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DRVHJXQGRVHPSUHGHXPSRQWRPDLVDOWRGDVHODGHFDYDOHLURVRXGD
FDOoDGDRXGRDOSHQGUHGDFDVDJUDQGHGDQGRRUGHQVHPYR]DOWDRXDWp
DRVJULWRV2UGHQVTXHGLILFLOPHQWHGHL[DYDPGHVHUFXPSULGDV
2FXLGDGRFRPRVFDYDORVGHVHODGLYHUVRGRTXHHUDGDGRDRVFDYDORVGH
FDQJDOKDHUDPXLWRDFHQWXDGRRVFDYDORVHUDPVHOHFLRQDGRVGHEHODFRU±
FDVWDQKRDOD]mRUXVVRPHODGRHWF±HVHSURFXUDYDHQVLQiORVSDUDTXH
FDUUHJDVVHPRVYLDMDQWHVHPXPDQGDUFDGHQFLDGRTXHFRQIRUPHD
YHORFLGDGHLD³GREDL[RDRPHLR´8PFDYDORPHHLURGDYDRUJXOKRDRVHX
SURSULHWiULRHDOFDQoDYDSUHoRVHOHYDGRVQRPHUFDGRGDVRFLHGDGH
DoXFDUHLUD(PJHUDOWDPEpPRVVHQKRUHVGHHQJHQKRVHHVPHUDYDPQD
DTXLVLomRGHFDYDORVGHSHTXHQRSRUWHQRVTXDLVILOKRVHQHWRVVH
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TXHUHFHELDPXPWUDWDPHQWREHPGLIHUHQFLDGRHHUDPXVDGRVQRWUDQVSRUWH
GDFDQDGRDo~FDUHGHPyYHLVHXWHQVtOLRVHTXHID]LDPPRHURVIDPRVRV
HQJHQKRVGHDo~FDU$VpJXDVHUDPXWLOL]DGDVQDVDOPDQMDUUDVGRVHQJHQKRV
TXHQmRGLVSXQKDPGHiJXDVXILFLHQWHSDUDPRYLPHQWiORVQRWUDQVSRUWH
GDVFDQDVGRVSDUWLGRVSDUDRVHQJHQKRVHGRDo~FDUHGDDJXDUGHQWHGRV
HQJHQKRVHGDGHVWLODomRDWpRVSRUWRVIOXYLDLVRXDRVDUPD]pQVGRV
H[SRUWDGRUHV1HVWHWUDEDOKRHUDPPXLWRXWLOL]DGRVWDPEpPRVEXUURV
PXDUHV±KtEULGRVGHFDYDORVFRPRVMXPHQWRV±DQLPDLVPXLWRIRUWHVH
UHVLVWHQWHVjVJUDQGHVFDPLQKDGDV
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VHUHPPDLVYHOR]HVTXHRVPDFKRV'DtVHFKDPDUDRVHQJHQKRVjWUDomR
DQLPDOGH³HQJHQKRVGHEHVWD´6HJXQGRRVFURQLVWDVFRORQLDLVRVSULPHLURV
HQJHQKRVIRUDPPRYLGRVjWUDomRKXPDQDVHQGRORJRVXEVWLWXtGRVSRU
HQJHQKRVPRYLGRVDERLVHILQDOPHQWHSRUHQJHQKRVGHEHVWDVTXHVy
GHVDSDUHFHUDPWRWDOPHQWHQDUHJLmRDoXFDUHLUDQRVVpFXORV;,;H;;
TXDQGRIRUDPVXEVWLWXtGRVSHORVHQJHQKRVDYDSRU
6HQDRSLQLmRGH*LOEHUWRH[WHUQDGDHP1RUGHVWHRFDYDORHUDR
FRPSDQKHLURTXDVHXPFRPSOHPHQWRGRVHQKRURERLOHQWRPDQVRHGH
IiFLOGRPLQDomRHUDRFRPSDQKHLURGRQHJURGRHVFUDYRGRKRPHPGH
