Você está na página 1de 30

'HVHQKRSDUDFRORULU


1HXU{QLRVHPDomR
1$%(/(=$'$ &RPSOHWHDILJXUDOLJDQGRRVSRQWRV

68$6$17,'$'(
 (PVHJXLGDHVFUHYDDRPHQRVFLQFRPDQHLUDV
TXHYRFrSRGHID]HUFRPTXHVXDOX]EULOKH

6DQWR6DQWR6DQWRpR6HQKRUGRV([pUFLWRVWRGD
WHUUDHVWiFKHLDGD6XDJOyULD,VDtDV

 $ FDVD GH 'HXV SRGH VHU PXLWR KXPLOGH HP
FRPSDUDomRFRPRWHPSORGH6DORPmRPDVQmRpPHQRV
UHFRQKHFLGD SRU 'HXV 3DUD DTXHOHV TXH DOL DGRUDP p D
SRUWDGR&pXVHDGRUDPD'HXVHPHVStULWRHPYHUGDGHH
QDEHOH]DGDVDQWLGDGH

 
$RVHUHPHQWRDGRVFkQWLFRVGHORXYRUDRVHHOHYDUHP
¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå  DR&pXIHUYRURVDVRUDo}HVDRVHUHSHWLUHPDVOLo}HVGDV
PDUDYLOKRVDVREUDVGH'HXVDRH[SUHVVDUVHDJUDWLGmRGR
 Ž¶ óæîéøíúó èó ðåúöåèóö òó ðåòĆåö å ÷éñéòøé é òå çùðøùöå èå FRUDomRHPSUHFHVHKLQRVRVDQMRVGR&pXDSDQKDPRWRPH
ôðåòøåçöé÷çéòøéĈåôöóèùĆĂóèéçéöéåð†«é÷éîåôĂóôåöåó÷êåñíòøó÷ƒé D HOHV VH XQHP HP ORXYRU H Do}HV GH JUDoDV D 'HXV
÷éñéòøé ôåöå êùøùöå÷ ÷éåöå÷† ¨÷÷íñ é÷ôéöå ó ³åúöåèóö èíúíòó ùñå 00  &ULVWR7ULXQIDQWHSiJ
çóðìéíøåçóñóöéçóñôéò÷åèéºéùøöåæåðìóé÷åçöíêČçíó†ªöí÷øóôöóçùöå
öéôöóèùþíöžºé òó çóöåĆĂó èó÷ ìóñéò÷„ é êåþ í÷øó ôóö íòøéöñĈèíó 6DQWRHWUHPHQGRpR6HQKRUSRLV(OHp'HXVGHVGHD
HWHUQLGDGHpTXHPQRVFULRXpMXVWRFRPSDVVLYRSHUIHLWR
èåõùéðé÷õùéò¬ðéçöĉéñ†¶óæîéøíúóèåúíèåçöí÷øĂĈåêöùøíīçåĆĂóžå
MDPDLVKRXYHQ(OHSHFDGR3RULVVRGHYHPRVVHPSUHKRQUDUH
öéôöóèùĆĂóèóçåöĀøéöèéªöí÷øóòóçöéòøéƒôåöåõùéºéôó÷÷åöéôöóèùþíö
UHYHUHQFLDU6HX6DQWRQRPH
éñóùøöó÷†¨ôðåòøåòĂóëéöñíòåƒòĂóçöé÷çéƒòéñôöóèùþêöùøó÷ôåöå÷í 4XDQGRGL]HPRVTXH'HXVp6DQWRGL]HPRVTXH(OHp
ñé÷ñåƒñå÷ôåöåňèåö÷éñéòøéåó÷éñéåèóöƒéôĂóåóõùéçóñéň†°÷å† SXURLPDFXODGRRXVHMDQmRWHPSHFDGRV
ŜŜ Řŗ†°ëùåðñéòøéòíòëùĈñèéúéúíúéöôåöå÷íñé÷ñó†¶çöí÷øĂóé÷øĀòó 2V VHUDILQV TXDQGR VH DSUR[LPDP GR VDQWR WURQR
ñùòèó çóñó öéôöé÷éòøåòøé èé ªöí÷øó ôåöå å ÷åðúåĆĂó èé óùøöó÷†† FREUHPVHFRPVXDVDVDVSRLVHOHVWrPVHLVDVDVHFRPGXDV
·åöĀæóðå÷èé±é÷ù÷ƒôĀë†ŝކ FREUHPRURVWRFRPGXDVFREUHPRVSpVHFRPGXDVHOHVYRDP
6H DQMRV TXH HVWmR SUy[LPRV GH 'HXV H TXH QmR
SRVVXHP SHFDGR WrP WDQWR UHVSHLWR SRU (OH PDLV DLQGD
QyVGHYHPRVWHU
4XDQGR YDPRV j LJUHMD RX ID]HPRV R FXOWR GLiULR HP
FDVDGHYHPRVVHPSUHVHUFXLGDGRVRVQRIDODUDQGDUYHVWLU
VH SURFXUDQGR DVVLP WHU UHYHUrQFLD FRP QRVVR &ULDGRU H
6XJHVWmRDR3URIHVVRU DGRUiORQDEHOH]DGH6XDVDQWLGDGH

6XJHVWmRGH+LQR
©0LQKDSHTXHQLQDOX]YRXGHL[DUEULOKDUª

6XJHVWmRDR3URIHVVRU
&DGDXPSURFXUHHPVXDV%tEOLDVÇ[RGR
FRQWHOKHVDKLVWyULDVREUHDUHYHUrQFLDGH0RLVpV
6HSUHFLVRXVHREMHWRVRXSRWHVGHVFDUWiYHLVID]HQGR
SHUVRQDJHQVHGHL[DQGRHOHVSDUWLFLSDUHP
)ULVHEDVWDQWHDTXHVWmRGDUHYHUrQFLDFRP'HXV

 
9HUVR GH 2XUR ´$VVLP UHVSODQGHoD D YRVVD OX] GLDQWH GRV
1HXU{QLRVHPDomR KRPHQVSDUDTXHYHMDPDVYRVVDVERDVREUDVHJORULILTXHPD
&RPSOHWHDIUDVHTXHHVWiHVFULWD YRVVR3DLTXHHVWiQRVFpXVµ0DWHXV
HP6DOPRVXVDQGRDVSDODYUDVGHFDGDHVWUHOD
FDGDHVSDoRpXPDSDODYUDGDHVWUHOD
9RFrMiHQWURXHPXPOXJDUHVFXUR"&RPRYRFrVHVHQWLX"
7ULEXWDLDRBBBBBBBBBBBBBBDBBBBBBBBBBBBBBBBBB $HVFXULGmRQmRpERDHODQRVWUD]LQVHJXUDQoDHPHGRPDV
TXDQGRDSDUHFHXPDOX]GDDWpXPDOtYLR   
$ %tEOLD QRV HQVLQD TXH R PXQGR HP TXH YLYHPRV p XP
PXQGRHVFXURRXVHMDLQVHJXURWUDLoRHLURHSRULVVR-HVXV
GHYLGDDR6HXQRPHBBBBBBBBBBBBBB
TXHU TXH VHMDPRV OX] QHVWH PXQGR HVFXUR 'HVWH PRGR
SRGHUHPRVOHYDUDRVRXWURVDSDODYUDGH'HXVTXHLOXPLQDDV
SHVVRDV2VTXHSUDWLFDPDPDOGDGHHVWmRVHPDOX]GDYHUGDGH
26HQKRUQDBBBBBBBBBBBBBGDBBBBBBBBBBBBBB 0HQWHP[LQJDPURXEDPHYLYHPXPDYLGDHVFXUDVHP'HXV
(RTXHGHYHPRVID]HUSDUDQRVWRUQDUPRVOX]"   
$SHVDUGHYRFrVHUFULDQoDYRFrSRGHFRRSHUDUPXLWRHP
VHX GLD D GLD )LFDU TXLHWR QD LJUHMD WHU UHYHUrQFLD FRP DV
%(/(=$
FRLVDVVDJUDGDVREHGHFHUDRVSDLVQmREDWHUQRFROHJDQmR
6$17,'$'( 6(1+25 UHVSRQGHUPDOjVSHVVRDV7XGRLVVRVmRSHTXHQDVDo}HVTXH
LUmRID]HUFRPTXHVXDOX]EULOKHFDGDYH]PDLV
'HYHPRVWUDQVPLWLUDLPDJHPGH&ULVWRGHXPDPDQHLUD
HPTXHDVSHVVRDVTXHHVWmRDRVHXUHGRUQmRLUmRVHVHQWLUHP
WULVWHVQHPDPDUJXUDGDVSRLVYRFrOHYDUiDDOHJULDGH&ULVWR
$'25$, */Ð5,$ TXH p PHOKRU GR TXH TXDOTXHU RXWUD )DODUi DRV VHXV
VHPHOKDQWHVVREUHDYROWDGH-HVXVHHPFRPRGHYHVHUQRVVD
SUHSDUDomRSDUDQRVHQFRQWUDUPRVFRP(OH    
(HQWmRYRFrGHL[DUiEULOKDUVXDOX]"

 
)$/$1'2&20
6(-$80$/8=
 126623$,&(/(67,$/


(WXGRRTXHSHGLUHPHPRUDomRVHFUHUHPYRFrV
UHFHEHUmR0DWHXV

(DVSDODYUDVGLULJLGDVD-HVXVQR-RUGmR(VWHpR
0HX )LOKR DPDGR HP TXHP 0H FRPSUD]R DEUDQJHP D
KXPDQLGDGH'HXVIDORXD-HVXVFRPRQRVVRUHSUHVHQWDQWH
&RP WRGRV RV QRVVRV SHFDGRV H IUDTXH]DV QmR VRPRV
UHMHLWDGRVFRPRLQGLJQRV'HXVQRVIH]DJUDGiYHLVD6LQR
$PDGR(IpV$JOyULDTXHUHSRXVRXVREUH&ULVWRpXP
SHQKRUGRDPRUGH'HXVSDUDFRQRVFR
 
,QGLFDQRVRSRGHUGDRUDomRFRPRDYR]KXPDQD
SRGHFKHJDUDRVRXYLGRVGH'HXVHQRVVDVSHWLo}HVSRGHP
1HXU{QLRVHPDomR
DFKDUDFHLWDomRQDVFRUWHVFHOHVWLDLV(PUD]mRGRSHFDGR &RPSOHWHRGHVHQKRDEDL[RGHVHQKDQGRSHVVRDV
D7HUUDIRLVHSDUDGDGR&pXHDOLHQDGDGHVXDFRPXQKmR TXHYRFrMiUHFHEHXRXUHFHEHUiHPVXDFDVD
PDV -HVXV D OLJRX QRYDPHQWH FRP D HVIHUD GD JOyULD
2'HVHMDGRGH7RGDVDV1Do}HVSiJ (VFUHYDHPVHJXLGDRYHUVRGH,3HGUR

