHMHUFLFLRS~EOLFRGHORVFXOWRVGLVLGHQWHV\DFXDOTXLHU
DFWR GHO JRELHUQR TXH WLHQGD D DGPLWLU OHJDOPHQWH OD OLEHUWDG GH
FXOWRV (O QXQFLR REHGHFLy SXQWXDOPHQWH DO SDSD KDVWD HO SXQWR GH
TXHGXUDQWHODSULPDYHUDGHDPHQD]yFRQDEDQGRQDU(VSDxDVLVH
WROHUDED OD OLEHUWDG UHOLJLRVD 6H PLUDUD FRPR VH PLUDUD ODV
FLUFXQVWDQFLDV GH &iQRYDV QR HUDQ IiFLOHV 6L FHGtD DQWH ODV SUHVLRQHV
YDWLFDQDVHOHVWDGROLEHUDOVHYHUtDHPDVFXODGRHQXQVHULRSUHFHGHQWHGH
ORTXHSRGtDVXFHGHUHQORVDxRVYHQLGHURVVLSRUHOFRQWUDULRLQVLVWtDHQ
TXHVHUHVSHWDUDXQGHUHFKRHOHPHQWDOSRGtDFROLVLRQDUFRQXQDRSRVLFLyQ
FDWyOLFD GLULJLGD IURQWDOPHQWH FRQWUD XQ UpJLPHQ TXH QR VROR QR HVWDED
DVHQWDGR VLQR TXH QL VLTXLHUD KDEtD FRQFOXLGR VX SURFHVR FRQVWLWX\HQWH
(QXQLQWHQWRSRUVDOYDUODVLWXDFLyQFRQDQWHULRULGDGDTXHVHUHXQLHUDQ
ODV&RUWHVHQIHEUHURGHHOJRELHUQRQRPEUyXQDFRPLVLyQHVSHFLDO
IRUPDGD SRU WUHLQWD \ QXHYH SROtWLFRV SDUD TXH SURFHGLHUD D UHGDFWDU HO
DUWtFXOR WRFDQWH DO GHUHFKR D OD OLEHUWDG UHOLJLRVD 6H OOHJy DVt D XQ
FRPSURPLVRTXHGHEtDVHUHODUWtFXORGHOD&RQVWLWXFLyQ\TXHUH]DED
DVt
 /D 5HOLJLyQ FDWyOLFD DSRVWyOLFD \ URPDQD HV OD GHO (VWDGR /D 1DFLyQ VH REOLJD D
PDQWHQHUHOFXOWR\VXVPLQLVWURV
1DGLH VHUi PROHVWDGR HQ WHUULWRULR HVSDxRO SRU VXV RSLQLRQHV UHOLJLRVDV QL SRU HO
HMHUFLFLRGHVXUHVSHFWLYRFXOWRVDOYRHOUHVSHWRGHELGRDODPRUDOFULVWLDQD
1RVHSHUPLWLUiQVLQHPEDUJRRWUDVFHUHPRQLDVQLPDQLIHVWDFLRQHVS~EOLFDVTXHODV
GHODUHOLJLyQGHO(VWDGR

$XQTXH GHEH UHFRQRFHUVH TXH VLJQLILFDED XQ HQRUPH DYDQFH HQ OD

+LVWRULD GH (VSDxD TXH DOJXLHQ QR IXHUD D VHU PROHVWDGR SRU QR VHU
FDWyOLFRFRQWRGRHOWH[WRHUDPX\OHMDQDPHQWHOLEHUDOHQODPHGLGDHQ
TXHHOFXOWRQRFDWyOLFRTXHGDEDFLUFXQVFULWRDOVHFUHWRGHODYLGDSULYDGD
$SHVDUGHVXFLFDWHUtDHODUWtFXORSDUHFLyLQWROHUDEOHDORVRELVSRVTXH
HPSUHQGLHURQ XQD FDPSDxD PX\ DJUHVLYD SDUD LPSHGLU TXH SXGLHUD VHU
DSUREDGR SRU ODV &RUWHV 1R VROR HV TXH ORV SUHODGRV FRPXQLFDURQ D
$OIRQVR;,,TXHVLQRLPSHGtDODSURPXOJDFLyQGHODUWtFXORVXSURFHGHU
VHUtDFRQWUDULRDODOH\GH'LRV\DODVHQVHxDQ]DVGHODLJOHVLDFDWyOLFD\
GHO5RPDQR3RQWtILFHVX&DEH]DYLVLEOHVLQRTXHHOPLVPR9DWLFDQR
LQWHUYLQR VHxDODQGR VX RSRVLFLyQ $ OR VXPR OD 6DQWD 6HGH HVWDED
GLVSXHVWD D TXH QR VH PROHVWDUD D ORV FUH\HQWHV GH RWUDV UHOLJLRQHV
VLHPSUHTXHVHUHFRQRFLHUDODXQLGDGFDWyOLFDGH(VSDxD\TXHDRWUDV
FRQIHVLRQHVQRVHOHVFRQFHGLHUDHVWDWXVOHJDODOJXQR
/DSRVLFLyQRILFLDOGHOD6DQWD6HGH\GHORVRELVSRVHUDPiVTXHREYLD
SHUR HQ OD YRWDFLyQ HQ &RUWHV SUHYDOHFLy HO SUDJPDWLVPR GH &iQRYDV \
WDPELpQHOGHVHRGHQRDJXDUPiVHOHVFDVROLEHUDOLVPRGHOUpJLPHQSRU
XQD FXHVWLyQ GH SULYLOHJLRV UHOLJLRVRV$Vt HO  GH PD\R GH  
PLHPEURV GHO &RQJUHVR GH ORV 'LSXWDGRV YRWDURQ D IDYRU PLHQWUDV OR
KDFtDQHQFRQWUDORVFXDUHQWDKLVWyULFRV\SRUUD]RQHVGLDPHWUDOPHQWH
RSXHVWDV ORV UHSXEOLFDQRV \ ORV UDGLFDOHV 3tR ,; SURWHVWy RILFLDOPHQWH
FRQWUDWRGDVODVFRQVHFXHQFLDVTXHSXHGDQWUDHUVHGHOLQIDXVWRSULQFLSLR
GH OD OLEHUWDG R WROHUDQFLD GH FXOWRV KHWHURGR[RV 6LQ HPEDUJR QR
GHMy GH FRPSUHQGHU TXH OD LJOHVLD FDWyOLFD TXHGDED HQ XQD VLWXDFLyQ GH
DEVROXWR SULYLOHJLR \ TXH ORV SHOLJURV TXH VLJQLILFDED SRU VX FDUiFWHU
GHPRFUiWLFROD&RQVWLWXFLyQGHKDEtDQTXHGDGRDWUiV
3URPXOJDGD HQ MXQLR GH  OD &RQVWLWXFLyQ GH OD 5HVWDXUDFLyQ
SURFHGtD GH XQ ERUUDGRU UHGDFWDGR SRU VHLVFLHQWRV QRWDEOHV GHVLJQDGRV
SRU &iQRYDV 8QD FRPLVLyQ GH \D VROR WUHLQWD \ QXHYH SUHVLGLGD SRU
$ORQVR 0DUWtQH] OOHYy D FDER OD UHGDFFLyQ ILQDO TXH IXH DSUREDGD SRU
XQDV &RUWHV &RQVWLWX\HQWHV HOHJLGDV SRU VXIUDJLR XQLYHUVDO 6XV
FRQWHQLGRV IXHURQ PX\ PRGHUDGRV \ GHVGH HO SXQWR GH YLVWD GHO WH[WR
FRQVWLWXFLRQDO GH  VLJQLILFDEDQ XQ UHWURFHVR LQQHJDEOH $Vt OD
VREHUDQtDQRUHFDtDHQODQDFLyQVLQRTXHHUDFRPSDUWLGDHQWUHHOUH\\
ODV&RUWHV7DPELpQHOSRGHUOHJLVODWLYRHUDFRPSDUWLGRSRUODVFRUWHV\HO
UH\ SXGLHQGR HVWH YHWDU \ GLVROYHU ODV FiPDUDV 3RU DxDGLGXUD HO
OHJLVODWLYR WHQtD XQ FDUiFWHU QR VROR ELFDPHUDO VLQR TXH DGHPiV HVWDED
GHVLJQDGRHO6HQDGRSRUHOUH\LQFOX\pQGRVHXQDUHSUHVHQWDFLyQGHORV
RELVSRV \ HO SRGHU HMHFXWLYR UHFDtD HQ OD FRURQD )LQDOPHQWH HO
VXIUDJLRHUDFHQVLWDULR\ORVD\XQWDPLHQWRV\GLSXWDFLRQHVTXHGDEDQEDMR
FRQWUROJXEHUQDPHQWDO1RHUDFLHUWDPHQWHXQUpJLPHQDEVROXWLVWDSHUR
VX FDUiFWHU OLEHUDO UHVXOWDED PX\ HVFDVR \ SHUPLWtD YHU TXH VH KDEtD
SURFHGLGR D FDPELDU QR WRGR VLQR DOJR VLPSOHPHQWH SDUD TXH WRGR
VLJXLHUDLJXDO&RQWRGROD&RQVWLWXFLyQSRGUtDKDEHULGRHYROXFLRQDQGR