FODVVHPDLVKXPLOGH7UD]LGRLQLFLDOPHQWHGD(XURSDHDSDUWLUGRVpFXOR
;,;GDËQGLDRERLHUDXWLOL]DGRVREUHWXGRQDFXOWXUDGHFDQDHQD
SURGXomRGHFRXURDVVLPFRPRQRWUDEDOKRDJUiULR&ULDGRTXDVHVHPSUHQR
VHUWmRHOHHUDOHYDGRSDUDDUHJLmRFDQDYLHLUDHPJUDQGHVERLDGDVSDUDVHU
DEDWLGRRXXWLOL]DGRFRPRDQLPDOGHWUDEDOKR'DtDVXDPDLRUFRQYLYrQFLD
FRPRKRPHPKXPLOGHFRPRWUDEDOKDGRUGRTXHFRPRVHQKRUGHWHUUDVH
GHHVFUDYRVWDOYH]SRULVVRHOHIRVVHROKDGRFRPVLPSDWLDHQWUHSRSXODUHV
VHQGRORJRFRQYRFDGRSDUDSDUWLFLSDo}HVHPIROJXHGRVFRPRR³EXPEDPHX
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YL]LQKRVHSDUDDVFLGDGHVSUy[LPDV+iQDUHDOLGDGHXPULFRIROFORUHDVHX
UHVSHLWRHGDVXDSUHVHQoDQDYLGDSDWULDUFDO$VXDFDUQHDRFRQWUiULRGDGR
FDYDORHUDPXLWRXWLOL]DGDFRPRDOLPHQWRQDVFDVDVJUDQGHVHQDVVHQ]DODV
WDQWRVREDIRUPDGHFDUQHYHUGHFRPRGHFDUQHVHFDQDFKDPDGDFDUQH
GHVRORXGHYHQWRHQRFKDUTXHRXMDEiKRMHLPSRUWDGRGR&HQWUR2HVWHH
GR6XO$SURGXomRGHFKDUTXHQRVpFXOR;9,,,HVWDYDFRQFHQWUDGD
VREUHWXGRQRVHUWmRQRUGHVWLQRHHUDFKDPDGDGH³FDUQHGR&HDUi´$V
JUDQGHVVHFDVSRUpPIRUoDUDPDPLJUDomRGDVLQG~VWULDVSURGXWRUDVSDUDR
5LR*UDQGHGR6XO
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SDUDR1RUGHVWHFDUQHLURVHFDEUDVTXHVHULDPXWLOL]DGRVVREUHWXGRQD
DOLPHQWDomRRVFDUQHLURVHUDPPXLWRXWLOL]DGRVQDpSRFDGDFLYLOL]DomR
DoXFDUHLUDFRPRPRQWDULDSDUDDVFULDQoDVFRPRTXHSUHSDUDQGRDVSDUDD
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2VSRUWXJXHVHVQmRGRPHVWLFDUDPDYHVYLVDQGRjSURGXomRGH
DOLPHQWRVSUHIHULDPXWLOL]DUDTXHODVTXHMiFRQKHFLDPQD(XURSDFRPRDV
JDOLQKDVRVSDWRVRVPDUUHFRVRVJDQVRVHWF'DÈIULFDWURX[HUDPDJXLQpRX
JDOLQKDG¶DQJRODTXHWHYHJUDQGHGLIXVmRQR3DtVPDVpFRQVLGHUDGDGH
PHQRULPSRUWkQFLDHSUHVWtJLRGHQWUHDVDYHVTXHUQDTXDOLGDGHGDFDUQH
TXHUQDGRVRYRV
2EVHUYDVHDVVLPH*LOEHUWRRVDOLHQWDHPVXDYLVmRHFROyJLFDHP
1RUGHVWHTXHRFRORQL]DGRUIRLXPJUDQGHSUHGDGRUGHVWUXLX