0HVPRQmRYHQGRD'HXVSRGHPRVVHQWtORHPQRVVDV
YLGDVHXPDIRUPDGHIDODUPRVFRP'HXVpDWUDYpVGDRUDomR
4XDQGR RUDPRV SRGHPRV H[SRU WRGRV RV QRVVRV
SUREOHPDVSDUD-HVXVIDODUWXGRTXHVHQWLPRVHSHGLUD6XD
DMXGD SDUD UHVROYHU DV QRVVDV GLILFXOGDGHV 6H YRFr VHQWH
PHGRGHDOJRSRGHSHGLUSDUD'HXVWLUDULVVRGHYRFrRXVH
SUHFLVDFRQFOXLUXPWUDEDOKRHQmRFRQVHJXHSRGHSHGLUSDUD
(OHWHDMXGDUDWHULGpLDVRXVHWHPXPSUREOHPDFRPDOJXpP
SRGHSHGLUVDEHGRULDSDUDDJLUGDPHOKRUPDQHLUD
'H YiULDV IRUPDV SRGHPRV H[SRU QRVVRV VHQWLPHQWRV
HP RUDomR VHMDP QRVVDV DOHJULDV RX QRVVDV WULVWH]DV WXGR
GHYHVHUOHYDGRSDUD$TXHOHTXHQRVFULRXHVDEHRTXHpPHOKRU
SDUDFDGDXPGHQyV)D]HQGRLVWRILFDPRVFRPPDLVFRQILDQoD
HP-HVXVDWUDtPRVRVVDQWRVDQMRVjQRVVDSUHVHQoDHQRVVD
H[SHULrQFLDFRP(OHWHQGHUiVHPSUHDFUHVFHU
6H VXD RUDomR QmR IRU DWHQGLGD SURQWDPHQWH QmR
GHVDQLPH R VDOPLVWD 'DYL HVFUHYHX HP 6DOPRV 
´'HVFDQVH QR 6HQKRU H DJXDUGH SRU (OH FRP SDFLrQFLDµ 2
6HQKRUVDEHRPRPHQWRDGHTXDGRSDUDQRVDWHQGHUWXGRID]
SDUDDIHOLFLGDGHGH6HXVILOKRV 
'HYHPRV VHU SDFLHQWHV H SHUVHYHUDQWHV QD RUDomR
FRQILDQGRVHPSUHTXHTXHPHVWiQRFRPDQGRpQRVVR*UDQGH
0HVWUHHFRP(OHQmRKiRTXHWHPHU

6XJHVWmRDR3URIHVVRU
6XJHVWmRGHKLQR6HDVFULDQoDVIRUHP
PDLRUHV*UDQGHpRQRVVR'HXVPLQLVWpULR-RYHP
6HIRUHPPHQRUHV2WHOHIRQHGR&pXpMRHOKRQRFKmR

 
1HXU{QLRVHPDomR
¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå 
&RPSOHWHRVTXDGUDGRVXVDQGRREDQFRGHSDODYUDVDEDL[R
 Ž³éñó÷åçéöçåèéúí÷íøåòøé÷õùéêóöåñå¨æöåĂóéòõùåòøóéðé
é÷øåúå÷éòøåèóÿôóöøåèé÷ùåøéòè冖®ĉò†Řş†—¬öåñåòîó÷èé«éù÷é 2
ùñèéðé÷òĂóéöåòíòëùĈññéòó÷èóõùéó­íðìóèé«éù÷†¸ùåòèó
é÷÷é÷ ìē÷ôéèé÷ çìéëåöåñ ÿ øéòèå éöåñ é÷øöåòìó÷ƒ ñå÷ ¨æöåĂó
5
óæ÷éöúóùôåöåçóñéðé÷å÷öéëöå÷èåúéöèåèéíöåçóöøé÷í冨·åðåúöåèé $
«éù÷ òó÷ åçóò÷éðìå å òĂó òéëðíëéòçíåöñó÷ å ìó÷ôíøåðíèåèéƒ ňôóí÷
åðëùò÷ƒ ôöåøíçåòèóžåƒ ÷éñ ó ÷åæéö åçóðìéöåñ åòîó÷ň† ¯éæ† ŘŚ ř†
d
¨æöåĂóêéþí÷÷󏆴´ƒřŗŗřƒªöí÷øó»öíùòêåòøéƒôĀ놪ř† ®
2
%DQFRGH3DODYUDV
3DFLrQFLD 8QLmR

6XJHVWmRDR3URIHVVRU )RUoD &RQILDQoD


/HYHXPDFDL[LQKDGHSDSHOmRHGHFRUHFRPDV
FULDQoDVID]HQGRGHFRQWDTXHpXPDFDVLQKD 3D] 3HUVHYHUDQoD
/HYHPDVVLQKDGHPRGHODUHIDoDSHUVRQDJHQV
)DOHGHFRPRpERPUHFHEHUYLVLWDVHPFDVD
0RGHOHFRLVDVFRPRFRPLGLQKDFDPDHWFFRLVDV
QHFHVViULDVSDUDUHFHEHUEHPXPDSHVVRDHPVXDFDVD
&DQWHRKLQRKRVSHGDQGRDQMRVVHPVDEHU3ULVPD

6XJHVWmRDR3URIHVVRU
)DoDFRPXPDFDUWROLQDXPFDUWD]EHPERQLWRRQGH
WRGRVSDUWLFLSHPSDUDGHFRUDUHHVFUHYHURWH[WRGH
5RPDQRV3RGHVHXVDUODQWHMRXODSXUSXULQD
SDUDILFDUEHPFRORULGR'HSRLVDSUHVHQWHP
SDUDRVLUPmRVFDQWDQGRXPKLQRVREUHDRUDomR

 
9HUVR GH 2XUR ´1mR VH HVTXHoDP GD KRVSLWDOLGDGH IRL
SUDWLFDQGRD TXH VHP R VDEHU DOJXQV DFROKHUDP DQMRVµ
2'2$'25'$9,'$

+HEUHXV

9 R F r  V D E H  R  T X H  T X H U  G L ] H U  K R V S L W D O L G D G H "
6LJQLÀFDDFROKHUHUHFHEHUDVSHVVRDVHPVXDFDVD
9RFrUHFHEHEHPDVSHVVRDVTXHYHPHPVXDFDVD"1mR
VHLPSRUWDGHHPSUHVWDUVHXTXDUWRHVXDVFRLVDVHGLYLGLUD
DWHQomRGHVHXVSDLVFRPDVYLVLWDV"6HYRFrQmRVHLPSRUWD
SDUDEpQV,VVRTXHUGL]HUTXHYRFrpXPDSHVVRDKRVSLWDOHLUD
$EUDmRHUDXPKRPHPEDVWDQWHKRVSLWDOHLURLVWRpHOHH
VXDHVSRVD6DUD 
&HUWD YH] HP XP GLD EDVWDQWH TXHQWH HOH YLX WUrV
KRPHQVYLQGRHPVXDGLUHomR9HQGRRVFRUUHXDRVHXHQFRQWUR
HSHGLXTXHHOHVÀFDVVHPHPVXDFDVD7URX[HOKHViJXDSDUD
ODYDUHP RV SpV )RL DWp D WHQGD GH 6DUD H SHGLX SDUD HOD
SUHSDUDUXPGHOLFLRVRSmRHHODFXLGRXGHID]HUXPDERDFRPLGD
'LVVHOKH-HVXV(XVRXDUHVVXUUHLomRHDYLGDTXHP SDUDVHUYLORV
FUrHPPLPDLQGDTXHHVWHMDPRUWRYLYHUi-RmR
&RPLVVRRFDVDOQmRVDELDTXHDTXHOHVKRPHQVTXHHOHV

2'RDGRUGDYLGDFKDPDUiD6XDDGTXLULGDSRVVHVVmR HVWDYDPDFROKHQGRHUDPDQMRVGH'HXV(HVVHVPHQVDJHLURV
TXDQGR GD UHVVXUUHLomR SULPHLUD H DWp DTXHOD KRUD YLHUDP HP VXD FDVD SDUD DQXQFLDUOKHV TXH 6DUD TXH Mi HUD
WULXQIDQWHTXDQGRKiGHVRDUD~OWLPDWURPEHWDHRYDVWR
LGRVD WHULDXPÀOKRGH$EUDmRDOJRTXHHOHVWDQWRTXHULDP
H[pUFLWRUHVVXUJLUiSDUDDYLWyULDHWHUQDWRGRVDQWRTXH
GRUPHVHUiFRQVHUYDGRHPVHJXUDQoDJXDUGDGRFRPRMyLD 6HRFDVDOQmRIRVVHKRVSLWDOHLURQmRLDPWHURSULYLOpJLR
SUHFLRVD FRQKHFLGR GH 'HXV SRU QRPH 3HOR SRGHU GR GHUHFHEHUHPVXDFDVDDOJXpPWmRHVSHFLDO(OHVVyWLYHUDP
6DOYDGRUTXHQHOHVKDELWRXTXDQGRYLYRVHSRUWHUHPVLGR
SDUWLFLSDQWHVGDQDWXUH]DGLYLQDVmRUHVVXUJLGRVGHQWUHRV HVVH SUD]HU SRUTXH HUDP SHVVRDV DFROKHGRUDV H p LVVR TXH
PRUWRV0HQVDJHQV(VFROKLGDVYROSiJ 'HXVHVSHUDGHQyV

 
'HXVpTXHPQRVGiDYLGDHVRPHQWHSRU6HXSRGHUQyV
/,d¯(6'( YLYHPRVHUHVSLUDPRVSRLVIRL'HXVTXHPQRVIH]


(VVH DVVXQWR QRV ID] OHPEUDU XPD KLVWyULD TXH
+263,7$/,'$'( DFRQWHFHXKiPXLWRWHPSRDWUiVeDKLVWyULDGHXPDPXOKHU
TXHPRUDYDHPXPDFLGDGHFKDPDGD1DLP(ODHUDYL~YDRX
VHMDRVHXPDULGRWLQKDPRUULGRHHODWLQKDDSHQDVXPILOKR
TXHDJRUDHUDVHX~QLFRFRPSDQKHLUR
0DV FHUWR GLD VHX ILOKR PRUUHX $OJXPDV SHVVRDV
VDtUDPSDUDDFRPSDQKDURHQWHUUR(ODHVWDYDPXLWRWULVWHH
GHVHVSHUDGD-iSHQVRXSULPHLURSHUGHXVHXPDULGRHDJRUDR
ILOKR" 2 VRIULPHQWR GHOD HUD PXLWR JUDQGH PDV EHP QHVWD
KRUD GR FRUWHMR -HVXV HVWDYD SDVVDQGR SRU DOL H VH
FRPSDGHFHQGRGHODGLVVHµ1mRFKRUHVµ
(QWmRFKHJDQGRSHUWRGRPRUWR&ULVWRWRFRXRFDL[mRH
GLVVH´-RYHPDWLWHGLJROHYDQWDWHµ(RUDSD]DVVHQWRXVHH
FRPHoRXDIDODUH-HVXVRHQWUHJRXjVXDPmH
4XH EHOR UHODWR HVWH TXH 'HXV QRV GHL[RX HP 6XD
3DODYUD(OHQRVGHL[RXWDOKLVWyULDSDUDDVVLPSURYDUTXH(OH
WHPSRGHUVREUHQRVVDVYLGDVHVREUHDPRUWH
-HVXVDPRUWHYHQFHXHXPGLDSURPHWHXTXHYDLYROWDUH
UHVVXVFLWDURVPRUWRVHRVTXHIRUHPILpLV(OHRVOHYDUiSDUD
PRUDU FRP (OH 7XGR TXH WHPRV D ID]HU p QRV SUHSDUDU
DFHLWDQGR KRMH QRVVR DPDGR -HVXV FRPR QRVVR 6DOYDGRU
'LYLQRHVHQGRILOKRVREHGLHQWHVGHQRVVR3DL&HOHVWLDO

