Vous êtes sur la page 1sur 21



0XURVSRVWPRGHUQRV$QiOLVLVWH[WXDOGH7KH:DOO 3LQN)OR\G 


$DUyQ5RGUtJXH]6HUUDQR> @


5HVXPHQ(OFRPSOHMRFRQMXQWRGHWH[WRVTXHFRQIRUPDQHOXQLYHUVRGH
7KH:DOO WDQWRHO&'GHP~VLFDFRPSXHVWRSRU5RJHU:DWHUVFRPRVX
SXHVWD HQ HVFHQD R OD SHOtFXOD GLULJLGD SRU $ODQ 3DUNHU  VH VLW~D
KLVWyULFDPHQWHMXQWRDODVSULPHUDVUHIOH[LRQHVVREUHODSRVWPRGHUQLGDG
HPLWLGDVGHVGHODILORVRItD0HGLDQWHXQHMHUFLFLRGHDQiOLVLVWH[WXDOTXH
LQWHJUH ODV GLVWLQWDV SURSXHVWDV FRWHMDUHPRV HO FRQWHQLGR GH OD REUD
DUWtVWLFD HQ FRQH[LyQ FRQ DOJXQRV GH ORV SUREOHPDV KDELWXDOHV
SURSXHVWRVSRUORVWHyULFRVSRVWPRGHUQRV

3DODEUDVFODYHFLQHSRVWPRGHUQLGDG7KH:DOODQiOLVLVWH[WXDO

$EVWUDFW7KH FRPSOH[ FROOHFWLRQ RIWH[WV ZKRIRUPWKH XQLYHUVH RI 7KH
:DOO LQFOXGLQJ WKH PXVLF &' FRPSRVHG PDLQO\ E\ 5RJHU :DWHUV KLV
OLYH VKRZ RU WKH PRYLH GLUHFWHG E\ $ODQ 3DUNHU  LV VLWXDWHG KLVWRULFDOO\
QHDU WR WKH ILUVW SKLORVRSKLFDO ZRUNV DERXW SRVWPRGHUQLW\ 8VLQJ D
PXOWLGLVFLSOLQDU\ PHWKRGRORJ\ EDVHG RQ WKH WH[WXDO DQDO\VLV ZH ZLOO
FRQQHFWWKHFRQWHQWRIWKHDUWLVWLFSLHFHVZLWKVRPHRIWKHPRVWFRPPRQ
SUREOHPVGHWHFWHGE\WKHWKHRULVWRISRVWPRGHUQLW\

.H\ZRUGVFLQHPDSRVWPRGHUQLW\7KH:DOOWH[WXDODQDO\VLV

 
 (O  GH QRYLHPEUH GH  XQ H[WUDxR YLQLOR 7KH :DOO ILUPDGR SRU
ORV3LQN)OR\GOOHJyDODVWLHQGDVGH*UDQ%UHWDxD/DSRUWDGDGLVHxDGDSRU
*HUDOG 6FDUIH TXH DFDEDUtD SRU KDFHUVH FDUJR WDPELpQ GH WRGR HO GLVHxR
JUiILFR \ ODV DQLPDFLRQHV TXH DFRPSDxDURQ D OD JLUD \ D OD SHOtFXOD GH $ODQ
3DUNHUQRPRVWUDEDQLQJXQDKXHOODDXWRUDOHQDEVROXWR6LPSOHPHQWHHUDXQD
VXSHUILFLHDVIL[LDQWHUHSHWLWLYDXQWDSL]LQTXHEUDQWDEOHTXHSDUHFtDGHUUDPDUVH
HQORVPiUJHQHVPLVPRVGHOFDUWyQ/DHVWUDWHJLDHQWpUPLQRVWH[WXDOHVHUDGHO
WRGR LQWDFKDEOH OD FRPSOHWD FRQFHSFLyQ DUWtVWLFD GH OD REUD IXQFLRQDED FRPR





XQD LQPHQVD EDUUHUD XQ 1R WUHVSDVVLQJ FRPR HO TXH DEUtD &LXGDGDQR .DQH
&LWL]HQ .DQH 2UVRQ :HOOHV   HQXQFLDGR DKRUD GHVGH OD WULQFKHUD GHO
URFNFRQFHSWXDO
 <HVTXHHQDTXHOPRPHQWRFXDQGRHVWDOODEDHOPDJPDGHJUXSRVSXQN
\ SRVWSXQN TXH FRPHQ]DEDQ D DEULUVH SDVR ORV 3LQN )OR\G TXHGDEDQ
FRQGHQDGRVDVHUXQDQRWDDSLHGHSiJLQDXQGLJQRH[SRQHQWHGHWRGRORTXH
KDEtDTXHHYLWDU2DOPHQRVXQDFLHUWDQDWXUDOH]DGHORV3LQN)OR\GTXHVH
KDEtD LGR RVFXUHFLHQGR D OR ODUJR GH ORV DxRV 7RPHPRV FRPR HMHPSOR OD
FRQVWDQWHUHLYLQGLFDFLyQTXHGHVGHORVDOWDUHVGHOSRSLQGLHFRQWHPSRUiQHRVH
VLJXH UHDOL]DQGR GH VX HWDSD SVLFRGpOLFD GH GLVFRV FRPR 7KH SLSHU DW WKH
JDWHVRIGDZQGHVLQJOHVHVSRUiGLFRVFRPR6HH(PLO\SOD\RHQUHVXPHQGH
ODGHIHQVDDXOWUDQ]DGH6\G%DUUHWWFRPRDOPDPiWHU\DXWpQWLFRHVStULWXGHO
JUXSR1RSDUHFHKDEHUGHPDVLDGRVSUREOHPDVHQUHLYLQGLFDUORVRUtJHQHVGH
OD EDQGD GDGR TXH HQ HOORV VH HQFXHQWUD XQD FRRUGHQDGD HVSDFLRWHPSRUDO
IiFLOPHQWH GHILQLEOH \ YROXQWDULDPHQWH IHVWLYD (O SUHFLR TXH HO SURSLR %DUUHWW
WXYR TXH SDJDU SRU VXV H[SHULPHQWRV FRQ HO /6' XQD YLGD GH DOLHQDFLyQ \
ORFXUDHQFHUUDGRFRPR1RUPDQ%DWHVDOFDORUGHXQDPDGUHTXHFRQWXYLHUDVX
GRORUVHGLIXPLQDFRQUDSLGH]DQWHODFDSDFLGDGGHVLWXDU\UHLYLQGLFDUSLH]DV
FRPR *QRPH R %LNH SLH]DV GHVFRQHFWDGDV HQ Vt PLVPDV LQRFXDV
H[TXLVLWDPHQWH IUtYRODV /D YHUGDG KLVWyULFD SRU HO FRQWUDULR HV PXFKR PiV
LQFyPRGD6\G%DUUHWWIXHERUUDGRGHOJUXSRQRVyORSRUVXFRPSOHWDDGLFFLyQD
ORVDOXFLQyJHQRVVLQRHQODPHGLGDHQTXHHVDPLVPDDGLFFLyQDOHMDEDDOUHVWR
GHORVPLHPEURVGHVXVVXHxRVGHIDPD\IRUWXQD

/DV FRVDV OOHJDURQ D VX ILQ HQ IHEUHUR HO GtD TXH GHEtDPRV WRFDU HQ XQ
FRQFLHUWR HQ 6RXWKDPSWRQ (Q HO FRFKH GH FDPLQR SDUD LU D EXVFDU D 6\G
DOJXLHQ GLMR 5HFRJHPRV D 6\G" \ OD UHVSXHVWD IXH 1R MRGHU QR YDOH OD
SHQD 5HODWDUOR GH XQD PDQHUD WDQ GLUHFWD VXHQD FRPR VL QR WXYLpUDPRV




FRUD]yQ \ IXpUDPRV UHDOPHQWH FUXHOHV HV FLHUWR /D GHFLVLyQ IXH


FRPSOHWDPHQWH FUXHO LJXDO TXH QRVRWURV $FWXDPRV FRQ HVWUHFKH] GH PLUDV
DXQTXH SHQVp TXH 6\G VH FRPSRUWDED VLPSOHPHQWH FRQ PDOD LQWHQFLyQ \ \R
PH VHQWtD WDQ H[DVSHUDGR FRQ pO TXH VyOR SRGtD YHU HO LPSDFWR TXH HVWDED
WHQLHQGRDFRUWRSOD]RHQQXHVWURGHVHRGHVHUXQDEDQGDGHp[LWR 0$621
 