LPSLHGRVDPHQWHDQDWXUH]DGHUUXEDQGRIORUHVWDVjSURFXUDGHJDQKRIiFLO
GHJUDGRXRVVRORVXVRXRVULRVQDTXLORHPTXHHUDP~WHLVHWUDQVIRUPRXRV
HPYHUGDGHLURVFDQDLVGHHVJRWRVGHUHFHELPHQWRGHSURGXWRVHGHMHWRV
LQGXVWULDLVTXHGLVVHPLQRXHSLGHPLDVHHQGHPLDVHXURSHLDVHDIULFDQDVH
GHVWUXLXDIDXQDDXWyFWRQHSDUDVXEVWLWXtODSRUDQLPDLVLPSRUWDGRVHMi
GRPHVWLFDGRVHPRXWUDVSODJDV'RSRQWRGHYLVWDVDQLWiULRpFRQYHQLHQWH
OHPEUDUFRPRDVFKLVWRVRPDPDQVRQLVHH[SDQGLXSRUWRGDDiUHD
DoXFDUHLUDHQIUDTXHFHQGRDSRSXODomRSREUHTXHFRQYLYLDFRPDViJXDVGRV
ULRVHODJRV$WUDYpVGHXPDYLGDVH[XDOLQWHQVDSURSDJRXDVtILOLVDSRQWRGH
RSUySULRVRFLyORJRDILUPDUHPOLYURIDPRVRTXHRVFRORQL]DGRUHVQmRVy
FLYLOL]DUDPFRPRWDPEpPVLILOL]DUDPDVXDFRO{QLDDPHULFDQD$VVLP
SRGHPRVDILUPDUVHPPHGRGHH[DJHURVTXHDFRORQL]DomRDRFXSDomRGR
WHUULWyULRDIRUPDomRGDQDomREUDVLOHLUDHDFDWHTXHVHIRUDPDFRPSDQKDGDV
SHODVtILOLVHSRURXWUDVPROpVWLDV³PDOGRVDPHQWH´FKDPDGDVGHWURSLFDLV
0DV*LOEHUWRFRPRFLHQWLVWDVRFLDOFRPRREVHUYDGRUGDIRUPDomR
EUDVLOHLUDFRPRKLVWRULDGRUVRFLDOFRPRDQWURSyORJRFRPRVRFLyORJRFRPR
FLHQWLVWDSROtWLFRHFRPRJHyJUDIRKXPDQRGHSRLVGHXPDYLVmRHFROyJLFDGD
VRFLHGDGHDoXFDUHLUDQmRWHULDFRPSOHWDGRRVHXWUDEDOKRVHQmRDQDOLVDVVHR
SDSHOGHVHPSHQKDGRSHORKRPHPDRRUJDQL]DURVHXHVSDoRGHDWXDomR
(DRDQDOLVDUDDomRGRKRPHPOHYRXHPFRQVLGHUDomRDH[LVWrQFLDGH
XPDVRFLHGDGHGHFODVVHVRQGHFRQYLYLDPGRPLQDGRUHVHGRPLQDGRV
VHQKRUHVHHVFUDYRV(WUDoRXHPGRLVFDStWXORVRTXLQWRHRVH[WRD
SVLFRORJLDHRPRGRGHDJLUGHFDGDXPDGHODV3HUQDPEXFRWHPXPD
WUDGLomRGLYHUVLILFDGDGR%UDVLOGHYH]TXHDVXDFODVVHGRPLQDQWHIRL
PDUFDGDMiQRVpFXOR;9,,SRUXPDSURORQJDGDOXWDHQWUHSRUWXJXHVHVH
KRODQGHVHV(IDFHjSRXFDDMXGDGDFRURDSRUWXJXHVDDRVLQVXUJHQWHVGH
HVWDYDPRV³PD]RPERV´RXQREUHVGDUHJLmRDoXFDUHLUDFRQYHQFLGRVGH
VXDSHTXHQDGHSHQGrQFLDGDPRQDUTXLDSRUWXJXHVDHGRVHXGLUHLWRDXPD
PDLRUDXWRQRPLD'DtDFKDPDGDUHYROWDGHRXJXHUUDGRVPDVFDWHV
RQGHVHFRQWUDSXVHUDPRVGLUHLWRVGH2OLQGDDRVGR5HFLIHHQULTXHFLGRFRP