SDXODWLQDPHQWH KDFLD OD GHPRFUDFLD 6L QR IXH DVt VH GHELy
HVHQFLDOPHQWH D ORV LQWHUHVHV GH ODV FDVWDV SULYLOHJLDGDV HQWUH ODV TXH
WXYRXQSDSHOPiVTXHLPSRUWDQWHODLJOHVLDFDWyOLFD

/$,*/(6,$&$7/,&$(1(0,*$'(/$/,%(57$'

-XQWR FRQ OD DSUREDFLyQ GHO WH[WR FRQVWLWXFLRQDO &iQRYDV UHDOL]y GRV
JUDQGHVDSRUWHVDOQXHYRUpJLPHQ(OSULPHURIXHHQFRQWUDUXQDHVSRVDD
$OIRQVR;,,&iQRYDVGHVHDEDTXHHOMRYHQUH\VHFDVDUDFRQ%HDWUL]OD
KLMD PHQRU GH 9LFWRULD , GH ,QJODWHUUD OR TXH KXELHUD SHUPLWLGR TXH HO
HVSOpQGLGRDLVODPLHQWRGH(VSDxDVHGLOX\HUDHQDOLDQ]DFRQHOSULPHU
LPSHULRGHXOWUDPDUGHODpSRFD6LQHPEDUJRVHLPSXVRHOFULWHULRGHO
FRQGHGH0RQWSHQVLHUUHVSRQVDEOHGHODVHVLQDWRGHOJHQHUDO3ULP\
ILQDOPHQWH DFDEy FHOHEUiQGRVH HO PDWULPRQLR FRQ VX KLMD 0DUtD GH ODV
0HUFHGHVGH2UOHDQVTXHHUDVREULQDGH,VDEHO,,\SULPDGH$OIRQVR;,,
/D LGHD GH 0RQWSHQVLHU HUD TXH VX KLMD VH FDVDUD FRQ $OIRQVR \ TXH
HVWH VLHQGR PHQRU  DxRV OH HQWUHJDUD D pO OD UHJHQFLD &RQ HVD
ILQDOLGDG LQYLWy D ,VDEHO ,, \ D $OIRQVR ;,, D SDVDU XQRV GtDV HQ VX
UHVLGHQFLD HQ GLFLHPEUH GH  (Q HO YHUDQR GH  VH YROYLHURQ D
HQFRQWUDUHQ3DUtVHQHO%RLVGH%RXORJQH$HVDVDOWXUDV,VDEHO,,PiV
TXHLQTXLHWDSRUHOGHVDUUROORGHOLGLOLRGHILQtDD0DUtDGHODV0HUFHGHV
FRPR PRVTXLWD PXHUWD (Q  FRQ  DxRV$OIRQVR ;,, HQWUy
FRPRUH\HQ0DGULG(QVHxDOyTXHGHVHDEDFDVDUVHFRQ0DUtDGH
ODV0HUFHGHV(OGHHQHURGHFXPSOHDxRVGHOUH\VHFHOHEUyHO
PDWULPRQLR $ SHVDU GH WRGR 0RQWSHQVLHU QR FRQVLJXLy VXV REMHWLYRV
SRUTXH0DUtDGHODV0HUFHGHVPXULyPX\SURQWR\HOPRQDUFDQRHVWDED
GLVSXHVWR D DFHSWDU XQ UHJHQWH /D FRQWLQXLGDG GH OD GLQDVWtD \ ORV
SODQHVGH0RQWSHQVLHUQRTXHGyDVHJXUDGD\&iQRYDVVHYLRREOLJDGRD
EXVFDURWUDRSFLyQ
0iVp[LWRWXYRHOSROtWLFRDQGDOX]HQODFUHDFLyQGHOVLVWHPDWXUQLVWD
&RQFHELGR SDUD HYLWDU OD LUUXSFLyQ GH ORV PLOLWDUHV HQ OD SROtWLFD \
UHPHGDUHOPRGHORLQJOpVHQODSUiFWLFDVXIXQFLRQDPLHQWRHUDFRUUXSWR
GH UDt] $Vt HO SDUWLGR HQ HO SRGHU FRQYRFDED XQDV HOHFFLRQHV SDUD
SHUGHUODV \ FRPXQLFDED D ORV JREHUQDGRUHV FLYLOHV FyPR GHEtD VHU HO
UHVXOWDGR GH ODV QXHYDV HOHFFLRQHV TXH JDQDUtD OD RSRVLFLyQ 6HPHMDQWH
PDQLREUD TXHGDED DUWLFXODGD PHGLDQWH OD DFFLyQ GH SHUVRQDMHV FRPR
5RPHUR5REOHGRTXHGDUtDOXJDUDOWpUPLQRSXFKHUD]RSDUDUHIHULUVHDO
IUDXGHHOHFWRUDO/DDOWHUQDQFLDVHVXVWHQWDEDVREUHGRVSDUWLGRVVLHQGRHO
FRQWUDSXQWR D ORV FRQVHUYDGRUHV GH &iQRYDV ORV OLEHUDOHV GH 6DJDVWD
IRUPDGRV FRPR WDO SDUWLGR HQ GLFLHPEUH GH  (Q WHRUtD WRGDV ODV
SLH]DV GHEtDQ HQFDMDU SHUR D SHVDU GH VXV SULYLOHJLRV \ GHO UHFRUWH
VLJQLILFDWLYR VXIULGR SRU HO GHUHFKR D OD OLEHUWDG UHOLJLRVD OD LJOHVLD
FDWyOLFDQRVHVHQWtDVDWLVIHFKD
'XUDQWHHOYHUDQRGHDSHQDVDSUREDGDOD&RQVWLWXFLyQVXUJLHURQ
ORVSULPHURVFRQIOLFWRV'HHQWUDGDORVSHULyGLFRVFDWyOLFRVVHTXHMDURQ
DOJRELHUQRGHTXHQRVHFXPSOtDHODUWtFXORGHOD&RQVWLWXFLyQSXHVWR
TXHWROHUDEDTXHODVLJOHVLDVSURWHVWDQWHVFRORFDUDQHQVXVSXHUWDVOHWUHURV
DQXQFLDQGR ORV RILFLRV /D VLWXDFLyQ UR]DED HQ QR SRFDV RFDVLRQHV OR
ULGtFXORSRUTXHSDUDFHOHEUDUHVRVFXOWRVORVSURWHVWDQWHVQRSRGtDQWHQHU
XQD SXHUWD DELHUWD D OD FDOOH VLQR TXH HO DFFHVR DO OXJDU GH UHXQLyQ VH
SURGXFtD D WUDYpV GH XQ GRPLFLOLR SDUWLFXODU 6LQ HPEDUJR LQFOXVR WDO
FLUFXQVWDQFLDUHVXOWDEDLQWROHUDEOHSDUDODLJOHVLDFDWyOLFDTXHDSHVDUGH
VX LQPHQVR SRGHU UHVSDOGDGR SRU HO VLVWHPD OHJDO GHPRVWUDED XQ
DXWpQWLFR SDYRU D OD H[SDQVLyQ GHO SURWHVWDQWLVPR (Q 0HQRUFD SRU
HMHPSOR ORV SURWHVWDQWHV IXQGDURQ XQD LJOHVLD \ WUHV HVFXHODV (O
VXEJREHUQDGRU QR VROR OHV SURKLELy FXDOTXLHU WLSR GH DQXQFLR GH ORV
VHUYLFLRV UHOLJLRVRV VLQR TXH DGHPiV OHV LPSLGLy HQWRQDU KLPQRV
DOHJDQGRTXHSRGtDQHVFXFKDUVHVXVQRWDVDORWURODGRGHORVPXURV\SRU
ORWDQWRYLRODEDQHODUWtFXORGHOD&RQVWLWXFLyQ6HSURGXFLUtDDVtXQ
IHQyPHQRTXHYROYHUtDDUHSHWLUVHWUDVODJXHUUDFLYLOGHHOGH
TXHORVSURWHVWDQWHVOH\HUDQMXQWRVORVYHUVRVGHORVKLPQRVSHURVLQOD
P~VLFD SDUD QR SURYRFDU ODV UHSUHVDOLDV GH ODV DXWRULGDGHV (O  GH
RFWXEUH GH  &iQRYDV TXH QR GHVHDED GDU XQD LPDJHQ GH EDUEDULH
UHOLJLRVD DQWH OD RSLQLyQ S~EOLFD LQWHUQDFLRQDO DFDEy HQYLDQGR XQD
FLUFXODU HQ OD TXH VH GHOLPLWDED OR TXH GHEtD HQWHQGHUVH SRU
PDQLIHVWDFLyQ S~EOLFD /RV SURWHVWDQWHV TXHGDURQ DVt FRQILQDGRV DO
LQWHULRU GH VXV LJOHVLDV \ GH ODV HVFXHODV SDUD WUDQTXLOLGDG GH XQD
LQTXLHWDMHUDUTXtD
&RQWRGRHOWHPDGHODOLEHUWDGUHOLJLRVDUHVXOWDEDUHODWLYDPHQWHPHQRU
FXDQGR VH FRPSDUDED FRQ XQD GH ODV iUHDV HQ ODV TXH OD LJOHVLD FDWyOLFD
