/DV&RUWHVDQDVYHQHFLDQDV ODPRGD
0$5$1*21*LRUJLD
(QXQD9HQHFLDFLXGDGHXURSHDHIHUYHVFHQWH HQFRQWLQXRIHUPHQWRDUW VWLFR
FXOWXUDOVREUHVDOHQILJXUDVIHPHQLQDVTXHSRUVXH[XEHUDQFLDI VLFD LQWUDSUHQGHQ]D
FXOWXUDO HQ OD HVWHOD GH XQ PRYLPLHQWR IHPHQLQR FRPR HO IUDQFpV GH ODV VRORQLqUHV
GLHURQ XQD QXHYD YLGD D XQ PXQGR HO IHPHQLQR RVFXUHFLGR HFOLSVDGR SRU OD
RPQLSRWHQFLDPDVFXOLQD/DFXOWXUD ODVRFLHGDGGHORVWUHV~OWLPRVVLJORVGHYLGDGHOD
0X 6HUHQD5HS~EOLFDGH9HQHFLDVRQREMHWRGHOH[FHOHQWHHUXGLWR SRGHURVRHVWXGLR
GH 2OLYHU/RJDQ
(ODXWRUERVTXHMDXQFXDGURLQWHUHVDQWHGHODVRFLHGDG GHODYLGDHQ
9HQHFLD GHVGH KDVWD GLEXMDQGR HO SHUILO GH 9HQHFLD FLXGDGJDODQWH TXH
GHVGH KDFH XQ WLHPSR LQPHPRUDEOH JR]D GH XQD FRPSOHWD OLEHUWDG FLYLO GH XQD
FRQVWLWXFLyQSHUIHFWDPHQWHHTXLOLEUDGDHQVXVSRGHUHV(QXQDpSRFDHQTXHPXFKRV
JRELHUQRV UHSXEOLFDQRV SULQFLSHVFRV GH ,WDOLD KDE DQ IUDFDVDGR 9HQHFLD DSDUHF D
FRPRXQPRGHORGHHVWDELOLGDG FRPRHOPiVYLJRURVRH[SRQHQWHHQWUHORVWRGDY D
H[LVWHQWHVGHODVLQVWLWXFLRQHVSRO WLFDVOLEUHV1RREVWDQWHPLWUDEDMRQRVHFHQWUDHQHO
PLWR GH 9HQHFLD VLQR HQ ODV UHDOLGDGHV FXOWXUDOHV VRFLDOHV GH OD FLXGDG HQ OD
GHILQLFLyQ GHO HUXGLWR DXVWHUR HWKRV YHQHFLDQR TXH VHUiQ HO WUDVIRQGR HO HVFHQDULR
VREUHHOTXHODVYHQHFLDQDVLPSRQGUiQGHPDQHUDSUHSRWHQWHVXLPDJHQ
0XMHUHVGHO
SODFHU
PXMHUHVHUXGLWDVTXHOHHQSHQGLHQWHVGHWRGRFXDQWRDFRQWHFHDVXDOUHGHGRU
PXMHUHVDODVTXHVHFRQRFHPHMRUFRQHOQRPEUHGHFRUWHVDQDVTXHGLHURQXQIXHUWH
LPSXOVRDODYLGDQRVyORPXQGDQDVLQRWDPELpQFXOWXUDOUHYROXFLRQDQGRORVXVRV
FRVWXPEUHVDUUDLJDGRV WRGDY DYLQFXODGRVDODLQWROHUDQFLDPHGLHYDO
/2*$129HQH]LD&XOWXUDHVRFLHWj7XU Q9HOWUR
,OJLRFRGHOO¶DPRUH/HFRUWLJLDQHGL9HQH]LDGDOWUHFHQWRDOVHWWHFHQWR0LOiQ%HUHQLFH
)$5*($©3UpVHQWDWLRQª9LYUHGDQVODUXHj3DULVDX;9,,,VLqFOH3DULV
$X;9,,,VLqFOHOHVILOOHVSXEOLTXHVVRQW (Q HO VLJOR ;9,,, ODV FKLFDV
S~EOLFDVVRQ
6RHXUVGHODPLVqUHOHXUPRQGHQ¶HVWJXqUH KHUPDQDVGHODPLVHULDVXPXQGR