DJXHUUDKRODQGHVDHHPVHJXLGDDVUHYROWDVGHGHHGH
QDVTXDLVVHQKRUHVGHHQJHQKRHFRPHUFLDQWHVVHOHYDQWDUDPFRQWUDRV
PRQDUFDVGH3RUWXJDODWpHGR%UDVLODSDUWLUGD,QGHSHQGrQFLDHP
QRPHGHLGHDLVGHPRFUiWLFRV
1DYHUGDGHHLVWRHVWiEHPH[SOtFLWRHP1RUGHVWHRVVHQKRUHVGH
HQJHQKRHULFRVFRPHUFLDQWHVKDYLDPVHHPEHELGRGHLGHLDVFRQVWLWXFLRQDLV
DPHULFDQDVHGRVSULQFtSLRVOLEHUWiULRVIUDQFHVHVSDUDUHDOL]DUHPXPD
OLEHUWDomRGRVSRGHUHVPHWURSROLWDQRV0DVHVWHV³OLEHUDLV´HVWDYDP
VREUHWXGRWHPHURVRVGHXPDUHYROWDGHHVFUDYRVQHJURVPXLWRQXPHURVRV
QDSURYtQFLDRQGHKDYLDXQLGDGHVPLOLWDUHVGHQHJURVHGHPXODWRVRV
FKDPDGRV³+HQULTXHV´TXHHUDPPXLWRIRUWHVHGHVGHQKDYDPGRVEUDQFRVD
TXHFKDPDYDPGH³FDLDGRV´$OJXQVOtGHUHVVHGHVWDFDUDPFRPRRPXODWR
FDSLWmR3HGUR3HGURVRFKHIHGHXPDLQWHQWRQDTXHGHUUXERXRJRYHUQR
SURYLQFLDOHPHRPDMRU0XQGXUXFXTXHWLQKDJUDQGHSUHVWtJLRHQWUHD
SRSXODomRGHFRUVHPSUHSURQWDSDUDHQWUDUHPDomR-iHPD
SRSXODomRSREUHGR5HFLIHVREOLGHUDQoDGH-RmRGD0DWDDSRLDUDRV
PDVFDWHVGR5HFLIHFRQWUDRV³SpVUDVSDGRV´GH2OLQGD
(HVWDSRSXODomRQHJUDHUDWHPLGDIDFHDRVDFRQWHFLPHQWRVRFRUULGRVQR
+DLWLTXDQGRD5HYROXomR)UDQFHVDHQIUDTXHFHXRJRYHUQRFRORQLDOH
SRVVLELOLWRXXPDVXEOHYDomRQHJUDFRQWUDRVFRORQL]DGRUHVEUDQFRVTXH
IRUDPH[SXOVRVGDLOKDWRUQDGDLQGHSHQGHQWHVRERJRYHUQRGHLPSHUDGRUHV
QHJURV(RPHGRpPDXFRQVHOKHLUR
(PTXDQGRRVUHYROXFLRQiULRVWRPDUDPRSRGHUHRUJDQL]DUDPXP
JRYHUQRUHSXEOLFDQRTXHGRPLQRXR5HFLIHHDFDSLWDQLDGH3HUQDPEXFR
RUJDQL]DUDPXPJRYHUQRGHFLQFRPHPEURVUHSUHVHQWDQGRDVFLQFRFODVVHV
FRQVLGHUDGDVPDLVLPSRUWDQWHV±FOHURPLOLWDUHVFRPpUFLRPDJLVWUDWXUDH
DJULFXOWXUD±HRVUHSUHVHQWDQWHVGDVPHVPDVHUDPWRGRVEUDQFRVRX
VHPLEUDQFRVOHYDQGRVHHPFRQWDTXHDPLVFLJHQDomRMiSHQHWUDUDQDV
YHOKDVIDPtOLDVDULVWRFUiWLFDV1mRKRXYHXPDPDLRUSUHRFXSDomRFRPD
OLEHUWDomRGRVHVFUDYRVHWDPEpPFRPDDEROLomRGRWUiILFRQHJUHLURGDÈIULFD
SDUDR%UDVLO
$LQGDHPDRVHSURFODPDUD&RQIHGHUDomRGR(TXDGRUFRPWRGRR
