Confissão De Fé Batista De Londres De 1689

721 visualizações

Publicada em

Confissão De Fé Batista De Londres De 1689

Publicada em: Educação
0 comentários
0 gostaram
Estatísticas
Notas
  • Seja o primeiro a comentar

  • Seja a primeira pessoa a gostar disto

Sem downloads
Visualizações
Visualizações totais
721
No SlideShare
0
A partir de incorporações
0
Número de incorporações
300
Ações
Compartilhamentos
0
Downloads
16
Comentários
0
Gostaram
0
Incorporações 0
Nenhuma incorporação

Nenhuma nota no slide

Confissão De Fé Batista De Londres De 1689

  1. 1. $ &RQILVVmR GH )p %DWLVWD GH /RQGUHV GH DStWXOR $V (VFULWXUDV 6DJUDGDV DStWXOR 'HXV H D 6DQWtVVLPD 7ULQGDGH DStWXOR 2 'HFUHWR GH 'HXV DStWXOR $ ULDomR DStWXOR $ 3URYLGrQFLD DStWXOR $ 4XHGD GR +RPHP R 3HFDGR H 6XD 3XQLomR DStWXOR 2 3DFWR GH 'HXV DStWXOR ULVWR R 0HGLDGRU DStWXOR /LYUH$UEtWULR DStWXOR $ KDPDGD (ILFD] DStWXOR $ -XVWLILFDomR DStWXOR $ $GRomR DStWXOR $ 6DQWLILFDomR DStWXOR $ )p 6DOYDGRUD DStWXOR $UUHSHQGLPHQWR SDUD D 9LGD H 6DOYDomR DStWXOR %RDV 2EUDV DStWXOR $ 3HUVHYHUDQoD GRV 6DQWRV DStWXOR $ HUWH]D GD *UDoD H GD 6DOYDomR DStWXOR $ /HL GH 'HXV DStWXOR 2 (YDQJHOKR H D ([WHQVmR GH 6XD *UDoD DStWXOR /LEHUGDGH ULVWm H /LEHUGDGH GH RQVFLrQFLD DStWXOR $GRUDomR 5HOLJLRVD H R 'LD GR 6HQKRU DStWXOR -XUDPHQWRV /HJtWLPRV H 9RWRV DStWXOR 0DJLVWUDGR LYLO DStWXOR 0DWULP{QLR
  2. 2. DStWXOR $ ,JUHMD DStWXOR $ RPXQKmR GRV 6DQWRV DStWXOR %DWLVPR H HLD GR 6HQKRU DStWXOR %DWLVPR DStWXOR $ HLD GR 6HQKRU DStWXOR 2 (VWDGR GR +RPHP $SyV D 0RUWH $ 5HVVXUUHLomR GRV 0RUWRV DStWXOR 2 -Xt]R )LQDO $3Ë78/2 $6 6$*5$'$6 (65,785$6 $ 6DJUDGD (VFULWXUD p D ~QLFD UHJUD VXILFLHQWH FHUWD H LQIDOtYHO GH FRQKHFLPHQWR SDUD D VDOYDomR GH Ip H GH REHGLrQFLD @ $ OX] GD QDWXUH]D H DV REUDV GD FULDomR H GD SURYLGrQFLD PDQLIHVWDP D ERQGDGH D VDEHGRULD H R SRGHU GH 'HXV GH WDO PRGR TXH RV KRPHQV ILFDP LQHVFXViYHLV FRQWXGR QmR VmR VXILFLHQWHV SDUD GDU FRQKHFLPHQWR GH 'HXV H GH VXD YRQWDGH TXH p QHFHVViULR SDUD D VDOYDomR 3RU LVVR HP GLYHUVRV WHPSRV H SRU GLIHUHQWHV PRGRV R 6HQKRU IRL VHUYLGR UHYHODUVH D VL PHVPR H GHFODUDU VXD YRQWDGH j VXD LJUHMD ( SDUD D PHOKRU SUHVHUYDomR H SURSDJDomR GD YHUGDGH H R PDLV VHJXUR HVWDEHOHFLPHQWR H FRQIRUWR GD ,JUHMD FRQWUD D FRUUXSomR GD FDUQH H D PDOtFLD GH 6DWDQiV H GR PXQGR IRL LJXDOPHQWH VHUYLGR ID]HU HVFUHYHU SRU FRPSOHWR WRGR HVVH FRQKHFLPHQWR GH 'HXV H UHYHODomR GH VXD YRQWDGH QHFHVViULRV j VDOYDomR R TXH WRUQD D (VFULWXUD LQGLVSHQViYHO WHQGR FHVVDGR DTXHOHV DQWLJRV PRGRV HP TXH 'HXV UHYHODYD VXD YRQWDGH D VHX SRYR @ 7P ( TXH GHVGH D LQIkQFLD VDEHV DV VDJUDGDV OHWUDV TXH SRGHP WRUQDUWH ViELR SDUD VDOYDomR SHOD Ip HP ULVWR -HVXV 7RGD (VFULWXUD p LQVSLUDGD SRU 'HXV H ~WLO SDUD HQVLQR SDUD D UHSUHHQVmR SDUD D FRUUHomR SDUD D HGXFDomR QD MXVWLoD D ILP GH TXH R KRPHP GH 'HXV VHMD SHUIHLWR H SHUIHLWDPHQWH KDELOLWDGR SDUD WRGD ERD REUD ,V ¬ OHL H DR WHVWHPXQKR 6H HOHV QmR IDODUHP GHVWD PDQHLUD MDPDLV YHUmR D DOYD /F 5HVSRQGHX $EUDmR (OHV WrP 0RLVpV H RV SURIHWDV RXoDPQRV $EUDmR SRUpP OKH UHVSRQGHX 6H QmR RXYHP D 0RLVpV H DRV SURIHWDV WDPSRXFR VH GHL[DUmR SHUVXDGLU DLQGD TXH UHVVXVFLWH DOJXpP GHQWUH RV PRUWRV (I HGLILFDGRV VREUH R IXQGDPHQWR GRV DSyVWRORV H SURIHWDV VHQGR HOH PHVPR ULVWR -HVXV D SHGUD DQJXODU
  3. 3. 5P SRUTXDQWR R TXH GH 'HXV VH SRGH FRQKHFHU p PDQLIHVWR HQWUH HOHV SRUTXH 'HXV OKHV PDQLIHVWRX 3RUTXH RV DWULEXWRV LQYLVtYHLV GH 'HXV DVVLP R VHX HWHUQR SRGHU FRPR WDPEpP D VXD SUySULD GLYLQGDGH FODUDPHQWH VH UHFRQKHFHP GHVGH R SULQFtSLR GR PXQGR VHQGR SHUFHELGRV SRU PHLR GDV FRXVDV TXH IRUDP FULDGDV 7DLV KRPHQV VmR SRU LVVR LQGHVFXOSiYHLV SRUTXDQWR WHQGR FRQKHFLPHQWR GH 'HXV QmR R JORULILFDUDP FRPR 'HXV QHP OKH GHUDP JUDoDV DQWHV VH WRUQDUDP QXORV HP VHXV SUySULRV UDFLRFtQLRV REVFXUHFHQGRVHOKHV R FRUDomR LQVHQVDWR 5P TXDQGR SRLV RV JHQWLRV TXH QmR WrP OHL SURFHGHP SRU QDWXUH]D GH FRQIRUPLGDGH FRP D OHL QmR WHQGR OHL VHUYHP HOHV GH OHL SDUD VL PHVPRV HVWHV PRVWUDP D QRUPD GD OHL JUDYDGD QRV VHXV FRUDo}HV WHVWHPXQKDQGROKHV WDPEpP D FRQVFLrQFLD H RV VHXV SHQVDPHQWRV PXWXDPHQWH DFXVDQGRVH RX GHIHQGHQGRVH 6O 2V FpXV SURFODPDP D JOyULD GH 'HXV H R ILUPDPHQWR DQXQFLD DV REUDV GDV VXDV PmRV 8P GLD GLVFXUVD D RXWUR GLD H XPD QRLWH UHYHOD FRQKHFLPHQWR D RXWUD QRLWH 1mR Ki OLQJXDJHP QHP Ki SDODYUDV H GHOHV QmR VH RXYH QHQKXP VRP +E +DYHQGR 'HXV RXWURUD IDODGR PXLWDV YH]HV H GH PXLWDV PDQHLUDV DRV SDLV SHORV SURIHWDV 3Y 3DUD TXH D WXD FRQILDQoD HVWHMD QR 6(1+25 TXHUR GDUWH KRMH D LQVWUXomR D WL PHVPR 3RUYHQWXUD QmR WH HVFUHYL H[FHOHQWHV FRXVDV DFHUFD GH FRQVHOKRV H FRQKHFLPHQWRV SDUD PRVWUDUWH D FHUWH]D GDV SDODYUDV GD YHUGDGH D ILP GH TXH SRVVDV UHVSRQGHU FODUDPHQWH DRV TXH WH HQYLDUHP 5P 3RLV WXGR TXDQWR RXWURUD IRL HVFULWR SDUD R QRVVR HQVLQR IRL HVFULWR D ILP GH TXH SHOD SDFLrQFLD H SHOD FRQVRODomR GDV (VFULWXUDV WHQKDPRV HVSHUDQoD 3H 7HPRV DVVLP WDQWR PDLV FRQILUPDGD D SDODYUD SURIpWLFD H ID]HLV EHP HP DWHQGrOD FRPR D XPD FDQGHLD TXH EULOKD HP OXJDU WHQHEURVR DWp TXH R GLD FODUHLH H D HVWUHOD GD DOYD QDVoD HP YRVVRV FRUDo}HV VDEHQGR SULPHLUDPHQWH LVWR TXH QHQKXPD SURIHFLD GD (VFULWXUD SURYpP GH SDUWLFXODU HOXFLGDomR 6RE R QRPH GH 6DJUDGDV (VFULWXUDV RX 3DODYUD GH 'HXV HVFULWD LQFOXHPVH DJRUD WRGRV RV OLYURV GR 9HOKR 7HVWDPHQWR H 1RYR 7HVWDPHQWR TXH VmR RV VHJXLQWHV
  4. 4. 2 9(/+2 7(67$0(172 *rQHVLV 5HLV (FOHVLDVWHV 2EDGLDV Ç[RGR 5HLV DQWDUHV -RQDV /HYtWLFR U{QLFDV ,VDtDV 0LTXpLDV 1~PHURV U{QLFDV -HUHPLDV 1DXP 'HXWHURQ{PLR (VGUDV /DPHQWDo}HV +DEDFXTXH -RVXp 1HHPLDV (]HTXLHO 6RIRQLDV -XL]HV (VWHU 'DQLHO $JHX 5XWH -y 2VpLDV =DFDULDV 6DPXHO 6DOPRV -RHO 0DODTXLDV 6DPXHO 3URYpUELRV $PyV 2 1292 7(67$0(172 0DWHXV (IpVLRV +HEUHXV 0DUFRV )LOLSHQVHV 7LDJR /XFDV RORVVHQVHV 3HGUR -RmR 7HVVDORQLFHQVHV 3HGUR $WRV 7HVVDORQLFHQVHV -RmR 5RPDQRV 7LPyWHR -RmR RUtQWLRV 7LPyWHR -RmR RUtQWLRV 7LWR -XGDV *iODWDV )LOHPRP $SRFDOLSVH 7RGRV RV TXDLV IRUDP GDGRV SRU LQVSLUDomR GH 'HXV SDUD VHUHP D UHJUD GH Ip H YLGD SUiWLFD 7P 7RGD (VFULWXUD p LQVSLUDGD SRU 'HXV H ~WLO SDUD R HQVLQR SDUD D UHSUHHQVmR SDUD D FRUUHomR SDUD D HGXFDomR QD MXVWLoD 2V OLYURV FRPXPHQWH FKDPDGRV $SyFULIRV QmR VHQGR GH LQVSLUDomR GLYLQD QmR ID]HP SDUWH GR FkQRQ RX FRPSrQGLR GDV (VFULWXUDV 3RUWDQWR QHQKXPD DXWRULGDGH WrP SDUD D ,JUHMD GH 'HXV H QHP SRGHP VHU GH PRGR DOJXP DSURYDGRV RX XWLOL]DGRV VHQmR FRPR TXDLVTXHU RXWURV HVFULWRV KXPDQRV /F ( FRPHoDQGR SRU 0RLVpV GLVFRUUHQGR SRU WRGRV RV SURIHWDV H[SXQKD OKHV R TXH D VHX UHVSHLWR FRQVWDYD HP WRGDV DV (VFULWXUDV $ VHJXLU -HVXV OKHV GLVVH 6mR HVVDV DV SDODYUDV TXH HX YRV IDOHL HVWDQGR DLQGD FRQYRVFR TXH LPSRUWDYD VH FXPSULVVH WXGR R TXH GH PLP HVWi HVFULWR QD /HL GH 0RLVpV QRV 3URIHWDV H QRV 6DOPRV 5P 0XLWD VRE WRGRV RV DVSHFWRV 3ULQFLSDOPHQWH SRUTXH DRV MXGHXV IRUDP FRQILDGRV RV RUiFXORV GH 'HXV $ DXWRULGDGH GD 6DJUDGD (VFULWXUD UD]mR SHOD TXDO GHYH VHU FULGD H REHGHFLGD QmR GHSHQGH GR WHVWHPXQKR GH TXDOTXHU KRPHP RX LJUHMD PDV SURYpP LQWHLUDPHQWH GH