FDVLQR
eORLJQpGHFHX[GHOHXUVFOLHQWHV VHDOHMDGHORVGHVXVFOLHQWHV
8QDUDJD]]DFKHKDWURSSLDPLFLQRQKDDPLFL
/XFUH]LDFUHGLPLFRORURFKHKDQQRUDSSRUWLFRQWH
QRQWLWUDWWDQRFRPHXQDSHUVRQDPDFRPHXQRJJHWWR
(VVHQRQYHQGRQRFKHLFRUSLODYRORQWjQRQSXz
HVVHUHPHVVDLQYHQGLWDHVVDqWURSSROLEHUDHGLQWHULRUH
6L HQ OD (GDG 0HGLD VH WROHUDED SRFR OD ILJXUD GH OD PXMHU GH SODFHU OD
PRUDOLGDGUHQDFHQWLVWDPiVLOXPLQDGD PHQWDOPHQWHDELHUWDQRFXOSDHODPRUI VLFR
QL KDFH GH pO XQ SHUVRQDMH SRVLWLYR FDVL XQD SHUVRQLILFDFLyQ GH XQD IHPLQLGDG
HPDQFLSDGD/DPXMHUGHSODFHUFRQRFLGDFRQHOQRPEUHGHFRUWHVDQDHQRSLQLyQGH
DOJXQRV VLQyQLPR GH FRUWHV D GLVSRQLELOLGDG HUD XQ WpUPLQRTXHKDVWDHQWRQFHVVH
XVDEDSDUDLQGLFDUODFDWHJRU DVRFLDOGHODVVHxRUDVTXHIUHFXHQWDEDQODFRUWH3HURQR
WRGDVODVSURVWLWXWDVPHUHF DQWDOQRPEUHVyORDTXHOODVTXHGRWDGDVSDUWLFXODUPHQWHGH
EHOOH]DVHQVLELOLGDGJUDFLDHLQWHOLJHQFLDFRQVLJXHQHOHYDUVHSRUHQFLPDGHODPDVD(Q
ODPD RUSDUWHGHORVFDVRVVHWUDWDGHKLMDVLOHJ WLPDVGHDULVWyFUDWDVPDUJLQDGDVSRUOD
FODVHGHVXSDGUH
(Q JHQHUDO D OD PXMHUHV FRQVLGHUDGDV FRPR VHUHV LQIHULRUHV QR VH OHV KD
SHUPLWLGRRFXSDUVHGHODILORVRI DODFLHQFLDODOLWHUDWXUDODLQVWUXFFLyQIHPHQLQDVH
OLPLWDDODOHFWXUDGHREULWDVPRUDOHVDOFDQWRDODGDQ]DDOWRTXHGHXQLQVWUXPHQWR
PXVLFDO VREUH WRGR DO DSUHQGL]DMH GH ODV P~OWLSOHV WLSRORJ DV GH ORV SXQWRV GH
ERUGDGRGHOHQFDMHGHODPDOODGHODFRVWXUD8QDEXHQDUHJODHUDTXHODPXMHU³VDELD´
VDOLHVHGHFDVDVyORWUHVYHFHVHQVXYLGDSDUDHOEDXWLVPRSDUDHOPDWULPRQLR SDUDVX
IXQXHUDO(QFDPELRODFRUWHVDQDQRVyORVDO DGHFDVDVLQRTXHDGHPiVVHLQWHUHVDED
SRUWRGRHVFXFKDEDSDUWLFLSDEDDFRVWXPEUiQGRVHDV DKDFHUXVRGHVXLQJHQLR D
DSUHQGHDH[SUHVDUVHFRQEULOODQWH]
'HKHFKRODVDQWLJXDVFUyQLFDVGHPXHVWUDQTXHVH
'$ 5277(5'$0 ( ,O *LRYDQRWWR H OD SURVWLWXWD &ROORTXL ³8QD FKLFD FRQ GHPDVLDGRV
DPLJRVQRWLHQHDPLJRV/XFUHFLDFUpHPH/RVTXHPDQWLHQHQUHODFLRQHVFRQWLJRNo e a an como a
una pe sona sino como a un obje o”.