LGHiULRGHPRFUiWLFRGHIUHL&DQHFDQmRUHFHEHXRWHPDGDDEROLomRGD
HVFUDYDWXUDPDLRUDWHQomR7HPLDPRVUHYROXFLRQiULRVTXHRLGHDO
DEROLFLRQLVWDVHH[WHUQDGRDIDVWDVVHGDLGHLDUHYROXFLRQiULDRV
ODWLIXQGLiULRVRVJUDQGHVSURSULHWiULRVGHWHUUDV2VQRVVRVHVFULWRUHVGR
VpFXOR;,;QmRVHSUHRFXSDUDPPXLWRFRPDHVFUDYLGmRHGHL[DUDPGHODGR
DVUHYROWDVQHJUDVGHPDLRULPSRUWkQFLDFRPRRFKDPDGR4XLORPERGH
&DWXFiHD*XHUUDGRV&DEDQRV5HYROWDVHPTXHQHJURVPXODWRVHLQGtJHQDV
SHJDUDPHPDUPDVHUHVLVWLUDPGXUDQWHDQRVDRVVHXVVHQKRUHVIXJLQGRj
FRQGLomRGHHVFUDYRVHSURFXUDQGRREWHUDSURSULHGDGHRXDSRVVHGHWHUUDV
DJULFXOWiYHLV
*LOEHUWRPRVWUDSRUpPFRPRQXPHURVRVDULVWRFUDWDVGRDo~FDUVH
FRQYHUWHUDPDRLGHDODEROLFLRQLVWDHOXWDUDPFRQWUDDHVFUDYLGmRHD
H[SORUDomRGRKRPHPSHORKRPHP(QWUHRXWURVSRGHPVHUVDOLHQWDGDVDV
ILJXUDVGH-RDTXLP1DEXFRHGH-RVp0DULDQR2SULPHLURXP3DHV%DUUHWR
GHVFHQGHQWHGRPRUJDGRGRFDERQmRVyGHIHQGLDDDEROLomRGDHVFUDYDWXUD
FRPRDQHFHVVLGDGHGHVHID]HUOLYUDUR%UDVLOGDPDUFDGHVWDLQVWLWXLomR
QHIDQGDDGPLWLQGRTXHDDEROLomRGHYHULDVHUDFRPSDQKDGDGD
GHPRFUDWL]DomRGDSURSULHGDGHGDWHUUDSRUPHLRGHXPDUHIRUPDDJUiULD
5HIRUPDDJUiULDTXHDLQGDQmRIRLIHLWDQHVWHLQtFLRGRVpFXOR;;,2
VHJXQGRXP&DUQHLURGD&XQKDGH5LEHLUmRDOpPGHVHGHVWDFDUFRPR
JUDQGHRUDGRUSRSXODUSDUWLFLSRXGHDo}HVRQGHURXEDYDHVFUDYRVDRV
SURSULHWiULRVGHWHUUDHVFRQGLDRVHPVXDVSURSULHGDGHVVREUHWXGRQDGR
3RoRGD3DQHODHUHPHWLDRVSDUDR&HDUiRQGHDDEROLomRSURYLQFLDOKDYLD
VLGRIHLWDHPTXDWURDQRVDQWHVGDQDFLRQDO
7DPEpPR&RQV-RmR$OIUHGRILOKRHQHWRGHVHQKRUHVGHHQJHQKRHOH
SUySULRGRQRGHWHUUDVHGHHVFUDYRVDRDVFHQGHUDRSRGHUUHDOL]RXD
DEROLomRDGHPDLRGHVHPLQGHQL]DomRDRVSURSULHWiULRVGH
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DVVLQDUXPDOHLUHYROXFLRQiULDSDUDDVXDpSRFDHRJDELQHWHTXHFKHILRX
FDLXGHYLGRDRMRJRSDUODPHQWDUTXDQGRHOHFDPLQKDYDSDUDOHYDUD
FLGDGDQLDDRVH[HVFUDYRVDWUDYpVGDGLVWULEXLomRGHWHUUDVDGHVFHQGHQWHV
GHHVFUDYRVHH[HVFUDYRVQDVPDUJHQVGDVIHUURYLDVHGRVULRVQDYHJiYHLV