  5. 5. 'HXV VHQGR (OH PHVPR D YHUGDGH H R VHX DXWRU $ (VFULWXUD SRUWDQWR WHP TXH VHU UHFHELGD SRU VHU D 3DODYUD GH 'HXV 3H 7HPRV DVVLP WDQWR PDLV FRQILUPDGD D SDODYUD SURIpWLFD H ID]HLV EHP HP DWHQGrOD FRPR D XPD FDQGHLD TXH EULOKD HP OXJDU WHQHEURVR DWp TXH R GLD FODUHLH H D HVWUHOD GD DOYD QDVoD HP YRVVRV FRUDo}HV VDEHQGR SULPHLUDPHQWH LVWR TXH QHQKXPD SURIHFLD GD (VFULWXUD SURYpP GH SDUWLFXODU HOXFLGDomR SRUTXH QXQFD MDPDLV TXDOTXHU SURIHFLD IRL GDGD SRU YRQWDGH KXPDQD HQWUHWDQWR KRPHQV VDQWRV@ IDODUDP GH SDUWH GH 'HXV PRYLGRV SHOR (VStULWR 6DQWR 7P 7RGD (VFULWXUD p LQVSLUDGD SRU 'HXV H ~WLO SDUD HQVLQR SDUD D UHSUHHQVmR SDUD D FRUUHomR SDUD D HGXFDomR QD MXVWLoD 7V (QWUHWDQWR GHYHPRV VHPSUH GDU JUDoDV D 'HXV SRU YyV LUPmRV DPDGRV SHOR 6HQKRU SRU LVVR TXH 'HXV YRV HVFROKHX GHVGH R SULQFtSLR SDUD D VDOYDomR SHOD VDQWLILFDomR GR (VStULWR H Ip QD YHUGDGH -R 6H DGPLWLPRV R WHVWHPXQKR GRV KRPHQV R WHVWHPXQKR GH 'HXV p PDLRU RUD HVWH p R WHVWHPXQKR GH 'HXV TXH HOH Gi DFHUFD GR VHX ILOKR 3HOR WHVWHPXQKR GD ,JUHMD GH 'HXV SRGHPRV VHU PRYLGRV H SHUVXDGLGRV D WHU HP DOWR H UHYHUHQWH DSUHoR DV 6DJUDGDV (VFULWXUDV $ VDQWLGDGH GR DVVXQWR D HILFiFLD GD GRXWULQD D PDMHVWDGH GR HVWLOR D KDUPRQLD GH WRGDV DV SDUWHV R SURSyVLWR GR WRGR TXH p GDU WRGD JOyULD D 'HXV
  6. 6. D SOHQD UHYHODomR TXH ID] GR ~QLFR PHLR GH VDOYDomR SDUD R KRPHP H PXLWDV RXWUDV H[FHOrQFLDV LQFRPSDUiYHLV H SHUIHLomR FRPSOHWD VmR DUJXPHQWRV SHORV TXDLV DEXQGDQWHPHQWH VH HYLGHQFLD VHUHP HODV D 3DODYUD GH 'HXV RQWXGR D QRVVD SOHQD SHUVXDVmR H FHUWH]D TXDQWR j VXD YHUGDGH LQIDOtYHO H GLYLQD DXWRULGDGH SURYpP GD RSHUDomR LQWHUQD GR (VStULWR 6DQWR TXH SHOD 3DODYUD H FRP D 3DODYUD WHVWLILFD DRV QRVVRV FRUDo}HV -R TXDQGR YLHU SRUpP R (VSLULWR GD YHUGDGH HOH YRV JXLDUi D WRGD D YHUGDGH SRUTXH QmR IDODUi SRU VL PHVPR PDV GLUi WXGR R TXH WLYHU RXYLGR H YRV DQXQFLDUi DV FRXVDV TXH KmR GH YLU (OH PH JORULILFDUi SRUTXH Ki GH UHFHEHU GR TXH p PHX H YROR Ki GH DQXQFLDU R 0DV 'HXV QROR UHYHORX SHOR (VSLULWR SRUTXH R (VSLULWR D WRGDV DV FRXVDV SHUVFUXWD DWp PHVPR DV SURIXQGH]DV GH 'HXV 3RUTXH TXDO GRV KRPHQV VDEH DV FRXVDV GR KRPHP VHQmR R VHX SUySULR HVSLULWR TXH QHOH HVWi DVVLP WDPEpP DV FRXVDV GH 'HXV QLQJXpP DV FRQKHFH VHQmR R (VSLULWR GH 'HXV 2UD QyV QmR WHPRV UHFHELGR R HVSLULWR GR PXQGR H VLP R (VSLULWR TXH YHP GH 'HXV SDUD TXH FRQKHoDPRV R TXH SRU 'HXV QRV IRL GDGR JUDWXLWDPHQWH -R ( YyV SRVVXtV XQomR TXH YHP GR 6DQWR H WRGRV WHQGHV FRQKHFLPHQWR 4XDQWR D YyV RXWURV D XQomR TXH GHOH UHFHEHVWHV SHUPDQHFH HP YyV H QmR WHQGHV QHFHVVLGDGH GH TXH DOJXpP YRV HQVLQH PDV FRPR D VXD XQomR YRV HQVLQD D UHVSHLWR GH
  7. 7. WRGDV DV FRXVDV H p YHUGDGHLUD H QmR p IDOVD SHUPDQHFHL QHOH FRPR WDPEpP HOD YRV HQVLQRX 7RGR R FRQVHOKR GH 'HXV FRQFHUQHQWH D WRGDV DV FRLVDV QHFHVViULDV SDUD D VXD SUySULD JOyULD SDUD D VDOYDomR GR KRPHP D Ip H D YLGD HVWi H[SUHVVDPHQWH GHFODUDGR RX QHFHVVDULDPHQWH FRQWLGR QD 6DJUDGD (VFULWXUD $ HOD QDGD HP WHPSR DOJXP VH DFUHVFHQWDUi TXHU SRU QRYD UHYHODomR GR (VStULWR TXHU SRU WUDGLo}HV GH KRPHQV (QWUHWDQWR UHFRQKHFHPRV VHU QHFHVViULD D LOXPLQDomR LQWHULRU GD SDUWH GR (VStULWR GH 'HXV SDUD D FRPSUHHQVmR VDOYDGRUD GDTXLOR TXH p UHYHODGR QD 3DODYUD 5HFRQKHFHPRV TXH Ki DOJXPDV FLUFXQVWkQFLDV FRQFHUQHQWHV j DGRUDomR D 'HXV H DR JRYHUQR GD LJUHMD TXH VmR SHFXOLDUHV jV VRFLHGDGHV H FRVWXPHV KXPDQRV H TXH GHYHP VHU RUGHQDGDV SHOD OX] GD QDWXUH]D H SHOD SUXGrQFLD FULVWm VHJXQGR DV QRUPDV JHUDLV GD 3DODYUD TXH VHPSUH GHYHP VHU REVHUYDGDV 7P ( TXH GHVGH D LQIkQFLD VDEHV DV 6DJUDGDV OHWUDV TXH SRGHP WRUQDUWH ViELR SDUD D VDOYDomR SHOD Ip HP ULVWR -HVXV 7RGD (VFULWXUD p LQVSLUDGD SRU 'HXV H ~WLO SDUD R HQVLQR SDUD D UHSUHHQVmR SDUD FRUUHomR SDUD D HGXFDomR QD MXVWLoD D ILP GH TXH R KRPHP GH 'HXV VHMD SHUIHLWR H SHUIHLWDPHQWH KDELOLWDGR SDUD WRGD ERD REUD *O 0DV DLQGD TXH QyV RX PHVPR XP DQMR YLQGR GR FpX YRV SUHJXH HYDQJHOKR TXH Yi DOpP GR TXH YRV WHPRV SUHJDGR VHMD DQiWHPD $VVLP FRPR Mi GLVVHPRV H DJRUD UHSLWR VH DOJXpP YRV SUHJD HYDQJHOKR TXH Yi DOpP GDTXHOH TXH UHFHEHVWHV VHMD DQiWHPD -R (VWi HVFULWR QRV 3URIHWDV ( VHUmR WRGRV HQVLQDGRV SRU 'HXV 3RUWDQWR WRGR DTXHOH TXH GD SDUWH GR 3DL WHP RXYLGR H DSUHQGLGR HVVH YHP D PLP R PDV FRPR HVWi HVFULWR 1HP ROKRV YLUDP QHP RXYLGRV RXYLUDP QHP MDPDLV SHQHWURX HP FRUDomR KXPDQR R TXH 'HXV WHP SUHSDUDGR SDUD DTXHOHV TXH R DPDP 0DV 'HXV QROR UHYHORX SHOR (VStULWR SRUTXH R (VStULWR D WRGDV DV FRLVDV SHUVFUXWD DWp PHVPR DV SURIXQGH]DV GH 'HXV 3RUTXH TXDO GRV KRPHQV VDEH DV FRLVDV GR KRPHP VHQmR R VHX SUySULR HVStULWR TXH QHOH HVWi DVVLP WDPEpP DV FRXVDV GH 'HXV QLQJXpP DV FRQKHFH VHQmR R (VStULWR GH 'HXV 2UD QyV QmR WHPRV UHFHELGR R HVStULWR GR PXQGR H VLP R (VStULWR TXH YHP GH 'HXV SDUD TXH FRQKHoDPRV R TXH SRU 'HXV QRV IRL GDGR JUDWXLWDPHQWH R -XOJDL HQWUH YyV PHVPRV p SUySULR TXH D PXOKHU RUH D 'HXV VHP WUD]HU R YpX 2X QmR YRV HQVLQD D SUySULD QDWXUH]D VHU GHVRQURVR SDUD R KRPHP XVDU FDEHOR FRPSULGR
  8. 8. R 4XH ID]HU SRLV LUPmRV TXDQGR YRV UHXQLV XP WHP VDOPR RXWUR GRXWULQD HVWH WUD] UHYHODomR DTXHOH RXWUD OtQJXD H DLQGD RXWUR LQWHUSUHWDomR 6HMD WXGR IHLWR SDUD HGLILFDomR 7XGR SRUpP VHMD IHLWR FRP GHFrQFLD H RUGHP 1D (VFULWXUD QmR VmR WRGDV DV FRLVDV LJXDOPHQWH FODUDV QHP LJXDOPHQWH HYLGHQWHV SDUD WRGRV 0HVPR DVVLP DV FRLVDV TXH SUHFLVDP VHU FRQKHFLGDV FULGDV H REHGHFLGDV SDUD D VDOYDomR HVWmR FODUDPHQWH SURSRVWDV H H[SOLFDGDV HP XPD SDVVDJHP RX RXWUD H SHOR GHYLGR XVR GH PHLRV FRPXQV QmR DSHQDV RV HUXGLWRV PDV WDPEpP RV LQGRXWRV SRGHP REWHU XPD FRPSUHHQVmR VXILFLHQWH GH WDLV FRLVDV 3H DR IDODU DFHUFD GHVVHV DVVXQWRV FRPR GH IDWR FRVWXPD ID]HU HP WRGDV DV VXDV HStVWRODV QDV TXDLV Ki FHUWDV FRLVDV GLItFHLV GH HQWHQGHU TXH RV LJQRUDQWHV H LQVWiYHLV GHWXUSDP FRPR WDPEpP GHWXUSDP DV GHPDLV (VFULWXUDV SDUD D SUySULD GHVWUXLomR GHOHV 6O D OHL GR 6HQKRU p SHUIHLWD H UHVWDXUD D DOPD R WHVWHPXQKR GR 6HQKRU p ILHO p Gi VDEHGRULD DRV VtPSOLFHV 6O $ UHYHODomR GDV WXDV SDODYUDV HVFODUHFH H Gi HQWHQGLPHQWR DRV VLPSOHV 2 $QWLJR 7HVWDPHQWR HP KHEUDLFR TXH HUD D OtQJXD YHUQiFXOD GR SRYR GH 'HXV QD DQWLJLGDGH
  9. 9. H R 1RYR 7HVWDPHQWR HP JUHJR TXH HP VXD pSRFD HUD D OtQJXD PDLV FRQKHFLGD HQWUH DV QDo}HV