'(0217$,*1(0(VVDLV,,,³1RYHQGHQPiVTXHVXVFXHUSRVODYROXQWDGQRSXHGH
YHQGHUVHHVGHPDVLDGROLEUHHLQWHULRU´
'HODPD RUHQODHVFDODSRpWLFD*DVSDUD6WDPSDQDFLGDHQ3DGXDHQWRUQRDODxRHQHOVHQRGH
XQDIDPLOLDGHRULJHQPLODQpVQRVHHVWiPX VHJXURGHTXHODLQGXGDEOHOLEHUWDGGHYLGDODWUDQVIRUPDVH
SUHFLVDPHQWHHQXQDFRUWHVDGDGHFRQGLFLyQFRPRTXLVLHUDQDOJXQRVYHUVRVDQyQLPRVTXHODDFXVDQGH
VHUXQDPXMHUGHPDODIIDUH $OXPQD GHO KXPDQLVWD )RUWXQLR 6SLUD GHO P~VLFR 3HULVVRQH &DPELR
DSDVLRQDGDGHOFDQWRDFHSWDGDHQOD$FDGHPLDGHL3HOOHJULQLIUHFXHQWyHOF UFXORYHQHFLDQRDFX RIUHQWH
HVWDEDHOSHWUDUTXLVWD'RPHQLFR9HQLHU(QVXFDQFLRQHURGRQGHUHFXUUHGHPDQHUDHOHJDQWHDORVWHPDV
SHWUDUTXLVWDV D ORV TXH LQIXQGH VX SURSLR DFHQWR SDFDWDPHQWH SHUVRQDO FDVL GH XQ QWLPR FRORTXLR
VXVSLUDHOHJ DFDPHQWHSRUVXGHVDIRUWXQDGRDPRUSRUHOFRQGH&ROODOWLQRGL&ROODWR
67$03$* )5$1&295LPH$6DO]DHG%DUL1RH[LVWHQGXGDVHQFDPELRVREUH
7XOOLDGH$UDJyQ±PXMHUGRWDGDGHXQJUDQHQFDQWRPiVTXHGHEHOOH]DHQ)ORUHQFLDOD
GXTXHVDOHGLRSHUPLVRSDUDQRYHVLUPiVHOYHORDPDULOORV PERORGHODVSURVWLWXWDVSRU³VXUDUDFLHQFLD
GHSRHV D ILORVRI D´
OHVVRO DEXVFDUPiVSDUDPDQWHQHUXQDFRQYHUVDFLyQDJUDGDEOH SRUVXUHILQDGDIRUPD
GHVHUTXHSRUVXFXHUSR SUHVWDFLRQHVI VLFDV
(O PXQGR GH ODV FRUWHVDQDV TXH FRQ HO SDVR GH ORV VLJORV KD RULJLQDGR
LQWHUHVDQWHVHVWXGLRV
IXHHOSULQFLSLRHQ,WDOLDGHXQDWUDQVPLVLyQGHGDWRVUHIHUHQWHVD
ODPXMHU DVXFRPSOHMR DUWLFXODGRPXQGR7DPELpQVRQQXPHURVRVORVHVFULWRUHV
H[WUDQMHURV TXH GHMDURQ VX WHVWLPRQLR SHUVRQDO HQ ODV FRUWHVDQDV YHQHFLDQDV
(QWUH
HVWRV'H%URVVHVODVHQFXHQWUDFRUWpV PX GXOFHV VXQWXRVDVGHURSD
PLHQWUDVTXH
5RXVVHDXSRUXQDFLWDLQFRPSOHWDQRORJUDUHFRUGDUPiVTXHXQHOHJDQWHFDPLVyQFRQ
IOHFRVGHVHGDURVDHQHOHVFRWH