5HVXOWD FXULRVR TXH HO SURSLR 0DVRQ HQ VXV PHPRULDV VH UHILULHUD FRQ
WDQWDFODULGDGDODH[SXOVLyQGH6\GFRPRFRQVHFXHQFLDGLUHFWDGHHVHGHVHR
(Q XQ SULPHU PRPHQWR GLFKD H[FOXVLyQ GH OD EDQGD SDUHFLy DOJR
DEVROXWDPHQWHQDWXUDOXQJHVWRHOHJDQWHGHGHVSUHQGLPLHQWRGHODVWUHTXHQR
PROHVWyHQHVSHFLDOQLDORVP~VLFRVQLDVXS~EOLFR

7HQLHQGR HQ FXHQWD TXH QXQFD KDEtDPRV HQVD\DGR MXQWRV FRPR FXDUWHWR OD
DFWXDFLyQIXHPXVLFDOPHQWHELHQ (UDXQLQGLFLRGHORSRFRTXH6\GKDEtD
FRQWULEXLGR HQ ORV ~OWLPRV FRQFLHUWRV SHUR LQFOXVR DVt UHVXOWD DVRPEURVR OR
DOHJUHPHQWHVHJXURVTXHGHELPRVHVWDUSDUDGDUHVWHSDVR<ORTXHHVPiV
LPSRUWDQWHHOS~EOLFRQRSLGLyTXHOHGHYROYLHUDQHOGLQHURHVWDEDFODURTXHOD
DXVHQFLD GH 6\G QR HUD XQ VHULR LQFRQYHQLHQWH 6HQFLOODPHQWH QR YROYLPRVD
UHFRJHUOHPiV 0$621 

<VLQHPEDUJRJUDQSDUWHGHODWUD\HFWRULDSRVWHULRUGHODEDQGDSXHGH
VHU OHtGD VLQ QLQJ~Q SUREOHPD FRPR OD FRQVWDQWH SXHVWDHQVRQLGR GH XQD
GHXGD FRQWUDtGD FRQ HO IDQWDVPD GHO DOXFLQDGR 'LVFRV WDQ UXWLODQWHV HQ OD
KLVWRULD GH OD P~VLFD URFN FRPR 7KH GDUN VLGH RI WKH PRRQ R :LVK \RX ZHUH
KHUH DEUD]DEDQ GH PDQHUD H[SOtFLWD OD SUHVHQFLD GH HVD VRPEUD SVLFyWLFD
(VWDEDQ\DDWUDYHVDGRVGHXQDFLHUWDLQTXLHWXG\VHxDODEDQFRQWRWDOSUHFLVLyQ
ODSUHVHQFLDGHXQPDOHVWDUTXHVHDVHQWDEDHQHOVXMHWR WHPDVFRPR0RQH\




R 8V DQG WKHP QR GHMDQ GXGDQ DO UHVSHFWR  \ IUHQWH DO TXH QR SDUHFtD KDEHU
QDGLHFDSD]GHFRPSDUHFHU
(OSURSLR'DUNVLGHRIWKHPRRQLEDDFRPSDxDGRGHXQVXEWtWXORTXHOR
GHVLJQDED QDGD PHQRV TXH FRPR $ SLHFH IRU DVVRUWHG OXQDWLFV 8QD SLH]D
SDUDWRGRWLSRGHORFRV (QODyUELWDFRQFHSWXDOSXHVWDHQPDUFKDSRUHOJUXSR
VHMXJDEDODHQIHUPHGDGPHQWDOFRPRXQDGHODVLGHDVFHQLWDOHV'HKHFKROD
IDVFLQDFLyQGH5RJHU:DWHUV\VXHTXLSRSRUODVSRVLELOLGDGHVGHODLQQRYDFLyQ
VRQRUD SRU OD SRVLELOLGDG GH JHQHUDU XQ VRQLGR GLVWySLFR GHILQLWLYR FDSD] GH
DWUDSDUDOR\HQWHHQXQDWHODUDxDDQJXVWLRVDQRHVPX\GLIHUHQWHDOPHQRVHQ
ORV REMHWLYRV GH VX E~VTXHGD D ODGHO SURSLR 0DUWLQ +DQQHWW WpFQLFR UXWLODQWH
HQVXpSRFDHQFDUJDGRGHJUXSRVFRPR-R\'LYLVLRQ 
(Q FXDQWR D :LVK \RX ZHUH KHUH HO WHPD FHQWUDO GHO YLQLOR VH FRQHFWD
GLUHFWDPHQWHFRQODDXVHQFLDDOSiQLFRDODEDQGRQR0XFKRVKDQTXHULGRYHU
HVWH GLVFR FRPR XQD VXHUWH GH LPSRVLEOH UHFRQFLOLDFLyQ FRQ %DUUHWW XQ
UHFRQRFLPLHQWR WDUGtR D VX ODERU HQ HO JUXSR TXL]i D PHGLR FDPLQR HQWUH OD
PDOD FRQFLHQFLD SRU HO DEDQGRQR GHO SVLFyWLFR \ OD GXGRVD H[DOWDFLyQ GH
XQDDPLVWDGSDVDGD7HPDVFRPR6KLQHRQ\RX&UD]\'LDPRQGRHOFRUWHTXH
GD HO WtWXOR DO iOEXP DSXQWDQ HQ HVWD GLUHFFLyQ 4Xp IXH HQWRQFHV WRGR
DTXHOOR" 8Q H[RUFLVPR" 8Q UHFRQRFLPLHQWR GH OD ORFXUD" 8QD H[FXVD
IUHQWHDORVIDQVGHODSULPHUDHWDSDTXHVHDIHUUDEDQDODIULYROLGDGSVLFRGpOLFD
HQGHWULPHQWRGHVXFDPLQRKDFLDHOURFNSURJUHVLYR"/DYROXQWDGGHOSURSLR
5RJHU :DWHUV SRU VHxDODUVH D Vt PLVPR FRPR OtGHU DEVROXWR GHO JUXSR
XWLOL]DQGRODPHPRULDGH%DUUHWWFRPRH[FXVD"
/RTXHSDUHFHLQQHJDEOHHVTXHGHVSXpVGHWRGRHO)DQWDVPD%DUUHWW
HVWDED DKt (OIDQWDVPD GH OD HQIHUPHGDGPHQWDO GHO PLHGR GH OD GLVROXFLyQ
GHODUHDOLGDGGHHVDGHQVLGDGEODQGDH,PDJLQDULDTXHORLQYDGHWRGR\SRU
~OWLPRGHODTXHPDGXUDGHILQLWLYDGHOR5HDOVREUHODSXSLODGHODUWLVWD




'HVSXpVSRUVXSXHVWRFRPLHQ]DODOH\HQGD'XUDQWHXQFRQFLHUWRGHOD
JLUD LQWHUQDFLRQDO GH $QLPDOV 5RJHU :DWHUV SLHUGH HQ HO HVFHQDULR HO FRQWURO
VREUHVtPLVPR\DGRSWDXQDXWpQWLFRJHVWRGHOSXQNHVFXSHVREUHXQRGHORV
DVLVWHQWHV TXH OH LQFUHSDED HQ ODV SULPHUDV ILODV >@ (VH VLPSOH DFWR
SURWDJRQL]DGR FRPR PDUFD SHUVRQDO SRU -RKQQ\ 5RWWHQ \ VXV FRPSLQFKHV GH
ORV6H[3LVWROVDOFDQ]DXQDQXHYDGHQVLGDGHQORVDQDOHVGHOURFNSURJUHVLYR
4XpHVORTXHVHURPSHHQHVHHVSDFLRVLHPSUHLQIUDQTXHDEOHTXHVHSDUyD
ODYLHMDJHQHUDFLyQGHORVVHVHQWD\VHWHQWDFRQORVYLROHQWRVFDFKRUURVGHORV
RFKHQWD"6LQGXGDDOJXQDSRGUtDPRVVHxDODUHOPLVPRSXQWRGHQRUHWRUQROD
PLVPD DQJXVWLD 'RQGH ORV 6H[ 3LVWROV HQFRQWUDEDQ HQ HO HVSXWR XQ JHVWR
FDUQDYDOHVFR \ SOHQDPHQWH UHSUHVHQWDWLYR GH VX QDWXUDOH]D DEHUUDQWH 5RJHU
:DWHUVHQFRQWUyODSUXHEDLQDPRYLEOHGHTXHVXSODQWHDPLHQWRDUWtVWLFRKDEtD
WRFDGR IRQGR (O SODQWHDPLHQWR GH VXV REUDV QR OH KDEtD SURWHJLGR GH OD
DPHQD]D GH OR 5HDO 6X HQIUHQWDPLHQWR FRQ HO IDQWDVPD GH %DUUHWW QR KDEtD
FULVWDOL]DGR HQ XQD VROXFLyQ VyOLGD 1L OD IDPD DOFDQ]DGD SRU HO JUXSR QL ODV
FUtWLFDVQLODVDSRWHyVLFDVFLIUDVGHYHQWDVGHVXVDQWHULRUHVYLQLORV 7KHGDUN
VLGHRIWKHPRRQVHVLWXyFRPRHORFWDYRGLVFRPiVYHQGLGRGHODKLVWRULDGHO
URFN  KDEtDQ SRGLGR IUHQDU HO LPSDUDEOH DYDQFH GH OD SVLFRVLV 1HFHVLWDED HO
VtPEROR GHILQLWLYR OD EDUUHUD ~OWLPD SDUD SRGHU SURWHJHUVH GH OD FRPSOHWD
TXLHEUDGHVXUHJLVWURVLPEyOLFR1HFHVLWDEDXQPXUR