6XJHVWmRDR3URIHVVRU 
)DOHVREUHRXWUDVRFDVL}HVHPTXH-HVXVUHVVXVFLWRX
DOJXpPFRPRSRUH[HPSOR/i]DUR -RmR 
RXDILOKDGH-DLUR /XFDV )DoDSHUJXQWDV
VREUHDKLVWyULDIRFDQGRTXH-HVXVpRGRDGRUGDYLGD
HTXHWXGRGHYHPRVD(OH

 
1HXU{QLRVHPDomR 1HXU{QLRVHPDomR
$MXGHRILOKLQKRGDYL~YDHQFRQWUiODULVTXHRFDPLQKRFHUWR 3URFXUHHPVXD%tEOLDRYHUVRGH,,7LPyWHRHHVFUHYDDEDL[R
(PVHJXLGDIDoDXPGHVHQKREHPERQLWRVREUH
FRPRYRFrSRGHVHUSDFLHQWHHPVHXGLDDGLD

 
¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå
(848(52


Ž¯óîéƒå÷÷íñçóñóéòøĂóƒó÷åòîó÷çóòèùþéñéëùíåñåõùéðé÷
õùé÷éôéöñíøéñ÷éöëùíåèó÷éçóòèùþíèó÷†¬÷÷éåòîóôóèéöíåøéöéðé (66(32'(5
ôöēôöíóêéíøóåóæöåƒñå÷òĂóĈé÷øååñåòéíöåèé«éù÷åëíö†¶÷çöéòøé÷
èéúéñöéðåçíóòåöž÷éçóñóùøöó÷çöéòøé÷ƒéçóñóíò÷øöùñéòøó÷èé«éù÷
øöåæåðìåöéñêåúóöèó÷ôéöèíèó÷†š†††›»íúé÷÷é­íðíôéèéíüåèóóçå÷óèó
éùòùçó ôéòèéòèó òå æåðåòĆåƒ éðé ôóèéöíå òùòçå øéö åçéíøåèó ó
ºåðúåèóö† ¨òîó÷ ñåù÷ é÷ôéöåúåñ å óôóöøùòíèåèé éñ õùé ôùèé÷÷éñ
íòçùøíö÷ùå÷êåð÷íèåèé÷éíñôéèíöåñéòøéöéçĈñžèé÷ôéöøåèåèéæù÷çåöå
úéöèåè醶÷íò÷øöùñéòøó÷èóºéòìóöèéúéñçóò÷åëöåöž÷éíòøéíöåñéòøé
åºéù÷éöúíĆóƒåīñèéõùéôó÷÷åñ÷éööĀôíèó÷éñçóñôöééòèéö÷ùå
óæöå† ªóñó ÷Āæíó÷ ñóöèóñó÷ƒ èéúéñ øíöåö úåòøåëéñ èé øóèå
çíöçùò÷øāòçíåôåöåéò÷íòåöåëöåĆåèé«éù÷éðéúåöôé÷÷óå÷åªöí÷øó†
´´ƒřŗŗřƒªöí÷øó»öíùòêåòøéƒôĀ놌ŗކ

( Ki GH VHU TXH GHSRLV GHUUDPDUHL R PHX (VStULWR


6XJHVWmRDR3URIHVVRU  VREUH WRGD D FDUQH H YRVVRV ILOKRV H YRVVDV ILOKDV
6HSDUHDOJXQVPDWHULDLVUHFLFOiYHLVHGHFRUHMXQWRFRP SURIHWL]DUmRRVYRVVRVYHOKRVWHUmRVRQKRVRVYRVVRVMRYHQV
DVFULDQoDVHPIRUPDGHSHUVRQDJHQV
&RQWHDKLVWyULDGH)HOLSHID]HQGRXPFHQiULRVLPSOHV WHUmR YLV}HV ( WDPEpP VREUH RV VHUYRV H VREUH DV
SDUDHOHV¿[DUHPDKLVWyULD)DOHGHFRPRpERP VHUYDV QDTXHOHV GLDV GHUUDPDUHL R PHX (VStULWR
VHUPRVSDFLHQWHVHGLVSRVWRVDH[SOLFDUWDOFRPR)HOLSHIRL
&DQWHRKLQRFDOPRVHUHQRHWUDQTXLORGR*UXSR/RJRV -RHO 

'HYHPRVGHVID]HUQRVGRVQRVVRVSODQRVDFDQKDGRV
HJRtVWDVOHPEUDQGR TXH WHPRV XP WUDEDOKR GD PDLRU
PDJQLWXGHHGDPDLVHOHYDGDLPSRUWkQFLD$RUHDOL]DUHVVH
WUDEDOKR HVWDPRV ID]HQGR VRDU D SULPHLUD VHJXQGD H
WHUFHLUD PHQVDJHQV DQJpOLFDV H DVVLP VHQGR SUHSDUDGRV
SDUD D YLQGD GR RXWUR DQMR FHOHVWH TXH FRP VXD JOyULD
LOXPLQDUiRPXQGR 7HVWHPXQKRVSDUDD,JUHMD9RO 


 1D %tEOLD FRQKHFHPRV XP DPLJR GH -HVXV FKDPDGR
1mR QHFHVVLWDPRV HVWDU DQVLRVRV TXDQWR j FKXYD )HOLSH HOH HUD XPD SHVVRD PXLWR HVSHFLDO H IRL XVDGR SHOR
VHU{GLD7XGRRTXHGHYHPRVID]HUpPDQWHUOLPSDDYDVLOKDH (VStULWR6DQWR
SUHSDUDGDSDUDUHFHEHUDFKXYDFHOHVWLDOHRUDU´4XHFDLDD &HUWDYH]XPPHQVDJHLURFHOHVWLDOYHLRIDODUFRP)HOLSH
FKXYDVHU{GLDHPPLQKDYDVLOKDTXHDOX]GRJORULRVRDQMRTXH HSHGLXTXHHOHIRVVHjXPDFLGDGHFKDPDGD*D]D1RFDPLQKR
VHXQHDRWHUFHLURDQMRUHVSODQGHoDVREUHPLPGiPHXPD HOHHQFRQWURXXPKRPHPOHQGRD%tEOLD
SDUWHQDREUDHPID]HUVRDUDSURFODPDomRGHL[DPHVHU (VWHKRPHPHUDHWtRSHPRUGRPRFKHIHGH&DQGDFHD
FRODERUDGRUFRP-HVXV&ULVWRµ (YHQWRV)LQDLV  5DLQKD GD (WLySLD (OH RFXSDYD XPD ERD SRVLomR H JUDQGH
LQÁXrQFLD'HXVYLXTXHTXDQGRHOHVHFRQYHUWHVVHHOHLULDOHYDU
4XDQGR-HVXVVXELXDRV&pXVQmRGHL[RX6HXVGLVFtSXORV DOX]TXHUHFHEHUDDRVRXWURV
VR]LQKRV(OHHQYLRXR´2XWUR&RQVRODGRUµTXHpR(VStULWR6DQWR 2 (VStULWR 6DQWR GLVVH D )HOLSH TXH IRVVH IDODU FRP
SDUDGDUSRGHUSDUDHOHVHQIUHQWDUHPDVGLILFXOGDGHVTXHYLULDP DTXHOHKRPHP)HOLSHDWHQGHXQDPHVPDKRUDHVHDSUR[LPDQGR
HID]rORVOHPEUDUGHWXGRTXH&ULVWRKDYLDGLWR GRKRPHPYLXTXHHOHHVWDYDOHQGRROLYURGH,VDtDVQDSDUWH
TXH IDOD VREUH D SURIHFLD UHODWLYD D &ULVWR )HOLSH
0DV R (VSLULWR 6DQWR Vy KDELWRX GH IDWR QR FRUDomR
HQWmRSHUJXQWRX
GHOHV GHSRLV TXH 2 EXVFDUDP FRP Ip H RUDomR SRLV HUDP
9RFrHQWHQGHRTXHOr"      
SHFDGRUHV H IDOKRV QR FDUiWHU WLQKDP PXLWR DLQGD SDUD
(RKRPHPUHVSRQGHX1mRHQWHQGRSHoRSRUIDYRUTXH
DSUHQGHU(XPDGDVFRLVDVHUDDPDUPDLVXQVDRVRXWURVQmRWHU
PHH[SOLTXHGHTXHPRSURIHWD,VDtDVHVWiIDODQGRVHpGHOH
GLIHUHQoDVHQWUHVLHGLVSXWDV4XDQGRILQDOPHQWHDOFDQoDUDP PHVPRRXGHRXWUR"
HVWD Ip R 6DQWR (VStULWR GHVFHX VREUH HOHV H RV HQFKHX GH )HOLSHHQWmRH[SOLFRXHFRPHoDQGRSRUHVWDSDVVDJHP
SRGHU&RPHVWHSRGHUHOHVFRQVHJXLUDPSUHJDURHYDQJHOKRj GD(VFULWXUDDQXQFLRXOKHD-HVXV2HWtRSHÀFRXPDUDYLOKDGRH
YiULDVSHVVRDVGHORQJHHGHSHUWRHDVVLPDYHUGDGHDOFDQoRX IRLEDWL]DGRSRU)HOLSH(OHMiHUDUHOLJLRVRVyIDOWDYDHQWHQGHU
PXLWRVFRUDo}HV PDLVGDYHUGDGH
2PHVPRDFRQWHFHUiDJRUDQRWHPSRGRILPPDVGHVWD 'DPHVPDPDQHLUDTXH)HOLSHWHYHSDFLrQFLDHFDULQKR
YH] 'HXV WDPEpP XVDUi MRYHQV H FULDQoDV SDUD SUHJDU R FRPDTXHOHKRPHPHOHWDPEpPWHYHFRPVHXVDPLJRV$VVLP
HYDQJHOKRVyTXHVREDPHVPDFRQGLomRTXHIRLDRVGLVFtSXORV HOHS{GHHQVLQDUSDUDWRGRVVHXVDPLJRVDV(VFULWXUDVHIDODU
'HYHPRVWDPEpPGHVID]HUQRVVDVGLIHUHQoDVDPDUXQVDRV GH-HVXV         
RXWURVHSDUDLVVRDPDUD'HXVVREUHWRGDVDVFRLVDV4XDQGR ePXLWRERPTXDQGRFRPSDUWLOKDPRVQRVVRFRQKHFLPHQWR
UHDOPHQWH IRUPRV FRRSHUDGRUHV GH 'HXV (OH QRV XVDUi SDUD FRPRXWURV3URFXUHVHPSUHWHUSDFLrQFLDHHQVLQDUDVSHVVRDVR
TXHpFHUWR
ID]HUHVWDPDUDYLOKRVDREUD4XHSRVVDPRVSHODIpHDSUiWLFD
DOFDQoDUHVWHWmRSUHFLRVRREMHWLYR