0XMHUHVGHFXOWXUD FRVWXPEUH GHHVWHVHJXQGR
DVSHFWR PH RFXSDUpV GH PDQHUD HVSHF ILFD GHOLQHDQGR ODV FDUDFWHU VWLFDV PiV
VREUHVDOLHQWHVGHXQDEELJOLDPHQWRTXHIXHODOODYHGHWDQWRHVFiQGDOR p[LWR
8QDOH IHFKDGDHQLPSRQ DDODVPHUHWULFHVS~EOLFDVOOHYDUDOFXHOORHQ
VHxDOGHUHFRQRFLPLHQWRXQSDxXHORDPDULOORXQDOH DEROLGD SXHVWDHQYLJRURWUDYH]
DSLULSUHVH'HKHFKRHQVHGHOLEHUDFKHRPQHVLOOLUXIILDQLTXLVWDQWLQFLYLWDWH
QRVWUD GHEHDQW SRUWDUH KDELWXV FRORU ]DOOL XWDE RPQLEXV GLJQRVFL SRVVLQW
5HVXOWD
LQWHUHVDQWH KDFHU QRWDU FRPR SRU HMHPSOR HQ 3DGXD 7UHYLVR FDPELDURQ ORVFRORUHV
LPSXHVWRV PHUHWULFHV HW ULIILDQDH OOHYDUiQ VREUH VXV KRPEURV XQXP IDFLROXP
ORQJLWXGLQHPWULXPEUDFKLRUXP HQODFDEH]DXQXPFDSXFLXPFRORULVUXEHL
$GHPiV
VHOHVSURKLE DFXEULUVHODIUHQWHFRQXQSHLQDGRGHWWDDIXQJRFRQWDOGHTXHPXOLHUHV
DSSDUHDQWVLFXWGHXVLOODVIHFLW
(ODEELJOLDPHQWRGHODFRUWHVDQDHQJHQHUDOQRVH
GLIHUHQFLDGHOGHODVVHxRUDVHQFXDQWRDHOHJDQFLD OXMRVVLQRDORTXHHQYLVWRVLGDGVH
UHILHUH/DFRUWHVDQDYLVWHXQDFDPRUDXQDW~QLFDVHQFLOODFRQXQHVFRWHDPSOLRFRQHO
SXQWRGHYLGDEDMRHOVHQRODVPDQJDVLQJLRLHOODWHFRQSHUODV JHPDVXQLGDVDOJLUR
VSDOODFRQFLQWDVPXHVWUDQXQDUDMDDODDOWXUDGHOFRGRTXHSHUPLWHXQDPD RUOLEHUWDG
%21*,6,OYHORJLDOORGL7XOOLDG¶$UDJRQD³5LYLVWDFULWLFDGL/HWWHUDWXUD,WDOLDQD´Q,,,
$5(7,12 3 /HWWHUH ,N SULPR H LO VHFRQGR OLEUR ) )ORUD HG 0LOiQ %$5=$*+, $
'RQQHRFRUWLJLDQH"/DSURVWLWX]LRQHD9HQH]LD'RFXPHQWLGLFRVWXPHGDO;9,DO;9,,,VHFROR
9HURQD&$/=$&'RFXPHQWL LQHGLWL VXOOD SURVWLWX]LRQH WUDWWL GDJOL $UFKLYL GHOOD5HXEEOLFD
9HQHWD0LOiQ&$6$129$*0HPRULH0LOiQ7$66,1,* &HQQL VWRULFL H OHJJL
FLUFD LO OLEHUWLQDJJLR LQ 9HQH]LD GHO VHFROR GHFLPRTXDUWR DOOD FDGXWD GHOOD 5HSXEEOLFD 9HQHFLD