8QPXURTXHFRPLHQ]DHQ$Q]LR
 
8QRGHORVPRWRUHVLQFRQVFLHQWHVTXHVHSDUDQUDGLFDOPHQWH7KH:DOOGH
ODV REUDV DQWHULRUHV GH 3LQN )OR\G HV HQ FRQFUHWR OD FRQWUDSRVLFLyQ GH GRV
IDQWDVPDV (O SULPHUR GH HOORV SRU VXSXHVWR HV HO GHO SURSLR %DUUHWW \ OD
JUDYLWDFLyQ SVLFyWLFD TXH KDEtD LGR SODQHDQGR HQ ORV YLQLORV DQWHULRUHV (O





VHJXQGR HV HQ RWUD SHUVSHFWLYD HO IDQWDVPD GHO SURSLR 5RJHU :DWHUV
FRQMXUDGRTXL]iHQUHVSXHVWDDOSULPHURTXL]iSRUVXSURSLDXUJHQFLDIUHQWHD
OD OODPDGD GH OD HQIHUPHGDG 3RU TXp TXHUUtD :DWHUV URGHDUVH GH XQ PXUR
HVFRQGHUVH SDUDSHWDUVH HQ OD FDUD RFXOWD GH Vt PLVPR SDUD GHVGH DKt
SRQHUOHP~VLFDYR]\FXHUSRDVXSURSLRIDQWDVPD"
 3RUTXHGHVSXpVGHWRGR7KH:DOOHVXQDSURIXQGDUHIOH[LyQXQDYH]
PiVVREUHODTXLHEUDGHOSURFHVRHQFDUQDGRSRUHOSDGUH6REUHODVWUiJLFDV
FRQVHFXHQFLDV GH VX DXVHQFLD $Vt FXDQGR $ODQ 3DUNHU D\XGy D FRQYHUWLU HO
GREOHYLQLORGHOJUXSRHQXQLPSUHVLRQDQWHYLGHRFOLSGHPLQXWRVFRPSUHQGLy
OD LPSRUWDQFLD FHQLWDO GH HVD ILJXUD \ SHUPLWLy OD LQFOXVLyQ GH OD FDQFLyQ 7KH
/LWWOHER\WKDW6DQWD&ODXVIRUJRW (OQLxRTXHROYLGy6DQWD&ODXV GH9HUD/\QQ
FRPRXQDGHVRODGRUDSUHVHQWDFLyQGHOSURWDJRQLVWDSULQFLSDO




&KULVWPDVFRPHVEXWRQFHD\HDUIRUHYHU\JLUODQGER\7KHODXJKWHUDQGWKH
MR\7KH\ILQGLQHDFKQHZWR\,WHOO\RXRIWKHOLWWOHER\ZKROLYHVDFURVVWKH
ZD\7KLVIHOOD
V&KULVWPDVLVMXVWDQRWKHUGD\>/DQDYLGDGVyOROOHJDXQDYH]
DODxRSDUDWRGDVODVQLxDV\QLxRV6yORDOHJUtD\IHOLFLGDG(QFXHQWUDQVXV
QXHYRVMXJXHWHV7HFRQWDUpODKLVWRULDGHXQQLxR4XHYLYHDTXtDOODGR/D
1DYLGDGSDUDHVWHPXFKDFKLWR6yORHVXQGtDFXDOTXLHUD@
 
/D HVWUDWHJLD GH 3DUNHU HV VXPDPHQWH LQWHUHVDQWH 3RU XQ ODGR OD
HQXQFLDFLyQ SDUHFH IDVFLQDGD FRQ HVH ~QLFR SODQR LQLFLDO VLWXDGR HQ XQ KRWHO
FXDOTXLHUD GH /RV QJHOHV HQ HO TXH XQD DQyQLPD OLPSLDGRUD UHFRUUH GH
PDQHUDPHFiQLFDODVKDELWDFLRQHV*UDFLDVDOXVRGHODSURIXQGLGDGGHFDPSR




HVDIUtDHVWDQFLDSDUHFHFRQYHUWLGDHQXQDUHDOLGDGPRQVWUXRVDXQDKLSQyWLFD
FXHYDHQODTXHORVSHTXHxRVGHWDOOHVODPRTXHWDSULQFLSDOODSXHUWDGREOH
TXH SHUPLWH ODHQWUDGD D OD VXLWH HQ OD TXH YHJHWD HO SURWDJRQLVWD DOFDQ]DQ
XQD GLPHQVLyQ FRPSOHWDPHQWH VLQLHVWUD 1RV HQFRQWUDPRV SRU VXSXHVWR HQ
ORV XPEUDOHV PLVPRV GHO 8QKHLPOLFK HQ OD IDPLOLDULGDG DEHUUDGD H
LQFRPSUHQVLEOH
 (QXQVHJXQGRQLYHOGHOHFWXUD3DUNHUXWLOL]DODFDQFLyQRULJLQDOGH9HUD
/\QQ DUWLVWD UHODFLRQDGD FRQ OD 6HJXQGD *XHUUD 0XQGLDO TXH HV FLWDGD
H[SOtFLWDPHQWH YDULDV YHFHV HQ HO WH[WR IOR\GLDQR SDUD LQWURGXFLU XQD VXHUWH
GHQDUUDGRUH[WUDGLHJpWLFRGHFODURVDERUSRVWPRGHUQR(VHQLxRROYLGDGRSRU
6DQWD &ODXV VHHYLGHQFLD FRPR SURWDJRQLVWD DEVROXWR GHO UHODWRXQQLxR TXH
QRKDVLGREHQGHFLGRSRUODVLHPSUHQHFHVDULDSURPHVDTXHHQFLHUUDHOGRQHO
UHJDOR&RPR\DVHxDOy*RQ]iOH]5HTXHQDHQUHODFLyQFRQODFDUJDVLPEyOLFD
GHORVSUHVHQWHVQDYLGHxRV\HOQLxRTXHORVUHFLEH

1DGD WDQ LPSUHVFLQGLEOH FRPR HO QXHYR VHU GHVWLQDGR D DIURQWDU HVD WUDYHVtD
SRUORUHDOTXHODSURPHVDGHTXHHVSRVLEOHXQIXWXURGLJQRTXHOHDJXDUGD  
6yORVLORVSDGUHVDIURQWDQVXDQJXVWLD\VXVWHQWDQXQGLJQRUHODWRKDFHQ
SRVLEOH TXH H[LVWD SDUD HO QLxR HVH RUGHQ GH WUDVFHQGHQFLD TXH HV HO RUGHQ
PLVPRGHOVHQWLGR  

6LQHPEDUJRXQDSDUWHRULJLQDOGHODOHWUDGHODFDQFLyQGH9HUD/\QQHV
YROXQWDULDPHQWHH[WLUSDGDGHHVWHSUyORJRGHODFLQWD6LUHFXSHUDPRVHOWH[WR
LQLFLDO QR QRV VRUSUHQGHUi HQ DEVROXWR HQFRQWUDUQRV FRQ TXH ORV GRV ~OWLPRV
YHUVRV GHO WHPD VRQ +H KDVQW JRW D GDGG\  7KH /LWWOH ER\ WKDW 6DQWD &ODXV
IRUJRW>1RWHQtDSDGUHHOQLxRTXHROYLGy6DQWD&ODXV@6HPHMDQWHFLHUUHSDUD
XQD FDQFLyQ QDYLGHxD QR VyOR HV FDSD] GHSRQHUQRV ORV SHORV GH SXQWD VLQR