3$&,È1&,$ 1HXU{QLRVHPDomR
3$5$(;3/,&$5  )DoDXPGHVHQKRRXHVFUHYDRTXH
YRFrJRVWDULDGHSUHJDUSDUDDVSHVVRDV

9HUVR GH 2XUR ´6HMDP FRPSOHWDPHQWH KXPLOGHV H GyFHLV


H VHMDP SDFLHQWHV VXSRUWDQGR XQV DRV RXWURV FRP DPRUµ
(IpVLRV

4XDQGR DOJXpP QmR VDEH DFHUFD GH DOJXPD FRLVD H WH


SHGHDMXGDSDUDH[SOLFDUFRPRYRFrWUDWDHVWDSHVVRD"9RFr
WHPSDFLrQFLDSDUDHQVLQDURTXHVDEHDRVRXWURV"

6XJHVWmRGH+LQR©(X4XHUR(VVH3RGHUª*UXSR,QWHJUDomR-U


$RV3DLVH3URIHVVRUHV
1HXU{QLRVHPDomR
3HODYLGDDVD~GHRDOLPHQWRHRYHVWXiULRQmRPHQRVGR &$d$3$/$95$6
TXHSHODHVSHUDQoDGDYLGDHWHUQDVRPRVGHYHGRUHVDR'RDGRU 3URFXUHGH]SDODYUDVVHQGRTXHFLQFRHVWmRQR
GH WRGDV DV ErQomRV H GHYHPRV D 'HXV UHFRQKHFHU/KH RV
%DQFRGH3DODYUDVHDVRXWUDVFLQFRQDOLomR
GRQV H DSUHVHQWDU QRVVDV RIHUWDV GH JUDWLGmR D QRVVR
VXSUHPR %HQIHLWRU (VVDV RIHUWDV GH JUDWLGmR VmR
UHFRQKHFLGDVQR&pX
%DQFRGH3DODYUDV
&DVRRVSDLVFULVWmRVKRXYHVVHPDFRVWXPDGRRVILOKRVD %RDV 3DODYUDV
DSUHVHQWDUHP RIHUWDV D 'HXV HP UHFRQKHFLPHQWR GH 6HX
JUDQGHGRPGDVDOYDomRDRVKRPHQVFRPRVHULDGLIHUHQWHR
FDUiWHU GRV MRYHQV 6HX HVStULWR WHULD VLGR GHVYLDGR GH VL
PHVPRVSDUDREHQGLWR6DOYDGRU+DYHULDPVLGRHQVLQDGRVD )LOLSRV
FRQVLGHUDUTXH(OHRVDPRXHTXHpDIRQWHGHWRGDErQomRTXH
pVXDHVSHUDQoDGHIHOLFLGDGHHYLGDHWHUQD
+RXYHVVHHVWDHVSpFLHGHHGXFDomRVLGRGDGDDRVQRVVRV 7LPyWHR %rQomRV
ILOKRV H YHUtDPRV KRMH PDLV UDSD]HV YDURQLV PDLV PRoDV
GRWDGDV GR VHQVR GH VXD IHPLQLOLGDGH 9HUtDPRV RV MRYHQV
FUHVFHQGRFRPUHVLVWrQFLDPRUDOFRPSULQFtSLRVSXURVFRP
PHQWHVEHPHTXLOLEUDGDVHXPEHORFDUiWHUSRUTXHR0RGHOR D & '  ^     K  W  h W
HVWDULDVHPSUHGLDQWHGHVHXVROKRVVHULDPLPSUHVVLRQDGRV
FRPDLPSRUWkQFLDGHLPLWDUDH[FHOrQFLDGH-HVXVDQRUPD    & / > s  D  / :   W
'HXVTXHUTXHRVMRYHQVHRVGHLGDGHPDLVPDGXUDROKHPSDUD W W  /  N  K  K    K 
(OHFUHLDPHP-HVXV&ULVWRDTXHP(OHPDQGRXHWHQKDP6XD
SUHVHQoD QR FRUDomR HQWmR XPD QRYD YLGD YLYLILFDUi WRGD  1 W > 1  /   N E ^ ^ / >
IDFXOGDGHGRVHU2GLYLQR&RQVRODGRUHVWDUiFRPHOHVSDUDRV h   / E W  E  D  h t s 
IRUWDOHFHUHPVXDIUDTXH]DHRVJXLDUHPVXDVSHUSOH[LGDGHV
(OHOKHVWRUQDUiFODURRFDPLQKRGDYLGD5+ > 1  W > s  K  E  ^ y  s
K K  K  ^ h / N  >   E Z
00)LOKRVH)LOKDVGH'HXV
> /  ^ K  K  E   / K  
   s h E W d / D M d  K ^
  E   K ^   E W   E 
(OOHQ*:KLWH

 
(QWUHDVPXOKHUHVTXHHVWDYDPDOLSHUWRGRULRKDYLDXPD
TXHVHFKDPDYD/tGLD(ODYHQGLDWLQWDSDUDSLQWDUSDQRVERQLWRV
9$1*/Ð5,$

SDUDID]HUURXSD(QTXDQWR3DXORH7LPyWHRIDODYDPRFRUDomR
GHODIRLÀFDQGRWmRFRQWHQWHHHODIRLDFUHGLWDQGRTXH-HVXV
HUDPHVPRPDUDYLOKRVR
6DEH R TXH DFRQWHFHX" /tGLD TXLV VHU EDWL]DGD $V
SDODYUDVGH3DXORH7LPyWHRPRVWUDYDPRSRGHUTXHVyR(VStULWR
6DQWRGi/tGLDHWRGDVXDIDPtOLDIRUDPEDWL]DGRV
0XLWR ERP IRL R UHVXOWDGR GDV SDODYUDV ERDV H
YHUGDGHLUDVGH3DXORHVHXDPLJR7LPyWHR&RPHODVSRGHPRV
DWpKRMHDSUHQGHUFRPRIDODUGRDPRUGH'HXVSDUDRVQRVVRV
VHPHOKDQWHV 'HYHPRV FXLGDU HP VHPSUH IDODU SDODYUDV
DJUDGiYHLV H GH OHYDU -HVXV FRQRVFR IDODQGR G(OH SDUD DV
SHVVRDVSRLVVHPSUHTXHLVVRIRLIHLWRGHVGHRLQtFLRGRPXQGR
DWpKRMHWRGDVDVYH]HVRUHVXOWDGRIRLSRVLWLYR6HPSUHQRV
VDtPRVPHOKRUTXDQGRIDODPRVGH&ULVWRSDUDDOJXpP7DQWRR
TXHRXYHFRPRRTXHIDODUHFHEHPDVErQomRVGH'HXV
'HYHPRV SURFXUDU IDODU FRLVDV ERDV H IDODU GH -HVXV
SDUDWRGRV

¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå

Ž·öóīöåñó÷ôåðåúöå÷ õùé éðéúéñ é éòóæöéĆåñƒ é õùé çåù÷éñ


åëöåèĀúéí÷íñôöé÷÷ĕé÷òåñéòøéèåõùéðé÷çóñõùéñçóòúéö÷åñó÷†¶
ºéòìóöèé÷éîåõùé÷éîåñó÷÷åòøíīçåèó÷éåòèéñó÷éñìùñíðèåèéèé
é÷ôČöíøó èíåòøé è¬ðé† ºé êóöñó÷ óæéèíéòøé÷ åó÷ ºéù÷ ñåòèåñéòøó÷ƒ
òéòìùñåöéôöóúåĆĂóôóèéöĀñéöéçíèåñéòøéúíöžòó÷†¶ùøöó÷ôóèéñ
êåðåöèéòē÷ƒôóèéñé÷ôåðìåöñĀ÷íòêóöñåĆĕé÷åòó÷÷óöé÷ôéíøóƒñå÷
é÷÷å÷íòêóöñåĆĕé÷÷Ăóíñôöóçéèéòøé÷†ªóò÷éðìó÷ºóæöéºåĜèéƒřśŚ†

 
9HUVRGH2XUR´1DGDIDoDLVSRUFRQWHQGDRXSRUYDQJOyULD
PDV SRU KXPLOGDGH FDGD XP FRQVLGHUH RV RXWURV VXSHULRUHV
%2$63$/$95$6
DVLPHVPRµ)LOLSHQVHV

9RFrVDEHRTXHpYDQJOyULD"9DQJOyULDpTXDQGRÀFDPRV
FRQYHQFLGRV GH QRVVRV SUySULRV PHUHFLPHQWRV TXDQGR QRV
DFKDPRV VXSHULRUHV DRV RXWURV $ %tEOLD IDOD PXLWR VREUH
WRPDUPRVFXLGDGRFRPHODSRLVHODpSHULJRVD
(VWHHUDXPDVVXQWRTXHLQWULJDYDPXLWRRDSyVWROR3DXOR
(P YiULDV RFDVL}HV HOH IDOD VREUH D YDQJOyULD (P XPD GDV
VXDVFDUWDVDRV&RUtQWLRVHOHHVFUHYH´$TXHOHSRUpPTXHVH
JORULD JORULHVH QR 6HQKRU 3RUTXH QmR p DSURYDGR TXHP D
VL PHVPR VH ORXYD H VLP DTXHOH D TXHP R 6HQKRU ORXYDµ
,, &RUtQWLRV   (VWH DSyVWROR HUD XP GRV PDLV
LQWHOHFWXDLVGDLJUHMD(OHVDELDYiULRVLGLRPDVHUDFXOWRHPXLWR
LQWHOLJHQWH PDV HOH VHPSUH WRPDYD FXLGDGR SDUD QmR VH
YDQJORULDUGLVVR6HPSUHSHGLDD'HXVDMXGDSDUDQXQFDSHQVDU
9HUVR GH 2XUR ´$ ERFD GR MXVWR SURIHUH VDEHGRULD H D VXD
TXHHVVHVYiULRVGRQVTXHHOHSRVVXtDYLQKDPGHOHPHVPR(P
OtQJXDIDODFRQIRUPHDMXVWLoD(OHWUD]QRFRUDomRDOHLGRVHX
VXDVFDUWDVVHPSUHFRORFDYDRSRGHUGH'HXVQDYLGD$VVLPHOH
'HXVQXQFDSLVDUiHPIDOVRµ6DOPRV
PHVPR HVFUHYH ´+i GLIHUHQWHV KDELOLGDGHV SDUD UHDOL]DU R
WUDEDOKRPDVpRPHVPR'HXVTXHPGiDFDGDXPDKDELOLGDGH 3DXOR H 7LPyWHR FHUWD YH] IRUDP D XPD FLGDGH GD
SDUD ID]rORµ , &RUtQWLRV   3URFXUDYD 3DXOR UHFRQKHFHU 0DFHG{QLD FKDPDGD )LOLSRV /i ÀFDUDP DOJXQV GLDV H QR
ViEDGRHOHVIRUDPSDUDXPOXJDUSHUWRGRULRRQGHSDUHFHX
TXHWXGRTXHSRVVXtPRVYHPGR6HQKRUSRLVp(OHTXHP´RSHUD
OKHV VHU XP ERP OXJDU GH RUDomR $VVHQWDQGRVH DOL HOHV
HPQyVWDQWRRTXHUHUFRPRRHIHWXDUVHJXQGR6XDERDYRQWDGHµ
FRQWDUDPSDUDDVSHVVRDVTXH-HVXVPRUUHXSDUDQRVVDOYDU
)LOLSHQVHV   3UHFLVDPRV HVWXGDU EDVWDQWH D %tEOLD SDUD
UHVVXVFLWRXVXELXSDUDR&pXHXPGLD(OHYDLYROWDU
VHPSUHFRPEDWHUPRVHVWHHRXWURVPDOHV
 