9(1,(5//DSXWWDQDHUUDQWH3DU V
/$%$/0(3:RPHQ¶V5ROHVLQ(DUO 0RGHUQ9HQLFHLQ%H RQG7KHLU6H[1XHYD<RUN'(
0217$,*1( 0 -RXUQDO GH YR DJHHQ,WDOLH 3DU V .8/7=(1 5 (LNPHLU
9HQH]LDQLVFKH*HPlOGHGHV8QG-DKUXQGHUWV%D HULVFKH6WDDWVJHPlOGHVDPPOXQJHQ0QFKHQ
5$03(//2'DQQLGLFRVWXPHQHO9HQHWR7UHYLVRSiJV
-21$5'1/DYLWDD9HQH]LDQHO;9,,,VHFROR0LOiQSiJ
/HJJLHPHPRULHYHQHWHSiJ³WRGRVDTXHOORVUXILDQHVTXHVHKDOODQHQQXHVWUDFLXGDG
GHEHUiQYHVWLUXQKiELWRGHFRORUDPDULOORSDUDTXHWRGRVSXHGDQUHFRQRFHUORV´
,ELGHPSiJ³ODVUDPHUDV ULIILDQDHOOHYDUiQVREUHVXVKRPEURVXQSDxXHORGHWUHVEUD]RVGH
ORQJLWXV HQODFDEH]DXQDFDSXFKDGHOFRORUURMR´
,ELGHPSiJ³ODVPXMHUHVDSDUH]FDQFRPR'LRVODVKL]R´
GHPRYLPLHQWR/DFDPLVDEODQFDHQOXFLGDFRQERUGDGRV VRSUDYYHVWHFRPSOHWDQHO
DEELJOLDPHQWR/RV]DSDWRVGHWHOD FXHURVODQFLDQRODILJXUDJUDFLDVDODDOWDFXxDGH
PDGHUDHQI QHOSHLQDGRKHFKRGHXQUHFRJLGRLQXQJURVVRWRUFLJOLRQHDYYROWRHQ
URVTXLOOD HQ OR DOWR GHOD FDEH]D GH ODUJRVUDFLPRV GHUL]RV TXH SHQG DQVREUH ODV
RUHMDVHVHOWRTXHILQDVGHXQUHEXVFDGRJXVWRSRUHOHVWLOR
9HQHFLDKDVLGRVLHPSUHXQDFLXGDGYDQJXDUGLVWD PLHQWUDVTXHHQ)ORUHQFLD
GXUDQWH HO VLJOR ;9, EDMR OD DXWRULGDG GH &RVLPR , VH UHVWDXUD OD REOLJDFLyQ TXH
WLHQHQODVSURVWLWXWDVGHYHVWLUXQYHORRXQDFLQWDDPDULOODSDUDGLVWLQJXLUDODVPXMHUHV
GLJQDVGHODVTXHQRORVRQHQ9HQHFLDVHLQWHQWDLPSRQHUOHVXQXQLIRUPHPRGHVWRRDO
PHQRVQDGDSRPSRVR'HHVWRGDIHHOJXDUGDUURSDKDOODGRHQFDVDGHORV/HRQFLQL
HQ
VRPHWLGRDXQLQYHQWDULRVHLVSDUHVGHPDQJDVGHUDVRRODQDQXHYHYHVWLGRV
FRPSOHWDPHQWHQHJURVWUHVIDOGDVGHODQDXQGXOLPDQVRSUDYYHVWHRULHQWDOGHODQD
GRVVRSUDYYHVWLQHJURVVLHPSUHGHODQDGLFXXLXQDIRGHUDWDGLYROSHXQDFDSDGRV
SXxRVGHSDxR GHWHUFLRSHOR>IRGHUDWH@IRUURVGHSLHOGHPDUWRUD GH]RUURFLQFXHQWD