TXH DGHPiV DFW~D FRPR WHOyQ GH IRQGR VREUH HO TXH HO SURSLR 5RJHU :DWHUV
SRGtDVHQWLUVHFyPRGDPHQWHLGHQWLILFDGR
(OVHJXQGRIDQWDVPDTXHDWUDYLHVD7KH:DOOHVVLQGXGDDOJXQDHOGH
HVH SDGUH PXHUWR HQ OD EDWDOOD GH $Q]LR GXUDQWH OD 6HJXQGD *XHUUD 0XQGLDO
FXDQGRHOFDQWDQWHWHQtDDSHQDVVHLVPHVHV2WRGDYtDPiVUDGLFDOPHQWHOD
DXVHQFLD GH VX SDODEUD 'H KHFKR XQD YH] WHUPLQDGR HO SUyORJR OR SULPHUR
TXHQRVHVGDGRDFRQWHPSODUHVHQHIHFWRHOURVWURGHOSDGUH



 
(QODRVFXULGDGPiVSURIXQGDGHVGHHVHDVIL[LDQWHW~QHOQHJURVREUHHO
TXH VH YDQ LPSULPLHQGR ORV FUpGLWRV XQD SHTXHxD OX] HV FRQMXUDGD /RV
SULPHURV FRPSDVHV GH :KHQ WKH WLJHUV EURNH IUHH QRV SUHVHQWDQ HVH URVWUR
LPSUHJQDGR SRU HOPLHGR VX JHVWR WHQVR VRVWHQLGR VREUH HO HVWUXHQGR GH ORV
ERPEDUGHRV VX VHJXULGDG DO HQFHQGHUVH XQ FLJDUULOOR FRPR VL GH XQ KpURH
FUHSXVFXODUGHOFLQHPDQLHULVWDVHWUDWDUD
6LQ HPEDUJR HO WHUULWRULR HQ HO TXH VH PXHYH HO WiQGHP 5RJHU
:DWHUV$ODQ3DUNHUHVQHFHVDULDPHQWHGLIHUHQWHDOGHOFLQHFOiVLFRSRUPXFKR
TXH GH PDQHUD FRQVWDQWH SRGDPRV UDVWUHDU JXLxRV LUyQLFRV SHQVHPRV SRU
HMHPSORHQORVSODQRVGHORVVROGDGRVPDUFKDQGRHQHOFUHS~VFXORVRVWHQLGRV
VREUHLPSRVLEOHVFLHORVPDOYDV\QDUDQMDVDOHVWLORGHO-RKQ)RUGGH(OSUHFLR
GH OD JORULD >:KDW 3ULFH *ORU\ @  HQFRQWUiQGRQRV DKRUD PX\ OHMRV GH OD
SUREOHPiWLFDGHOFXPSOLPLHQWRGHOGHEHU\GHODUHLYLQGLFDFLyQGHODILJXUDGHO
PiUWLU $QWHVELHQ ORTXH SUHWHQGHPRV VHxDODU HV TXH 7KH:DOOVH FRQVWUX\H
SUHFLVDPHQWH FRPR XQD UHVSXHVWD GHVHVSHUDGD D OD TXLHEUD PLVPD GHO FLQH




FOiVLFR D OD LPSRVLELOLGDG GH VHJXLU OHYDQWDQGR OD HVWUXFWXUD GHO UHODWR
DWUDYHVDGRSRUORV(MHVGHOD/H\\GHO'HVHR
 (OFDGiYHUGHO3DGUHHVHKpURHTXHPXULyPDVDFUDGRMXQWRFRQHOUHVWR
GHVXEDWDOOyQHQODVDUHQDVGH$Q]LR\DQRSXHGHVHUSRUWDYR]GHWRGRVORV
DUJXPHQWRV SROtWLFRV H KLVWyULFRV TXH VRVWHQtDQ OD LQWHUYHQFLyQ GH ORV $OLDGRV
HQ OD 6HJXQGD *XHUUD 0XQGLDO < QR SRGHPRV QHJDU TXH OD LGHD PLVPD HVWi
DWUDYHVDGD SRU XQD LQWXLFLyQ GHO WRGR LQTXLHWDQWH $FDVR OD YLFWRULD GH ODV
IXHU]DVGHPRFUiWLFDVHQODFDUQLFHUtDHXURSHDQRVXSXVRHOMDOyQGHILQLWLYRSDUD
QXHVWUD KLVWRULD SUHVHQWH" 1R VXSXVR OD GREOH PRQHGD KLWOHULDQDHVWDOLQLVWD
XQD GH ODV PiV GHOLUDQWHV DSUR[LPDFLRQHV D OD SVLFRVLV JXEHUQDPHQWDO TXH
MDPiVWXYROXJDUHQ2FFLGHQWH"<HQHVWDGLUHFFLyQSRUTXpHOFDGiYHUGHO
VROGDGR(ULF)OHWFKHU:DWHUVQRGHEHUtDVHUVLQRXQUHFHSWiFXORPLVPRGHHVD
QXHYD RSRUWXQLGDG KLVWyULFD SDUD HO SURJUHVR \ SDUD ODV OLEHUWDGHV XQ FRVWH
QHFHVDULRXQYDOLHQWHHMHPSORHQVXDXVHQFLDPLVPDSDUDVXKLMR5RJHU"
/D YR] TXH FRQVWUX\H HO UHODWR \D QR SXHGH VHU OD GHO KpURH FDtGR HQ
QRPEUH GH OD OLEHUWDG \ GH OD GHPRFUDFLD VLQR OD GH HVH KLMR TXH FRPSUHQGH
TXHODKHUHQFLDEpOLFDGHVXSDGUHKDVLGRGHOWRGRLQVXILFLHQWH3HQVHPRVSRU
HMHPSORHQODOHWUDGHODSULPHUDSDUWHGH$QRWKHUEULFNLQWKHZDOO

'DGG\
V IORZQ DFURVV WKH RFHDQ  /HDYLQJ MXVW D PHPRU\  $ 6QDSVKRW LQ WKH
IDPLO\DOEXP'DGG\ZKDWHOVHGLG\RXOHDYHIRUPH"'DGG\ZKDW
G\RXOHDYH
EHKLQGIRUPH""$OOLQDOOLWZDVMXVWDEULFNLQWKHZDOO>3DSiYROyDWUDYpVGHO
RFpDQR  GHMDQGR ~QLFDPHQWH XQ UHFXHUGR  8QD LQVWDQWiQHD HQ HO iOEXP
IDPLOLDU3DSiTXpPHKDVGHMDGR"3DSiTXpGHMDVWHDWUiVSDUDPt""
6LPSOHPHQWHXQODGULOORHQHOPXUR@
 
/DFLQWDGH3DUNHUSRUVXSDUWHPDQWLHQHHVWDPLVPDLGHDDORIUHFHUQRV
ODUHSHWLFLyQGHOWUDXPDGHVGHORVRMRVGHOKLMR(OILQDOGHODFDQFLyQ7KHWKLQ
LFHSRUHMHPSORQRVEULQGDODLQWURGXFFLyQGHOSURFHVRSVLFyWLFRHQHOFRUD]yQ





GHOSURWDJRQLVWD6XPHUJLGRHQODSLVFLQDGHOKRWHOVHFRQIXQGHQHOURVWURGHO
KLMR GHO SDGUH \ GH HVH H[WUDxR SHUVRQDMH DQJXVWLDGR TXH DSDUHFtD \D HQ OD
SRUWDGDGHODFLQWD



 
/D LQWURGXFFLyQ GHO GHOLULR EpOLFR UHLQYHQWDGR SRU HO SURSLR KLMR HV OD
SXHVWDHQHVFHQDGHHVDGHXGDVLPEyOLFDLPSDJDGDTXHVHFRQILUPDFXDQGR
DSHQDV XQRV VHJXQGRV GHVSXpV 3DUNHU IXQGH OD SLVFLQD LQXQGDGD GH VDQJUH
FRQ ODV IRWRJUDItDV IDPLOLDUHV FRQFOX\HQGR HQ XQ SULPHU SODQR GHO SDGUH
DXVHQWH