1HXU{QLRVHPDomR &DGD XP UHFHEH GH 'HXV XP SUHVHQWH XP WDOHQWR TXH
'HXVGiSDUDXVDUPRVDR6HXVHUYLoR'HYHPRVDSURYHLWDUEHP
3URFXUHRVYHUVRVDEDL[R DVRSRUWXQLGDGHVTXH(OHQRVGi$OJXPDVFULDQoDVVDEHPFDQWDU
HSLQWHVRPHQWHRVTXHIDODPVREUHVDOYDomR PXLWREHPRXWUDVVDEHPWRFDUXPLQVWUXPHQWRPXVLFDORXWUDV
VDEHP VRUULU WmR OLQGR RXWUDV IDODP EHP RXWUDV VmR IRUWHV
FRQWXGRQmRGHYHPRVGHVSUH]DUQLQJXpPDFKDQGRTXHVRPRV
PHOKRUHVTXHRVRXWURV
$VYH]HVFULDQoDVTXHVDEHPFDQWDUPXLWREHPÀFDPGH
QDUL]HPSLQDGRDFKDQGRTXHVmRPHOKRUHVTXHDVRXWUDV$VTXH
FRUUHPPDLVDFKDPTXHQLQJXpPFRUUHFRPRHODV(DtVXUJHR
*iODWDV $WRV SUREOHPD$VYH]HV'HXVSHUPLWHTXHHODYHMDTXHSRGHFDQWDU
PXLWREHPPDVpIUDTXLQKDSUDFRUUHURXDRXWUDTXHFRUUHWmR
EHPQmRFDQWDWmRERQLWR
4XHP VH YDQJORULD VH HVTXHFH TXH VH HOD VDEH FDQWDU
FRUUHUSXODUIRLSRUTXH'HXVGHXHVWHSUHVHQWHHWRGDJOyULD
WrPTXHVHUGDGDD(OH6HYRFrTXHUFUHVFHUQDJUDoDSUHFLVD
ID]HU FRPR R $SyVWROR 3DXOR UHFRQKHFHU TXH WRGRV RV ERQV
/XFDV 6DOPRV WDOHQWRVSURYpPGH'HXV

¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå     

 Ž·åùðóçóò÷éöúåúå÷éñôöééñúí÷øååçóöóåèåúíèåõùéðìé÷éöíå
èåèåƒéòĂó÷óñéòøéåéðéƒñå÷åøóèó÷ó÷õùéåñåñåºùåúíòè冭óíå
úíøēöíåóæøíèåôéðåêĈéñ±é÷ù÷ªöí÷øóõùéøóöòóùåçóöóåøĂóèé÷éîĀúéð†
7LDJR (IpVLRV ¬ðé÷éñôöééüåðøóùå±é÷ù÷†»óèååúåòëðēöíåèóøåðéòøóƒèéúíøēöíåéñòē÷
ñé÷ñó÷ƒé÷øĀêóöåèéðùëåö†ªóò÷éðìó÷ºóæöé´óöèóñíåƒŚŚŠ†

 
1HXU{QLRVHPDomR


¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå 
&RPSOHWHRVTXDGUDGLQKRVGHDFRUGRFRPRVYHUVRVGD%tEOLD
 Žªóòõùåòøóøéòìåñó÷èéé÷øåöéñìåöñóòíåçóñåðéíèé«éù÷ƒ
$ 1DGDIDoDLVSRUSDUWLGDULVPRRXBBBBBBBBBBBBPDVSRUKXPLOGDGH
FRQVLGHUDQGRFDGDXPRVRXWURVVXSHULRUHVDVLPHVPR )LOLSHQVHV  òĂó÷óñó÷÷åðúó÷ôéðå÷óæöå÷èåðéí„çóòøùèóƒòĂóôóèéñó÷÷éö÷åðúó÷
÷éñóæéèíĉòçí冨ðéíĈåòóöñåôéðåõùåðĈåúåðíåèåóçåöĀøéö†´å÷òĂó
% $BBBBBBBBBBBBBBBGRKRPHPRDEDWHUi ôóèéñó÷åæ÷óðùøåñéòøéëùåöèåöó÷ñåòèåñéòøó÷èé«éù÷÷éñåëöåĆå
PDVRKXPLOGHGHHVStULWRREWHUiKRQUD 3URYpUELRV  öéëéòéöåèóöåèéªöí÷øó†ºē±é÷ù÷ôóèéôùöíīçåöžòó÷èéøóèóôéçåèó†¬ðé
& 3RLVWRGRRTXHVHH[DOWDVHUiBBBBBBBBBBBBBB òĂó òó÷ ÷åðúå ôéðå ðéíƒ òéñ òó÷ ÷åðúåöĀ òå èé÷óæéèíĉòçíå ÿ ðé톏†
HRTXHVHKXPLOKDVHUiH[DOWDGR /XFDV  ­Ĉé¶æöå÷ƒôĀ놊Ŝ†

' 7HQGHRPHVPRVHQWLPHQWRXQVSDUDFRPRVRXWURV
HPOXJDUGHVHUGHVRUJXOKRVRVFRQGHVFHQGHLFRPRTXHpKXPLOGH
QmRVHMDLVBBBBBBBBBBBDRVYRVVRVSUySULRVROKRV 5RPDQRV 

( +XPLOKDLYRVSRUWDQWRVREDSRGHURVDPmRGH'HXV
 SDUDTXH(OHHPWHPSRRSRUWXQRYRVBBBBBBBBBBB
         ,3HGUR 
6XJHVWmRDR3URIHVVRU
     Ϳ    
9RFrSUHFLVDUiGH8PSDSHOVXO¿WHSDUDFDGDXP
          &RODFRORULGDSXUSXULQDUHWDOKRVGHSDSpLVFRORULGRV
FRODHWHVRXUD3HoDSDUDFDGDXPID]HUXPOLQGR
  Ϳ        FHQiULRDUHVSHLWRGHVXDVDOYDomR/HLDYHUVRV
HIDOHFRPRVHUiPDUDYLOKRVRPRUDUQR&pX
         Ϳ
         
Ϳ         
         
         
 Ϳ        
         
         

 
9HUVR GH 2XUR ´'HXV QRV PRVWURX R TXDQWR QRV DPD
$$50$',/+$

&ULVWR PRUUHX SRU QyV TXDQGR DLQGD YLYtDPRV QR SHFDGRµ
5RPDQRV

0XLWDV SHVVRDV ÀFDP SHQVDQGR QR TXH SUHFLVDP ID]HU


SDUD VHUHP VDOYDV SRU -HVXV $ÀQDO -HVXV DJXHQWRX R TXH
QHQKXPRXWURVHUKXPDQRSRGHULDVXSRUWDU(OHIRLLQVXOWDGR
IHULGR DEDQGRQDGR H PRUWR SHORV TXDLV (OH YHLR PRUUHU (
TXDQGROHPRV6XDKLVWyULDHPFRPR(OHVHGHGLFRXHDPRXD
KXPDQLGDGHPXLWDVYH]HVQRVSHUJXQWDPRV2TXHSRVVRID]HU
SDUD-HVXVPHVDOYDU"
6HUiTXHVHYRFrDMXGDUVXDPmHYRFrYDLSDUDR&pX"(VH
IRU ERP FRP VHXV DPLJRV HPSUHVWDQGR H FRPSDUWLOKDQGR
EULQTXHGRVYRFrYDLSDUDR&pX"6HQGRERQ]LQKRFRPRVDQLPDLV
YDLSDUDR&pX"(VHIRUREHGLHQWHDRVSDLVLVVRIDUiFRPTXH
YRFr JDQKH R &pX" 3DUD WRGDV HVVDV SHUJXQWDV D UHVSRVWD p
´QmRµ6y-HVXV&ULVWRSRGHWHVDOYDU
0DVVH-HVXVWHVDOYRXVH(OHRDPDWDQWRDVVLPYRFr
WHULD FRUDJHP GH FRQWLQXDU GHL[DQGR VXD PmH ID]HU WXGR
VR]LQKD VHP DMXGiOD" 7HULD FRUDJHP GH EULQFDU FRP VHXV
EULQTXHGRVVR]LQKRVHPHPSUHVWDUDRDPLJR"7HULDFRUDJHPGH
FRQWLQXDU PDOWUDWDQGR RV DQLPDLV EDWHQGR H MXGLDQGR GHOHV"
)DULDWXGRHUUDGRGHSRLVTXHVHXVSDLVOKHSHGLVVHPFRPDPRU
SDUDREHGHFHUOKHV"
&RPLVVRYHPRVTXHQmRSRGHPRVID]HUQDGDSDUDQRV
VDOYDU&ULVWRQRVVDOYDPDVVHVRPRVVDOYRVHQWmRGHYHPRV
DJLUFRPR(OHQRVPRVWURX4XHWDOPRVWUDUVHXDPRU"
 
9HUVR GH 2XUR ´(OH p D DQWLJD VHUSHQWH FKDPDGD 'LDER RX
6DWDQiVTXHHQJDQDRPXQGRWRGRµ $SRFDOLSVH
6Ð-(6866$/9$
9RFrVDEHTXHPpRSDLGDPHQWLUD"e6DWDQiV)RLHOH
TXHPFRQWRXDSULPHLUDPHQWLUDDRVHUKXPDQR,VWRDFRQWHFHX 
OiQR-DUGLPGReGHQ4XDQGRHOHDWUDYpVGDVHUSHQWHGLVVH
SDUD(YDFRPHUGRIUXWRHTXHHODQmRPRUUHULDHOHDHQJDQRX
SRLVRVDOiULRRXRSDJDPHQWRGRSHFDGRpDPRUWH'HIDWR(YD
DVVLPFRPRWRGRVHUKXPDQRWrPTXHSURYDUGDPRUWHHVHQmR
IRVVH-HVXVYLUHPRUUHUSRUQyVWRGDUDoDKXPDQDWHULDTXH
SHUHFHUSDUDVHPSUH
(YDSRUVXDYH]GHVFUHXGDVSDODYUDVGH'HXVHFUHXQDV
SDODYUDVGH6DWDQiV$VVLPHOHDUUXLQRXDKXPDQLGDGHFRPR
SHFDGRTXHHQWURXQRPXQGRDWUDYpVGHXPDPHQWLUD4XHPÀFD
RXYLQGRPHQWLUDpVHPSUHIHLWRGHERERSRUTXHDFUHGLWDHP
FRLVDTXHQmRDFRQWHFHGHYHUGDGH
8PMHLWRPXLWRFULDWLYRTXHHOHDUUXPRXSDUDHQJDQDUDV
SHVVRDVKRMHHPGLDIRLLQYHQWDURVÀOPHVHMRJRVHPTXHDV
SHVVRDVFDHPHQmRPRUUHPRXPRUUHPHYmRSDUDR&pXRX
OXWDP H QLQJXpP VDL PDFKXFDGR (P RXWURV ÀOPHV RV KHUyLV
SRGHPYRDUFRPXPDFDSDWHUVXSHUSRGHUHVRTXHpLPSRVVtYHO
0XLWRV RXWURV HQJDQRV VXUJHP FRPR PDJLD H IHLWLoDULD
GLVIDUoDGRV HP IRUPD GH SHUVRQDJHQV DSDUHQWHPHQWH
LQRIHQVLYRVPDVTXHYmRWUDEDOKDQGRQDPHQWHGHTXHPDVVLVWH
RXSDUWLFLSDGHVVDVFRLVDV'HVWDPDQHLUDHOHYDLHQJDQDQGRH
QRV ID]HQGR DFUHGLWDU QHVVDV FRLVDV SRLV PH[H FRP QRVVD
PHQWHHQRVID]HPPDOPHVPRTXHQmRSHUFHEDPRV
&ULDQoDVTXHTXHUHPYHUVXDOX]EULOKDQGRPDLVHPDLV
SURFXUDPFRLVDVGHYHUGDGHSDUDEULQFDUHVHUIHOL]HV4XHWDO
RXYLU KLVWyULDV GH YHUGDGH H DSURYHLWDU D QDWXUH]D OLQGD TXH
-HVXVFULRXSDUDYRFr"
 