DQVLDED HMHUFHU XQ FRQWURO DEVROXWR 1RV UHIHULPRV FODUR HVWi D OD
HQVHxDQ]D &iQRYDV GHVHDED TXH HO HVWDGR FRQVHUYDUD VX DXWRULGDG
VREUHODVHVFXHODV\ODVXQLYHUVLGDGHVSHURODLJOHVLDFDWyOLFDLQVLVWtDHQ
TXHHVDDXWRULGDGGHEtDTXHGDUVHULDPHQWHOLPLWDGDSRUHODUWtFXORGHO
&RQFRUGDWRTXHHVWDEOHFtDTXHODHQVHxDQ]DWHQtDTXHHVWDUFHQWHGLWDGDD
OD SXUH]D GH OD GRFWULQD GH OD IH (Q XQ LQWHQWR GH VDWLVIDFHU ODV
H[LJHQFLDVHSLVFRSDOHV&iQRYDVSUHVHQWyHQHOWH[WRGHXQSUR\HFWR
GHOH\GHHGXFDFLyQTXHRWRUJDEDDORVRELVSRVODDXWRULGDGSDUDUHDOL]DU
LQVSHFFLRQHV GH ODV HVFXHODV S~EOLFDV SULPDULDV \ VHFXQGDULDV FRQ OD
ILQDOLGDGGHTXHVHYLHUDJDUDQWL]DGRTXHODHQVHxDQ]DPRUDOVHDMXVWDEDD
ODGRFWULQDFDWyOLFD(OWH[WRLPSOLFDEDXQDH[WUDRUGLQDULDOLPLWDFLyQGHO
HVWDGR DVt FRPR OD FHVLyQ GH XQ SDSHO UHOHYDQWH HQ OD HGXFDFLyQ D XQD
FRQIHVLyQUHOLJLRVD&RQWRGRORVRELVSRVPDQLIHVWDURQVXLQVDWLVIDFFLyQ
SRUTXH HO JRELHUQR VHJXtD LQVLVWLHQGR HQ FRQWDU FRQ XQ SDSHO HQ OD
HGXFDFLyQ \ QR UHFRQRFtD D OD LJOHVLD FDWyOLFD XQ SRGHU DEVROXWDPHQWH
DXWyQRPR/DLQVLVWHQFLDHQFRQVHUYDUSULYLOHJLRVTXHODFRQYHUWtDQHQXQ
YHUGDGHUR HVWDGR GHQWUR GHO HVWDGR YROYLy D YHUVH FRQ QRWDEOH FODULGDG
FXDQGR ORV RELVSRV VH RSXVLHURQ DO HVWDEOHFLPLHQWR GH OD HQVHxDQ]D
SULPDULD REOLJDWRULD (O DUJXPHQWR XWLOL]DGR IXH TXH VHPHMDQWH
REOLJDWRULHGDG LED HQ FRQWUD GH OD OLEHUWDG GH ORV SDGUHV TXH SRGtDQ
FRQVLGHUDUPHMRUTXHVXVKLMRVQRVHHGXFDUDQ&XHVWDQRYHUEDMRXQD
OX]QRHVSHFLDOPHQWHIDYRUDEOHHOTXHODLJOHVLDFDWyOLFDVHRSXVLHUDDTXH
ORV HVSDxROHV UHFLELHUDQ XQD LQVWUXFFLyQ HOHPHQWDO (Q HVH VHQWLGR
FRQWUDVWDEDHQWpUPLQRVDFHQWXDGDPHQWHQHJDWLYRVFRQORVSDVRVTXH\D
HQ HO VLJOR;9, KDEtDQ GDGR ODV FRQIHVLRQHV VXUJLGDV GH OD 5HIRUPD
SURWHVWDQWH LPSXOVDQGR XQD HQVHxDQ]D REOLJDWRULD \ JUDWXLWD 1R SXHGH
VRUSUHQGHUTXHFRQHVRVSODQWHDPLHQWRVODDXWRUL]DFLyQHQGHXQD
HVFXHOD ODLFD FRPR HUD OD ,QVWLWXFLyQ /LEUH GH (QVHxDQ]D SURYRFDUD XQ
YHUGDGHURYHQGDYDOGHSURWHVWDVGHOFOHUR
3RU~OWLPRDSDUWHGHOD\XJXODFLyQGHODOLEHUWDGUHOLJLRVD\GHOFRQWURO
GHODHQVHxDQ]DODLJOHVLDFDWyOLFDSUHWHQGLyWDPELpQLPSHGLUODOLEHUWDG
GH H[SUHVLyQ \ GH SUHQVD (Q  HO JRELHUQR FDQRYLVWD LPSXOVy XQ
SUR\HFWR GH OH\ TXH SURKLEtD GH PDQHUD KDUWR GLVFXWLEOH ORV DWDTXHV
GLUHFWRV FRQWUD OD UHOLJLyQ FDWyOLFD 8QD YH] PiV ORV RELVSRV
FRQVLGHUDURQ TXH HUD LQVXILFLHQWH \ H[LJLHURQ TXH WDPELpQ TXHGDUD
SHQDGD SRU OD OH\ FXDOTXLHU FUtWLFD D SHVDU GH TXH SXGLHUD WHQHU XQ WRQR
LQGLUHFWR ,QFOXVR SDUD XQ JRELHUQR FRPR HO GH &iQRYDV DTXHOOD
SUHWHQVLyQ UHVXOWDED H[FHVLYD \ ODV FHQVXUDV LQGLUHFWDV QR TXHGDURQ
ILQDOPHQWHYHGDGDVSRUODOH\
6LVHFRQVLGHUDGHPDQHUDLPSDUFLDOHOSHUtRGRGHJRELHUQRGH&iQRYDV
GLItFLOPHQWHKXELHUDSRGLGRVHUPiVEHQHILFLRVRSDUDODLJOHVLDFDWyOLFD
6LQHPEDUJREDVWDUHSDVDUORVGLIHUHQWHVDVSHFWRVSDUDSHUFDWDUVHGHTXH
OD LQVWLWXFLyQ GHVGH HO SDSD KDVWD ORV VDFHUGRWHV VH VHQWtD LQVDWLVIHFKD
FRQ XQRV UHVXOWDGRV TXH KDEUtDQ GHVHDGR WRGDYtD PiV OLPLWDGRUHV GH OD
OLEHUWDG \ FRQ PD\RU FDSDFLGDG GH FRQWURO VREUH OD IRUPDFLyQ \ ODV
FRQFLHQFLDVGHORVHVSDxROHV/DWHQVLyQVHDFHQWXDUtDD~QPiVDOOOHJDUDO
SRGHUHO3DUWLGR/LEHUDO

/$2)(16,9$$17,/,%(5$/

$ LQLFLRV GH  &iQRYDV UHQXQFLy DO FDUJR GHO SUHVLGHQWH GHO
JRELHUQR \ ORV OLEHUDOHV OOHJDURQ DO SRGHU 3DUD &iQRYDV OD GHUURWD
HOHFWRUDOPXxLGDVLJXLHQGRVXVyUGHQHVHUDXQp[LWRSRUTXHFRQVDJUDED
HO WXUQLVPR \ FRQ pO OD HVWDELOLGDG GHO QXHYR UpJLPHQ 6DJDVWD TXH
QXQFD OH\y XQ OLEUR HUD XQ OLEHUDO TXH HQ RSLQLyQ ELHQ UHYHODGRUD GH
DOJXQRVKDEtDSDVDGRGHODDQWRUFKDDOEDxR0DUtD%DMRVXJRELHUQRVH
SURFHGLy D LPSXOVDU XQD VHULH GH UHIRUPDV UHODFLRQDGDV FRQ OD
PRGHUQL]DFLyQ GHO HVWDGR \ GH OD VRFLHGDG \ FRQ ODV OLEHUWDGHV )XH HO
FDVR SRU HMHPSOR GH OD OH\ GH SROLFtD GH LPSUHQWD GH  TXH YLQR
DQWHFHGLGD SRU XQ LQGXOWR JHQHUDO SDUD ORV SHULyGLFRV \ SHULRGLVWDV EDMR
DFFLyQMXGLFLDO\TXHUHVXOWyODQRUPDHQHVWHiPELWRPiVDELHUWD\PHMRU
UHGDFWDGD KDVWD OD GHPRFUDFLD GH  ,JXDOPHQWH ORV OLEHUDOHV
LQWHQWDURQ UHIRUPDU ODV IXHU]DV DUPDGDV HOLPLQDQGR HO VLVWHPD GH FXRWD
TXH SHUPLWtD H[LPLU GHO VHUYLFLR PLOLWDU D ORV PLHPEURV GH ODV FODVHV
SXGLHQWHV H LPSRQLHQGR HO VHUYLFLR PLOLWDU REOLJDWRULR TXH DFDEDUD FRQ
HVD GLIHUHQFLDFLyQ SULYLOHJLDGD $ OR DQWHULRU VH XQLy OD FUHDFLyQ SRU
6HJLVPXQGR 0RUHW PLQLVWUR GH OD *REHUQDFLyQ GH XQD &RPLVLyQ GH
UHIRUPDV VRFLDOHV GHGLFDGD DO HVWXGLR GH ODV FRQGLFLRQHV GH YLGD GH ODV