*LOEHUWR)UH\UHHP1RUGHVWHHHPRXWURVGRVVHXVHVWXGRVGHVHQYROYHD
LGHLDKRMHPXLWRDFHLWDGHTXHDDEROLomRIRLIHLWDSHODPHWDGHIRL
LQWHUURPSLGDQRVHXFDPLQKRDVFHQGHQWH
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VXDVWUDGLo}HVOLEHUDLVHHPEHEHXGHLGHLDVOLEHUDLVQmRVyDVSHUVRQDOLGDGHV
SHUQDPEXFDQDVFRPRDVILJXUDVGHRXWUDVSURYtQFLDVTXHYLHUDPHVWXGDUQD
PHVPD%DVWDVDOLHQWDUTXHDTXLYLYHUDP&DVWUR$OYHVRSRHWDGDOLEHUGDGH
DEROLFLRQLVWDUHSXEOLFDQRHDJQyVWLFRFRPRWDPEpP5XL%DUERVDTXHVHULDR
PDLRUMXULVWDEUDVLOHLURGHVHXWHPSR7RELDV%DUUHWR6tOYLR5RPHUR9LWRULDQR
3DOKDUHV$EUHXH/LPDRJHQHUDOGDVPDVVDVHDXWRUGHXPOLYURVREUH³2
6RFLDOLVPR´HPXLWRVRXWURV$OpPGLVWRQDFKDPDGD5HYROXomRRX5HYROWD
3UDLHLUDMiVHVHQWLDDLQIOXrQFLDGHLGHLDVUHSXEOLFDQDVHIHGHUDOLVWDV(P
FDStWXORPDJLVWUDO*LOEHUWR)UH\UHDQDOLVDHVWHIHQ{PHQRGD³DoXFRFUDFLD´
SHUQDPEXFDQDTXHUHXQLDGHIRUPDGLDOpWLFDLGHDLVGHPRFUiWLFRVHDWp
VRFLDOLVWDVDRRUJXOKRGHXPDRULJHPDULVWRFUiWLFDTXHVHLQLFLDUDFRPD
FRORQL]DomRSRUWXJXHVDQDSULPHLUDPHWDGHGRVpFXOR;9,HFRQVHUYDGD
DWpKRMHFKHLDGHQRPHVWUDGLFLRQDLVFRPR$OEXTXHUTXHHPQXPHURVDV
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QXPHURVRVRXWURV(OHVIRUDPRVFKDPDGRV³/H}HVGR1RUWH´GRWHPSRGR
LPSpULR
0DV*LOEHUWRHP1RUGHVWHQmRVDOLHQWDDSHQDVHVWHVDVSHFWRVSRVLWLYRV
HOHFKDPRXDDWHQomRWDPEpPSDUDRVDVSHFWRVQHJDWLYRVDFHQWXDGRVD
SDUWLUGDVHJXQGDPHWDGHGRVpFXOR;,;TXDQGRIRUDPLPSODQWDGDV
QXPHURVDVXVLQDVHRVODWLI~QGLRVSDVVDUDPDHQJROLUHQJHQKRVHVtWLRV
LQWHQVLILFDQGRDPRQRFXOWXUDLQWHQVLILFDQGRDGHVWUXLomRGDVPDWDVH
SROXLQGRDViJXDV(DtVHREVHUYDDSRVLomRGLDOpWLFDGRPHVPRVDXGRVRGR
VLVWHPDSDWULDUFDOTXHPRUULDUDSLGDPHQWHGLDQWHGDH[SDQVmRGDXVLQDTXH
DIDVWRXRWUDEDOKDGRUUXUDOGRSURSULHWiULRGHWHUUDVTXHSDVVDDYLYHU
GLVWDQWHGDSURSULHGDGHVHPFRQYLYHUFRPRWUDEDOKDGRU$XVLQDFRPRTXH
GHVXPDQL]DRSURSULHWiULRHRWUDEDOKDGRUHID]GLPLQXLUDFODVVHPpGLDGRV