RFKRFDPLVDVGHPXMHURFKRPDVFROLQH GRVGHKRPEUH XQDPDOODGHODQDODEUDGD
FRQKLHUURGLHFLVpLVSDUHVGHFDO]RQFLOORVGHWDODXQSDUGHSDxRSDUDHOLQYLHUQRVLHWH
SDUHVGHPHGLDVXQRGHVGHDFLQFRGHWHODEODQFD XQRGHODQD$GHPiVVLHWHEDYDUL
QXHYHVFXIILHGRUDWHDUHWHVHLVEROVDVSDUDWHUPLQDUFRQVHLVSDxXHORVGHFDEH]DWUHV
YHORV GRFHSDUHVGH]DSDWRV
1RVHKDOODQLQJXQDLQGXPHQWDULDDPDULOOD3UHGRPLQD
VREUHWRGRHOFRORUQHJUR8QDOH GHOSURKLEHDODVPXMHUHVGHOSODFHUYHVWLUMR DV
SHUODVRURSODWD YHVWLGRVGHVHGDH[FHSWXDQGRODVVFXIILH+DFLDPLWDGGHVLJOROD
PRGDVHYDKDFLHQGRFDGDYH]PiVVHGXFWRUDORVHVFRWHVPiVDPSOLRV GHVFXDGUDGRV
ORVFRUSHWWLPiVFHxLGRVHOSHORVHUHFRJHHQSHTXHxRVFLRFFHGHFRUDGRVFRQOLULRV
RWUDVIORUHVFRURQDQGRHOURVWURXQRVVHGXFWRUHVUL]LWRVFRUWRVGHQRPLQDGRV³WLUDEDFL´
HQYpQHWR(QLQYLHUQRVHSRQHGHPRGDODSOHWHU DGHWHODSRUIXHUDGH]RUUROLQFHR
PDUWD SRU GHQWUR OD FDSD R HO GXOLPDQ &RPR LQVWUXPHQWRV LQGLVSHQVDEOHV SDUD OD
IDVFLQDQFLyQ ODSURYRFDFLyQDSDUHFHQHODEDQLFRGHSOXPDVGHDYHVWUX]ODVPHGLDVGH
VHGD ORV ]XHFRV GH WHUFLRSHOR
2WUD FDUDFWHU VWLFD GH OD FRUWHVDQD HV OD GH KDFHU
$QJHOLFD *LXOLD/HRQFLQLKHUPDQDV FRUWHVDQDVUHQRPEUDGDVHQOD9HQHFLDGHODSULPHUDPLWDGGHO
VLJOR;9,
'$9$1=23ROL',QYHQWDULRGHOOHFRVHGL*LXOLD/HRQFLQL%HPSRUDG,OFRVWXPHQHOO¶HWj
GHO5LQDVFLPHQWR)ORUHQFLDSiJV
$5(7,123'XEELDPRURVLHVRQHWWLOXVVXULRVL%RORQLDSiJ³(OODDOFRJHUHOJXDQWH
HQFRJLyWDPELpQORVEDMRVGHOWUDMH GHMyHQWUHYHUWDQWRVXSLHUQHFLWDTXHOHY ODVPHGLDVWXUTXHVDV
SLDQHOOHWDGHWHUFLRSHORQHJURGHWDOPRGRTXHODSXOFUHGDGGHXQD GHRWUDOHKLFLHURQVXVSLUDUGH
OXMXULD ODDPLJDFXEULpQGRVHFRQHODEDQLFRVyORODPHMLOODL]TXLHUGDOHFRQVLQWLyTXHOHPLUDVHHO
UHVWRDVXYROXQWDG´
DXPHQWDUODYDJKH]]DHQVXURVWURDFODUiQGRVHHOSHORWUXFFDQGRVL EODQTXHiQGRVHHO