FODVHV WUDEDMDGRUDV SDUD PHMRUDUODV R ORV LQWHQWRV GH UDFLRQDOL]DU HO
RUGHQDPLHQWR MXUtGLFR PHGLDQWH OD ODERU GH UHGDFFLyQ GHO &yGLJR &LYLO
LQLFLDGD HQ  OD /H\ GH HQMXLFLDPLHQWR FULPLQDO GH  R OD /H\
SURYLQFLDO GH  GH DJRVWR GH  (Q QR HVFDVD PHGLGD ORV OLEHUDOHV
OHMRV GH VHU DXGDFHV SUHFXUVRUHV GH DGHODQWRV IXWXURV VH OLPLWDURQ D
LQWHQWDUGRWDUGHFLHUWDUDFLRQDOLGDGDOVLVWHPDSROtWLFR\DGPLQLVWUDWLYR
TXH HQ RWUDV QDFLRQHV \D KDEtD WHQLGR OXJDU FRPR FRQVHFXHQFLD GH OD
5HIRUPDGHOVLJOR;9,RGHOHMHPSORQDSROHyQLFR\TXHHQ(VSDxDKDEtD
UHVXOWDGRLPSRVLEOHSRUODDFFLyQGLUHFWDGHHQWLGDGHVSULYLOHJLDGDVFRPR
ODLJOHVLDFDWyOLFD
/DFDPSDxDPiVELHQFDPSDxDVODQ]DGDVSRUODLJOHVLDFDWyOLFD\
VXIULGDV SRU ORV OLEHUDOHV SRU VXV LQWHQWRV GH PRGHUQL]DFLyQ IXHURQ
HQFDUQL]DGDV \ FRQVWLWX\HQ XQD PDQLIHVWDFLyQ PiV TXH HORFXHQWH GH ORV
LQWHUHVHVGHODLQVWLWXFLyQUHOLJLRVD(QDODVXPLUODSUHVLGHQFLDGHO
JRELHUQR 6DJDVWD SURFHGLy D UHLQVWDXUDU OD OLEHUWDG DFDGpPLFD SDUD ORV
SURIHVRUHV XQLYHUVLWDULRV \ UHLQWHJUy HQ VXV SXHVWRV GRFHQWHV D ORV
H[SXOVDGRV HQ  /D UHDFFLyQ GH OD LJOHVLD FDWyOLFD IXH UiSLGD \
YLUXOHQWD 0LHQWUDV ORV FDWyOLFRV ODLFRV VH GLULJtDQ DO UH\ SDUD LQVWDUOH D
TXH SURWHJLHUD D VX LJOHVLD GH WRGR DWDTXH TXH SXGLHUD SURFHGHU GH OD
HQVHxDQ]DKXERSUHODGRVTXHQRGXGDURQHQDILUPDUTXHFRQPHGLGDV
FRPRODVDGRSWDGDVSRUORVOLEHUDOHVVHGDxDEDQORVGHUHFKRVGHODLJOHVLD
FDWyOLFD~QLFDGHSRVLWDULDGHODUHYHODFLyQPDHVWUDGHODYHUGDGIXHUD
GH OD FXDO QR KD\ VDOYDFLyQ &RQ WRGR VL OD UHDFFLyQ FRQWUD ORV
PHQRUHV LQGLFLRV GH OLEHUWDG GH HQVHxDQ]D IXH DFHUDGD D~Q IXH PiV
iVSHUDODTXHUHFLELyODQRWLFLDGHTXHHOJRELHUQROLEHUDOWHQtDLQWHQFLyQ
GH SURPXOJDU XQ &yGLJR &LYLO GRQGH WHQGUtD FDELGD HO PDWULPRQLR QR
FDQyQLFR /DUDWLROHJLVDOHJDGDSRUORVOLEHUDOHVHUDPX\VyOLGD\DTXH
VHxDODED TXH VL ORV FRQWUD\HQWHV KDEtDQ GHMDGR GH FUHHU QR SRGtD
REOLJiUVHOHV D FRQWUDHU PDWULPRQLR VLJXLHQGR XQD FHUHPRQLD UHOLJLRVD
6LQ HPEDUJR SDUD OD LJOHVLD FDWyOLFD OD UHIRUPD OHJLVODWLYD UHVXOWDED
LQWROHUDEOH\DTXHOLEHUDEDGHVXLQIOXHQFLDHOGHUHFKRGHIDPLOLDDXQTXH
IXHUDGHPDQHUDPtQLPD/RVRELVSRVQRGXGDURQHQRSRQHUVHDOHJDQGR
TXHHOPDWULPRQLRFLYLOQRHUDPiVTXHXQFRQFXELQDWRS~EOLFR(Q
WpUPLQRV MXUtGLFRV OD DILUPDFLyQ HSLVFRSDO FRQVWLWXtD XQ GLVSDUDWH \ HQ
WpUPLQRVWHROyJLFRVVRORSRGtDUHVXOWDUFRQYLQFHQWHSDUDORVFDWyOLFRVOR
TXHQRHUDXQDUJXPHQWRSDUDLPSRQHUODHQHO&yGLJR&LYLO
(OGHRFWXEUHGH6DJDVWDGHMDEDGHVHUSUHVLGHQWHGHJRELHUQR
/DV UD]RQHV GH VX FDtGD KDEtDQ VLGR IXQGDPHQWDOPHQWH GRV (Q SULPHU
OXJDUTXHVHOHKDEtDWDFKDGREDVWDQWHLQMXVWDPHQWHGHDQWLFDWyOLFR\HQ
VHJXQGR TXH KDEtD WUDWDGR FRQ PD\RU FRQVLGHUDFLyQ TXH ORV
FRQVHUYDGRUHVDOHPEULRQDULRPRYLPLHQWRREUHULVWD$ILQGHFXHQWDVORV
OLEHUDOHV UHVXOWDEDQ PiV TXH LQFyPRGRV WDQWR SDUD HO FDUOLVPR TXH
FRQVLGHUDEDTXHHOVLVWHPDHUDLOHJtWLPRFRPRSDUDXQFRQVHUYDGXULVPR
FDWyOLFRTXHQRSRGtDDFHSWDUPHGLGDVOHJLVODWLYDVTXHOLPLWDUDQDXQTXH
IXHUDPtQLPDPHQWHORVSULYLOHJLRVHFOHVLDOHV6LQHPEDUJRHQORVDxRV
VLJXLHQWHV VL DOJR TXHGDUtD GH PDQLILHVWR VHUtD OD LQFDSDFLGDG GH ORV
SURSLRVFDWyOLFRVSDUDHQWHQGHUVHHQWUHHOORV

5($&&,1<5($&&,1

4XH ORV FDWyOLFRV FRPHQ]DQGR SRU HO SDSD \ ORV RELVSRV QR VH
VHQWtDQDJXVWRFRQXQUpJLPHQTXHQRSHUPLWLHUDODFRQILJXUDFLyQGHXQ
HVWDGRHFOHVLDOGHQWURGHOHVWDGRQRVRORHUDREYLRDILQDOHVGHOVLJOR;,;
VLQR TXH SRU DxDGLGXUD UHVXOWDED FRKHUHQWH FRQ OD WUD\HFWRULD KLVWyULFD
GH OD LQVWLWXFLyQ HFOHVLDO &XHVWLyQ DSDUWH HV TXH DO PLVPR WLHPSR
FHQWLHUDQ FyPR DUWLFXODU HVD HVSHFLH GH $UFDGLD IHOL] GH FDUiFWHU
WHRFUiWLFRTXHLGHQWLILFDEDFRQWDQWDIDFLOLGDGORLQWROHUDEOHSHURTXHQR
VH PRVWUDED LJXDOPHQWH KiELO D OD KRUD GH GHOLPLWDU HO SHUILO GH OR
GHVHDEOH HQ WpUPLQRV SRVLWLYRV $ SDUWLU GH  VL DOJR TXHGy GH
PDQLILHVWRHQODHVFHQDSROtWLFDHVSDxRODHVTXHODLJOHVLDFDWyOLFDSRGtD
VHUDSRFDOtSWLFDHQVXVLQWHUSUHWDFLRQHVGHODUHDOLGDGSHURDODYH]HUD
LQFDSD] GH DUWLFXODU XQ PRGHOR HO TXH IXHUD TXH ORV PLVPRV ILHOHV
SXGLHUDQ VHJXLU GH PDQHUD VLJQLILFDWLYD 3RVLEOHPHQWH HVD FLUFXQVWDQFLD
H[SOLTXH VX FDSDFLGDG SDUD OD DJLWDFLyQ \ OD FUtWLFD GHVWUXFWLYD SHUR VX
DEVROXWD HVWHULOLGDG D OD KRUD GH SHQVDU HQ VROXFLRQHV SRVLWLYDV SDUD ORV
SUREOHPDVGHODQDFLyQ'HHVHWHUUHQR\HUPRSDUDHOGHVDUUROORSROtWLFR
TXHVLJQLILFDEDHOFDWROLFLVPRVXUJLUtDQGRVIUXWRVPX\VLJQLILFDWLYRVSRU