  10. 10. WHQGR VLGR GLUHWDPHQWH LQVSLUDGRV SRU 'HXV H SHOR VHX VLQJXODU FXLGDGR H SURYLGrQFLD FRQVHUYDGRV SXURV QR FRUUHU GRV VpFXORV VmR SRUWDQWR DXWrQWLFRV GH PDQHLUD TXH HP WRGD FRQWURYpUVLD GH QDWXUH]D UHOLJLRVD D ,JUHMD GHYH DSHODU SDUD HOHV FRPR SDODYUD ILQDO 0DV YLVWR TXH HVVDV OtQJXDV RULJLQDLV QmR VmR FRQKHFLGDV GH WRGR R SRYR GH 'HXV ² 4XH WHP GLUHLWR H LQWHUHVVH QDV (VFULWXUDV H TXH p RUGHQDGR D OHU H H[DPLQDU DV (VFULWXUDV QR WHPRU GH 'HXV ² RV 7HVWDPHQWRV GHYHP VHU WUDGX]LGRV SDUD D OtQJXD GH FDGD QDomR D ILP GH TXH SHUPDQHFHQGR D 3DODYUD QR SRYR GH 'HXV DEXQGDQWHPHQWH WRGRV DGRUHP D 'HXV H PDQHLUD DFHLWiYHO H SHOD SDFLrQFLD H FRQVRODomR GDV (VFULWXUDV SRVVDP WHU HVSHUDQoD 5P 0XLWD VRE WRGRV RV DVSHFWRV 3ULQFLSDOPHQWH SRUTXH DRV MXGHXV IRUDP FRQILDGRV RV RUiFXORV GH 'HXV ,V ¬ OHL H DR WHVWHPXQKR 6H HOHV QmR IDODUHP GHVWD PDQHLUD MDPDLV YHUmR D DOYD $W RQIHUHP FRP LVWR DV SDODYUDV GRV SURIHWDV FRPR HVWi HVFULWR -R ([DPLQDLV DV (VFULWXUDV SRUTXH MXOJDLV WHU QHODV D YLGD HWHUQD H VmR HODV PHVPDV TXH WHVWLILFDP GH PLP R $JRUD SRUpP LUPmRV VH HX IRU WHU FRQYRVFR IDODQGR HP RXWUDV OtQJXDV HP TXH YRV DSURYHLWDUHL VH QmR YRV IDODU SRU PHLR GH UHYHODomR RX GH FLrQFLD RX GH SURIHFLD RX GH GRXWULQD
  11. 11. $VVLP YyV VH FRP D OtQJXD QmR GLVVHUGHV SDODYUD FRPSUHHQVtYHO FRPR VH HQWHQGHUi R TXH GL]HLV SRUTXH HVWDUHLV FRPR VH IDOiVVHLV DR DU 6H HX SRLV LJQRUDU D VLJQLILFDomR GD YR] VHUHL HVWUDQJHLUR SDUD DTXHOH TXH IDOD H HOH HVWUDQJHLUR SDUD PLP $VVLP WDPEpP YyV YLVWR TXH GHVHMDLV GRQV HVSLULWXDLV SURFXUDL SURJUHGLU SDUD D HGLILFDomR GD LJUHMD 3RUpP VH WRGRV SURIHWL]DUHP H HQWUDU DOJXP LQFUpGXOR RX LQGRXWR p HOH SRU WRGRV FRQYHQFLGR H SRU WRGRV MXOJDGR 0DV QmR KDYHQGR LQWpUSUHWH ILTXH FDODGR QD LJUHMD IDODQGR FRQVLJR PHVPR H FRP 'HXV O +DELWH ULFDPHQWH HP YyV D 3DODYUD GH ULVWR LQVWUXtYRV H DFRQVHOKDLYRV PXWXDPHQWH HP WRGD VDEHGRULD ORXYDQGR D 'HXV FRP VDOPRV H KLQRV H FkQWLFRV HVSLULWXDLV FRP JUDWLGmR HP YRVVRV FRUDo}HV $ UHJUD LQIDOtYHO GH LQWHUSUHWDomR GDV (VFULWXUDV p D SUySULD (VFULWXUD 3RUWDQWR VHPSUH TXH KRXYHU G~YLGD TXDQWR DR YHUGDGHLUR H SOHQR VHQWLGR GH TXDOTXHU SDVVDJHP VHQWLGR HVWH TXH QmR p P~OWLSOR PDV XP ~QLFR
  12. 12. HVVD SDVVDJHP GHYH VHU H[DPLQDGD HP FRQIURQWDomR FRP RXWUDV SDVVDJHQV TXH IDOHP PDLV FODUDPHQWH 3H VDEHQGR SULPHLUDPHQWH LVWR TXH QHQKXPD SURIHFLD GD (VFULWXUD SURYpP GH SDUWLFXODU HOXFLGDomR SRUTXH QXQFD MDPDLV TXDOTXHU SURIHFLD IRL GDGD SRU YRQWDGH KXPDQD HQWUHWDQWR KRPHQV VDQWRV@ IDODUDP GD SDUWH GH 'HXV PRYLGRV SHOR (VStULWR 6DQWR $W RQIHUHP FRP LVWR DV SDODYUDV GRV SURIHWDV FRPR HVWi HVFULWR XPSULGDV HVWDV FRXVDV YROWDUHL H UHHGLILFDUHL R WDEHUQiFXOR FDtGR GH 'DYL H OHYDQWDQGRR GH VXDV UXtQDV UHVWDXUDORHL 2 MXL] VXSUHPR SHOR TXDO WRGDV DV FRQWURYpUVLDV UHOLJLRVDV GHYHP VHU UHVROYLGDV H WRGRV RV GHFUHWRV H FRQFtOLRV WRGDV DV RSLQL}HV GH HVFULWRUHV DQWLJRV H GRXWULQDV GH KRPHQV GHYHP VHU H[DPLQDGDV H RV HVStULWRV SURYDGRV QmR SRGH VHU RXWUR VHQmR D 6DJUDGD (VFULWXUD HQWUHJXH SHOR (VStULWR 6DQWR 1RVVD Ip UHFRUUHUi j (VFULWXUD SDUD D GHFLVmR ILQDO 0W 5HVSRQGHXOKHV -HVXV (UUDLV QmR FRQKHFHQGR DV (VFULWXUDV QHP R SRGHU GH 'HXV ( TXDQWR j UHVVXUUHLomR GRV PRUWRV QmR WHQGHV OLGR R TXH 'HXV YRV GHFODURX (I HGLILFDGRV VREUH R IXQGDPHQWR GRV DSyVWRORV H SURIHWDV VHQGR HOH PHVPR ULVWR -HVXV D SHGUD DQJXODU $W +DYHQGROKH HOHV PDUFDGR XP GLD YLHUDP HP JUDQGH Q~PHUR DR HQFRQWUR GH 3DXOR QD VXD SUySULD UHVLGrQFLD (QWmR GHVGH D PDQKm DWp j WDUGH OKHV IH] XPD
  13. 13. H[SRVLomR HP WHVWHPXQKR GR 5HLQR GH 'HXV SURFXUDQGR SHUVXDGLORV D UHVSHLWR GH -HVXV WDQWR SHOD OHL GH 0RLVpV FRPR SHORV SURIHWDV $3Ë78/2 '(86 ( $ 6$17Ë66,0$ 75,1'$'( 2 6HQKRU QRVVR 'HXV p VRPHQWH XP R 'HXV YLYR H YHUGDGHLUR @ FXMD VXEVLVWrQFLD HVWi HP VL PHVPR H SURYpP GH VL PHVPR @ LQILQLWR HP VHX VHU H SHUIHLomR FXMD HVVrQFLD SRU QLQJXpP SRGH VHU FRPSUHHQGLGD VHQmR SRU (OH PHVPR @ (OH p XP HVStULWR SXUtVVLPR @ LQYLVtYHO VHP FRUSR PHPEURV RX SDL[}HV R ~QLFR TXH SRVVXL LPRUWDOLGDGH KDELWDQGR HP OX] LQDFHVVtYHO D TXDO QHQKXP KRPHP p FDSD] GH YHU @ LPXWiYHO LPHQVR HWHUQR @ LQFRPSUHHQVtYHO WRGRSRGHURVR @ HP WXGR LQILQLWR VDQWtVVLPR VDSLHQWtVVLPR FRPSOHWDPHQWH OLYUH H DEVROXWR RSHUDQGR WRGDV DV FRLVDV VHJXQGR R FRQVHOKR GD VXD SUySULD YRQWDGH TXH p MXVWtVVLPD H LPXWiYHO H SDUD D VXD SUySULD JOyULD DPDQWtVVLPR JUDFLRVR PLVHULFRUGLRVR ORQJkQLPR DEXQGDQWH HP YHUGDGH H EHQLJQLGDGH SHUGRDQGR D LQLTXLGDGH D WUDQVJUHVVmR H R SHFDGR R UHFRPSHQVDGRU GDTXHOHV TXH R EXVFDP GLOLJHQWHPHQWH FRQWXGR MXVWtVVLPR H WHUUtYHO HP VHXV MXOJDPHQWRV RGLDQGR WRGR SHFDGR H TXH GH PRGR QHQKXP LQRFHQWDUi R FXOSDGR R 1R WRFDQWH j FRPLGD VDFULILFDGD D tGRORV VDEHPRV TXH R tGROR GH VL PHVPR QDGD p QR PXQGR H TXH QmR Ki VHQmR XP Vy 'HXV 7RGDYLD SDUD QyV Ki XP Vy 'HXV R 3DL GH TXHP VmR WRGDV DV FRXVDV H SDUD TXHP H[LVWLPRV H XP Vy 6HQKRU -HVXV ULVWR SHOR TXDO VmR WRGDV DV FRXVDV H QyV WDPEpP SRU HOH 'W 2XYH ,VUDHO R 6HQKRU QRVVR 'HXV p R ~QLFR 6HQKRU -U 0DV R 6HQKRU p YHUGDGHLUDPHQWH 'HXV HOH p R 'HXV YLYR H R UHL HWHUQR GR VHX IXURU WUHPH D WHUUD H DV QDo}HV QmR SRGHP VXSRUWDU D VXD LQGLJQDomR ,V 'iPH RXYLGRV y -DFy H WX R ,VUDHO D TXHP FKDPHL HX VRX R PHVPR VRX R SULPHLUR H WDPEpP R ~OWLPR Ç[ 'LVVH 'HXV D 0RLVpV (X 6RX 2 TXH 6RX 'LVVH PDLV $VVLP GLUiV DRV ILOKRV GH ,VUDHO (X 6RX PH HQYLRX D YyV RXWURV -R 'HXV p HVSLULWR H LPSRUWD TXH RV VHXV DGRUDGRUHV R DGRUHP HP HVSLULWR H HP YHUGDGH 7P $VVLP DR 5HL HWHUQR LPRUWDO LQYLVtYHO 'HXV ~QLFR KRQUD H JOyULD SHORV VpFXORV GRV VpFXORV $PpP 'W *XDUGDL SRLV FXLGDGRVDPHQWH DV YRVVDV DOPDV SRLV DSDUrQFLD QHQKXPD YLVWHV QR GLD HP TXH R 6HQKRU YRVVR 'HXV YRV IDORX HP +RUHEH QR PHLR GR IRJR SDUD TXH QmR YRV FRUURPSDLV H YRV IDoDLV DOJXPD LPDJHP HVFXOSLGD QD IRUPD GH tGROR VHPHOKDQoD GH KRPHP RX GH PXOKHU 0O 3RUTXH HX R 6HQKRU QmR PXGR SRU LVVR YyV y ILOKRV GH -DFy QmR VRLV FRQVXPLGRV
  14. 14. 5V 0DV GH IDWR KDELWDUi 'HXV QD WHUUD (LV TXH RV FpXV H DWp R FpX GRV FpXV QmR WH SRGHP FRQWHU TXDQWR PHQRV HVWD FDVD TXH HX HGLILTXHL -U $FDVR VRX 'HXV DSHQDV GH 3HUWR GL] R 6HQKRU H QmR WDPEpP GH ORQJH 6O $QWHV TXH RV PRQWHV QDVFHVVHP H VH IRUPDVVHP D WHUUD H R PXQGR GH HWHUQLGDGH D HWHUQLGDGH WX pV 'HXV *Q 4XDQGR DWLQJLX $EUDmR D LGDGH GH QRYHQWD H QRYH DQRV DSDUHFHXOKH R 6HQKRU H GLVVHOKH (X VRX R 'HXV 7RGR3RGHURVR DQGD QD PLQKD SUHVHQoD H Vr SHUIHLWR ,V ( FODPDYDP XQV SDUD RV RXWURV GL]HQGR 6DQWR VDQWR VDQWR p R 6HQKRU GRV ([pUFLWRV WRGD WHUUD HVWi FKHLD GD VXD JOyULD 6O 1R FpX HVWi R QRVVR 'HXV H WXGR ID] FRPR OKH DJUDGD ,V TXH GHVGH R SULQFtSLR DQXQFLR R TXH Ki GH DFRQWHFHU H GHVGH D DQWLJLGDGH DV FRXVDV TXH DLQGD QmR VXFHGHUDP TXH GLJR 2 PHX FRQVHOKR SHUPDQHFHUi GH Sp IDUHL D PLQKD YRQWDGH 3Y 2 6HQKRU IH] WRGDV DV FRXVDV SDUD GHWHUPLQDGRV ILQV H DWp R SHUYHUVR SDUD R GLD GD FDODPLGDGH 5P 3RUTXH GHOH H SRU PHLR GHOH H SDUD HOH VmR WRGDV DV FRXVDV $ HOH SRLV D JOyULD HWHUQDPHQWH $PpP Ç[ ( SDVVDQGR R 6HQKRU SRU GLDQWH GHOH FODPRX 6HQKRU 6HQKRU 'HXV FRPSDVVLYR FOHPHQWH H ORQJkQLPR H JUDQGH HP PLVHULFyUGLD H ILGHOLGDGH TXH JXDUGD D PLVHULFyUGLD HP PLO JHUDo}HV TXH SHUGRD D LQLTXLGDGH D WUDQVJUHVVmR H R SHFDGR DLQGD TXH QmR LQRFHQWD R FXOSDGR H YLVLWD D LQLTXLGDGH GRV SDLV QRV ILOKRV H QRV ILOKRV GRV ILOKRV DWp j WHUFHLUD H 4XDUWD JHUDomR +E 'H IDWR VHP Ip p LPSRVVtYHO DJUDGDU D 'HXV SRUTXDQWR p QHFHVViULR TXH DTXHOH TXH VH DSUR[LPD GH 'HXV FUHLD TXH HOH H[LVWH H TXH VH WRUQD JDODUGRDGRU GRV TXH R EXVFDP 1H $JRUD SRLV y 'HXV QRVVR y 'HXV JUDQGH SRGHURVR H WHPtYHO TXH JXDUGDV D DOLDQoD H D PLVHULFyUGLD QmR PHQRVSUH]HV WRGD D DIOLomR TXH QRV VREUHYHLR D QyV DRV QRVVRV UHLV DRV QRVVRV SUtQFLSHV DRV QRVVRV VDFHUGRWHV DRV QRVVRV SURIHWDV DRV QRVVRV SDLV H D WRGR R WHX SRYR GHVGH RV GLDV GRV UHLV GD $VVtULD DWp DR GLD GH KRMH 3RUTXH WH pV MXVWR HP WXGR TXDQWR WHP YLQGR VREUH QyV SRLV WX ILHOPHQWH SURFHGHVWH H QyV SHUYHUVDPHQWH 6O 2V DUURJDQWHV QmR SHUPDQHFHUmR j WXD YLVWD DERUUHFHV D WRGRV TXH SUDWLFDP LQLTXLGDGH 7X GHVWUyLV RV TXH SURIHUHP PHQWLUD R 6HQKRU DERPLQD DR VDQJXLQiULR H DR IUDXGXOHQWR Ç[ TXH JXDUGD D PLVHULFyUGLD HP PLO JHUDo}HV TXH SHUGRD D LQLTXLGDGH D WUDQVJUHVVmR H R SHFDGR DLQGD TXH QmR LQRFHQWD R FXOSDGR H YLVLWD D LQLTXLGDGH GRV SDLV QRV ILOKRV H QRV ILOKRV GRV ILOKRV DWp j WHUFHLUD H 4XDUWD JHUDomR