 
(O SDGUH HV HOHYDGR DVt D VX Pi[LPD QDWXUDOH]D IDQWDVPiWLFD
DWHUUDGRUDPRPLILFDGDHQXQUHJLVWURSXUDPHQWH,PDJLQDULR\SRUHOORPLVPR
LQVXILFLHQWH'HQDGDVLUYHODKLSRWpWLFDSUHJQDQFLDGHORVLGHDOHVTXHDEUD]DQ
VXFXHUSRGHVFRPSXHVWR6LJXLHQGRHOWHPDGH9HUD/\QQHOUHJDORQDYLGHxR
TXH KD GHMDGR HQ HO VDOyQIDPLOLDU HV XQD FDMD YDFtD XQD FDUWD HVFULWD GHVGH
$Q]LRHQODTXHQRKD\QLQJXQDSDODEUDOHJLEOH








8QPXURGHJRFH

 6L SRU OR WDQWR HO KpURH GH OD 6HJXQGD *XHUUD 0XQGLDO KD VLGR
FRPSOHWDPHQWH ERUUDGR HQ VX GLPHQVLyQ VLPEyOLFD \ KD VLGR FRQILQDGR D OD
ODERU GHO HVSHFWUR DOJR DVt FRPR XQ IDQWDVPD KDPOHWLDQR TXH HQ VX
PDQLIHVWDFLyQ DEUH HO DELVPR GH OD ORFXUD HV SRUTXH KD\ WRGD XQD TXLHEUD
JHQHUDOHQHOSODQWHDPLHQWRGHORVVLVWHPDVGHPRFUiWLFRVTXHVHKDQDVHQWDGR
VREUH HO WHUULWRULR HXURSHR < VHUtD SUXGHQWH SRU FLHUWR DYLVDU TXH QR QRV
UHIHULPRV WDQWR D XQD GLPHQVLyQ SROtWLFD JHQHUDO VLQR DQWHV ELHQ D XQD
GLPHQVLyQ SHUVRQDO FDSD] GH RWRUJDUOH DO VXMHWR XQ PtQLPR VRSRUWH (O VXHxR
GHPRFUiWLFR VH KXQGH SDUD XQ VXMHWR TXH QR SXHGH YHUVH UHFRQRFLGR HQ VXV
HVWUXFWXUDVQLHQODVYRFHVSROtWLFDVTXHORFRQIRUPDQ
 /R TXH TXHGD HQ PLWDG GHO QDXIUDJLR SRU VXSXHVWR HV OD SUHVHQFLD
VLHPSUH JDUDQWL]DGD GH HVH JRFH WRWDO GHO TXH HO SURWDJRQLVWD GH 7KH :DOO
SDUHFH VDEHU EDVWDQWH 6X SRVLFLyQ FRPR ILJXUD SULYLOHJLDGD GHO 6WDU 6\VWHP
URFNHUR FRQ VXV H[FLWDQWHVJURXSLHV VXVGURJDV HO DSODXVR JDUDQWL]DGR GH
XQ S~EOLFR DQyQLPR \ PDVLILFDGR OH HPSXMD KDVWD HO XPEUDO PLVPR GH HVD
LPEHFLOLGDGTXHQRVHVSHUDHQODVDWXUDFLyQGHOJRFH7RGRVHVRVODGULOORVTXH
YDQ FRQIRUPDQGR HO PXUR GH 3LQN VRQ HQ SULPHU OXJDU EUHFKDV GH SURIXQGR
GRORU TXH VH KDQ DELHUWR HQ VX DXWRELRJUDItD XQD PDGUH DXWRULWDULD GH
QDWXUDOH]D SRFR PHQRV TXH PRQVWUXRVD >@ XQD HVSRVD LQILHO XQ S~EOLFR
GHVFHUHEUDGR LQFDSD] GH UHFRQRFHU HQ VX REUD OD IRUPD GH OD DQJXVWLD
PLVPD\HQVHJXQGROXJDUORVSURSLRVPHFDQLVPRVGHJRFHFRQORVTXHOD
VRFLHGDG GHO ELHQHVWDU TXH GHVFLHQGH GHO FDGiYHU KHURLFR GH VX SDGUH KD
LQWHQWDGRFDOPDUVXGRORU
 /D PHMRU H[SOLFDFLyQ GH HVWD VHJXQGD QDWXUDOH]D GHO PXUR FRPR
HVWDQGDUWH PLVPR GHO JRFH VH HQFXHQWUD UHIOHMDGD HQ OD PDJQtILFD VHFXHQFLD
DQLPDGD TXH *HUDOG 6FDUIH GLVHxy SDUD YHVWLU OD FDQFLyQ :KDW VKDOO ZH GR





QRZ"ORFDOL]DGDHQHOSULPHUWHUFLRGHSHOtFXOD/DSUHJXQWD 4XpSRGUtDPRV
KDFHU DKRUD"  UHVXHQD FRPR XQD GH ODV JUDQGHV LQFyJQLWDV IUHQWH DO
PHFDQLVPR PLVPR GHO JRFH HQ QXHVWUDV VRFLHGDGHV TXp SRGHPRV KDFHU
FXiQGRKHPRVDJRWDGRXQDIXHQWHGHJRFH"&XiOHVODVLJXLHQWHGLYHUVLyQHO
VLJXLHQWH Q~FOHR GH VDWXUDFLyQ SDUD PLV LPSXOVRV FDSD] GH WUDQTXLOL]DU OD
SURIXQGDVHQVDFLyQGHDQJXVWLDTXHPHDWUDYLHVD"2FRPRHOSURSLR0DUTXpV
GH6DGHSXVRHQERFDGHXQRGHVXVOLEHUWLQRVHQ-XVWLQH7RGRHVSRFRHQ
HVWDVFRVDV  
 (Q HVWD RFDVLyQ \ VREUH HO PLVPR IRQGR RVFXUR VREUH HO TXH FRQ
DQWHULRULGDG VH SUR\HFWDED HO URVWUR GHO SDGUH QRV HQFRQWUDPRV FRQ OR TXH
SDUHFHQ GRV H[WUDxDV IORUHV VH[XDGDV GRV yUJDQRV JHQLWDOHV KHUEiFHRV SRU
FRPSOHWRGHVFRQWH[WXDOL]DGRVGHFXDOTXLHUFXHUSRGHFXDOTXLHUPLUDGD\SRU
VXSXHVWRGHFXDOTXLHUSDODEUD6LPSOHPHQWHHVDVGRVSUHVHQFLDVTXHFRPRVL
GH XQD PHWiIRUD GH OD SURSLD LPDJHQ SRUQRJUiILFD HQ VX GLPHQVLyQ PiV
H[WUHPD OD GHO SULPHUtVLPR SULPHU SODQR VH WUDWDUD VH HQIUHQWDQ HQ VX
WRWDOLGDG DLVODGDV GH FXDOTXLHU FRQWH[WR (O MXHJR VH[XDO VLQ HPEDUJR VH
FRQYLHUWHGHIRUPDUiSLGDHQXQMXHJRGHOLUDQWHPHQWHYLROHQWR



 
 /DV GRV IORUHV VH WUDQVPXWDQ HQ GRV URVWURV DQLPDOHVFRV TXH VH
DJUHGHQ TXH VH PXHUGHQ TXH LQWHQWDQ GHVJDUUDUVH 6H LQWURGXFH DTXt OD
GLPHQVLyQ YLROHQWD TXH DFRPSDxD DO DFWR VH[XDO \ TXH \D VXSR GHWHFWDU FRQ
WRGDSUHFLVLyQ*HRUJHV%DWDLOOH





(O WHUUHQR GHO HURWLVPR HV HVHQFLDOPHQWH HO WHUUHQR GH OD YLROHQFLD GH OD
YLRODFLyQ 7RGDODRSHUDFLyQHUyWLFDWLHQHFRPRSULQFLSLRXQDGHVWUXFFLyQGH
OD HVWUXFWXUD GH VHU FHUUDGR TXH HV HQ VX HVWDGR QRUPDO FDGD XQR GH ORV
SDUWLFLSDQWHVGHOMXHJR +D\HQHOSDVRGHODDFWLWXGQRUPDODOGHVHRXQD
IDVFLQDFLyQIXQGDPHQWDOSRUODPXHUWH/RTXHHVWiHQMXHJRHQHOHURWLVPRHV
VLHPSUHXQDGLVROXFLyQGHODVIRUPDVFRQVWLWXLGDV