VX FDUiFWHU OLEHUWLFLGD (O SULPHUR IXH XQ FRQMXQWR GH LQWHQWRV SRU
VRPHWHUD~QPiVD(VSDxDDODIpUXODGHODLJOHVLDFDWyOLFD\HOVHJXQGR
ORVQDFLRQDOLVPRVFDWDOiQ\YDVFRTXHDFWXDUtDQFRPRHILFD]FRQWUDSHVR
IUHQWH D OD WHVLV OLEHUDO GH DUWLFXODU XQD QDFLyQ PRGHUQD GH FLXGDGDQRV
OLEUHVHLJXDOHV([DPLQDUHPRVDKRUDHOSULPHUIHQyPHQR\GHMDUHPRVHO
VXUJLPLHQWRGHORVQDFLRQDOLVPRVSDUDXQFDStWXORXOWHULRU
/DV GRV ~OWLPDV GpFDGDV GHO VLJOR;,; VH YLHURQ HQYHQHQDGDV SRU OD
FXHVWLyQUHOLJLRVDQRSRUTXHH[LVWLHUDXQDSROtWLFDGHDWDTXHDODLJOHVLD
FDWyOLFDORVOLEHUDOHVTXHLQWHQWDURQLPSXOVDUDOJXQDVOLEHUWDGHVQRGHO
JXVWRGHORVRELVSRVQRWDUGDURQHQVHUGHUULEDGRVGHOSRGHUPHGLDQWHHO
VLVWHPDGHWXUQRGHSDUWLGRVVLQRSRUTXHORVGLVWLQWRVJUXSRVFDWyOLFRV
VH HQIUHQWDURQ HQWUH HOORV DO PLVPR WLHPSR TXH LQWHQWDEDQ LPSRQHU VXV
FRQVLJQDVVREUHHOFRQMXQWRGHODSREODFLyQ$XQTXHORVFDUOLVWDVIXHURQ
GHUURWDGRVHQHOFDPSRGHEDWDOOD\QXQFDOOHJDURQDHMHUFHUVXLQIOXHQFLD
VREUHXQDFDSLWDOXQDFLUFXQVWDQFLDELHQVLJQLILFDWLYDQRGHMDURQGH
DSRUWDU H[WUDRUGLQDULRV DJLWDGRUHV D OD FDXVD FDWyOLFD )XH HO FDVR GH
&iQGLGR1RFHGDO\GHVXKLMR5DPyQTXHORJUDURQFRQYHUWLUVXSHULyGLFR
(O6LJOR)XWXURHQXQIDURGHSURSDJDQGD,QVSLUDGRVSRU'RQRVR&RUWpV
ORV 1RFHGDO SLQWDEDQ XQ FXDGUR DSRFDOtSWLFR GH OD VRFLHGDG D SXQWR GH
GHVSHxDUVHDFDXVDGHLGHRORJtDVFRPRHOOLEHUDOLVPRHOUHSXEOLFDQLVPR
HOVRFLDOLVPRRHODQDUTXLVPR\DSXQWDEDQDOVRPHWLPLHQWRDEVROXWRGHO
HVWDGR D OD LJOHVLD FDWyOLFD FRPR ~QLFD VDOLGD /RV 1RFHGDO VHJXtDQ OD
PLVPDOtQHDGHHVFDQGDORVDPDQLSXODFLyQKLVWyULFDGHODTXHKL]RJDODHQ
 0DUFHOLQR 0HQpQGH] 3HOD\R FRQ VX+LVWRULD GH ORV
KHWHURGR[RVHVSDxROHVGRQGHVHLGHQWLILFDEDODJUDQGH]DGH(VSDxDFRQ
OD pSRFD GH ORV $XVWULDV \ OD FDXVD GH VX HOHYDFLyQ QDFLRQDO FRQ XQ
FDWROLFLVPRTXHODKDEtDFRQYHUWLGRHQPDUWLOORGHKHUHMHV/DREUDGH
0HQpQGH]3HOD\RSURIXQGDPHQWHUHSXOVLYDSDUDFXDOTXLHUDTXHUHVSHWH
OD OLEHUWDG GHO GLVWLQWR SURSRUFLRQy PXQLFLyQ DO FDWROLFLVPR GXUDQWH
GpFDGDVSHURQRGHMDEDGHFRQVWLWXLUXQDQiOLVLVSHUYHUVRGHOD+LVWRULD
'HKHFKRSUHWHQGtDHOHYDUODVFDXVDVUHDOHVGHODGHFDGHQFLDHVSDxROD\
GH OD SpUGLGD GHO LPSHULR D FDWHJRUtD GH HMHPSOR SDUD HO IXWXUR 3DUD
FROPRWDQWRORV1RFHGDOFRPR0HQpQGH]3HOD\RWHQtDQODLQWHQFLyQGH
H[LPLUGHODPHQRUFXOSDHQODGHFDGHQFLDHVSDxRODDODLQVWLWXFLyQTXH
WRGDYtDHQHVRVPRPHQWRVHUDODPiVSRGHURVDGHODQDFLyQ\GHDUURMDU
WRGDODUHVSRQVDELOLGDGGHODPHQRUGHVJUDFLDVREUHORVTXHFXHVWLRQDEDQ
GH PDQHUD PtQLPD SRU DxDGLGXUD HO FRQWURO TXH HMHUFtD VREUH OD
VRFLHGDG(ODQiOLVLVHUDLQVRVWHQLEOHHQWRQFHV\PDUDYLOODTXHWRGDYtDD
GtD GH KR\ DOJXQRV VH HPSHFLQHQ HQ UHSHWLUOR 6LQ HPEDUJR OR SHRU QR
HUDQ VROR VXV WLQWHV DEVXUGRV \ GHPDJyJLFRV VLQR VX SHUIHFWD LQXWLOLGDG
(O GRPLQLR DEVROXWR GH OD LJOHVLD FDWyOLFD VREUH ORV GHVWLQRV GH (VSDxD
KDEtDGDGRIUXWRVPX\DPDUJRV\GHVGHOXHJRQRVHKDEtDWUDGXFLGRHQ
HVD $UFDGLD GLFKRVD \ DJUDULD TXH XQ WDQWR GLIXVDPHQWH JXVWDEDQ GH
GLEXMDUHVWRVDXWRUHV1RPiVIHOLFHVIXHURQRWURVLQWHQWRV
(QHOSDSD/HyQ;,,,DSUREyODFUHDFLyQGHOD8QLyQ&DWyOLFDXQD
HQWLGDGTXHDILUPDEDWHQHUFRPRFUHGR\QRUPDGHFRQGXFWDODGRFWULQD
GHO6\OODEXV (Q RWUDV SDODEUDV VH WUDWDED GH XQ FROHFWLYR FRQ XQDV
ILQDOLGDGHV DELHUWDPHQWH OLEHUWLFLGDV FX\D ILQDOLGDG HUD DFDEDU R OLPLWDU
JUDYHPHQWHGHUHFKRVKXPDQRVHOHPHQWDOHVFRPRODOLEHUWDGUHOLJLRVDROD
GHH[SUHVLyQ\SUHQVD3UHFLVDPHQWHSDUDFRQVHJXLUHVDVPHWDVOD8QLyQ
&DWyOLFDVLJXLHQGRLQVWUXFFLRQHVGHOD6DQWD6HGHQRVHLEDDRSRQHUDO
VLVWHPD SROtWLFR \D H[LVWHQWH VLQR VLPSOHPHQWH LQWHQWDUtD UHFRQGXFLUOR
HQ OD GLUHFFLyQ GHVHDGD 6H WUDWDED GH XQD PHWD QDGD GLItFLO GDGDV ODV
OLPLWDFLRQHV SUHYLDV LPSXHVWDV SRU OD LJOHVLD FDWyOLFD VREUH HO RUGHQ
FRQVWLWXFLRQDO SHUR SDUD PXFKRV FDWyOLFRV ORV SDUDOHORV DQWHULRUHV \
SRVWHULRUHV VRQ QXPHURVRV DTXHOOD FRQFHVLyQ HUD LQWROHUDEOH /RV
1RFHGDO SRU HMHPSOR QR SRGtDQ HQWHQGHU TXH VH SDVDUD GHO DSR\R DO
FDUOLVPR D OD DFHSWDFLyQ GH XQ RUGHQ FRQVWLWXFLRQDO OLEHUDO \ D OD
QHXWUDOLGDGHQODFXHVWLyQGLQiVWLFD1RDQGDEDQIDOWRVGHUD]RQHVSHUR
FRPRWDQWRVFDWyOLFRVDORODUJRGHOD+LVWRULDQROOHJDEDQDFRPSUHQGHU
TXHORVLQWHUHVHVGHOD6DQWD6HGHFRQYHUWtDQHQFRQYHQLHQWHXQDYH]PiV
GHVSUHQGHUVHGHORVDOLDGRVGHD\HU\EXVFDUQXHYDVIRUPDVGHPDQLREUD
HQHOKR\(VDUDSLGH]HQHOFDPELRGHODSROtWLFDSDSDOLQIOX\yQRSRFR
HQHOIUDFDVRGHOD8QLyQ&DWyOLFD$XQTXHHVWDFRQWDEDFRQHOUHVSDOGR
GH ORV RELVSRV QR UHVXOWDED IiFLO SDUD PXFKRV DEDQGRQDU XQ FDUOLVPR
EHQGHFLGR GXUDQWH PHGLR VLJOR FRPR HQ OD FHQWXULD VLJXLHQWH WDPELpQ