  15. 15. 1D 2 6HQKRU p 'HXV ]HORVR H YLQJDGRU R 6HQKRU p YLQJDGRU H FKHLR GH LUD R 6HQKRU WRPD YLQJDQoD FRQWUD VHXV DGYHUViULRV H UHVHUYD LQGLJQDomR SDUD RV VHXV LQLPLJRV 2 6HQKRU p WDUGLR HP LUDUVH PDV JUDQGH HP SRGHU H MDPDLV LQRFHQWD R FXOSDGR R 6HQKRU WHP R VHX FDPLQKR QD WRUPHQWD H QD WHPSHVWDGH H DV QXYHQV VmR R Sy GRV VHXV SpV 'HXV WHP HP VL PHVPR H GH VL PHVPR WRGD D YLGD JOyULD ERQGDGH H EHP DYHQWXUDQoD 6RPHQWH HOH p DXWRVXILFLHQWH HP VL H SDUD VL PHVPR H QmR SUHFLVD GH QHQKXPD GDV FULDWXUDV TXH IH] QHP GHODV GHULYD JOyULD DOJXPD PDV VRPHQWH PDQLIHVWD QHODV SRU HODV SDUD HODV H VREUH HODV D VXD SUySULD JOyULD (OH VRPHQWH p D IRQWH GH WRGD H[LVWrQFLD GH TXHP DWUDYpV GH TXHP H SDUD TXHP VmR WRGDV DV FRLVDV WHQGR R PDLV VREHUDQR GRPtQLR VREUH WRGDV DV FULDWXUDV SDUD ID]HU SRU PHLR GHODV SDUD HODV H VREUH HODV WXGR TXDQWR OKH DJUDGH 7RGDV DV FRLVDV HVWmR DEHUWDV H PDQLIHVWDV SHUDQWH (OH R VHX FRQKHFLPHQWR p LQILQLWR LQIDOtYHO H LQGHSHQGH GD FULDWXUD GH PDQHLUD TXH SDUD (OH QDGD p FRQWLQJHQWH RX LQFHUWR (OH p VDQWtVVLPR HP WRGRV RV VHXV SHQVDPHQWRV HP WRGDV DV VXDV REUDV H HP WRGRV RV VHXV PDQGDPHQWRV $ (OH VmR GHYLGRV GD SDUWH GH DQMRV H GH KRPHQV WRGD DGRUDomR WRGR VHUYLoR H WRGD REHGLrQFLD TXH FRPR FULDWXUDV HOHV GHYHP D FULDGRU H WXGR PDLV TXH (OH VH DJUDGH HP UHTXHUHU GH VXDV FULDWXUDV MR 3RUTXH DVVLP FRPR R 3DL WHP YLGD HP VL PHVPR WDPEpP FRQFHGHX DR )LOKR WHU YLGD HP VL PHVPR 6O /RXYHP R QRPH GR 6HQKRU SRUTXH Vy R VHX QRPH p H[FHOVR D VXD PDMHVWDGH p DFLPD GD WHUUD H GR FpX 6O 7X pV ERP H ID]HV R EHP HQVLQDPH RV WHXV GHFUHWRV -y 3RUYHQWXUD VHUi R KRPHP GH DOJXP SURYHLWR D 'HXV $QWHV R ViELR p Vy ~WLO D VL PHVPR 2X WHP R 7RGR3RGHURVR LQWHUHVVH HP TXH VHMDV MXVWR RX DOJXP OXFUR HP TXH IDoDV SHUIHLWRV RV WHXV FDPLQKRV 5P 4XHP SRLV FRQKHFHX D PHQWH GR 6HQKRU RX TXHP IRL R VHX FRQVHOKHLUR 2X TXHP SULPHLUR OKH GHX D HOH SDUD TXH OKH YHQKD D VHU UHVWLWXtGR 3RUTXH GHOH H SRU PHLR GHOH H SDUD HOH VmR WRGDV DV FRXVDV $ HOH SRLV D JOyULD HWHUQDPHQWH DPpP 'Q VHUiV H[SXOVR GH HQWUH RV KRPHQV H D WXD PRUDGD VHUi FRP RV DQLPDLV GR FDPSR H GDUWHmR D FRPHU HUYDV FRPR DRV ERLV H VHUiV PROKDGR GR RUYDOKR GR FpX H SDVVDUVHmR VHWH WHPSRV SRU FLPD GH WL DWp TXH FRQKHoDV TXH R $OWtVVLPR WHP SRGHU VREUH R UHLQR GRV KRPHQV H R Gi D TXHP TXHU 0DV DR ILP GDTXHOHV GLDV HX 1DEXGRGRQRVRU OHYDQWHL RV ROKRV DR FpX WRUQRXPH D YLU R HQWHQGLPHQWR H HX EHQGLVVH R DOWtVVLPR H ORXYHL H JORULILTXHL DR TXH YLYH SDUD VHPSUH FXMR GRPtQLR p VHPSLWHUQR H FXMR UHLQR p GH JHUDomR D JHUDomR
  16. 16. 7RGRV RV PRUDGRUHV GD WHUUD VmR SRU HOH UHSXWDGRV HP QDGD H VHJXQGR D VXD YRQWDGH HOH RSHUD FRP R H[pUFLWR GR FpX H RV PRUDGRUHV GD WHUUD QmR Ki TXHP OKH SRVVD GHWHU D PmR QHP OKH GL]HU 4XH ID]HV +E ( QmR Ki FULDWXUD TXH QmR VHMD PDQLIHVWD QD VXD SUHVHQoD SHOR FRQWUiULR WRGDV DV FRXVDV HVWmR GHVFREHUWDV H SDWHQWHV DRV ROKRV GDTXHOH D TXHP WHPRV GH SUHVWDU FRQWDV (] DLX SRLV VREUH PLP R (VStULWR GR 6HQKRU H GLVVHPH IDOD $VVLP GL] R 6HQKRU $VVLP WHQGHV GLWR y FDVD GH ,VUDHO SRUTXH TXDQWR jV FRXVDV TXH YRV VXUJHP j PHQWH HX DV FRQKHoR $W GL] R 6HQKRU TXH ID] HVWDV FRXVDV FRQKHFLGDV GHVGH VpFXORV 6O -XVWR p R 6HQKRU HP WRGRV RV VHXV FDPLQKRV EHQLJQR HP WRGDV DV VXDV REUDV $S SURFODPDQGR HP JUDQGH YR] 'LJQR p R RUGHLUR TXH IRL PRUWR GH UHFHEHU R SRGHU H ULTXH]D H VDEHGRULD H IRUoD H KRQUD H JOyULD H ORXYRU (QWmR RXYL TXH WRGD FULDWXUD TXH Ki QR FpX H VREUH D WHUUD GHEDL[R GD WHUUD H VREUH R PDU H WXGR R TXH QHOHV Ki HVWDYD GL]HQGR ¬TXHOH TXH HVWi VHQWDGR QR WURQR H DR RUGHLUR VHMD R ORXYRU H D KRQUD H D JOyULD H R GRPtQLR SHORV VpFXORV GRV VpFXORV ( RV TXDWUR VHUHV YLYHQWHV UHVSRQGLDP $PpP WDPEpP RV DQFLmRV SURVWUDUDPVH H DGRUDUDP 1HVWH VHU GLYLQR H LQILQLWR Ki WUrV SHVVRDV R 3DL D 3DODYUD RX )LOKR
  17. 17. H R (VSLULWR 6DQWR GH XPD PHVPD VXEVWkQFLD LJXDO SRGHU H HWHUQLGDGH SRVVXLQGR FDGD XPD LQWHLUD HVVrQFLD GLYLQD TXH p LQGLYLVtYHO 2 3DL GH QLQJXpP p JHUDGR RX SURFHGHQWH R )LOKR p JHUDGR HWHUQDPHQWH GR 3DL R (VSLULWR 6DQWR SURFHGH GR 3DL H GR )LOKR HWHUQDPHQWH WRGRV LQILQLWRV H VHP SULQFtSLR GH H[LVWrQFLD 3RUWDQWR XP Vy 'HXV TXH QmR GHYH VHU GLYLGR HP VHX VHU RX QDWXUH]D PDV VLP GLVWLQJXLGR SHODV GLYHUVDV SURSULHGDGHV SHFXOLDUHV H UHODWLYDV H UHODo}HV SHVVRDLV (VVD GRXWULQD GD 7ULQGDGH p R IXQGDPHQWR GH WRGD D QRVVD FRPXQKmR FRP 'HXV H FRQIRUWiYHO GHSHQGrQFLD G(OH -R 3RLV Ki WUrV TXH GmR WHVWHPXQKR QR FpX R 3DL D 3DODYUD H R (VStULWR 6DQWR H HVWHV WUrV VmR XP 0W ,GH SRUWDQWR ID]HL GLVFtSXORV GH WRGDV DV QDo}HV EDWL]DQGRRV HP QRPH GR 3DL H GR )LOKR H GR (VStULWR 6DQWR R $ JUDoD GR 6HQKRU -HVXV ULVWR H R DPRU GH 'HXV H D FRPXQKmR GR (VStULWR 6DQWR VHMDP FRP WRGRV YyV Ç[ 'LVVH 'HXV D 0RLVpV (X 6RX R TXH 6RX 'LVVH PDLV $VVLP GLUiV DRV ILOKRV GH ,VUDHO (X 6RX PH HQYLRX D YyV RXWURV -R UHGHPH TXH HX HVWRX QR 3DL H R 3DL HP PLP FUHGH DR PHQRV SRU FDXVD GDV ERDV REUDV
  18. 18. R WRGDYLD SDUD QyV Ki XP Vy 'HXV R 3DL GH TXHP VmR WRGDV DV FRXVDV H SDUD TXHP H[LVWLPRV H XP Vy 6HQKRU -HVXV ULVWR SHOR TXDO VmR WRGDV DV FRXVDV H QyV WDPEpP SRU HOH -R ( R 9HUER VH ID] FDUQH H KDELWRX HQWUH QyV FKHLR GH JUDoD H GH YHUGDGH H YLPRV D VXD JOyULD JOyULD FRPR GR XQLJrQLWR GR 3DL 1LQJXpP MDPDLV YLX D 'HXV R 'HXV XQLJrQLWR TXH HVWi QR VHLR GR 3DL p TXHP R UHYHORX -R 4XDQGR SRUpP YLHU R RQVRODGRU TXH HX YRV HQYLDUHL GD SDUWH GR 3DL R (VStULWR GD YHUGDGH TXH GHOH SURFHGH HVVH GDUi WHVWHPXQKR GH PLP *O ( SRUTXH YyV VRLV ILOKRV HQYLRX 'HXV DRV QRVVRV FRUDo}HV R (VStULWR GH VHX )LOKR TXH FODPD $ED 3DL $3Ë78/2 2 '(5(72 '( '(86 'HVGH WRGD D HWHUQLGDGH 'HXV PHVPR GHFUHWRX WRGDV DV FRLVDV TXH LULDP DFRQWHFHU QR WHPSR H LVWR (OH IH] VHJXQGR R FRQVHOKR GD VXD SUySULD YRQWDGH PXLWD ViELD H PXLWR VDQWD )rOR SRUpP GH XP PRGR HP TXH 'HXV HP QHQKXP VHQWLGR p R DXWRU GR SHFDGR QHP VH WRUQD FRUHVSRQViYHO SHOR SHFDGR QHP ID] YLROrQFLD j YRQWDGH GH VXDV FULDWXUDV QHP LPSHGH D OLYUH DomR GDV FDXVDV VHFXQGiULDV RX FRQWLQJHQWHV 3HOR FRQWUiULR HVWDV FDXVDV VHFXQGiULDV VmR FRQILUPDGDV H HP WXGR LVVR DSDUHFH D VDEHGRULD GH 'HXV HP GLVSRU GH WRGDV DV