1HXU{QLRVHPDomR ¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå 
&RPSOHWHRVHVSDoRV
DSHQDVFRPDVYRJDLV  ŽºåøåòĀ÷÷åæéõùéåñéòøéĈåêéøåèåéñåðøóëöåùôóöåõùíðóèé
õùé÷éåðíñéòø冬ðéé÷øĀøéòøåòèóíòèùþíöøåòøóó÷îóúéò÷õùåòøóó÷
HGHVFXEUDRYHUVRGH3URYpUELRV
åèùðøó÷åðéöéñòóúéðå÷ƒçóòøó÷éðíøéöåøùöå÷éñéðìåòø醶÷ðéíøóöé÷èé÷øé
øíôóèéøéüøó÷éøóöòåñíòçåôåþé÷ôåöåó÷èéúéöé÷õùéøéñèíåòøéèé÷í†
½íúéñùñåúíèåíööéåðéòĂó÷éòøéñèé÷éîóèéæù÷çåöå÷¬÷çöíøùöå÷ôåöå
÷éåðíñéòøåöèóñåòĀé÷ôíöíøùåð† ¨ñéòøéõùéôöéçí÷å÷éêóöøåðéçéöĈ
éòêöåõùéçíèå é ôéöèé å çåôåçíèåèé èé é÷øùèåö å÷ ëöåòèé÷ úéöèåèé÷
©BB67BB6BBBB5BB6'BB öéðåçíóòåèå÷çóñåñí÷÷Ăóéóæöåèéªöí÷øóŸúéöèåèé÷õùéêóöøíīçåöíåñ
åñéòøéƒèé÷ôéöøåöíåñåíñåëíòåĆĂóéçöíåöíåñùñêóöøééêéöúóöó÷ó
èé÷éîóèéúéòçéöçóñóªöí÷øóúéòçéù†ºēôåöå±óúéò÷ƒôĀ놺†

25BB*BB0'BB6BB1BB67BB

1BBBB6BB59BB0
6XJHVWmRDR3URIHVVRU

3BB5BB1BB'BBB 9RFrSUHFLVDUiGHFDUWROLQDIROKDVHÀRUHVVHFDV
UHWDOKRVGHSDSpLVFRORULGRVFRODHWHVRXUD
$LGHLDpID]HUFRPDVFULDQoDVXPFHQiULRGDQDWXUH]D
FRPFRLVDVYHUGDGHLUDVTXH'HXVFULRX
0BB6BBB5BB7BB'BBBB 'HL[HHOHVXVDUHPDLPDJLQDomRHIDOHEDVWDQWH
GRTXHpYHUGDGHLURGDTXLORTXH'HXVFULRX
$EUDXPGLiORJRVREUH¿OPHVTXHQmRGHYHULDPVHU
DVVLVWLGRVSRUSHVVRDVTXHDPDPD
/BB95BB'BB0BB57BBª -HVXVHGHFRPRLVVRQRVDIDVWDGH'HXV
&DQWHRKLQR2*UDQGH$UWLVWDGDWXUPDGRQRVVRDPLJXLQKR
3HoDWDPEpPSDUDDVFULDQoDVID]HUHPXPFHQiULRGHQDWXUH]D

 
1HXU{QLRVHPDomR
(1&2175(26(5526 ¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå

 ŽµĂóøéñó÷öåþĂóèéêåðåöèåæóòèåèéèé«éù÷éôöóçðåñåöó
ºéù ôóèéöŠ ¸ùåòèó ó÷ åñíëó÷ ÷Ăó æóòèó÷ó÷ ôåöå çóòó÷çó òē÷
åôöéçíåñó÷óôöåþéöèéðìé÷÷éöñó÷ëöåøó÷ôóö÷ùåæóòèåè醸ùåòøó
ñåí÷èéúéñó÷çóòøåöçóñóåðéëöíåéåëöåèéçéöåó¨ñíëóõùéòó÷øéñ
èåèó øóèó ó æéñ é øóèó èóñ ôéöêéíøóˆ ªùðøíúéñó÷ƒ éòøĂóƒ éñ çåèå
íëöéîåƒ ó é÷ôČöíøó èé ëöåøíèĂó å «éù÷† ¬èùõùéñó÷ ó÷ ðĀæíó÷ ôåöå
ðóùúåöéñå«éù÷òóçČöçùðóèåêåñČðí円††«éçðåöéñòó÷÷å÷èĀèíúå÷é
óêéöøå÷ å òó÷÷å ëöåøíèĂó ôéðó÷ êåúóöé÷ öéçéæíèó÷ çåèå èíå† ¬ñ øùèó
èéúéñó÷ñó÷øöåöååðéëöíåèóºéòìóöéøóöòåöçóòìéçíèååñéò÷åëéñ
èåèíúíòåëöåĆå÷åðúåèóö冏†´´ƒŘŠŠŜƒ¶ªùíèåèóèé«éù÷ƒôĀë†řŜś†

6XJHVWmRDR3URIHVVRU
$EUDXPGLiORJRVREUHRRLWDYRPDQGDPHQWR
)DOHVREUHDVGLYHUVDVIRUPDVTXH'HXVFRQVLGHUDIXUWR
([SOLTXHVREUHTXHUHUWRPDUYDQWDJHPOHVDURSUy[LPRHWF
6HSDUHRVYHUVRVDEDL[RHP¿FKDVHVRUWHLH
ID]HQGRXPDGHVWUH]DEtEOLFD
(IpVLRVÇ[RGR/HYtWLFRV
6DOPRV5RPDQRV/HYtWLFRV
-RmRÇ[RGR

 
ePXLWRERPTXDQGRJDQKDPRVXPSUHVHQWH$LQGDPDLV
FRLVDV TXH JRVWDPRV 8P EULQTXHGR XP OLYUR EHP LQVWUXWLYR 5(63(,72&20$6
'iXPDDOHJULD0DVMiSHQVRXFKHJDUHPFDVDFRPXPEULQTXHGR
TXHYRFrSHJRXGRDPLJRVHPHOHYHU"4XHWHUUtYHO
+iPXLWRVDQRVDWUiVKRXYHXPKRPHPHP,VUDHOFXMR
&2,6$6'('(86 
QRPHHUD$Fm(OHHUDGDWULERGH-XGiHIRLXPGRVVROGDGRV
GRVH[pUFLWRVGH,VUDHOTXHSDUWLFLSRXGDFRQTXLVWDGDFLGDGH
GH-HULFy
$QWHV PHVPR GHOHV WRPDUHP D FLGDGH 'HXV GHX XPD
RUGHPSDUDHOHVQmRSHJDUHPQDGDSDUDVL6RPHQWHRXURSUDWD
EURQ]HHPHWDOGHYHULDPVHUOHYDGRVGH-HULFySDUDRVDQWXiULR
GH'HXV0DV$FmFRELoRXXPDFDSDEDELO{QLFDRXURVHPRHGDV
HRVOHYRXSDUDVLHHVFRQGHXHPVXDWHQGD(OHSHQVRXTXHQmRLD
DFRQWHFHUQDGDDÀQDOQLQJXpPYLXHOHSHJDQGR3RUpP'HXVTXH
WXGRYrUHYHORXD-RVXpRTXHKDYLDDFRQWHFLGRH$FmHVXD
IDPtOLDWLYHUDPTXHVHUHOLPLQDGRVGRPHLRGRSRYR'HXVGHXD
HOHWRGDLQVWUXomRHGHSRLVWRGDFKDQFHSDUDVHDUUHSHQGHU
SRUpP HOH SUHIHULX D GHVREHGLrQFLD H SRU LVVR SDJRX
XPDOWRSUHoR
6HL TXH H[LVWHP FRLVDV TXH JRVWDUtDPRV GH WHU H QmR
WHPRV0DVVHYRFrHVSHUDUXPSRXTXLQKR-HVXVYDLYROWDUH
WHUHPRVWXGRRTXHVHPSUHVRQKDPRVHPXLWRPDLV
'HYHPRV HVSHUDU WHU SDFLrQFLD H VHUPRV JUDWRV SRU
WXGR TXH WHPRV 8PD FRLVD PXLWR LPSRUWDQWH p VHPSUH QRV
FRORFDUPRVQROXJDUGRVRXWURV6HUiTXHYRFrLULDJRVWDUVH
DOJXpPSHJDVVHDOJRVHXVHPSHGLU"
&ULDQoDVTXHHVWmRFUHVFHQGRHPJUDoDFRP-HVXVQXQFD
YmRSHJDUFRLVDVGRVRXWURVSDUDOHYDUSDUDFDVD
 