SDUDQRSRFRVFDWyOLFRVUHVXOWyLQFRPSUHQVLEOHHOJLURLPSXOVDGRSRUOD
6DQWD6HGHHQUHODFLyQFRQHOUpJLPHQGH)UDQFR
/HyQ;,,,KDVLGRXQRGHORVSDSDVPiVLQFHQVDGRVSRUODSURSDJDQGD
FDWyOLFD YDOLpQGRVH GHO PpWRGR KLVWyULFDPHQWH IDOD] SHUR
SURSDJDQGtVWLFDPHQWH HIHFWLYR GH UHVDOWDU OR TXH HQ DSDULHQFLD HV
SRVLWLYR \ RFXOWDU FRPSOHWDPHQWH OR TXH DKRUD UHVXOWD LQGHIHQGLEOH 6H
SDVDDVtSRUDOWRSRUHMHPSORVXIHUR]DQWLVHPLWLVPR/HyQ;,,,HQYLyVX
EHQGLFLyQ DO &RQJUHVR DQWLVHPLWD LQWHUQDFLRQDO SUHFLVDPHQWH HQ XQRV
PRPHQWRV HQ TXH )UDQFLD VH GHVJDUUDED SRU HODIIDLUH'UH\IXV\HQTXH
ODVRUJDQL]DFLRQHVFDWyOLFDVFRKHUHQWHVFRQXQDOtQHDKLVWyULFDGHVLJOR
D~QDUURMDEDQPiVOHxDDOIXHJRFRQWUDORVMXGtRV1RVHWUDWDEDGHFDVRV
DLVODGRV \D TXH OD$VDPEOHD JHQHUDO GH ORV FDWyOLFRV HQ )UDQFLD HVWDED
GHFUHWDQGR HO ERLFRW FRQWUD ORV QHJRFLRV MXGtRV ODV RUJDQL]DFLRQHV
ORFDOHV SDUWLFLSDEDQ GLUHFWDPHQWH HQ OD SHUSHWUDFLyQ GH WXPXOWRV
DQWLVHPLWDV \ SXEOLFDFLRQHV VHPLRILFLDOHV FRPR OD&LYLOWj &DWWROLFD \
/2VVHUYDWRUH5RPDQRDJLWDEDQORVSHRUHVHVSDQWDMRVGHODQWLVHPLWLVPR
VHxDODQGR TXH 'UH\IXV HUD XQ WUDLGRU SRUTXH D ILQ GH FXHQWDV HUD XQ
MXGtR R TXH GHEtD UHYRFDUVH OD QDFLRQDOLGDG TXH OHV KDEtD FRQFHGLGR
)UDQFLD6LHVRVXFHGtDHQXQDQDFLyQFRPR)UDQFLDFX\RUpJLPHQHUD
FLHUWDPHQWH UHSXEOLFDQR \ GHPyFUDWD \ EDMR XQ SDSD FHQWXHVWDPHQWH
LOXVWUDGRQRFXHVWDLPDJLQDUVHODFDWDGXUDGHODRUJDQL]DFLyQFDWyOLFDHQ
(VSDxD
(Q$OHMDQGUR3LGDO\0RQDQWLJXRKLVWyULFR\YHUGDGHUDDOPD
GH OD 8QLyQ &DWyOLFD GLR XQ SDVR GH QR SRFD WUDVFHQGHQFLD
'HVLOXVLRQDGR SRU HO HVFDVR HFR GH VX PRYLPLHQWR GHFLGLy DFHSWDU OD
RIHUWD GH &iQRYDV GH HQWUDU HQ HO JRELHUQR /R KL]R HQ XQ PRPHQWR
UHYHODGRU SRUTXH HVH PLVPR DxR HO VDFHUGRWH FDWDOiQ \ IHUYLHQWH
FDUOLVWD )pOL[ 6DUGi \ 6DOYDQ\ SXEOLFy XQ OLEUR OODPDGR D KDFHU
KLVWRULD 6H WUDWDED GH(O OLEHUDOLVPR HV SHFDGR" (O SDGUH 6DUGi \
6DOYDQ\ IRUPXODED XQD SUHJXQWD UHWyULFD SRUTXH \D VH RFXSDED ELHQ GH
VHxDODUTXHVHUOLEHUDOHVPiVSHFDGRTXHVHUEODVIHPRODGUyQDG~OWHUR
XKRPLFLGD/DDILUPDFLyQQRGHMDEDGHVHUGLVFXWLEOHVLTXLHUDSRUTXH
WRGRVHVRVSHFDGRVDGLIHUHQFLDGHOOLEHUDOLVPRVHHQFXHQWUDQLQVHUWRVHQ
HO 'HFiORJR SHUR QR HUD HO FOpULJR SHUVRQDMH GDGR SUHFLVDPHQWH D OD
VXWLOH]DWHROyJLFD(QVXRSLQLyQ\HQHOODQRVHDSDUWDEDXQiSLFHGH
ODV HQVHxDQ]DV SDSDOHV HO OLEHUDOLVPR DO SURSXJQDU OD OLEHUWDG GH
H[SUHVLyQGHLPSUHQWD\GHUHOLJLyQHUDXQDDPHQD]DPiVTXHSHOLJURVD
SDUDODLJOHVLDFDWyOLFD'HKHFKRHOOLEHUDOLVPRDSHODEDHQOXJDUGHDOD
VXPLVLyQ D OD MHUDUTXtD HFOHVLiVWLFD D OD UD]yQ \ DO LQGLYLGXR OR TXH
UHVXOWDED GHVGH XQD SHUVSHFWLYD FDWyOLFD LQWROHUDEOH 1R VH LQVLVWLUi
EDVWDQWH HQ TXH HO VDFHUGRWH FDWDOiQ HUD DEVROXWDPHQWH RUWRGR[R GHVGH
XQD SHUVSHFWLYD FDWyOLFD \ GH DKt HO p[LWR TXH VX REUD LED D WHQHU HQ
WLHPSRVYHQLGHURV(OJUDQSUREOHPDSUREOHPDUHSHWLGRPXFKDVYHFHVD
ORODUJRGHOD+LVWRULDUHVLGtDHQTXHHOSDGUH6DUGi\6DOYDQ\QROOHJDED
D FDSWDU TXH OD GHIHQVD GH ORV LQWHUHVHV GH OD LJOHVLD FDWyOLFD SDVD QR
SRFDV YHFHV SRU OD DFRPRGDFLyQ DO SRGHU SROtWLFR FRQ OD LQWHQFLyQ GH
FRQYHUWLUOR HQ PiV G~FWLO D VXV ILQHV (Q HVH VHQWLGR HO FOpULJR WHQtD OD
UD]yQWHyULFDPLHQWUDVTXH3LGDO\0RQ\VREUHWRGR/HyQ;,,,HMHUFtDQ
OD SUiFWLFD 0DQWHQLHQGR LQWDFWRV ORV SULQFLSLRV GH RSRVLFLyQ DO
OLEHUDOLVPRHUDPiVTXHFRQYHQLHQWHSRGHUGHVDUUROODUWDUHDVGHJRELHUQR
D OD VRPEUD GH &iQRYDV /D RFDVLyQ YLQR DGHPiV IDYRUHFLGD SRU XQD
LQHVSHUDGDFLUFXQVWDQFLDSROtWLFD
(OGHQRYLHPEUHGHWXYROXJDUHOIDOOHFLPLHQWRGH$OIRQVR;,,
7UDVODPXHUWHGHVXSULPHUDHVSRVD0DUtDGHODV0HUFHGHVGH2UOHDQV
HOGHMXQLRGHHOPRQDUFDKDEtDFRQWUDtGRPDWULPRQLRFRQ0DUtD
&ULVWLQD GH +DEVEXUJR/RUHQD HQ  /D PXHUWH SUHPDWXUD GHO UH\ OD
FRQYLUWLy HQ UHJHQWH 3UHYLDPHQWH VX UHJLR HVSRVR OH KDEtD GDGR XQ
FRQVHMRJURVHURSHURUHDOLVWDHQVXOHFKRGHPXHUWH&ULVWLQLWDJXDUGD
HO FRxR \ GH &iQRYDV D 6DJDVWD \ GH 6DJDVWD D &iQRYDV (Q RWUDV
SDODEUDV HO UH\ KDEtD DFRQVHMDGR D 0DUtD &ULVWLQD TXH QR WXYLHUD
DYHQWXUDV DPRURVDV TXH SXGLHUDQ GHVGRUDU VX LPDJHQ S~EOLFD \ TXH
PDQWXYLHUD HO VLVWHPD GH DOWHUQDQFLD HQ HO SRGHU GH FRQVHUYDGRUHV \
OLEHUDOHV
$XQTXH QR SRFRV FDWyOLFRV HVWDEDQ GHVFRQWHQWRV FRQ ORV LQWHQWRV GH
DGDSWDFLyQ GH ORV RELVSRV \ GHO SURSLR SDSD HQ XQ RUGHQ FRPR HO GH OD
LJOHVLD FDWyOLFD OD EDWDOOD FRQWUD OD MHUDUTXtD HVWi SRU GHILQLFLyQ
LUUHPLVLEOHPHQWH SHUGLGD D PHGLR SOD]R /RV 1RFHGDO QR GXGDURQ