 6LQ HPEDUJR OR QRYHGRVR GH HVWD HVFHQD HV SUHFLVDPHQWH TXH HVD
HVSHFLH GH OXFKD VH[XDOYLROHQWD OOHJD KDVWD QRVRWURV SRU FRPSOHWR HVFLQGLGD
GHFXDOTXLHUFRQWH[WR(Q~OWLPDLQVWDQFLDODLGHDGHKDEHUOHUHWLUDGRFXDOTXLHU
IRQGRFXDOTXLHUHOHPHQWRH[WHUQRTXHQRVSHUPLWLHUDFRPSUHQGHUSRUTXpWLHQH
OXJDUHVDEUXWDO\JR]RVDEDWDOODQRVREOLJDDFRQIURQWDUQRVFRQORDEVXUGRGHO
DFWR SHU VH FRQ VX GLPHQVLyQ UHDO PiV LQTXLHWDQWH 8QD YH] WHUPLQDGD OD
EDWDOODFRQODYLFWRULDGHOHOHPHQWRIHPHQLQRTXHHQFLHUUDHQWUHVXVIDXFHV
HO \D SDXSpUULPR yUJDQR PDVFXOLQR HQ OR TXH SDUHFH XQD PH]FOD HQWUH XQ
GUDJyQ \ XQD YDJLQD GHQWDWD OR TXH TXHGD IUHQWH D QRVRWURV HV XQ FDPSR
\HUPR WRUPHQWRVR EDOGtR 8Q FDPSR HQ HO TXH SDXODWLQDPHQWH VH YD
FRQVWUX\HQGR HVH PXUR TXH SDUHFH JREHUQDUOR WRGR XQ PXUR FRPSXHVWR SRU
WHOHYLVRUHVFRFKHVGHOXMRHTXLSRVGHP~VLFD




:KDWVKDOOZHXVHWRILOOWKHHPSW\VSDFHV:KHUHZDYHVRIKXQJHUURDU6KDOO
ZH VHW RXW DFURVV WKLV VHD RI IDFHV  ,Q VHDUFK RI PRUH DQG PRUH DSSODXVH
>4XpGHEHPRVXVDUSDUDUHOOHQDUORVHVSDFLRVYDFtRVHQORVTXHODVRODVGH




ORVKDPEULHQWRVUXJHQ"'HEHPRVFUX]DUHVWHPDUGHURVWURVHQEXVFDGH
PiV\PiVDSODXVRV"@
 
(VRV REMHWRV VXSHUIOXRV PDQLILHVWDPHQWH REVFHQRV HQ VX SXUD
QDWXUDOH]DGHIHWLFKHVGHOFRQVXPRLQPHGLDWRVHYDQFRQYLUWLHQGRGHPDQHUD
SDXODWLQDHQORVODGULOORVTXHFRPSRQHQODVXSHUILFLHGHOPXUR%DMRHOORVFRPR
VL GH XQ HMpUFLWR DPRUIR VH WUDWDUD PLOHV GH JXVDQRV FRQ URVWURV QHXWURV
SDUHFHQ DJROSDUVH HPSXMDUVH RIUHFHUVH D ORV tGRORV WRWpPLFRVGH VX DQKHOR
/D PDWHULDOLGDG EUXWDO GH HVRV REMHWRV DSLODGRV GHVSURYLVWRV GH FXDOTXLHU
OHFWXUD UHDOPHQWH UHOHYDQWH SDUD VXV XVXDULRV FRLQFLGH FRQ OD QDWXUDOH]D
GHVRODGRUD GH HVD VRFLHGDG GHO ELHQHVWDU FLPHQWDGD FRPR \D KHPRV YLVWR
VREUHORVFDGiYHUHVGHHVRVKpURHVSHUGLGRV
 0LHQWUDV OD HVFHQD DYDQ]D VRPRV LQYLWDGRV D FRQWHPSODU FyPR GH OD
VXSHUILFLHPLVPDGHOPXURHPHUJHXQURVWURTXHVHVLW~DIUHQWHDOHVSHFWDGRU
HQXQGHVJDUUDGRUDXOOLGRLPSRVLEOH



 
/D QDWXUDOH]D FDVL PXQFKLDQD GH HVH JULWR HV FDSD] GH UHVRQDU HQ OR
PiV KRQGR GH QXHVWUD LQWXLFLyQ 3RU TXp HVH JULWR VH GLULJH SUHFLVDPHQWH D
QRVRWURVORVTXHQRVDEHPRVKDFHUFRQQXHVWURJRFH"4XL]iEXVFDQGRXQD
HVSHFLH GH UHFRQRFLPLHQWR HQ QXHVWUR GRORU TXH QRV KHUPDQH FRQ OD
LQVRSRUWDEOH DQJXVWLD TXH SDUHFH HQFHUUDU HQ VX LQWHULRU" 'yQGH HVWi HO
FXHUSRGHHVHURVWURGHVWUR]DGR\IDQWDVPDO"3RUTXpVXUJHH[DFWDPHQWHGH
HVD PDWHULD GH JRFH GH HVH FRQMXQWR GH HOHPHQWRV TXH QRV SURPHWtDQ HO
SODFHU DEVROXWR HO GRPLQLR WRWDO" 1R QRV GHEHUtDPRV VHQWLU PXFKR PiV





FRQIRUWDGRVDOVDEHUTXHSHUWHQHFHPRVDHVD/H\GHFRQVXPRTXHVHGHILHQGH
VLHPSUHHQHOFRUD]yQPLVPRGHODVGHPRFUDFLDVHXURSHDVGHVGHHOILQDOGHOD
6HJXQGD*XHUUD0XQGLDO"1RVRQGHVSXpVGHWRGRODVUHJODVGHOMXHJRGHO
&DSLWDOLVPRHQHVWDGRSXURODVTXHFRELMDQDHVRVLQWUDQTXLORVJXVDQRV"
 6LQ HPEDUJR HO SURSLR 3DUNHU SODQWHD FRQ UDSLGH] HO Q~FOHR GHO
SUREOHPDHQXQRGHORVPiVIDVFLQDQWHVPRYLPLHQWRVGHODFLQWD6LWXDGRVHQ
ODIURQWHUDGHOPXURVHHQFXHQWUDQGRVFXHUSRVKXPDQRVXQRHVXQKHUPRVR
EHEp TXH MXHJD FRQ VX VRQDMHUR (O VHJXQGR HV XQ FXHUSR GLItFLOPHQWH
LGHQWLILFDEOHSDUFRHQVXVDWULEXWRVFRPRORVPLVPRVJXVDQRV



 
(QXQLPSRVLEOHPRYLPLHQWRWHPSRUDOHOQLxRFUHFHKDVWDFRQYHUWLUVHHQ
OR TXH SDUHFH XQ MRYHQ XQLIRUPDGR D OD YLHMD XVDQ]D QD]L 6X VRQDMHUR VH
FRQYLHUWH GH SURQWR HQ XQ SDOR GH PHWDO TXH GHVFDUJD VREUH HO VHJXQGR
KRPEUH DEULpQGROH OD FDEH]D HQ XQ YLROHQWtVLPR HMHUFLFLR GH UHSUHVHQWDFLyQ
H[SOtFLWD



 
/D EULOODQWH LGHD HVJULPLGD SRU 6FDUIH HV OD LQTXLHWDQWH UHODFLyQ TXH VH
HVWDEOHFH HQWUH OD VRPEUD GHO PXUR \ OD PHWDPRUIRVLV GHO QLxR HQ HO DQLPDO
QD]L'LFKRFRQFODULGDGHOFDPELRVyORSXHGHWHQHUOXJDUDOOtGRQGHHOFXHUSR





HVOLWHUDOPHQWHDWUDYHVDGRSRUHOJRFHFRELMDGRDVXVRPEUDDUUDVWUDGRHQVX
OODPDGR (VH PXUR FRPSXHVWR SRU ORV REMHWRV EiVLFRV GH OD VRFLHGDG GHO
ELHQHVWDUSRUHVHHVSHMLVPRGHODOLEHUWDGSRUODTXHPXULyHOSDGUHGH5RJHU
:DWHUV HQ OD SOD\D GH $Q]LR DFDED SRU VHUYLU FRPR SODFHQWD D WRGD XQD
JHQHUDFLyQ GH VXMHWRV GHVTXLFLDGRV FX\D Pi[LPD PDQLIHVWDFLyQ GHO JRFH HV
DEULUOH OD FDEH]D DO SUyMLPR FRPR H[SUHVLyQ ~OWLPD GH VXV GHPDQGDV
LQFRQWURODEOHV