URVWUR JUDQSDUWHGHOVHQR
$SULQFLSLRVGHOVLJOR;9,,ODPRGDHQ9HQHFLDQRFDPELDPXFKR(OLQYHQWDULR
GHGHODGRWHGH'RPLQD3DXOLQD3URYHVLQD9LJQRQGRFXPHQWDODPLVPDWLSRORJ D
GHURSDTXHODGH/HRQFLQL*UDFLDVDODLFRQRJUDI DSLFWyULFDUHVXOWDHYLGHQWHHOKHFKR
GHTXHHQHOVHJXQGRFXDUWRGHOVLJOR;9,,ODPRGDTXHVLJXHQODVVHxRUDVYHQHFLDQDV
HVODGHODVFRUWHVKRODQGHVDVGHO QHDH[WUDRUGLQDULDPHQWHRSXOHQWDFRQHOSXQWRGH
YLGDEDMRHOVHQRXQDHQRUPHIDOGDULJRQILDXQDPSOLRHVFRWHFXELHUWRGHXQEDYDUR
SOLVVHWWDWR/RVFRORUHVVRQRVFXURV HOSHORVHGHMDFDHUSRUORVKRPEURV'HODPRGD
KRODQGHVD D OD IUDQFHVD OD GH OD FRUWH GH /X V ;,9 IDOGD D FDPSDQXOD VRSUDYYHVWH
UHFRJLGDHQORVODGRV GUDSSHJJLDWDHQODSDUWHSRVWHULRUSHWWRULQDERUGDGDPDQJDV
FRUWDV D EDO]H HO SHOR UHFRJLGR D ERFFROL DGRUQDGR FRQ XQD DOWD FUHVWD GH SL]]R
'DPDV EXUJXHVHV LEDQ WRGRV YHVWLGRV GH QHJUR PLHQWUDV TXH ORV WUDMHV GHFRORUHV
VJDUJLDQWLDPDULOORVURMRVFRQWUDGGLVWLQJXHYDQRDODVPXMHUHVGHFRVWXPEUHVIiFLOHV
*UHYHPEURFK TXH VH LQWHUHVDED SRU ODV IRUPDV GH YHVWLU GH ODV PiV GLYHUVDV
FODVHV VRFLDOHV YHQHQFLDQDV HQ HO FDVR GH ODV FRUWHVDQDV PHUHWULFHV SURVWLWXWDV
FRQFXELQDVQRHQFXHQWUDQDGDPHMRUTXHUHSURGXFLUODVLPiJHQHVIHPHQLQDVGHOVLJOR
;9,FRSLDGDVGHORVOLEURVGH9HFHOOLR
&RQFOX RHVWHEUHYHH[FXUVXVDWUDYHVGHOVXQWXRVRDUWLFXODGR H[WUDYDJDQWH
PXQGRGHODVFRUWHVDQDVYHQHFLDQDV ODFRGDFRQORVYHUVRVGH9HUyQLFD)UDQFR
'DWDqGDOFLHOODIHPPLQLOEHOOH]]D
3HUFKpHOODVLDIHOLFLWDWHLQWHUUD
'LTXDOXQTX¶XRPFRQRVFDJHQWLOH]]D
7UDGXFFLyQGH5DXO(VFDOHUD0DHVWUH
9(&(//,2&+DELWLDQWLFKLHWPRGHUQLGLWXWWRLOPXQGR3DU V
)5$1&2 9 7HU]H ULPH9HQHFLD'DGDHVSRU HOFLHORODIHPHQLQDEHOOH]DSDUDTXHVHD
IHOLFLGDGHQODWLHUUDGHFXDOTXLHUKRPEUHTXHFRQR]FDODJHQWLOH]D