FRPRRWURVFDWyOLFRVORKDUtDQFRQ3DEOR9,RFRQHOSDSD)UDQFLVFRHQ
FULWLFDU D XQ /HyQ ;,,, TXH OHV SDUHFtD GH SULQFLSLRV GHPDVLDGR
DFRPRGDWLFLRV 6LQ HPEDUJR HQ  HO PLVPR DxR HQ TXH PRUtD
$OIRQVR ;,, IDOOHFLy &iQGLGR 1RFHGDO \ HQ  VX KLMR IXQGy HO
3DUWLGR ,QWHJULVWD IUDJPHQWDQGR D~Q PiV OD RIHQVLYD FDWyOLFD FRQWUD HO
OLEHUDOLVPR$HVDVDOWXUDVODWHVLVGHLQIOXLUHQHOUpJLPHQGHVGHGHQWUR
OD FDSLWDQHDED HO FDUGHQDO GH 9DOODGROLG PRQVHxRU $QWRQLR 0DUtD
&DVFDMDUHV
/D ILJXUD GHO FDUGHQDO &DVFDMDUHV GLJQR GH XQD H[KDXVWLYD ELRJUDItD
UHYLVWLyXQDQRWDEOHLPSRUWDQFLDHQORV~OWLPRVDxRVGHOVLJOR;,;HVSDxRO
FRPRHQFDUQDFLyQGHODOtQHDSDSDOGHLPSRQHUHOFRQWUROFDWyOLFRVREUH
XQ UpJLPHQ TXH D OD YLVWD HVWDED QR LED D VHU GHVSOD]DGR SRU ORV
FDUOLVWDV\DILQGHFXHQWDVPDQWHQtDFXDQWLRVRVSULYLOHJLRVHQIDYRUGH
OD LJOHVLD FDWyOLFD (O FDUGHQDO DERJDED DVt SRU FULVWLDQL]DU OD
OHJLVODFLyQPHGLDQWHODDFHSWDFLyQOHDO\VLQFHUDGHODPRQDUTXtD\
HYLWDU ODV GLYLVLRQHV HQWUH FDWyOLFRV DXQTXH HVWR LPSOLFDUD DEDQGRQDU D
ORV FDUOLVWDV D VX VXHUWH 'XUDQWH ORV DxRV VLJXLHQWHV ORV RELVSRV
LQWHQVLILFDURQVXVUHODFLRQHVFRQODVpOLWHVJREHUQDQWHVGHOD5HVWDXUDFLyQ
FRQWDQGR FRQ GHVWDFDGRV D\XGDQWHV FRPR HO PDUTXpV GH &RPLOODV
&ODXGLR/ySH]%UXDOTXHDOJXQRVOOHJDURQDFRQVLGHUDUXQSHUVRQDMH
SURYLGHQFLDO1RVHWUDWDED~QLFDPHQWHGHEXHQDVUHODFLRQHV$GHFLU
YHUGDG FRQVWLWXtDQ XQ SRGHURVR JUXSR GH SUHVLyQ FRPR KD VHxDODGR
)HUQDQGR *DUFtD GH &RUWi]DU  TXH QR VROR PRGHODED OD SROtWLFD
QDFLRQDOHQEHQHILFLRGHVXVSULYLOHJLRVVLQRTXHDGHPiVSRGtDPRYLOL]DU
D SHUVRQDMHV GH DOWR UDQJR SDUD REMHWLYRV TXH KR\ GHILQLUtDPRV FRPR
DELHUWDPHQWHOLEHUWLFLGDV3RUHMHPSORHQORVRELVSRVVROLFLWDURQOD
D\XGD GH XQ JUXSR GH PXMHUHV FDWyOLFDV HQWUH ODV TXH VH HQFRQWUDEDQ
JUDQGHV GH (VSDxD SDUD XQD SHFXOLDU WDUHD OD GH FRQVHJXLU TXH ODV
DXWRULGDGHVGH0DGULGSURFHGLHUDQDOFLHUUHGHXQDFDSLOODSURWHVWDQWH
&XHVWDFUHHUTXHXQKXPLOGHOXJDUGHFXOWRIUHFXHQWDGRSRUXQDSHTXHxD
PLQRUtDUHOLJLRVDSXGLHUDVLJQLILFDUXQDDPHQD]DGHFRQVLGHUDFLyQSDUDOD
LJOHVLD FDWyOLFD 6LQ HPEDUJR OD FXHVWLyQ QR HUD WDQWR HVD FRPR OD GH
GHMDU GH PDQLILHVWR TXH OD OLEHUWDG UHOLJLRVD HUD LQWROHUDEOH \ TXH SDUD
FRQFXOFDUOD OD LJOHVLD FDWyOLFD SRVHtD SRGHURVRV UHVRUWHV VRFLDOHV
VXVFHSWLEOHVGHHPSOHDUVHHQSUHVLRQDUVREUHORVSROtWLFRV(OSUHVLGHQWH
GHO JRELHUQR HO OLEHUDO 6DJDVWD VH YLR REOLJDGR D UHFLELU DO JUXSR GH
IDQiWLFDVVHxRUDV\HVFXFKDUVXVH[LJHQFLDV1RFHGLyVLQHPEDUJRDQWH
HOODVHQQRHVFDVDPHGLGDSRUHOWHPRUGHTXHXQDDFFLyQEiUEDUDGHHVH
WLSRSRGUtDWHQHUHQORVPHGLRVGLSORPiWLFRVGHVWDFDGRVHQODFDSLWDOGH
(VSDxD &XDQGR SRU HO FRQWUDULR FRPSRUWDPLHQWRV VLPLODUHV VH
SHUSHWUDEDQHQSURYLQFLDVHOUHVXOWDGRILQDOQRHUDWDQKDODJHxRSDUDOD
OLEHUWDG ([FHGH FRQ PXFKR ORV OtPLWHV GHO SUHVHQWH HVWXGLR UHODWDU OD
PDQHUD HQ TXH ORV SURWHVWDQWHV HVSDxROHV IXHURQ REMHWR GH PDOWUDWRV
ItVLFRV SHUVHFXFLRQHV \ HQFDUFHODPLHQWRV HQ HVWD pSRFD HQ TXH GH
PDQHUDUHYHODGRUDH[LVWtDXQUpJLPHQFRQVWLWXFLRQDOHQ(VSDxD(QWRGRV
\FDGDXQRGHORVFDVRVORVTXHLQFLWDURQDODYLROHQFLDDODXWLOL]DFLyQ
GHO DSDUDWR GHO HVWDGR SDUD FDXVDU GDxRV D ORV SURWHVWDQWHV \ D OD
SHUSHWUDFLyQGHXQDJDOHUtDGHPXHVWUDVGHLQKXPDQLGDGYHUGDGHUDPHQWH
ERFKRUQRVDV IXHURQ HQ SULPHU OXJDU VDFHUGRWHV \ D FRQWLQXDFLyQ
FRQYHQFLGRV FDWyOLFRV 6H WUDWDUtD GH XQD FRQGXFWD TXH VH H[WHQGHUtD
GXUDQWH WRGR HO UpJLPHQ FDQRYLVWD \ FRQ SRVWHULRULGDG GXUDQWH OD
GLFWDGXUDGH)UDQFR
1R OH IDOWDUtDQ RSRUWXQLGDGHV D 6DJDVWD GH UHJUHVR DO SRGHU GH
FRPSUREDU OR TXH VLJQLILFDED HO OREE\ FOHULFDO 'HVGH  D  ORV
OLEHUDOHV YROYLHURQ D VX DQWLJXR SURJUDPD GH LPSXOVDU XQD VHULH GH
UHIRUPDV GHPRFUDWL]DGRUDV TXH GHEHUtDQ IRUWDOHFHU OD PRQDUTXtD
SDUODPHQWDULDFX\RKHUHGHURKDEtDQDFLGRHOGHPD\RGH$VtVH
LPSXOVyODOLEHUWDGGHSUHQVDHQKDEtDHQ(VSDxDWUHVFLHQWRVRFKR
GLDULRVFXDUHQWD\XQRHQ0DGULGGHHOORVFLHQWRFLQFRHUDQFDWyOLFRV\
RFKR PDVyQLFRV VH FRQFHGLy HO VXIUDJLR XQLYHUVDO  VH
UHIRUPDURQODVIXHU]DVDUPDGDVLQVWLWX\HQGRHOVHUYLFLRPLOLWDUJHQHUDO\
REOLJDWRULR FRQ WRGR OR TXH LPSOLFDED GH GHPRFUDWL]DFLyQ GH OD GHIHQVD
QDFLRQDO\VHSURPXOJyODOH\GHDVRFLDFLRQHVGHTXHLQFOXtDDODV
UHOLJLRVDV\TXHSHUPLWLUtDSRUHMHPSORHOIXQFLRQDPLHQWRGHOD8*7HO
VLQGLFDWR VRFLDOLVWD 7RGDV HUDQ UHIRUPDV QHFHVDULDV VHQVDWDV H
LQWHOLJHQWHV\WRGDVHOODVFKRFDURQFRQODLJOHVLDFDWyOLFDTXHFRQVLGHUDED
LQWROHUDEOH OD OLEHUWDG GH H[SUHVLyQ R OD OHJDOL]DFLyQ GH ORV SULPHURV