FRLVDV H R VHX SRGHU H ILGHOLGDGH HP ID]HU FXPSULU VHX GHFUHWR ,V TXH GHVGH R SULQFtSLR DQXQFLR R TXH Ki GH DFRQWHFHU H GHVGH D DQWLJLGDGH DV FRXVDV TXH DLQGD QmR VXFHGHUDP TXH GLJR 2 PHX FRQVHOKR SHUPDQHFHUi GH Sp IDUHL WRGD D PLQKD YRQWDGH (I QHOH GLJR QR TXDO IRPRV WDPEpP IHLWRV KHUDQoD SUHGHVWLQDGRV VHJXQGR R SURSyVLWR GDTXHOH TXH ID] WRGDV DV FRXVDV FRQIRUPH R FRQVHOKR GD VXD YRQWDGH +E 3RU LVVR 'HXV TXDQGR TXLV PRVWUDU PDLV ILUPHPHQWH DRV KHUGHLURV GD SURPHVVD D LPXWDELOLGDGH GR VHX SURSyVLWR VH LQWHUS{V FRP MXUDPHQWR 5P 3RLV HOH GL] D 0RLVpV 7HUHL PLVHULFyUGLD GH TXHP PH DSURXYHU WHU PLVHULFyUGLD H FRPSDGHFHUPHHL GH TXHP PH DSURXYHU WHU FRPSDL[mR /RJR WHP HOH PLVHULFyUGLD GH TXHP TXHU H WDPEpP HQGXUHFH D TXHP OKH DSUD] 7J 1LQJXpP DR VHU WHQWDGR GLJD 6RX WHQWDGR SRU 'HXV SRUTXH 'HXV QmR SRGH VHU WHQWDGR SHOR PDO H HOH PHVPR D QLQJXpP WHQWD -R 2UD D PHQVDJHP TXH GD SDUWH GHOH WHPRV RXYLGR H YRV DQXQFLDPRV p HVWD TXH 'HXV p OX] H QmR Ki QHOH WUHYD DOJXPD $W SRUTXH YHUGDGHLUDPHQWH VH DMXQWDUDP QHVWD FLGDGH FRQWUD R WHX VDQWR 6HUYR -HVXV DR TXDO XQJLVWH +HUyGHV H 3{QFLR 3LODWRV FRP JHQWLRV H R SRYR GH ,VUDHO
  19. 19. SDUD ID]HUHP WXGR R TXH D WXD PmR H R WHX SURSyVLWR SUHGHWHUPLQDUDP -R 5HVSRQGHX -HVXV 1HQKXPD DXWRULGDGH WHULDV VREUH PLP VH GH FLPD QmR WH IRVVH GDGD SRU LVVR TXHP PH HQWUHJRX D WL PDLRU SHFDGR WHP 1P 'HXV QmR p KRPHP SDUD TXH PLQWD QHP ILOKR GR KRPHP SDUD TXH VH DUUHSHQGD 3RUYHQWXUD WHQGR HOH SURPHWLGR QmR R IDUi RX WHQGR IDODGR QmR R FXPSULUi (I %HQGLWR R 'HXV H 3DL GH QRVVR 6HQKRU -HVXV ULVWR TXH QRV WHP DEHQoRDGR FRP WRGD VRUWH GH EHQomR HVSLULWXDO QDV UHJL}HV FHOHVWLDLV HP ULVWR DVVLP FRPR QRV HVFROKHX QHOH DQWHV GD IXQGDomR GR PXQGR SDUD VHUPRV VDQWRV H LUUHSUHHQVtYHLV SHUDQWH HOH H HP DPRU QRV SUHGHVWLQRX SDUD HOH SDUD D DGRomR GH ILOKRV SRU PHLR GH -HVXV ULVWR VHJXQGR R EHQHSOiFLWR GH VXD YRQWDGH (PERUD 'HXV VDLED WXGR TXDQWR SRGH RX SRGHUi DFRQWHFHU HP WRGDV DV FRQGLo}HV SRVVtYHLV (OH QDGD GHFUHWRX SRU FDXVD GR VHX FRQKHFLPHQWR SUpYLR GR IXWXUR RX GDTXLOR TXH YLULD D DFRQWHFHU HP GHWHUPLQDGD VLWXDomR $W GL] R 6HQKRU TXH ID] HVWDV FRXVDV FRQKHFLGDV GHVGH VpFXORV 5P ( DLQGD QmR HUDP RV JrPHRV QDVFLGRV QHP WLQKDP SUDWLFDGR R EHP RX R PDO SDUD TXH R SURSyVLWR GH 'HXV TXDQWR j HOHLomR SUHYDOHFHVVH QmR SRU REUDV PDV SRU DTXHOH TXH FKDPD
  20. 20. RPR HVWi HVFULWR $PHL D -DFy SRUpP PH DERUUHFL GH (VD~ $VVLP SRLV QmR GHSHQGH GH TXHP TXHU RX GH TXHP FRUUH PDV GH XVDU 'HXV D VXD PLVHULFyUGLD /RJR WHP HOH PLVHULFyUGLD GH TXHP TXHU H WDPEpP HQGXUHFH D TXHP OKH DSUD] 3HOR GHFUHWR H SDUD PDQLIHVWDomR GD JOyULD GH 'HXV DOJXQV KRPHQV H DOJXQV DQMRV VmR SUHGHVWLQDGRV RX SUHRUGHQDGRV
  21. 21. SDUD D YLGD HWHUQD DWUDYpV GH -HVXV ULVWR SDUD ORXYRU GD VXD JUDoD JORULRVD 2V GHPDLV VmR GHL[DGRV HP VHX SHFDGR DJLQGR SDUD VXD SUySULD H MXVWD FRQGHQDomR H LVWR SDUD ORXYRU GD MXVWLoD JORULRVD GH 'HXV 7P RQMXURWH SHUDQWH 'HXV H ULVWR -HVXV H RV DQMRV HOHLWRV TXH JXDUGHV HVWHV FRQVHOKRV VHP SUHYHQomR QDGD ID]HQGR FRP SDUFLDOLGDGH 0W HQWmR GLUi R 5HL DRV TXH HVWLYHUHP j VXD GLUHLWD 9LQGH EHQGLWRV GH PHX 3DL HQWUDL QD SRVVH GR UHLQR TXH YRV HVWi SUHSDUDGR GHVGH D IXQGDomR GR PXQGR (I QRV SUHGHVWLQRX SDUD HOH SDUD DGRomR GH ILOKRV SRU PHLR GH -HVXV ULVWR VHJXQGR R EHQHSOiFLWR GH VXD YRQWDGH SDUD ORXYRU GD JOyULD GH VXD JUDoD TXH HOH QRV FRQFHGHX JUDWXLWDPHQWH QR $PDGR
  22. 22. 5P 4XH GLUHPRV SRLV VH 'HXV TXHUHQGR PRVWUDU D VXD LUD H GDU D FRQKHFHU R VHX SRGHU VXSRUWRX FRP PXLWD ORQJDQLPLGDGH RV YDVRV GH LUD SUHSDUDGRV SDUD D SHUGLomR D ILP GH TXH WDPEpP GHVVH D FRQKHFHU DV ULTXH]DV GD VXD JOyULD HP YDVRV GH PLVHULFyUGLD TXH SDUD JOyULD SUHSDURX GH DQWHPmR -G 3RLV FHUWRV LQGLYtGXRV VH LQWURGX]LUDP FRP GLVVLPXODomR RV TXDLV GHVGH PXLWR IRUDP DQWHFLSDGDPHQWH SURQXQFLDGRV SDUD HVWD FRQGHQDomR KRPHQV tPSLRV TXH WUDQVIRUPDP HP OLEHUWLQDJHP D JUDoD GH QRVVR 'HXV H QHJDP R QRVVR ~QLFR 6REHUDQR H 6HQKRU -HVXV ULVWR 2V DQMRV H KRPHQV SUHGHVWLQDGRV RX SUHRUGHQDGRV
  23. 23. HVWmR GHVLJQDGRV GH IRUPD SDUWLFXODU H LPXWiYHO H R VHX Q~PHUR p WmR FHUWR H GHILQLGR TXH QmR SRGH VHU DXPHQWDGR RX GLPLQXtGR 7P (QWUHWDQWR R ILUPH IXQGDPHQWR GH 'HXV SHUPDQHFH WHQGR HVWH VHOR 2 6HQKRU FRQKHFH RV TXH OKH SHUWHQFHP ( PDLV DSDUWHVH GD LQMXVWLoD WRGR DTXHOH TXH SURIHVVD R QRPH GR 6HQKRU -R 1mR IDOR D UHVSHLWR GH WRGRV YyV SRLV HX FRQKHoR DTXHOHV TXH HVFROKL p DQWHV SDUD TXH VH FXPSULVVH D (VFULWXUD $TXHOH TXH FRPH GR PHX SmR OHYDQWRX FRQWUD PLP R VHX FDOFDQKDU 'HQWUH D KXPDQLGDGH DTXHOHV TXH VmR SUHGHVWLQDGRV SDUD D YLGD 'HXV RV HVFROKHX HP ULVWR SDUD JOyULD HWHUQD H LVWR GH DFRUGR FRP R VHX SURSyVLWR HWHUQR H LPXWiYHO SHOR FRQVHOKR VHFUHWR H SHOR EHQHSOiFLWR GD VXD YRQWDGH DQWHV GD IXQGDomR GR PXQGR DSHQDV SRU VXD OLYUH JUDoD H DPRU QDGD KDYHQGR HP VXDV FULDWXUDV TXH VHUYLVVH FRPR FDXVD RX FRQGLomR SDUD HVVD HVFROKD (I DVVLP FRPR QRV HVFROKHX QHOH DQWHV GD IXQGDomR GR PXQGR SDUD VHUPRV VDQWRV H LUUHSUHHQVtYHLV SHUDQWH HOH H HP DPRU GHVYHQGDQGRQRV R PLVWpULR GD VXD YRQWDGH VHJXQGR R VHX EHQHSOiFLWR TXH SURSXVHUD HP ULVWR 1HOH GLJR QR TXDO WDPEpP IRPRV IHLWRV KHUDQoD SUHGHVWLQDGRV VHJXQGR R SURSyVLWR GDTXHOH TXH ID] WRGDV DV FRXVDV FRQIRUPH R FRQVHOKR GD VXD YRQWDGH 5P ( DRV TXH SUHGHVWLQRX D HVWHV WDPEpP FKDPRX H DRV TXH FKDPRX D HVVHV WDPEpP MXVWLILFRX H DRV TXH MXVWLILFRX D HVVHV WDPEpP JORULILFRX WP TXH QRV VDOYRX H QRV FKDPRX FRP VDQWD YRFDomR QmR VHJXQGR DV QRVVDV REUDV PDV FRQIRUPH D VXD SUySULD GHWHUPLQDomR H JUDoD TXH QRV IRL GDGD HP ULVWR -HVXV DQWHV GRV WHPSRV HWHUQRV WV SRUTXH 'HXV QmR QRV GHVWLQRX SDUD D LUD PDV SDUD DOFDQoDU D VDOYDomR PHGLDQWH QRVVR 6HQKRU -HVXV ULVWR 5P RPR HVWi HVFULWR $PHL -DFy SRUpP PH DERUUHFL GH (VD~ $VVLP SRLV QmR GHSHQGH GH TXHP TXHU RX GH TXHP FRUUH PDV GH XVDU 'HXV D VXD PLVHULFyUGLD
  24. 24. (I H HVWDQGR QyV PRUWRV HP QRVVRV GHOLWRV QRV GHX YLGD MXQWDPHQWH FRP ULVWR ² SHOD JUDoD VRLV VDOYRV QDTXHOH WHPSR HVWiYHLV VHP ULVWR VHSDUDGRV GD FRPXQLGDGH GH ,VUDHO H HVWUDQKRV jV DOLDQoDV GD SURPHVVD QmR WHQGR HVSHUDQoD H VHP 'HXV QR PXQGR 'HXV QmR DSHQDV GHVLJQRX RV HOHLWRV SDUD JOyULD GH DFRUGR FRP R SURSyVLWR HWHUQR H H[SRQWkQHR GD VXD YRQWDGH PDV WDPEpP SUHRUGHQRX WRGRV RV PHLRV SHORV TXDLV R VHX SURSyVLWR VHUi HIHWLYDGR 3RU LVVR RV HOHLWRV DFKDQGRVH FDtGRV HP $GmR VmR UHGLPLGRV HP ULVWR H FKDPDGRV HILFD]PHQWH SDUD D Ip Q(OH SHOD DomR GR (VStULWR 6DQWR H QR VHX GHYLGR WHPSR H VmR MXVWLILFDGRV DGRWDGRV VDQWLILFDGRV H JXDUGDGRV SHOR SRGHU GH 'HXV PHGLDQWH D Ip SDUD VDOYDomR 1LQJXpP PDLV p UHGLPLGR SRU ULVWR FKDPDGR HILFD]PHQWH MXVWLILFDGR DGRWDGR VDQWLILFDGR H VDOYR VHQmR XQLFDPHQWH RV HOHLWRV 3H HOHLWRV VHJXQGR D SUHVFLrQFLD GH 'HXV 3DL HP VDQWLILFDomR GR (VStULWR SDUD D REHGLrQFLD H D DVSHUVmR GR VDQJXH GH -HVXV ULVWR *UDoD H SD] YRV VHMDP PXOWLSOLFDGDV 7V (QWUHWDQWR GHYHPRV VHPSUH GDU JUDoDV D 'HXV SRU YyV LUPmRV DPDGRV SHOR 6HQKRU