9HUVR GH 2XUR ´6LUYDPRV D 'HXV DJUDGDYHOPHQWH FRP
UHYHUrQFLDHVDQWRWHPRUµ+HEUHXV 620(17(248(
&HUWD YH] %DUQDEp H 3DXOR HP XPD GH VXDV YLDJHQV
FRQKHFHUDPXPKRPHPPXLWRLQWHOLJHQWHTXHHUDJRYHUQDGRU
6HXQRPHHUD6pUJLR3DXOR(VWHKRPHPDQVLDYDRXYLUDSDODYUD
/+(3(57(1&( 
GH'HXVHTXDQGRHQWmR3DXORH%DUQDEpIRUDPIDODUGH-HVXV
SDUD HOH XP KRPHP FKDPDGR (OLPDV TXH HUD PiJLFR ÀFRX
DWUDSDOKDQGR6pUJLR3DXORGHRXYLUDYR]GH'HXVHSURFXUDQGR
DIDVWiORGDIp7RGDYLD3DXORÀ[RXRVROKRVHP(OLPDVHGLVVH
SDUDHOHSDUDUGHDWUDSDOKDUTXHHOHHVWDYDID]HQGRXPDREUD
GLDEyOLFDHSRULVVRÀFDULDSRUXPWHPSRFRPSUREOHPDVQRV
ROKRV(DVVLPVHIH]RPiJLFRGHL[RXGHHQ[HUJDUHSUHFLVRX
SURFXUDU DOJXpP TXH R JXLDVVH SDUD LU HPERUD &RP LVVR
RJRYHUQDGRUYLXTXH%DUQDEpH3DXORWLQKDPRSRGHUGR(VStULWR
6DQWR H TXH HUDP DPLJRV GH 'HXV H FUHX PDUDYLOKDGR QD
GRXWULQDGR6HQKRU
4XDQGRYRFrHVWiQDLJUHMDSRGHFRODERUDUÀFDQGREHP
FRPSRUWDGR HP VLOrQFLR VHP DWUDSDOKDU TXHP HVWi IDODQGR
2XWUDVSHVVRDVSRGHPHVWDUTXHUHQGRRXYLUDYR]GH'HXVHVH
YRFrÀFDUEHPTXLHWLQKRSRGHDMXGDU6HPSUHTXHGHVYLDPRV
DOJXpPGHRXYLUDFHUFDGDSDODYUDGH'HXVVHMDIDODQGRGHQWUR
GDLJUHMDULQGRID]HQGREULQFDGHLUDVDQGDQGRGHXPODGRSDUD
RRXWURDOpPGHQmRHVWDUPRVDMXGDQGRHPQDGDDLQGDHVWDPRV
DWUDSDOKDQGR-HVXVGHIDODUDRFRUDomRGDVSHVVRDV9RFrTXH
TXHU FUHVFHU QD JUDoD FRP -HVXV SUHFLVD DSUHQGHU D WHU
UHVSHLWRHUHYHUrQFLDSULQFLSDOPHQWHTXDQGRHVWiQDLJUHMD

¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå
9HUVRGH2XUR´4XHPURXEDYDQmRURXEHPDLVSRUpPFRPHFHD
Ž¬òõùåòøó ó÷ ÷éöúó÷ èé «éù÷ é÷øĂó åôöé÷éòøåòèó åó ôóúó å÷ WUDEDOKDUDILPGHYLYHUKRQHVWDPHQWHµ(IpVLRV
ôåðåúöå÷èåúíèåƒåðëùò÷é÷øĂóðéòèóƒóùøöó÷çóçìíçìåòèóéöíòèó†ºéù÷
óðìó÷é÷øĂóôéçåòèóƒåóèé÷úíåöéñååøéòĆĂóèó÷õùéó÷çéöçåñ†ªå÷ó÷é
ôéöñíøåõùéøåðìĀæíøóòĂó÷éîåöéôöíñíèóƒéðéçöé÷çéöĀéíòıùéòçíåöĀ
óùøöó÷†¨÷çöíåòĆå÷éîóúéò÷òùòçåèéúéñåçìåöõùéĈåðëóèéõùé÷é
èéúåñ óöëùðìåö ÷éö íòèíêéöéòøé÷ é èé÷çùíèåèó÷ òå÷ öéùòíĕé÷ éñ õùé
«éù÷Ĉåèóöåèó†«éù÷úĉøóèóôéò÷åñéòøóóùåøóíööéúéöéòøééé÷øéĈ
öéëí÷øöåèóòó÷ðíúöó÷èóªĈù†š†††›·öåøíçåíåöéúéöĉòçíååøĈõùééðå÷é
øóöòéôåöøéèéúē÷ñé÷ñó÷†¶öíéòøåĆĂóèåªöíåòĆåƒôĀë÷†ŜśŝžŜśŞ†
 
1HXU{QLRVHPDomR 1HXU{QLRVHPDomR
&RPSOHWHDVILJXUDVFRPUHFRUWHVGHSDSHLVFRORULGRVRXGHVHQKRV (VFUHYDDEDL[RGHFDGDILJXUDPDQHLUDVSHODVTXDLVFDGDSDUWHGR
HIDoDURXSLQKDVSDUDRVQHFHVVLWDGRVHDOLPHQWRVQDFHVWD FRUSRSRGHVHUUHYHUHQWHGHPRQVWUDQGRUHVSHLWRHDPRUSDUDFRP'HXV

6XJHVWmRGH+LQR©&XLGDGR2OKR%RFD0mRH3pª

 
'HYHPRVDPDUQRVVRVHPHOKDQWHHGHPRQVWUDUFDULQKRH

92/7$5$75É6 VROLGDULHGDGH4XHWDOSDUWLOKDURTXHYRFrWHPFRPRVRXWURV"

 0DVQmRURXSDVUDVJDGDVHEULQTXHGRVHVWUDJDGRV7HPRVTXH
SDUWLOKDUFRLVDVERDV

¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå

Žň¸ùåòøóèéúé÷åóñéùºéòìóöŠň³ùç†Řŝ Ŝ†ªåðçùðĀžðóòĂóúó÷
÷éöĀôó÷÷Čúéð†ºéøùèóõùåòøóøéòèé÷Ĉè¬ðéƒòéëåöéí÷óõùéèéúē÷ôéèéŠ
ºé¬ðéóöéõùéöƒõùéöéí÷åôéöøĀžðóéëóí÷øåñéòøééòøöéå÷ñĂó÷Š¸ùéöéí÷
öéøĉžðó é åôðíçĀžðó òóùøöó īñ õùåðõùéöƒ ñéòó÷ òó èé ÷åðúåö åðñå÷Š
«é÷øéñóèóĈõùéñíðìåöé÷èéåðñå÷÷éôéöèéñ†ªóñóôóèéöČåñó÷
ñéðìóö ñåòíêé÷øåö òó÷÷å åôöéçíåĆĂó èó ÷åçöíêČçíó èé «éù÷ƒ èé ºùå
ëöåòèéèĀèíúååóñùòèóƒèóõùéêåþéòèóèóåĆĕé÷éóêéöøå÷ƒçóñðóùúóö
é åĆĂó èé ëöåĆå÷ƒ ôéðó ëöåòèé åñóö çóñ õùé òó÷ åñóù é òó÷ åøöåí
ôåöåºíŠ†»é÷øéñùòìó÷ºéðéøó÷´ùòèíåðƒ½óð†ŚƒôĀ놪ş†

6XJHVWmRDR3URIHVVRU 
,QFHQWLYHDVFULDQoDVSDUDVHSDUDUHPURXSDVVDSDWRV
HEULQTXHGRVTXHGDUmRDRVQHFHVVLWDGRVGXUDQWHDVHPDQD
)DoDFRPHODVFDUW}HVFRPSDSpLVFRORULGRV
D¿PGHGDUHPjVFULDQoDVQHFHVVLWDGDV

&DQWHR+LQR
2SRGHUGRDPRUGDWXUPDGRQRVVRDPLJXLQKR

 
9HUVRGH2XUR´6HPSUHKDYHUiSREUHVQDWHUUD3RUWDQWR(X 9HUVR GH 2XUR ´( GLVVH 0LFDtDV 6H YROWDUHV HP SD] R
6(1+25 QmR WHP IDODGR SRU PLP 'LVVH PDLV 2XYL
RUGHQRDYRFrTXHDEUDRFRUDomRSDUDRVHXLUPmRLVUDHOLWD SRYRVWRGRVµ&U{QLFDV
WDQWR SDUD R SREUH FRPR SDUD R QHFHVVLWDGR GH VXD WHUUDµ +DYLDHP,VUDHOXPUHLFKDPDGR$FDEH(OHQmRREHGHFLD
'HXWHURQ{PLR D'HXVDRFRQWUiULRHOHDGRUDYDRXWURVGHXVHVHGHVYLDYDR
SRYRGHDGRUDUDR6HQKRU(VWHUHLYiULDVYH]HVIRLDGYHUWLGR
'HXVPDQGDYDSURIHWDVSDUDIDODUFRPHOHPDVHOHQmRRXYLDRV
1D SDODYUD GH 'HXV DSUHQGHPRV FRQVWDQWHPHQWH TXH FRQVHOKRVGH'HXVHID]LDVHPSUHRTXHGDYDQDFDEHoD
GHYHPRVDPDUHDMXGDUQRVVRVVHPHOKDQWHV8PDPDQHLUDGH (P -XGi KDYLD XP UHL FKDPDGR -RVDIi TXH VH
FRPSRUWDYD GLIHUHQWH GH $FDEH HOH SURFXUDYD VHJXLU RV
PDQLIHVWDUQRVVRDIHWRHFRQVLGHUDomRSDUDRVTXHQHFHVVLWDP FRQVHOKRVGR6HQKRUHQmRDGRUDYDRXWURVGHXVHV
GHDMXGDpID]HQGRGRDo}HVHRIHUWDV 8PGLD-RVDIiIRLHP6DPDULDYLVLWDURUHL$FDEH(VWH
2 DSyVWROR 3DXOR HP VXD SULPHLUD FDUWD DRV &RUtQWLRV OKHIH]XPJUDQGHEDQTXHWHHRWUDWRXPXLWREHP0DVIH]
WXGR LVVR SHQVDQGR QR LQWHUHVVH SUySULR D ÀP GH SHGLU TXH
FDStWXORYHUVRVHSHGHDRSRYRTXHVHSDUHPGRDo}HVDRV -RVDIiDMXGDVVHHOHQDJXHUUDFRQWUDRVVtULRV2UHL-RVDIi
QHFHVVLWDGRV (OH GL] ´4XDQWR D FROHWD SDUD RV VDQWRV1R FRQFRUGRXHGLVVH,UHPRVFRQWLJRQDJXHUUD6yTXHHOHVH
HVTXHFHXGHFRQVXOWDUD'HXVSDUDYHUVH(OHDXWRUL]DULDHOHVD
SULPHLURGLDGDVHPDQDFDGDXPGHYyVSRQKDGHSDUWHHPFDVD LUHPQDJXHUUD$FDEHDWHQWRDLVVRXVRXGHPHQWLUDHPDQGRX
FRQIRUPHDVXDSURVSHULGDGHHYiDMXQWDQGRSDUDTXHVHQmR TXHYLHVVHPSURIHWDVIDOVRVSDUDOKHFRQYHQFHUGHLUQD
IDoDPFROHWDVTXDQGRHXIRUµ JXHUUD3RUpP-RVDIiSHGLXTXHYLHVVHXPSURIHWDYHUGDGHLUR
SDUD GL]HU VH HUD SUXGHQWH LU j JXHUUD RX QmR 9HLR HQWmR
2 GHVHMR GR DSyVWRORHUDID]HUFRPTXH R SRYRIRVVH 0LFDtDV TXH HUD XP SURIHWD GR 6HQKRU IDORX SDUD HOHV QmR
VHSDUDQGRVXDVGRDo}HVFRPFDOPDSDUDTXHTXDQGRHOHIRVVH LUHP(QWUHWDQWR-RVDIiMiWLQKDGDGRVXDSDODYUDHQmRTXLV
YROWDUDWUiVHUHVROYHXDMXGDUQDJXHUUD
MiHVWLYHVVHWXGRSUHSDUDGRSDUDHQYLDUDRVQHFHVVLWDGRV %RPMiGiSDUDLPDJLQDURTXHDFRQWHFHXQmRpPHVPR"
0XLWDVYH]HVWHPRVHPFDVDXPSDUGHVDSDWRVTXHHVWi 2EYLDPHQWH RV LVUDHOLWDV SHUGHUDP D JXHUUD 2 UHL $FDEH
JXDUGDGR ID] PXLWR WHPSR H D JHQWH QHP XVD PDLV 4XH WDO PRUUHXQHODH-RVDIiVHDUUHSHQGHXPXLWRGHQmRWHUYROWDGR
DWUiV HP VXD SURPHVVD $ %tEOLD QRV HQVLQD D QmR YROWDUPRV
VHSDUDUSDUDDOJXpPTXHHVWHMDSUHFLVDQGR" DWUiVGRTXHSURPHWHPRVPDVGHVGHTXHHVWDSURPHVVDVHMD
3RGH VHU TXH YRFr WHQKD YiULRV EULQTXHGRV H QHP IHLWDGHDFRUGRFRPDYRQWDGHGH'HXV6HÀ]HUGHVXPYRWRD
'HXV QmR WDUGHV HP FXPSULOR (FOHVLDVWHV   3RUpP QR
EULQFD FRP WRGRV 3RU TXH QmR GRiORV SDUD RXWUDV FULDQoDV
FDVRGRUHL-RVDIiHOHHPXPPRPHQWRGHIUDTXH]DSURPHWHX
TXHQmRWHPQHQKXP" ID]HUXPDFRLVDTXHQmRHUDGDYRQWDGHGH'HXVQHVWHFDVR
(DFRPLGDTXHPXLWDVYH]HVFRORFDPRVGHPDLVHDVREUD pPHOKRUYROWDUDWUiVGRTXHID]HURTXHSURPHWHXHGHSRLVGDU
WXGRHUUDGR
YDLWXGRSDUDROL[R"eWHUUtYHOYHUTXHGHVSHUGLoDPRVDVFRLVDV 6HYRFrFRPELQDUXPDFRLVDFRPDOJXpPHYHUTXHLVVR
TXH'HXVQRVGHXHLQ~PHUDVYH]HVHVTXHFHPRVTXHWHPPXLWDV QmRIRLERPQmRKHVLWHHPYROWDUDWUiV1mRIDoDFRPR-RVDIi
IH] 3RLV ID]HU R TXH p HUUDGR Vy SRUTXH SURPHWHX YDL WH
SHVVRDVVHPWHURTXHFRPHUFDOoDUHYHVWLU
FRORFDUHPHQFUHQFDVDLQGDPDLRUHV
 