VLQGLFDWRV DXQTXH IXHUD EDMR FDSD GH DVRFLDFLyQ 8QD YH] PiV ORV
OLEHUDOHVVHYLHURQGHVSOD]DGRVGHOSRGHUGDQGROXJDUDXQQXHYRSHUtRGR
GHJRELHUQRFDQRYLVWD
'HPDQHUDELHQVLJQLILFDWLYD&iQRYDVDEDQGRQyHOWtPLGROLEHUDOLVPR
HFRQyPLFR TXH KDEtD GHIHQGLGR KDVWD HQWRQFHV SDUD GHULYDU KDFLD HO
SURWHFFLRQLVPR XQD PHGLGD TXH IDYRUHFtD HVSHFLDOPHQWH D ODV
ROLJDUTXtDVFDWDODQDVSHURTXHVLJQLILFDEDHOLQLFLRGHOGHVWHMLPLHQWRGHO
VLVWHPDFRQVWLWXFLRQDO'HKHFKRODSROtWLFDHVSDxRODVHFRQYHUWtDDVtHQ
HO LU WLUDQGR TXH GLUtD HO SURSLR &iQRYDV (Q HO PLVPR DxR 
HVWDOODURQ ODV WUHV JUDQGHV ERPEDV EDUFHORQHVDV GLULJLGDV FRQWUD HO
)RPHQWRGHO7UDEDMR1DFLRQDOFRQWUD0DUWtQH]&DPSRV\FRQWUDHO*UDQ
7HDWURGHO/LFHR\HOFDWDODQLVPRFRPRYHUHPRVPiVDGHODQWHDSUREy
ODV%DVHVGH0DQUHVD$ILQDOHVGHFXDQGRVHSURGXMRODFDtGDGH
&iQRYDV HO VLVWHPD GH OD 5HVWDXUDFLyQ \D HVWDED FRPHQ]DQGR D GDU VXV
SULPHUDVVHxDOHVGHDJRWDPLHQWRHLQHILFDFLD
(OUHJUHVRGHORVOLEHUDOHVDOSRGHUQRSXGRSURGXFLUVHHQXQDVLWXDFLyQ
PiVGHOLFDGD3RUXQODGR6DJDVWDLQWHQWyPDQWHQHUHOGRPLQLRHVSDxRO
HQ&XED3XHUWR5LFR\)LOLSLQDVHQFDUJDQGRDXQMRYHQPLQLVWUROODPDGR
$QWRQLR 0DXUD XQ SUR\HFWR GH UHRUJDQL]DFLyQ SROtWLFD 6LQ HPEDUJR HO
SUR\HFWR IUDFDVy SRU YDULDV UD]RQHV HQ SDUWH SRU HO DLVODPLHQWR
LQWHUQDFLRQDO GH (VSDxD DO QR KDEHU UHQRYDGR &iQRYDV HO SDFWR FRQ OD
7ULSOH$OLDQ]D \ HQ SDUWH SRUTXH WDPSRFR VH DERUGy OD PRGHUQL]DFLyQ
GHOHMpUFLWR\HVSHFLDOPHQWHGHODPDULQD6REUHHOWUDVIRQGRGHWDQSRFR
SURPHWHGRU SDQRUDPD LQWHUQDFLRQDO HO  GH RFWXEUH GH  ORV PRURV
DWDFDURQ XQ GHVWDFDPHQWR HVSDxRO TXH FRQVWUXtD XQ IRUWtQ HQ 6LGL
*XDULDFK D OD VDOLGD GH 0HOLOOD FHUFD GH XQ PRUDER DO TXH YHQHUDEDQ
6DJDVWD RSWy SRU OD YtD GLSORPiWLFD SDUD VROXFLRQDU HO FRQIOLFWR FRQ ORV
PRURV\HQWRQFHVVHSURGXMRHOHSLVRGLRGHO5HLQD5HJHQWHXQEXTXHTXH
YHQtDGH7iQJHUGHGHMDUDXQDHPEDMDGDPDUURTXt\TXHVHKXQGLyHQHO
(VWUHFKR VLQ FHQWHUYLYLHQWHV DUURMDQGR XQ HQRUPH GHVFUpGLWR VREUH ODV
IXHU]DVDUPDGDV
(Q PHGLR GH HVD VLWXDFLyQ ORV LQWHQWRV OLEHUDOHV GH PRGHUQL]DU OD
HQVHxDQ]DXQREMHWLYRREVWDFXOL]DGRGHPDQHUDSHUWLQD]\VLVWHPiWLFD
SRU OD LJOHVLD FDWyOLFD WHQtDQ SRFDV SRVLELOLGDGHV GH OOHJDU D XQ EXHQ
SXHUWR (Q  HO JRELHUQR GH 6DJDVWD SURSXVR XQD UHIRUPD GH OD
HGXFDFLyQVHFXQGDULDPHGLDQWHODLQWURGXFFLyQGHQXHYDVDVLJQDWXUDVGH
FLHQFLDV VRFLDOHV \ QDWXUDOHV /D UHVSXHVWD GH ORV RELVSRV IXH LQPHGLDWD
DFXVDQGR DO JRELHUQR OLEHUDO GH SUHWHQGHU XQRV FDPELRV TXH FDOLILFy GH
SRVLWLYLVWDV R HJRtVWDV /D DFXVDFLyQ QR GHMDED GH VHU GLVSDUDWDGD
DXQTXH HQ DUPRQtD FRQ ORV SUHMXLFLRV DQWLFLHQWtILFRV TXH OD LJOHVLD
FDWyOLFD KDEtD PDQLIHVWDGR GHVGH HO VLJOR;9, (O JRELHUQR GH 6DJDVWD
FRPHQ]yHQWRQFHVXQDVHULHGHQHJRFLDFLRQHVFRQHOJUXSRGHRELVSRVTXH
RFXSDED HVFDxRV HQ HO 6HQDGR \ ILQDOPHQWH VH OOHJy D XQ DFXHUGR (O
SUHFLRSDJDGRSRUHOJRELHUQRIXHHOGHFUHDUQXHYDVSOD]DVGHUHOLJLyQ\
PRUDOHQSDUDOHORFRQODVGHODVQXHYDVDVLJQDWXUDVGHFLHQFLDV1RVH
WUDWDED GH XQD PDJUD FRQTXLVWD GH OD LJOHVLD FDWyOLFD 3RU SULPHUD YH]
GHVGH OD UHYROXFLyQ GH  OD UHOLJLyQ FDWyOLFD VH FRQYHUWtD HQ
DVLJQDWXUD GH ODV HVFXHODV VHFXQGDULDV S~EOLFDV 1L VLTXLHUD HO
FRQVHUYDGRU &iQRYDV VH KDEtD DWUHYLGR D KDFHU HVD FRQFHVLyQ (O
UHVXOWDGR SRQtD GH PDQLILHVWR KDVWD TXp SXQWR HO OREE\ FDWyOLFR
HVSHFLDOPHQWHELHQUHODFLRQDGRFRQODVROLJDUTXtDVSRGtDDKRUPDUODYLGD
SROtWLFD GH XQ HVWDGR IRUPDOPHQWH OLEHUDO TXH LQFOXVR SUHWHQGtD DYDQ]DU
HQVXGHPRFUDWL]DFLyQ3HURVLHOFRQWUROFDWyOLFRHUDFDGDYH]PD\RU\
GHPRVWUDED VX FDSDFLGDG SDUD DUUDQFDU XQ SULYLOHJLR WUDV RWUR D ORV
VXFHVLYRV JRELHUQRV QR HV PHQRV FLHUWR TXH HO VLVWHPD LED GHMDQGR GH
PDQLILHVWRFUHFLHQWHVGLVIXQFLRQDOLGDGHV
(QPDU]RGHDSHQDVXQRVGtDVGHVSXpVGHTXHHVWDOODUDXQDQXHYD
JXHUUD HQ &XED DOJXQRV RILFLDOHV DWDFDURQ ODV UHGDFFLRQHV GH GRV
SHULyGLFRV(O 5HVXPHQ \(O *ORER HQ UHSUHVDOLD SRU ODV FUtWLFDV
SXEOLFDGDVFRQWUDHOHMpUFLWR(OHSLVRGLRSURYRFyODFDtGDGH6DJDVWD\HO
UHJUHVR GH &iQRYDV (O GLULJHQWH FRQVHUYDGRU FRQILDED HQ VROXFLRQDU HO
SUREOHPDFRORQLDOGHKHFKRHQOD1DYLGDGGH)HUQDQGR3ULPRGH
5LYHUDSDFLILFyODV)LOLSLQDVSHURHOGHDJRVWRGHIXHDVHVLQDGR
SRU HO DQDUTXLVWD $QJLROLOOR HQ HO EDOQHDULR JXLSX]FRDQR GH 6DQWD
JXHGD (VSDxD VH HQFDPLQDED D OD FDWiVWURIH \ OD VXIULUtD SULYDGD GHO
HVWDGLVWDTXHKDEtDFUHDGRHOVLVWHPDGHOD5HVWDXUDFLyQ'HPDQHUDQDGD
VRUSUHQGHQWHODLJOHVLDFDWyOLFDUHSUHVHQWDUtDXQSDSHOQDGDEDODGtHQHO