SRU LVVR TXH 'HXV YRV HVFROKHX GHVGH R SULQFtSLR SDUD VDOYDomR SHOD VDQWLILFDomR GR (VStULWR H Ip QD YHUGDGH 7V SRUTXH 'HXV QmR QRV GHVWLQRX SDUD LUD PDV SDUD DOFDQoDU D VDOYDomR PHGLDQWH QRVVR 6HQKRU -HVXV ULVWR TXH PRUUHX SRU QyV SDUD TXH TXHU YLJLHPRV TXHU GXUPDPRV YLYDPRV HP XQLmR FRP HOH 5P ( DRV TXH SUHGHVWLQRX D HVVHV WDPEpP FKDPRX H DRV TXH FKDPRX D HVVHV WDPEpP MXVWLILFRX H DRV TXH MXVWLILFRX D HVVHV WDPEpP JORULILFRX 7V (QWUHWDQWR GHYHPRV VHPSUH GDU JUDoDV D 'HXV SRU YyV LUPmRV DPDGRV SHOR 6HQKRU SRU LVVR TXH 'HXV YRV HVFROKHX GHVGH R SULQFtSLR SDUD D VDOYDomR SHOD VDQWLILFDomR GR (VStULWR H Ip QD YHUGDGH 3H TXH VRLV JXDUGDGRV SHOR SRGHU GH 'HXV PHGLDQWH D Ip SDUD D VDOYDomR SUHSDUDGD SDUD UHYHODUVH QR ~OWLPR WHPSR -R 0DV YyV QmR FUHGHV SRUTXH QmR VRLV GDV PLQKDV RYHOKDV -R e SRU HOHV TXH HX URJR QmR URJR SHOR PXQGR PDV SRU DTXHOHV TXH PH GHVWH SRUTXH VmR WHXV -R RQWXGR Ki GHVFUHQWHV HQWUH YyV 3RLV -HVXV VDELD GHVGH R SULQFtSLR TXDLV HUDP RV TXH QmR FULDP H TXHP R KDYLD GH WUDLU (VWH DOWR PLVWpULR GD SUHGHVWLQDomR GHYH VHU WUDWDGR FRP HVSHFLDO SUXGrQFLD H FXLGDGR SDUD TXH RV KRPHQV DWHQWDQGR SDUD D YRQWDGH GH 'HXV UHYHODGD HP VXD 3DODYUD H SUHVWDQGROKH REHGLrQFLD SRVVDP DVVHJXUDUVH GH VXD HOHLomR HWHUQD SHOD FRPSURYDomR GH VXD FKDPDGD HILFD] 6HUi GHVVH PRGR TXH D GRXWULQD GD SUHGHVWLQDomR SURPRYHUi ORXYRU UHYHUrQFLD H DGPLUDomR D 'HXV EHP FRPR KXPLOGDGH
  25. 25. GLOLJrQFLD H FRQVRODomR DEXQGDQWH SDUD WRGRV RV TXH REHGHFHP VLQFHUDPHQWH DR HYDQJHOKR 7V UHFRQKHFHQGR LUPmRV DPDGRV GH 'HXV D YRVVD HOHLomR SRUTXH R QRVVR HYDQJHOKR QmR FKHJRX DWp YyV WmRVRPHQWH HP SDODYUD PDV VREUHWXGR HP SRGHU QR (VStULWR 6DQWR H HP SOHQD FRQYLFomR DVVLP FRPR VDEHLV 7HU VLGR R QRVVR SURFHGLPHQWR HQWUH YyV H SRU DPRU GH YyV 3H 3RU LVVR LUPmRV SURFXUDL FRP GLOLJrQFLD FDGD YH] PDLRU FRQILUPDU D YRVVD YRFDomR H HOHLomR SRUTXDQWR DVVLP QmR WURSHoDUHLV HP WHPSR DOJXP (I SDUD ORXYRU GD JOyULD GD VXD JUDoD TXH HOH QRV FRQFHGHX JUDWXLWDPHQWH QR $PDGR 5P Ï SURIXQGLGDGH GD ULTXH]D WDQWR GD VDEHGRULD FRPR GR FRQKHFLPHQWR GH 'HXV 4XmR LQVRQGiYHLV VmR RV VHXV MXt]RV H TXmR LQHVFUXWiYHLV RV VHXV FDPLQKRV 5P $VVLP SRLV WDPEpP DJRUD QR WHPSR GH KRMH VREUHYLYH XP UHPDQHVFHQWH VHJXQGR D HOHLomR GD JUDoD ( VH p SHOD JUDoD Mi QmR p SHODV REUDV GR FRQWUiULR D JUDoD Mi QmR p JUDoD %HP SHOD VXD LQFUHGXOLGDGH IRUDP TXHEUDGRV WX SRUpP PHGLDQWH D Ip HVWiV ILUPH 1mR WH HQVREHUEHoDV PDV WHPH /F 1mR REVWDQWH DOHJUDLYRV QmR SRUTXH RV HVStULWRV VH YRV VXEPHWHP H VLP SRUTXH RV YRVVRV QRPHV HVWmR DUURODGRV QRV FpXV $3Ë78/2 $ 5,$d­2 1R SULQFtSLR DSURXYH DR 'HXV WULXQR 3DL )LOKR H (VStULWR 6DQWR
  26. 26. SDUD PDQLIHVWDomR GD JOyULD GR VHX SRGHU VDEHGRULD H ERQGDGH HWHUQDLV FULDU RX ID]HU R PXQGR H WRGDV DV FRLVDV TXH QHOH H[LVWHP WDQWR YLVtYHLV FRPR LQYLVtYHLV QR HVSDoR GH VHLV GLDV H WXGR PXLWR ERP -R (OH HVWDYD QR SULQFtSLR FRP 'HXV 7RGDV DV FRLVDV IRUDP IHLWDV SRU LQWHUPpGLR 'HOH H VHP (OH QDGD GR TXH IRL IHLWR VH IH] +E QHVWHV ~OWLPRV GLDV QRV IDORX SHOR )LOKR D TXHP FRQVWLWXLX KHUGHLUR GH WRGDV DV FRLVDV SHOR TXDO WDPEpP IH] R XQLYHUVR -y 3HOR VHX VRSUR DFODUD RV FpXV D VXD PmR IHUH R GUDJmR YHOR] UP 3RUTXH RV DWULEXWRV LQYLVtYHLV GH 'HXV DVVLP R VHX HWHUQR SRGHU FRPR WDPEpP D VXD SUySULD GLYLQGDGH FODUDPHQWH VH UHFRQKHFHP GHVGH R SULQFtSLR GR PXQGR VHQGR SHUFHELGRV SRU PHLR GDV FRLVDV TXH IRUDP FULDGDV 7DLV KRPHQV VmR SRU LVVR LQGHVFXOSiYHLV O 3RLV QHOH IRUDP FULDGDV WRGDV DV FRLVDV QRV FpXV H VREUH D WHUUD DV YLVtYHLV H DV LQYLVtYHLV VHMDP WURQRV VHMDP VREHUDQLDV TXHU SULQFLSDGRV TXHU SRWHVWDGHV 7XGR IRL FULDGR SRU PHLR GHOH H SDUD HOH
  27. 27. *Q 9LX 'HXV WXGR TXDQWR IL]HUD H HLV TXH HUD PXLWR ERP +RXYH WDUGH H PDQKD R VH[WR GLD 'HSRLV GH WHU IHLWR WRGDV DV GHPDLV FULDWXUDV 'HXV FULRX R VHU KXPDQR KRPHP H PXOKHU GRWDGRV GH XPD DOPD UDFLRQDO H LPRUWDO ( RV DGHTXRX SHUIHLWDPHQWH SDUD D YLGD SDUD 'HXV SDUD D TXDO IRUDP FULDGRV WHQGR VLGR IHLWRV VHJXQGR D LPDJHP GH 'HXV HP FRQKHFLPHQWR UHWLGmR H YHUGDGHLUD VDQWLGDGH SRVVXLQGR D OHL GH 'HXV LQVFULWD HP VHXV FRUDo}HV H R SRGHU SDUD FXPSULOD 1R HQWDQWR KDYLD D SRVVLELOLGDGH GH WUDQVJUHVVmR SRLV IRUDP GHL[DGRV QD OLEHUGDGH H VXD SUySULD YRQWDGH D TXDO HVWDYD VXMHLWD D PXGDQoDV *Q ULRX 'HXV SRLV R KRPHP j VXD LPDJHP j LPDJHP GH 'HXV R FULRX KRPHP H PXOKHU RV FULRX *Q (QWmR IRUPRX R 6HQKRU 'HXV DR KRPHP GR Sy GD WHUUD H OKH VRSURX QDV QDULQDV R I{OHJR GD YLGD H R KRPHP SDVVRX D VHU DOPD YLYHQWH (F (LV TXH WmRVRPHQWH DFKHL TXH 'HXV IH] R KRPHP UHWR PDV HOH VH PHWHX HP PXLWDV DVW~FLDV *Q 7DPEpP GLVVH 'HXV )DoDPRV R KRPHP j QRVVD LPDJHP FRQIRUPH D QRVVD VHPHOKDQoD WHQKD HOH GRPtQLR VREUH RV SHL[HV GR PDU VREUH DV DYHV GRV FpXV VREUH RV DQLPDLV GRPpVWLFRV H VREUH WRGD D WHUUD H VREUH WRGRV RV UpSWHLV TXH UDVWHMDP SHOD WHUUD 5P 4XDQGR SRLV RV JHQWLRV TXH QmR WrP OHL SURFHGHP SRU QDWXUH]D GH FRQIRUPLGDGH FRP D OHL QmR WHQGR OHL VHUYHP HOHV GH OHL SDUD VL PHVPRV (VWHV PRVWUDP D QRUPD GD OHL JUDYDGD HP VHXV FRUDo}HV WHVWHPXQKDGROKHV WDPEpP D FRQVFLrQFLD H RV VHXV SHQVDPHQWRV PXWXDPHQWH DFXVDQGRVH RX GHIHQGHQGRVH *Q 9HQGR D PXOKHU TXH D DUYRUH HUD ERD SDUD VH FRPHU DJUDGiYHO DRV ROKRV H DUYRUH GHVHMiYHO SDUD GDU HQWHQGLPHQWR WRPRXOKH GR IUXWR H FRPHX H GHX WDPEpP DR PDULGR H HOH FRPHX 2V $ WXD UXtQD y ,VUDHO YHP GH WL H Vy GH 0LP R WHX VRFRUUR $OpP GH WHUHP D OHL GH 'HXV HVFULWD HP VHXV FRUDo}HV HOHV WDPEpP UHFHEHUDP D RUGHP GH QmR FRPHUHP GD iUYRUH GD FLrQFLD GR EHP H GR PDO HQTXDQWR REHGHFHUDP D HVVH SUHFHLWR IRUDP IHOL]HV HP VXD FRPXQKmR FRP 'HXV H WLYHUDP GRPtQLR VREUH WRGDV DV FULDWXUDV *Q PDV GD iUYRUH GR FRQKHFLPHQWR GR EHP H GR PDO QmR FRPHUiV SRUTXH QR GLD HP TXH GHOD FRPHUHV FHUWDPHQWH PRUUHUiV *Q 7DPEpP GLVVH 'HXV )DoDPRV R KRPHP j QRVVD LPDJHP FRQIRUPH D QRVVD VHPHOKDQoD WHQKD HOH GRPtQLR VREUH RV SHL[HV GR PDU VREUH DV DYHV GRV FpXV VREUH RV DQLPDLV GRPpVWLFRV H VREUH WRGD D WHUUD H VREUH WRGRV RV UpSWHLV TXH UDVWHMDP SHOD WHUUD ULRX 'HXV SRLV R KRPHP j VXD LPDJHP j LPDJHP GH 'HXV R FULRX KRPHP H PXOKHU RV FULRX