SURGXWRUHVGHDo~FDUVHQKRUHVGHHQJHQKRWUDQVIRUPDGRVHP
IRUQHFHGRUHVGHFDQD
6DOLHQWDDLQGDTXHSRXFRVIRUDPRVXVLQHLURVTXHJXDUGDUDPDVSRVLo}HV
HRVKiELWRVGHVHQKRUHVGHHQJHQKRGHVWDFDQGRVHGHQWUHHVWHVRIDPRVR
³WHQHQWH´GH&DWHQGHRLQGXVWULDO&RVWD$]HYHGR
2~OWLPRFDStWXORpYROWDGRSDUDRWUDEDOKDGRUUXUDOHVFUDYRDWpH
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DQWURSyORJRHPDLVFRPHVStULWRGHJHyJUDIRQmRID]DTXHODGHFLVmRTXH
WRPRXHP&DVDJUDQGH VHQ]DODGDQGRPDLRULPSRUWkQFLDDRHVFUDYR
GRPpVWLFRGRTXHDRHVFUDYRWUDEDOKDGRUUXUDO$TXLHOHHQFDUDRWUDEDOKDGRU
GHIRUPDPDLVDPSODFKDPDQGRDDWHQomRSDUDRIDWRGHTXHDHVFUDYLGmR
HUDPXLWRGXUDLPSLHGRVDSDUDFRPRHVFUDYRPDVHUDPHQRVUtJLGDGRTXH
HPSDtVHVGHFRORQL]DomRLQJOHVD2EVHUYDVHDVVLPTXHHP1RUGHVWHMi
FRPHoDPDVHUODQoDGDVDVLGHLDVTXHJDQKDULDPPDLRUIRUoDHLPSRUWkQFLD
QDFKDPDGD7URSLFRORJLDRX/XVRWURSLFRORJLD
'HVHQYROYHLGHLDVTXHDFRPSDQKDPDPXGDQoDGHYLGDGRHVFUDYRSDUD
DGRPRUDGRUGHFRQGLomRDWUDQVIRUPDomRGRKDELWDWFRQFHQWUDGRGD
VHQ]DODSHORGDFDVDGLVSHUVDGRVPRUDGRUHVHDDWHQXDomRGRVULJRUHVGR
SURSULHWiULRSDUDRWUDEDOKDGRUTXHRFRUULDGHIRUPDPDLVDFHQWXDGD
GXUDQWHRSHUtRGRHVFUDYRFUDWD7DPEpPDtGLVFRUUHSDUDRIDWRGRVHQKRU
GHHQJHQKR³IHFKDURVROKRV´DFHUWRVKiELWRVGHJUDGDQWHVTXHVH
SURSDJDYDPFRPRRGRXVRGHGURJDVFRPRPDFRQKDHQWUHRV
WUDEDOKDGRUHV$GPLWHTXHDWROHUkQFLDGHVWHXVRSHORVVHQKRUHVUHVXOWDYDGD
YDULDomRVD]RQDOGHEUDoRVHQWUHRVSHUtRGRVGHPDLRUGHPDQGDGHPmRGH
REUD±PRDJHPHDWpFHUWRSRQWRSODQWLRGDFDQD±ID]HQGRFRPTXH
IDFLOLWDVVHPFHUWRVKiELWRVQRSHUtRGRGDHQWUHVVDIUDSDUDGHVYLDURV
WUDEDOKDGRUHVGRGHVHMRGHHVSHFXODo}HVTXHFRQWUDULDVVHPRVVHXV
LQWHUHVVHV
2EVHUYDVHTXHQDYLGDPDLVRXPHQRVOLYUHOHYDGDSHODVFODVVHVHQWmR
FKDPDGDVLQIHULRUHVDGLVVHPLQDomRGHPROpVWLDVVH[XDLVHUDLQWHQVD
WUD]HQGRLPSDFWRVVREUHDSRSXODomRSREUH(FRPRHVWDVPROpVWLDVVH
GLIXQGLDPGHIRUPDPDLVLQWHQVDHQWUHDVFODVVHVPDLVKXPLOGHV
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