6LJXLHQGRDORVJXVDQRV
 
(OGH0D\RGHXQRVPHVHVDQWHVGHTXH7KH:DOOOOHJDUDDODV
WLHQGDV 0DUJDUHW 7KDWFKHU IXH QRPEUDGD 3ULPHU 0LQLVWUR GHO 5HLQR 8QLGR
/DPHQWDEOHPHQWH DQDOL]DU DTXt ODV QHIDVWDV FRQVHFXHQFLDV GH VX JRELHUQR
UHEDVDUtDFRQPXFKRORVREMHWLYRVGHQXHVWURWUDEDMREDVWHDxDGLUTXHHOVX\R
IXHXQJHVWRSROtWLFRTXHFRPRWDQWRVRWURVHQORVDxRVRFKHQWDDFDEDUtDSRU
HFKDUSRUWLHUUDFXDOTXLHUSHTXHxRYHVWLJLRGHOVXHxRXWySLFRGHODSRVWJXHUUD
/RTXH5RJHU:DWHUVKDEtDERFHWDGRHQDTXHOGREOHYLQLORKDEtDVDOWDGRGHODV
DQLPDFLRQHV GH *HUDOG 6FDUIH \ GH ODV JXLWDUUDV GH 'DYLG *LOPRXU KDVWD ORV
FDQDOHV PLVPRV GH OD LGHRORJtD GRPLQDQWH 1XHYRV FDGiYHUHV FRUULHURQ D
DSLODUVH HQ ORV DUPDULRV GH 2FFLGHQWH \ XQD QXHYD JHQHUDFLyQ GH MyYHQHV
WLEXURQHVEXUViWLOHVEHQGHFLGRVSRUHODQVLDVDOYDMHGHODSURSXHVWDUHDJDQLDQD
WRPDEDQORVPHUFDGRVWDQWRHFRQyPLFRVFRPRGHODLQGXVWULDGHODUWH$PpULFD
VHDFDUDPHODEDHQODVLQIDQWLOHV\VHGXFWRUDVIDQWDVtDVGHJHQWHFRPR6WHYHQ
6SLHOEHUJ R *HRUJHV /XFDV PLHQWUDV ORV IDQWDVPDV GHO OODPDGR 1XHYR
+ROO\ZRRG DIURQWDEDQWHUURUtILFDV GHXGDV HFRQyPLFDV /D SRVWPRGHUQLGDG HUD
XQILHVWD\WRGRVHVWiEDPRV\DLQYLWDGRV




 )XH OD SURSLD 7KDWFKHU OD TXH HQ XQ DUUDQTXH GH KLULHQWH SRVWSRHVtD
HQDUEROy OD Pi[LPD GHILQLWLYD TXH GHILQLy ODV QRUPDV GHO MXHJR , ZDQW P\
PRQH\ EDFN &LWD TXH ELHQ SRGUtD DSOLFDUVH D ORV SURSLRV 6H[ 3LVWROV TXH DO
FRQWHPSODU FyPR VH GHVPRURQDED S~EOLFDPHQWH VX PDVFDUDGD IHVWLYD \
QLKLOLVWDRSWDURQSRUHQFRJHUVHGHKRPEURV\SUHSDUDUVHSDUDODTXHVHUtDXQD
GHODVJLUDVPiVIUDFDVDGDVGHOVLJOR;;HO)LOWK\/XFUH7RXU&RPRWHOyQGH
IRQGR FRODSVDED OD 8566 PLHQWUDV OD ELFLFOHWD GH (OOLRW DWUDYHVDED XQD OXQD
OOHQD \ 0LFKDHO - )R[ QRV SURPHWtD OR LPSRVLEOH UHJUHVDU DO IXWXUR XQ IXWXUR
TXHYHQtDGHVERFDGR\VLQIUHQRVFRPRODVSURSLDVOLPXVLQDVGH7KH:DOO$O
PLVPRWLHPSR\FXDOH[WUDxRFDQWRGHFLVQHOOHJDEDDODVWLHQGDV7KHILQDOFXW
HO ~OWLPR \ PX\ LQIUDYDORUDGR YLQLOR FRQ 5RJHU :DWHUV DO IUHQWH GH ORV 3LQN
)OR\G &RPR VL VH WUDWDUD GH XQ ~OWLPR HVIXHU]R SRU VLOHQFLDU D VXV SURSLRV
IDQWDVPDV:DWHUVGHGLFyHOGLVFRDODPHPRULDGHVXSDGUHPXHUWR\UHJUHVy
GHPDQHUDREVHVLYDDODLGHDGHHVHJRFHTXHVHILOWUDEDSRUODVMXQWXUDVGHO
PXUR$VtHQHOHVWULELOORGH1RWQRZ-RKQHOSULPHU\~QLFRVLQJOHGHOGLVFR
XWLOL]DEDXQDIUHQpWLFDHVWUXFWXUDGHYHUVRVFRUWDQWHV

&DQWVWRS/RVHMRE0LQGJRQH6LOLFRQ:KDWERPE*HW$ZD\3D\GD\
0DNHKD\%UDNHGRZQ1HHGIL[%LJ6L[&OLFNLW\FOLFN+ROG2Q2KQR
%LQJR >1R SXHGR SDUDU  3LHUGR HO WUDEDMR  0HQWH SHUGLGD  6LOLFLR  4Xp
ERPED"  /iUJDWH  'tD GH SDJD  $YHQWiMDWH  'HSUHVLyQ  1HFHVLWR D\XGD 
*UDQVHLV&OLFNVTXHFOLFNHDQ$JiUUDWH2KQR%LQJR@

 $TXHOOR IXH GHPDVLDGR LQFOXVR SDUD XQ JUXSR FRPR 3LQN )OR\G /D
HVFLVLyQ VH KL]R LQHYLWDEOH \ GHVGH HQWRQFHV 'DYLG *LOPRXU FDSLWDQHy FRQ
UHVXOWDGRVGHVLJXDOHVDORVRWURVGRVFRPSRQHQWHVGHOFRQMXQWRHQXQDQXHYD
HVWUDWHJLD FRPHUFLDOPXFKRPiV GHVFDIHLQDGD \ SROtWLFDPHQWH FRUUHFWD TXH OD
OtQHDDEUDVLYDSURSXHVWDSRUVXDQWLJXROtGHU




&RQ OD FDtGD GHO 0XUR GH %HUOtQ HO SURSLR 5RJHU :DWHUV FRUULy D
RUJDQL]DUXQPHJDFRQFLHUWRFHOHEUDWLYR(OGH-XOLRGH\IUHQWHDXQD
DXGLHQFLD JOREDO GH XQRV WUHFLHQWRV PLOORQHV GH SHUVRQDV TXH VLJXLy HO
HVSHFWiFXOR GHVGH ORV FLQFR FRQWLQHQWHV >@ OD 3RWVGDPHU 3ODW] GH %HUOtQ VH
FRQYLUWLyHQXQPDFURHVFHQDULRSDUDHVDILHVWDTXHSDUHFtDDXJXUDUXQFDPELR
HQ HO ILQDO GHO PLOHQLR XQD QXHYD RSRUWXQLGDG SDUD OD YLHMD (XURSD \ VREUH
WRGRSDUDORVPRGHORVHFRQyPLFRVTXHQRWDUGDUtDQPXFKRHQVROLGLILFDUVH
'H PDQHUD FXULRVD HQ OD SUiFWLFD QDGLH VH GLR FXHQWD GH OR
LQTXLHWDQWHPHQWHGLVWySLFRTXHUHVXOWDEDXQWH[WRFRPR7KHZDOOSDUDFHOHEUDU
OD QXHYD SD] PXQGLDO \ HQ ~OWLPD LQVWDQFLD QRV VHQWLPRV WHQWDGRV D DxDGLU
TXHVLUYLyFRPRXQDEUXWDOLURQtDDQWLFLSDWLYDGHORTXHHVSHUDEDDODYXHOWDGH
GRVGpFDGDVSDUD2FFLGHQWH(OSURIXQGRQ~FOHRSVLFyWLFRTXHDUURSDEDWRGDOD
WUDPR\DIXHDGHVDUUROODUVHSUHFLVDPHQWHHQHOFRUD]yQGH%HUOtQHQHOFHQWUR
PLVPRGHODKHULGDTXHVHKDEtDSURGXFLGRHQOD6HJXQGD*XHUUD0XQGLDO/D
IDVFLQDFLyQGHOPXQGRQD]LODVGHPDQGDVGHJRFHODLPSRVLELOLGDGGHOVXMHWR
SDUD VREUHYLYLU D VX SURSLD VLWXDFLyQ HVFLQGLGD \ HQIHUPL]D WRGR DTXHOOR VH
ODQ]y VREUH XQD DXGLHQFLD KDPEULHQWD GH QXHYRV /LYH $LGV GH QXHYRV
PDFURIHVWLYDOHV OOHQRV GH EXHQDV LQWHQFLRQHV HQ ORV TXH DOJXQRV GH ORV
SHUVRQDMHVPiVQRWDEOHVGHODFXOWXUDSRSXODUFRODERUDURQGDQGRYR]\FXHUSR
DORVWHPDVFOiVLFRVGHOGLVFRGH:DWHUV$VtSRUHMHPSORSXGLPRVFRQWHPSODU
GHVDFWLYDFLRQHV GHO WH[WR WDQ VLQLHVWUDV FRPR ODV GH XQD &LQG\ /DXSHU
IDPRVDSRU HOp[LWR TXH OHKDEtD UHSRUWDGRXQD FDQFLyQ WDQ VDWXUDGDGH JRFH
FRPR *LUOV ZDQQD KDYH IXQ YHVWLGD SDUD OD RFDVLyQ GH SLFDUHVFD FROHJLDOD
UHLQWHUSUHWDQGRFRQXQDDWLOGDGD\xRxDYR]ODVHJXQGDSDUWHGH$QRWKHUEULFN
LQWKHZDOOLQFOX\HQGRSRUHOFDPLQRXQLQFRPSUHQVLEOHVLPXODFURGHVWULSWHDVH
PXFKRPiVGLJQRGHXQDPRWLYDGDSULQFLSLDQWHTXHGHXQFRQFLHUWRGHVWLQDGR
D PDQWHQHU OD PHPRULD KLVWyULFD 'H DOJXQD PDQHUD PLVWHULRVD OD SUHVHQFLD
REVFHQD GH OD LGHRORJtD VH ODV KDEtD DSDxDGR SDUD LQMHUWDUVH HQ HO WHMLGR