  28. 28. $3Ë78/2 $ 3529,'Ç1,$ ',9,1$ 'HXV R ERP FULDGRU GH WRGDV DV FRLVDV HP VHX SRGHU H VDEHGRULD LQILQLWRV PDQWpP GLULJH GLVS}H GH H JRYHUQD WRGDV DV FULDWXUDV H FRLVDV GHVGH DV PDLRUHV DWp jV PtQLPDV SHOD VXD PXLWR ViELD H PXLWR VDQWD SURYLGrQFLD SDUD TXH FXPSUDP FRP D ILQDOLGDGH SDUD D TXDO IRUDP FULDGDV ,VVR p IHLWR GH DFRUGR FRP D LQIDOtYHO SUHVFLrQFLD GH 'HXV H R FRQVHOKR OLYUH H LPXWiYHO GDV VXD SUySULD YRQWDGH SDUD R ORXYRU GD JOyULD GH VXD VDEHGRULD SRGHU MXVWLoD ERQGDGH LQILQLWD H PLVHULFyUGLD +E (OH TXH p R UHVSOHQGRU GD JOyULD H D H[SUHVVmR H[DWD GR VHX 6HU VXVWHQWDQGR WRGDV DV FRLVDV SHOD SDODYUD GR VHX SRGHU GHSRLV GH WHU IHLWR D SXULILFDomR GRV SHFDGRV DVVHQWRXVH j GLUHLWD GD 0DMHVWDGH QDV DOWXUDV -y H GLVVH $Wp DTXL YLUiV H QmR PDLV DGLDQWH H DTXL VH TXHEUDUi R RUJXOKR GDV WXDV RQGDV ,V TXH GHVGH R SULQFtSLR DQXQFLR R TXH Ki GH DFRQWHFHU H GHVGH D DQWLJLGDGH DV FRXVDV TXH DLQGD QmR VXFHGHUDP TXH GLJR 2 PHX FRQVHOKR SHUPDQHFHUi GH Sp IDUHL WRGD D PLQKD YRQWDGH TXH FKDPR D DYH GH UDSLQD GHVGH R RULHQWH H GH XPD WHUUD ORQJtQTXD R KRPHP GR PHX FRQVHOKR (X R GLVVH HX WDPEpP R FXPSULUHL WRPHL HVWH SURSyVLWR WDPEpP R H[HFXWDUHL 6O 7XGR TXDQWR DSURXYH DR 6HQKRU HOH R IH] QRV FpXV H QD WHUUD QR PDU H HP WRGRV RV DELVPRV 0W 1mR VH YHQGHP GRLV SDUGDLV SRU XP DVVH H QHQKXP GHOHV FDLUi HP WHUUD VHP R FRQVHQWLPHQWR GH YRVVR 3DL ( TXDQWR D YyV RXWURV DWp RV FDEHORV WRGRV GD FDEHoD HVWmR FRQWDGRV 1mR WHPDLV SRLV %HP PDLV YDOHLV YyV GR TXH PXLWRV SDUGDLV (I QHOH GLJR QR TXDO IRPRV WDPEpP IHLWRV KHUDQoD SUHGHVWLQDGRV VHJXQGR R SURSyVLWR GDTXHOH TXH ID] WRGDV DV FRXVDV FRQIRUPH R FRQVHOKR GD VXD YRQWDGH (P UHODomR j SUHVFLrQFLD H DR GHFUHWR GH 'HXV TXH p D FDXVD SULPiULD GH WXGR
  29. 29. WRGDV DV FRLVDV DFRQWHFHP LPXWiYHO H LQIDOLYHOPHQWH GH PDQHLUD TXH QDGD VXFHGH SRU DFDVR RX IRUD GD SURYLGrQFLD GH 'HXV 1R HQWDQWR SRU HVWD PHVPD SURYLGrQFLD 'HXV GLULJH RV DFRQWHFLPHQWRV SRU PHLR GH FDXVDV VHFXQGiULDV TXH RSHUDP OLYUHPHQWH RX FRPR OHLV IL[DV RX SRU LQWHUGHSHQGrQFLD $W VHQGR HVWH HQWUHJXH SHOR GHWHUPLQDGR GHVtJQLR H SUHVFLrQFLD GH 'HXV YyV R PDWDVWH FUXFLILFDQGRR SRU PmRV GH LQtTXRV 3Y $ VRUWH VH ODQoD QR UHJDoR PDV GR 6HQKRU SURFHGH WRGD GHFLVmR *Q (QTXDQWR GXUDU D WHUUD QmR GHL[DUi GH KDYHU VHPHQWHLUD H FHLID IULR H FDORU YHUmR H LQYHUQR GLD H QRLWH
  30. 30. 1RUPDOPHQWH 'HXV ID] XVR GH PHLRV HP VXD SURYLGrQFLD PDV p OLYUH SDUD RSHUDU VHP DFLPD GH H FRQWUD RV PHLRV RUGLQiULRV VHJXQGR EHP HQWHQGD $W GLVVH 3DXOR DR FHQWXULmR H DRV VROGDGRV 6H HVWHV QmR SHUPDQHFHUHP D ERUGR YyV QmR SRGHUHLV VDOYDUYRV 4XDQWR DRV GHPDLV TXH VH VDOYDVVHP XQV HP WiEXDV H RXWURV HP GHVWURoRV GR QDYLR ( IRL DVVLP TXH WRGRV VH VDOYDUDP HP WHUUD ,V 3RUTXH DVVLP FRPR GHVFHP D FKXYD H D QHYH GRV FpXV H SDU Oi QmR WRUQDP VHP TXH SULPHLUR UHJXHP D WHUUD H D IHFXQGHP H D IDoDP EURWDU SDUD GDU VHPHQWH DR VHPHDGRU H SmR DR TXH FRPH DVVLP VHUi D SDODYUD TXH VDLU GD PLQKD ERFD QmR YROWDUi SDUD PLP YD]LD PDV IDUi R TXH PH DSUD] H SURVSHUDUi QDTXLOR SDUD TXH D GHVLJQHL 2V 3RUpP GD FDVD GH -XGi PH FRPSDGHFHUHL H RV VDOYDUHL SHOR 6HQKRU VHX 'HXV SRLV QmR RV VDOYDUHL SHOR DUFR QHP SHOD HVSDGD QHP SHOD JXHUUD QHP SHORV FDYDORV QHP SHORV FDYDOHLURV 5P ( VHP HQIUDTXHFHU QD Ip HPERUD OHYDVVH HP FRQWD R VHX SUySULR FRUSR DPRUWHFLGR VHQGR Mi GH FHP DQRV H D LGDGH DYDQoDGD GH 6DUD QmR GXYLGRX GD SURPHVVD GH 'HXV SRU LQFUHGXOLGDGH PDV SHOD Ip VH IRUWDOHFHX GDQGR JOyULD D 'HXV HVWDQGR SOHQDPHQWH FRQYLFWR GH TXH HOH HUD SRGHURVR SDUD FXPSULU R TXH SURPHWHUD 'Q $MXQWDUDPVH RV ViWUDSDV RV SUHIHLWRV RV JRYHUQDGRUHV H FRQVHOKHLURV GR UHL H YLUDP TXH R IRJR QmR WHYH SRGHU DOJXP VREUH RV FRUSRV GHVWHV KRPHQV QHP IRUDP FKDPXVFDGRV RV FDEHORV GD VXD FDEHoD QHP RV VHXV PDQWRV VH PXGDUDP QHP FKHLUR GH IRJR SDVVDUD VREUH HOHV $ RQLSRWrQFLD D VDEHGRULD LQHVFUXWiYHO H D LQILQLWD ERQGDGH GH 'HXV VH PDQLIHVWDP QD SURYLGrQFLD GH XP PRGR WmR DEUDQJHQWH TXH R VHX FRQVHOKR GHWHUPLQDGR VH HVWHQGH DWp PHVPR j TXHGD QR SHFDGR H D WRGRV RV RXWURV DWRV SHFDPLQRVRV VHMDP GH KRPHQV RX GH DQMRV ,VWR HQYROYH PDLV GR TXH XPD PHUD SHUPLVVmR SRUTXH 'HXV PXLWR ViELD H PXLWR SRGHURVDPHQWH OLPLWD UHJXOD H JRYHUQD RV DWRV SHFDPLQRVRV HP XPD GLVSHQVDomR PXOWLIRUPH DWHQGHQGR DRV VDQWRV GHVtJQLRV GH 'HXV 0HVPR DVVLP D SHFDPLQRVLGDGH GHVVHV DWRV SURFHGH GDV FULDWXUDV H QmR GH 'HXV TXH VHQGR PXLWR VDQWR H PXLWR MXVWR QmR p QHP SRGH VHU R DXWRU GR SHFDGR H QHP SRGH DSURYiOR 5P 3RUTXH 'HXV D WRGRV HQFHUURX QD GHVREHGLrQFLD D ILP GH XVDU GH PLVHULFyUGLD SDUD FRP WRGRV Ï SURIXQGLGDGH GD ULTXH]D WDQWR GD VDEHGRULD FRPR GR FRQKHFLPHQWR GH 'HXV 4XmR LQVRQGiYHLV VmR RV VHXV MXt]RV H TXmR LQHVFUXWiYHLV RV VHXV FDPLQKRV 4XHP SRLV FRQKHFHX D PHQWH GR 6HQKRU RX TXHP IRL R VHX FRQVHOKHLUR 6P 7RUQRX D LUD GR 6HQKRU D DFHQGHUVH FRQWUD RV LVUDHOLWDV H (OH LQFLWRX D 'DYL FRQWUD HOHV GL]HQGR 9DL OHYDQWD R FHQVR GH ,VUDHO H GH -XGi U (QWmR 6DWDQiV VH OHYDQWRX FRQWUD ,VUDHO H LQFLWRX D 'DYL D OHYDQWDU R FHQVR GH ,VUDHO
  31. 31. 5V 3RU FDXVD GR WHX IXURU FRQWUD PLP H SRUTXH D WXD DUURJkQFLD VXELX DWp DRV PHXV RXYLGRV HLV TXH SRUHL R PHX DQ]RO QR WHX QDUL] H R PHX IUHLR QD WXD ERFD H WH IDUHL YROWDU SHOR FDPLQKR SRU RQGH YLHVWH 6O 3RLV DWp D LUD KXPDQD Ki GH ORXYDUWH H GR UHVtGXR GDV LUDV WH FLQJHV *Q 9yV QD YHUGDGH LQWHQWDVWHV R PDO FRQWUD PLP SRUpP 'HXV R WRUQRX HP EHP SDUD ID]HU FRPR YHGHV DJRUD TXH VH FRQVHUYH PXLWD JHQWH HP YLGD ,V (QYLRD FRQWUD XPD QDomR tPSLD H FRQWUD R SRYR GD PLQKD LQGLJQDomR OKH GRX RUGHQV SDUD TXH GHOH URXEH D SUHVD H OKH WRPH R GHVSRMR H R SRQKD SDUD VHU SLVDGR DRV SpV FRPR D ODPD GDV UXDV (OD SRUpP DVVLP QmR SHQVD R VHX FRUDomR QmR HQWHQGH DVVLP DQWHV LQWHQWD FRQVLJR PHVPD GHVWUXLU H GHVDUUDLJDU QmR SRXFDV QDo}HV 3RU LVVR DFRQWHFHUi TXH KDYHQGR R 6HQKRU DFDEDGR WRGD D VXD REUD QR PRQWH 6LmR H HP -HUXVDOpP HQWmR FDVWLJDUi D DUURJkQFLD GR FRUDomR GR UHL GD $VVtULD H D GHVPHGLGD DOWLYH] GRV VHXV ROKRV 6O 7HQV IHLWR HVWDV FRXVDV H HX PH FDOHL SHQVDYDV TXH HX HUD WHX LJXDO PDV HX WH DUJLUHL H SRUHL WXGR j YLVWD -R SRUTXH WXGR TXH Ki QR PXQGR D FRQFXSLVFrQFLD GD FDUQH D FRQFXSLVFrQFLD GRV ROKRV H D VREHUED GD YLGD QmR SURFHGH GR 3DL PDV SURFHGH GR PXQGR 'HXV TXH p PXLWR ViELR MXVWR H JUDFLRVR PXLWDV YH]HV GHL[D RV VHXV SUySULRV ILOKRV HQWUHJXHV D YiULDV WHQWDo}HV H j FRUUXSomR GH VHXV SUySULRV FRUDo}HV SRU DOJXP WHPSR SDUD FDVWLJiORV SRU DQWLJRV SHFDGRV RX SDUD PRVWUDUOKHV R SRGHU RFXOWR GD FRUUXSomR H GR GROR HP VHXV FRUDo}HV D ILP GH TXH VH KXPLOKHP SDUD OHYiORV D XPD GHSHQGrQFLD PDLV FRQVWDQWH H PDLV SUy[LPD GH 'HXV SDUD WRUQiORV PDLV YLJLODQWHV FRQWUD WRGDV DV IXWXUDV RFDVL}HV GH SHFDGR H SDUD RXWURV SURSyVLWRV MXVWRV H VDQWRV 3RU LVVR WXGR R TXH VREUHYHP DRV HOHLWRV DFRQWHFH SRU GHVLJQDomR GLYLQD SDUD D JOyULD GH 'HXV H R EHP GH VHXV ILOKRV U 0DV QmR FRUUHVSRQGHX (]HTXLDV DRV EHQHItFLRV TXH OKH IRUDP IHLWRV SRLV R VHX FRUDomR VH H[DOWRX 3HOR TXH KRXYH LUD FRQWUD HOH H FRQWUD -XGi H -HUXVDOpP (]HTXLDV SRUpP VH KXPLOKRX SRU VH WHU H[DOWDGR R VHX FRUDomR HOH H RV KDELWDQWHV GH -HUXVDOpP H D LUD GR 6HQKRU QmR YHLR FRQWUD HOHV QRV GLDV GH (]HTXLDV RQWXGR TXDQGR RV HPEDL[DGRUHV GRV SUtQFLSHV GH %DELO{QLD OKH IRUDP HQYLDGRV SDUD VH LQIRUPDUHP GR SURGtJLR TXH VH GHUD QDTXHOD WHUUD 'HXV R GHVDPSDURX SDUD SURYiOR H ID]rOR FRQKHFHU WXGR R TXH OKH HVWDYD QR FRUDomR R ( SDUD TXH QmR PH HQVREHUEHFHVVH FRP D JUDQGH]D GDV UHYHODo}HV IRLPH SRVWR XP HVSLQKR QD FDUQH PHQVDJHLUR GH 6DWDQiV SDUD PH HVERIHWHDU D ILP GH TXH QmR PH H[DOWH 3RU FDXVD GLVWR WUrV YH]HV SHGL DR 6HQKRU TXH R DIDVWDVVH GH PLP (QWmR (OH PH GLVVH $ PLQKD JUDoD WH EDVWD SRUTXH R SRGHU VH DSHUIHLoRD QD IUDTXH]D 'H ERD YRQWDGH SRLV PDLV PH JORULDUHL QDV IUDTXH]DV SDUD TXH VREUH PLP UHSRXVH R SRGHU GH ULVWR
