-R

6HUP£R

232'(5'2120('(-(686

,1752'8‡ƒ2
1HVWHWH[WRVDJUDGRQ³VYDPRVDSUHQGHUVREUHRSRGHUGRQRPHGH-HVXV$RUD§£RIHLWDHPQRPHGH
-HVXVSRVVXLXPSRGHUH[WUDRUGLQ¡ULR-HVXVGLVVHߡ(WXGRTXDQWRSHGLUGHVHPPHXQRPHHXRIDUHL
SDUDTXHR3DLVHMDJORULILFDGRQR)LOKRߢ-R‰FRPRXPDSURFXUD§£RRXWRUJDGDDRVVHXV
GLVF­SXORVSDUDH[HUFHUHPDPHVPDDXWRULGDGHGRSU³SULR-HVXV3DUDRVMXGHXVRQRPHGHXPDSHVVRD
H[SULPHSHORPHQRVWUªVYHUGDGHV2QRPH©DSU³SULDSHVVRD2QRPHUHSUHVHQWDRSRGHUGRVHX
SRVVXLGRU2QRPHUHSUHVHQWDRFDU¡WHUGRVHXSRVVXLGRU

,2120('(-(6865(35(6(17$$68$35“35,$35(6(1‡$
3(662$/
 2UDUHPQRPHGH-HVXVVLJQLILFDLQYRFDUDVXDSU³SULDSUHVHQ§DSHVVRDO‰FRPRVHRSU³SULR-HVXV
HVWLYHVVHILVLFDPHQWHSUHVHQWH(P$WDVSU³SULDVDXWRULGDGHVUHOLJLRVDVߡYHQGRDRXVDGLDGH
3HGURH-R£RHLQIRUPDGRVGHTXHHUDPKRPHQVVHPOHWUDVHLQGRXWRVVHPDUDYLOKDUDPHWLQKDP
FRQKHFLPHQWRGHTXHHOHVKDYLDPHVWDGRFRP-HVXVߢ$RYHUHP3HGURH-R£RSUHJDQGRRXVDGDPHQWH
HPQRPHGH-HVXV$WDVSU³SULDVSHVVRDVUHFRQKHFHUDPDSUHVHQ§DSHVVRDOGH-HVXVFRP
HOHV
 (P1PDS³VSURIHULUDEªQ§£RVDFHUGRWDOHPQRPHGR6HQKRUVREUH,VUDHOR6HQKRUGLVVHD
0RLV©VH$U£Rߡ$VVLPSRU£RRPHXQRPHVREUHRVILOKRVGH,VUDHOHHXRVDEHQ§RDUHLߢ$
SUHVHQ§DSHVVRDOGR6HQKRUHVWDULDFRPRVHXSRYR
 (PŠ[DRIDODUFRP0RLV©VVREUHR$QMRTXHJXLDULDRSRYRDW©D7HUUD3URPHWLGDR
6HQKRUGLVVHߡRPHXQRPHHVW¡QHOHߢ2XVHMDDSU³SULDSUHVHQ§DSHVVRDOGR6HQKRUHVWDULD
QDTXHOH$QMR7DQWR©DVVLPTXHHPDOJXPDVRFDVLµHVDTXHOH$QMRDJLDFRPRVHIRVVHRSU³SULR
6HQKRUŠ[-V

,,2120('(-(6865(35(6(17$26(835“35,232'(5
 2UDUHPQRPHGH-HVXVVLJQLILFDLQYRFDURSU³SULRH[HUF­FLRGRVHXJUDQGHSRGHU(P$W3HGUR
H-R£RGLVVHUDPDRSDUDOLWLFRߡ1£RWHQKRSUDWDQHPRXURPDVRTXHWHQKRLVVRWHGRX(PQRPHGH
-HVXV&ULVWRR1D]DUHQROHYDQWDWHHDQGDߢ3HGURH-R£RWLQKDPDOJRPXLWRPDLVYDOLRVRGRTXHD
SUDWDRRXURHRGLQKHLURHOHVWLQKDPRSRGHUGRQRPHGH-HVXV(RSRGHUGHVWHQRPHFXURXR
SDUDOLWLFR$W
 (P$W3DXORH[SXOVRXRGHP´QLRGHXPDMRYHPSRVVHVVDSRUXPHVS­ULWRDGLYLQKDGRU
GL]HQGRߡ(PQRPHGH-HVXV&ULVWRWHPDQGRTXHVDLDVGHOD(QDPHVPDKRUDVDLXߢ2SRGHUGR
QRPHGH-HVXVIXQFLRQRXQDPHVPDKRUD$OHOXLD
 (P0FRSU³SULR-HVXVRXWRUJRXRSRGHUGRVHXQRPHDRVFUHQWHVGL]HQGRߡ(HVWHV
 VLQDLVVHJXLU£RDRVTXHFUHUHPHPPHXQRPHH[SXOVDU£RGHP´QLRVIDODU£RQRYDVO­QJXDVSHJDU£R
QDVVHUSHQWHVHVHEHEHUHPDOJXPDFRLVDPRUW­IHUDQ£ROKHVIDU¡GDQRDOJXPHLPSRU£RDVP£RV
VREUHRVHQIHUPRVHRVFXUDU£Rߢ

,,,2120('(-(6865(35(6(17$26(835“35,2&$57(5
 2UDUHPQRPHGH-HVXVVLJQLILFDLQYRFDURSU³SULRFDU¡WHUTXH(OHSRVVXL$OJXPDVSHVVRDVQHVWH
PXQGRSRVVXHPWDQWDFUHGLELOLGDGHTXHVHDSHQDVPHQFLRQDURVHXQRPHHPDOJXQVOXJDUHVRX
GLVVHUTXH©VHXDPLJRPXLWDVSRUWDVVHDEUHP6³SRVVXLWDOFUHGLELOLGDGHTXHPWHPILUPH]DGH
FDU¡WHU3RUWDQWRDRRUDUHPQRPHGH-HVXVR3DLQRVDWHQGHQ£RSRUFDXVDGRQRVVRP©ULWR
SHVVRDOPDVSRUFDXVDGDILUPH]DGHFDU¡WHUTXH-HVXVSRVVXLGLDQWHGR3DL0W
 (P-R-HVXVGLVVHߡ(QDTXHOHGLDQDGDPHSHUJXQWDUHLV1DYHUGDGHQDYHUGDGHYRVGLJR
TXHWXGRTXDQWRSHGLUGHVDPHX3DLHPPHXQRPHHOHYRORK¡GHGDUߢ
 (P-R(OHPHVPRGLVVHߡ1£RPHHVFROKHVWHVY³VDPLPPDVHXYRVHVFROKLDY³VHYRV
QRPHHLSDUDTXHYDGHVHGHLVIUXWRHRYRVVRIUXWRSHUPDQH§DDILPGHTXHWXGRTXDQWRHPPHX
QRPHSHGLUGHVDR3DLHOHYRVFRQFHGDߢ

&21&/86ƒ2
2QRPHGH-HVXV©DJDUDQWLDGDQRVVDYLW³ULD2QRPHGH-HVXV©DJDUDQWLDGDUHVSRVWDGRVQRVVRV
SHGLGRV3RLVHP-R(OHPHVPRGLVVHߡ$W©DJRUDQDGDSHGLVWHVHPPHXQRPHSHGLHUHFHEHUHLV
SDUDTXHDYRVVDDOHJULDVHFXPSUDߢ*O³ULDVDR1RPH3RGHURVRGR6HQKRU-HVXV&ULVWR

9ROWDUSDUDRWH[WRE­EOLFR