GLVWySLFRGH7KH:DOOSDUDUHGXFLUVXIXULDDXQGHVILOHGHURVWURVFRQRFLGRVHQ
DFWLWXGFRPSDVLYD
(OSURSLR:DWHUVFRQVFLHQWHGHTXHODREUDUHVXOWDEDLQVRSRUWDEOHPHQWH
RVFXUD SDUD OD RFDVLyQ UHDOL]y XQD PRGLILFDFLyQ GH ~OWLPD KRUD HQ HO WH[WR
GHMDQGR IXHUD HO KHUPRVtVLPR \ GHVHVSHUDGR FLHUUH RULJLQDO HO WHPD 2XWVLGH
WKH ZDOO  SDUD FRORFDU HQ VX OXJDU XQ Q~PHUR JUXSDO HQ HO TXH VREUH ORV
HVFRPEURV GHO PXUR GHUULEDGR WRGRV ORV SDUWLFLSDQWHV HUDQ LQYLWDGRV D
LQWHUSUHWDU 7KH WLGH LV WXUQLQJ XQD PX\ SRVLWLYD RGD TXH HO FDQWDQWH KDEtD
LQFRUSRUDGR HQ VX UHFLHQWH iOEXP 5DGLR .$26 FRPR KRPHQDMH D OD ODERU
KXPDQLWDULD TXH %RE *HOGRI HO SURWDJRQLVWD GH OD FLQWD GH 3DUNHU KDEtD
GHVDUUROODGRPHGLDQWHODVHGLFLRQHVGH/LYH$LG
/DSURPHVDGHHVHHStORJRLQMHUWDGRGHHVH7KHWLGHLVWXUQLQJQRWDUGy
GHPDVLDGR HQ GHVPRURQDUVH 'HEHPRV WHUPLQDU QXHVWUR WUDEDMR UHFRUGDQGR
SRUORWDQWRHOPXFKRPiVDFHUWDGRILQDOGHODSHOtFXODGLULJLGDSRU$ODQ3DUNHU
6DOLGRVGHODQDGDXQHMpUFLWRGHQLxRVPHQGLJRVUHEXVFDHQWUHORVHVFRPEURV
GHO PXUR FXDOTXLHU PDWHULDO TXH SXGLHUD VHUOHV GH XWLOLGDG ERWHOODV GH OHFKH
WUR]RV GH ODGULOORV HO UHVWR GH DOJ~Q MXJXHWH URWR 3DUHFHUtD TXH HVRV QLxRV
OLWHUDOPHQWH LQWHQWDQ VREUHYLYLU HQ HVH XQLYHUVR HQ HO TXH OD SVLFRVLV \ HO
WRWDOLWDULVPR OR KDQ DUUDVDGR WRGR 3DUNHU DQWLFLSy HQ ORV ~OWLPRV PLQXWRV GH
7KH :DOO OD LPSRVLELOLGDG GH TXH QDGD IXHUD FRVHFKDGR DOOt HQ HVH WHUULWRULR
~OWLPRGRQGHODTXLHEUDGHOVXMHWRVHKDFtDLQWROHUDEOH


%LEOLRJUDItD
%$7$,//(*HRUJHV(OHURWLVPR(GLWRULDO7XVTXHWV%DUFHORQD
*21=/(= 5(48(1$ -HV~V /RV WUHV UH\HV PDJRV /D HILFDFLD
VLPEyOLFD(GLWRULDO$NDO0DGULGS




0$621 1LFN 'HQWUR GH 3LQN )OR\G (GLFLRQHV 5RELQERRN %DUFHORQD



6$'( 0DUTXpV GH -XVWLQH R ORV LQIRUWXQLRV GH OD YLUWXG &OXE
,QWHUQDFLRQDOGHO/LEUR0DGULG
 

1RWDV

> @8QLYHUVLGDG(XURSHDGH0DGULG
&RQWDFWRFRQHODXWRUDDURQBVWDXII#KRWPDLOFRP

>@/DVQRWDVVREUHODFUHDFLyQGHOiOEXPSXHGHQVHUFRWHMDGDVFRQODVGHFODUDFLRQHV
GH ORV GLVWLQWRV PLHPEURV HQ HO OLEUHWR H[SOLFDWLYR TXH DFRPSDxy HO ODQ]DPLHQWR GHO
GLVFR,VWKHUHDQ\ERG\RXWWKHUH7KH:DOO/LYH (0,5HFRUGV 

>@$VtHOWHPD0RWKHUHVXQRGHORVPHMRUHVWH[WRVHVFULWRVHQORV~OWLPRVDxRVVREUH
OD SUREOHPiWLFD GHO SDGUH DXVHQWH /D QHFHVDULD TXLHEUD VLPEyOLFD HVWDEOHFLGD HQWUH
PDGUH H KLMR DO QR WHQHU OXJDU QRV SURSRUFLRQD YHUVRV WDQ H[SOtFLWRV \ WHUURUtILFRV
FRPRHVWRV
0RPPD
VJRQQDPDNHDOORI\RXUQLJKWPDUHVFRPHWUXH0RPPD
VJRQQDSXWDOORIKHU
IHDUV LQWR \RX   0RPPD
V JRQQD FKHFN RXW DOO \RXU JLUOIULHQGV IRU \RX  0RPPD
ZRQ
WOHWDQ\RQHGLUW\JHWWKURXJK0RPPD
VJRQQDZDLWXSXQWLO \RXJHW LQ0RPPD
ZLOODOZD\VILQGRXWZKHUH\RX
YHEHHQ0RPPD
VJRQQDNHHS%DE\KHDOWK\DQGFOHDQ
>0DPiYDDFRQYHUWLUWRGDVWXVSHVDGLOODVHQUHDOLGDG0DPiYDDLQWURGXFLUWRGRVVXV
PLHGRVHQWL 0DPiYDDH[DPLQDUDWRGDVWXVQRYLDVSRUWL0DPiQRSHUPLWLUi
TXH HQWUp QLQJXQD PXMHU VXFLD  0DPi YD D FRQVHUYDU D VX SHTXHxR VDOXGDEOH \
OLPSLR@





>@ /RV GDWRV FRQFUHWRV SXHGHQ VHU FRQVXOWDGRV HQ HO WH[WR TXH 7RQ\ +ROOLQJVZRUWK
HVFULELy SDUD HO OLEUHWR TXH VH LQFOXtD HQ OD HGLFLyQ HVSHFLDO GHO FRQFLHUWR 5RJHU
:DWHUV7KH:DOO/LYHLQ%HUOLQ '9'GLVWULEXLGRSRU8QLYHUVDOHQ 

Vous aimerez peut-être aussi