1HXU{QLRVHPDomR
0$,662/,'$5,('$'(

(QXPHUHDVIUDVHVGHDFRUGR
FRPRVIDWRVQDRUGHPFRUUHWD

2UHL-RVDIiGLVVHTXHDMXGDULDQDJXHUUDVHPWHU
FRQVXOWDGRD'HXV

-RVDIiIRLYLVLWDURUHL$FDEHHIRLEHPUHFHELGR

(P,VUDHOKDYLDXPUHLFKDPDGR$FDEHTXHQmRREHGHFLD
D'HXVHHP-XGiKDYLDRUHL-RVDIiTXHSURFXUDYD
VHJXLURVFRQVHOKRVGR6HQKRU

25HL-RVDIiVHDUUHSHQGHXPXLWRGHWHUGDGRVXD
SDODYUDVHPFRQVXOWDUD'HXV

2UHL$FDEHPRUUHXQDJXHUUDH,VUDHOSHUGHX
DEDWDOKD

2UHL$FDEHSHGLXTXHYLHVVHSURIHWDVIDOVRV
SDUDFRQYHQFHU-RVDIi

9HLRHQWmR0LFDtDVSURIHWDGR6HQKRUHGLVVHSDUD
HOHVQmRLUHPSRUpP-RVDIiQmRTXLVYROWDUFRPVXD
SDODYUDHUHVROYHXDMXGDU$FDEHQDJXHUUD
 
1HXU{QLRVHPDomR (175(*8(6(86

&RPSOHWHDVODFXQDVGHDFRUGRFRPR
%DQFRGH3DODYUDVHFRQVXOWDQGRFDGDYHUVRGD%tEOLD 0('26$'(86
%DQFRGH3DODYUDV
7HUUD &RUDMRVR
7HPDV 6HQKRU
)RUWH (VSDQWHV
)RUWDOHoR
6XVWHQWR *UDQGLRVDV

´1mRBBBBBBBSRUTXH(XVRXFRQWLJRQmRWHDVVRPEUHV

SRUTXH(XVRX7HX'HXV(XWHBBBBBBBBBBBHWHDMXGR

HWHBBBBBBBBBFRPPLQKDGHVWUDILHOµ ,VDtDV 

´6rBBBBBBHBBBBBBBQmRWHPDVQHPWHBBBBBBB

SRUTXH R 6HQKRU 7HX 'HXV p FRQWLJR SRU RQGH

TXHUTXHDQGDUHVµ -RVXp 

´1mR WHQKD PHGR y BBBBBB UHJR]LMHVH H

DOHJUHVHSRUTXHRBBBBBBBBBBBWHPIHLWRFRLVDV

BBBBBBBBBBBBBµ -RHO 
 
9HUVRGH2XUR´0DVHXTXDQGRHVWLYHUFRPPHGRFRQILDUHL 7RGRH[pUFLWRLVUDHOLWDIRLSDUDDEDWDOKDID]HQGRXPD
HPWLµ6DOPRV FRLVDEHPGLIHUHQWHTXHRVVROGDGRVFRPXQVID]HP6DEHRTXH
HOHV À]HUDP" &DQWDUDP ,VVR PHVPR FDQWDUDP /RXYDUDP D
9RFrMiVHQWLXRXVHQWHPHGRGHDOJXPDFRLVD"6HVHQWH 'HXVFRQÀDQGRQROLYUDPHQWRH(OHRVOLYURX26HQKRUFRORFRX
HPERVFDGDV SDUD RV LQLPLJRV H RV H[pUFLWRV LQLPLJRV HQWUH
PHGRQmRÀTXHHQYHUJRQKDGRSRLVpPXLWRFRPXPDVSHVVRDV
HOHVPHVPRVVHGHVWUXtUDP
VH VHQWLUHP DVVLP $ %tEOLD QRV FRQWD YiULDV KLVWyULDV GH
26HQKRUGRVH[pUFLWRVOLYURXWRGRSRYRGH,VUDHOHHOHV
SHVVRDVTXHVHQWLUDPPHGR8PDGHODVIRLRUHL-RVDIi/HLD
ORXYDUDPR6HXQRPH
FRPDWHQomRHYHMDRTXHDFRQWHFHXFRPHVWHVHUYRGR6HQKRU 4XDQGRYRFrVHQWLUPHGRVHMDHOHTXDOIRUQmRKHVLWH
$RDSUR[LPDUVHRÀPGRUHLQDGRGH-RVDIiRUHLQRGH HPLUDWpD'HXV2UHSHGLQGRDMXGD(OHWHPSUD]HUHPDMXGDUH
-XGiIRLLQYDGLGRSRUH[pUFLWRVLQLPLJRV(UDPRVDPRQLWDVH HPDOLYLDUQRVVRVRIULPHQWR2XWURSDVVRLPSRUWDQWHpFDQWDU
PRDELWDVSRYRVIRUWHVTXHHUDPPXLWRWHPLGRV XPKLQR4XDQGRHVWLYHUFRPPHGRWHQWHFDQWDUSRLVID]HQGR
2UHL-RVDIiHUDXPKRPHPGHPXLWDFRUDJHPHYDORU LVVR YRFr YHUi R PDO LQGR HPERUD DVVLP FRPR IRL FRP RV
'XUDQWH DQRV HVWLYHUD IRUWDOHFHQGR VHXV H[pUFLWRV H VXDV VROGDGRVGRUHL-RVDIi
3RULVVRFDQWHRUHHSHoDDMXGDSDUD'HXV6RPHQWH(OHp
FLGDGHV IRUWLÀFDGDV (OH HVWDYD EHP SUHSDUDGR SDUD
FDSD]GHQRVGDUDSD]
HQIUHQWDU SUDWLFDPHQWH TXDOTXHU LQLPLJR FRQWXGR QDTXHOD
FULVHQmRFRORFRXVXDFRQÀDQoDHPVLPHVPR(OHVHQWLXPHGRH ¨´éò÷åëéíöåèóºéòìóöòó÷öéúéðå 
GHFLGLX GHSRVLWDU WRGD VXD FRQÀDQoD QR 'HXV GH ,VUDHO
 Ž¨ñéðóèíåèéðóùúóöĈååøñó÷êéöåèóªĈù„éƒõùåòèóóªĈù
5HVROYHXHQWmRSHGLUSDUDTXHWRGRVÀ]HVVHPXPMHMXPHVH
úéñéñçóòøåøóçóñå»éööåƒìĀñĜ÷íçåéçāòøíçóžňåĆĕé÷èéëöåĆå÷é
KXPLOKDVVHPGLDQWHGH'HXVSHGLQGRDMXGDHOLYUDPHQWR úóþèéñéðóèíåň†°÷å†ŜŘ Ś††††¨÷÷íñƒó÷çóöåĆĕé÷ìùñåòó÷ƒéñ÷íñôåøíå
'HXV HQWmR R RXYLX H PDQGRX XP SURIHWD GL]HU çóñóªĈùƒøĉñçóööé÷ôóòèíèóÿæóòèåèéèé«éù÷éñòóøå÷èéðóùúóö†
H[DWDPHQWHRTXHGHYLDPID]HU $PDQKmGHVFHUHLVFRQWUD ´ùíøó÷èó÷êåøó÷èåìí÷øēöíåìùñåòå÷éøĉñðíëåèóåçāòøíçó÷†š†††›¨
HOHVHLVTXHVREHPSHODODGHLUDGH=L]HRVDFKDUHLVQRÀPGR ìí÷øēöíåèó÷çāòøíçó÷èå©Čæðíåé÷øĀöéôðéøåèé÷ùëé÷øĕé÷õùåòøóåó÷ù÷ó÷
éæéòéêČçíó÷èåñĜ÷íçåéèóçåòøó†¨ñĜ÷íçåñùíøå÷úéþé÷Ĉôéöúéöøíèå
YDOHGLDQWHGRGHVHUWRGH-HUXHO1HVWDSHOHMDQmRWHUHLVTXH
ôåöå÷éöúíöåīò÷ñåù÷ƒéå÷÷íñ÷éøóöòåùñèó÷ôóèéöé÷ñåí÷÷éèùøóöé÷
SHOHMDUSDUDLHVWDLHPSpHYHGHDVDOYDomRGR6HQKRUSDUD ôåöååøéòøåĆĂó†ªóööéøåñéòøééñôöéëåèåƒôóöĈñƒĈùñèóñôöéçíó÷ó
FRQYRVFRy-XGiH-HUXVDOpP1mRWHPDLVQHPYRVDVVXVWHLV èé«éù÷ƒèé÷øíòåèóåéöëùéöó÷ôéò÷åñéòøó÷åçóí÷å÷åðøå÷éòóæöé÷ƒå
DPDQKmVDtOKHVDRHQFRQWURSRUTXHR6HQKRUVHUiFRQYRVFR íò÷ôíöåöééðéúåöååðñ冏†¬èùçåĆĂóƒôĀë÷†Řŝ؃Řŝކ

 

Você também pode gostar