  32. 32. 5P VDEHPRV TXH WRGDV DV FRXVDV FRRSHUDP SDUD R EHP GDTXHOHV TXH DPDP D 'HXV GDTXHOHV TXH VmR FKDPDGRV VHJXQGR R VXH SURSyVLWR 4XDQWR DRV SHUYHUVRV H tPSLRV 'HXV FRPR UHWR MXL] RV FHJD H HQGXUHFH HP UD]mR GH SHFDGRV DQWHULRUHV (OH QmR DSHQDV OKHV QHJD D VXD JUDoD SHOD TXDO SRGHULDP VHU LOXPLQDGRV QR HQWHQGLPHQWR H WUDQVIRUPDGRV QR FRUDomR jV YH]HV (OH WDPEpP OKHV UHWLUD RV GRQV TXH Mi SRVVXtDP H RV H[S}H D VLWXDo}HV TXH VH WRUQDP RFDVL}HV GH SHFDGR SRU FDXVD GD FRUUXSomR (P RXWUDV SDODYUDV (OH RV HQWUHJD jV VXDV SUySULDV SDL[}HV jV WHQWDo}HV GR PXQGR H DR SRGHU GH 6DWDQiV GH PDQHLUD TXH HOHV YrP D VH HQGXUHFHU PHVPR VRE DTXHODV FLUFXQVWkQFLDV TXH 'HXV HPSUHJD SDUD DEUDQGDPHQWR GH RXWUDV SHVVRDV 5P 3RU LVVR 'HXV HQWUHJRX WDLV KRPHQV j LPXQGtFLD SHODV FRQFXSLVFrQFLDV GH VHXV SUySULRV FRUDo}HV SDUD GHVRQUDUHP RV VHXV FRUSRV HQWUH VL SRLV HOHV PXGDUDP D YHUGDGH GH 'HXV HP PHQWLUD DGRUDQGR H VHUYLQGR D FULDWXUD HP OXJDU GR ULDGRU R TXDO p EHQGLWR HWHUQDPHQWH $PpP 3RU FDXVD GLVVR RV HQWUHJRX 'HXV D SDL[}HV LQIDPHV SRUTXH DWp DV VXDV PXOKHUHV PXGDUDP R PRGR QDWXUDO GH VXDV UHODo}HV tQWLPDV SRU RXWUR FRQWUiULR j QDWXUH]D ( SRU KDYHUHP GHVSUH]DGR R FRQKHFLPHQWR GH 'HXV R SUySULR 'HXV RV HQWUHJRX D XPD GLVSRVLomR PHQWDO UHSURYiYHO SDUD SUDWLFDUHP FRLVDV LQFRQYHQLHQWHV 5P 4XH GLUHPRV SRLV 2 TXH ,VUDHO EXVFD LVVR QmR FRQVHJXLX PDV D HOHLomR R DOFDQoRX H RV PDLV IRUDP HQGXUHFLGRV FRPR HVWi HVFULWR 'HXV OKHV GHX HVStULWR GH HQWRUSHFLPHQWR ROKRV SDUD QmR YHU H RXYLGRV SDUD QmR RXYLU DWp R GLD GH KRMH 'W SRUHP R 6HQKRU QmR YRV GHX FRUDomR SDUD HQWHQGHU QHP ROKRV SDUD YHU QHP RXYLGRV SDUD RXYLU DWp R GLD GH KRMH 0W 3RLV DRV TXH WHP VH OKH GDUi H WHUi HP DEXQGkQFLD PDV DR TXH QmR WHP DWp R TXH WHP OKH VHUi WLUDGR 'W 0DV 6HRQ UHL GH +HVERQ QmR QRV TXLV GHL[DU SDVVDU SRU VXD WHUUD SRUTXDQWR R 6HQKRU WHX 'HXV HQGXUHFHUD R VHX HVStULWR H IL]HUD REVWLQDGR R VHX FRUDomR SDUD WR GDU QDV PmRV FRPR KRMH VH Yr 5V (QWmR GLVVH +D]DHO 3RU TXH FKRUD R PHX VHQKRU (OH UHVSRQGHX 3RUTXH VHL R PDO TXH KiV GH ID]HU DRV ILOKRV GH ,VUDHO GHLWDUiV IRJR jV VXDV IRUWDOH]DV PDWDUiV j HVSDGD RV VHXV MRYHQV HVPDJDUiV RV VHXV SHTXHQLQRV H UDVJDUiV R YHQWUH GH VXDV PXOKHUHV JUiYLGDV 7RUQRX +D]DHO 3RLV TXH p WHX VHUYR HVWH FmR SDUD ID]HU WmR JUDQGHV FRXVDV 5HVSRQGHX (OLVHX 2 6HQKRU PH PRVWURX TXH WX KiV GH VHU UHL GD 6tULD 6O 0DV R PHX SRYR QmR PH TXLV HVFXWDU D YR] H ,VUDHO QmR PH DWHQGHX $VVLP GHL[HLRV DQGDU QD WHLPRVLD GR VHX FRUDomR VLJDP RV VHXV SUySULRV FRQVHOKRV 7V H FRP WRGR HQJDQR GH LQMXVWLoD DRV TXH SHUHFHP SRUTXH QmR DFROKHUDP R DPRU GD YHUGDGH SDUD VHUHP VDOYRV e SRU HVWH PRWLYR SRLV TXH 'HXV OKHV PDQGD D RSHUDomR GR HUUR SDUD GDUHP FUpGLWR j PHQWLUD D ILP GH VHUHP MXOJDGRV WRGRV TXDQWRV QmR GHUDP FUpGLWR j YHUGDGH DQWHV SHOR FRQWUiULR GHOHLWDUDPVH FRP D LQMXVWLoD
  33. 33. Ç[ 9HQGR SRUpP )DUDy TXH KDYLD DOtYLR FRQWLQXRX GH FRUDomR HQGXUHFLGR H QmR RV RXYLX FRPR 6HQKRU WLQKD GLWR 0DV DLQGD HVWD YH] HQGXUHFHX )DUDy R FRUDomR H QmR GHL[RX LU R SRYR ,V (QWmR GLVVH HOH 9DL H GL]H D HVWH SRYR 2XYL RXYL H QmR HQWHQGDLV YHGH YHGH PDV QmR SHUFHEDLV 7RUQD LQVHQVtYHO R FRUDomR GHVWH SRYR HQGXUHFHOKH RV RXYLGRV H IHFKDOKH RV ROKRV SDUD TXH QmR YHQKD HOH D YHU FRP RV ROKRV D RXYLU FRP RV RXYLGRV H D HQWHQGHU FRP R FRUDomR H VH FRQYHUWD H VHMD VDOYR 3H 3DUD YyV RXWURV SRUWDQWR RV TXH FUHGHV p D SUHFLRVLGDGH PDV SDUD RV GHVFUHQWHV D SHGUD TXH RV FRQVWUXWRUHV UHMHLWDUDP HVVD YHLR D VHU D SULQFLSDO SHGUD DQJXODU H 3HGUD GH WURSHoR H URFKD GH RIHQVD 6mR HVWHV RV TXH WURSHoDP QD SDODYUD VHQGR GHVREHGLHQWHV SDUD R TXH WDPEpP IRUDP SRVWRV $ SURYLGrQFLD GH 'HXV VH HVWHQGH D WRGDV DV FULDWXUDV HP JHUDO PDV DFLPD GH WXGR FXLGD GH VXD LJUHMD H WXGR GLVS}H SDUD R EHP GHOD 7P 2UD p SDUD HVVH ILP TXH ODEXWDPRV H QRV HVIRUoDPRV VREUHPRGR SRUTXDQWR WHPRV SRVWR D QRVVD HVSHUDQoD QR 'HXV YLYR 6DOYDGRU GH WRGRV RV KRPHQV HVSHFLDOPHQWH GRV ILpLV $P (LV TXH RV ROKRV GR 6HQKRU 'HXV HVWmR FRQWUD HVWH UHLQR SHFDGRU H HX R GHVWUXLUHL GH VREUH D IDFH GD WHUUD PDV QmR GHVWUXLUHL GH WRGR D FDVD GH -DFy GL] R 6HQKRU 3RUTXH HLV TXH GDUHL RUGHQV H VDFXGLUHL D FDVD GH ,VUDHO HQWUH WRGDV DV QDo}HV DVVLP FRPR VH VDFRGH WULJR QR FULYR VHP TXH FDLD QD WHUUD XP Vy JUmR ,V 3RUTXH HX VRX R 6HQKRU WHX 'HXV R 6DQWR GH ,VUDHO R WHX VDOYDGRU GHL R (JLWR SRU WHX UHVJDWH H D (WLySLD H 6HEi SRU WL 9LVWR TXH IRVWH SUHFLRVR DRV PHXV ROKRV GLJQR GH KRQUD H HX WH DPHL GDUHL KRPHQV SRU WL H RV SRYRV SHOD WXD YLGD 1mR WHPDV SRLV SRUTXH VRX FRQWLJR WUDUHL D WXD GHVFHQGrQFLD GHVGH R RULHQWH H D DMXQWDUHL GHVGH R RFLGHQWH $3Ë78/2 $ 48('$ '2 +20(0 2 3($'2 ( 68$ 381,d­2 'HXV FULRX R KRPHP MXVWR H SHUIHLWR H OKH GHX XPD OHL MXVWD TXH OKH VHULD SDUD YLGD VH D JXDUGDVVH RX SDUD PRUWH VH D GHVREHGHFHVVH 0HVPR DVVLP R KRPHP QmR PDQWHYH SRU PXLWR WHPSR D VXD KRQUD 6DWDQiV YDOHXVH GD DVW~FLD GD VHUSHQWH SDUD VHGX]LU (YD H HVWD VHGX]LX D $GmR TXH VHP VHU FRPSHOLGR WUDQVJUHGLX YROXQWDULDPHQWH D OHL LQVWLWXtGD QD FULDomR H D RUGHP GH QmR FRPHU GR IUXWR SURLELGR 'H DFRUGR FRP VHX FRQVHOKR ViELR H VDQWR DSURXYH D 'HXV SHUPLWLU D WUDQVJUHVVmR SRUTXH QR kPELWR GR VHX SURSyVLWR PHVPR LVVR (OH XVDULD SDUD D VXD SUySULD JOyULD *Q ( OKH GHX HVWD RUGHP 'H WRGD iUYRUH GR MDUGLP FRPHUiV OLYUHPHQWH PDV GD iUYRUH GR FRQKHFLPHQWR GR EHP H GR PDO QmR FRPHUiV SRUTXH QR GLD HP TXH GHOD FRPHUHV FHUWDPHQWH PRUUHUiV
  34. 34. *Q (QWmR GLVVH R KRPHP $ PXOKHU TXH PH GHVWH SRU HVSRVD HOD PH GHX GD iUYRUH H HX FRPL 'LVVH R 6HQKRU 'HXV j PXOKHU 4XH p LVVR TXH IL]HVWH UHVSRQGHX D PXOKHU $ VHUSHQWH PH HQJDQRX H HX FRPL R 0DV UHFHLR TXH DVVLP FRPR D VHUSHQWH HQJDQRX D (YD FRP D VXD DVW~FLD DVVLP WDPEpP VHMDP FRUURPSLGDV DV YRVVDV PHQWHV H VH DSDUWHP GD VLPSOLFLGDGH H SXUH]D GHYLGDV D ULVWR 3RU HVVH SHFDGR QRVVR SULPHLURV SDLV GHFDtUDP GH VXD FRQGLomR RULJLQDO GH UHWLGmR H FRPXQKmR FRP 'HXV 1R SHFDGR GHOHV QyV WDPEpP SHFDPRV H SRU LVVR D PRUWH YHLR VREUH WRGRV WRGRV VH WRUQDUDP PRUWRV QR SHFDGR H WRWDOPHQWH FRUURPSLGRV HP WRGDV DV IDFXOGDGHV H SDUWHV GR FRUSR H GD DOPD 5P SRLV WRGRV SHFDUDP H FDUHFHP GD JOyULD GH 'HXV 5P 3RUWDQWR DVVLP FRPR SRU XP Vy KRPHP HQWURX R SHFDGR QR PXQGR H SHOR SHFDGR D PRUWH DVVLP WDPEpP D PRUWH SDVVRX D WRGRV RV KRPHQV SRUTXH WRGRV SHFDUDP 7W 7RGDV DV FRLVDV VmR SXUDV SDUD RV SXURV WRGDYLD SDUD RV LPSXURV H GHVFUHQWHV QDGD p SXUR 3RUTXH WDQWR D PHQWH FRPR D FRQVFLrQFLD GHOHV HVWmR FRUURPSLGDV *Q 9LX R 6HQKRU TXH D PDOGDGH GR KRPHP VH KDYLD PXOWLSOLFDGR QD WHUUD H TXH HUD FRQWLQXDPHQWH PDX WRGR GHVtJQLR GR VHX FRUDomR -U (QJDQRVR p R FRUDomR PDLV GR TXH WRGDV DV FRXVDV H GHVHVSHUDGDPHQWH FRUUXSWR TXHP R FRQKHFHUi 5P FRPR HVWi HVFULWR 1mR Ki XP MXVWR QHP VHTXHU XP QmR Ki TXHP HQWHQGD QmR Ki TXHP EXVTXH D 'HXV WRGRV VH H[WUDYLDUDP j XPD VH IL]HUDP LQ~WHLV QmR Ki TXHP IDoD R EHP QmR Ki QHQKXP VHTXHU $ JDUJDQWD GHOHV p XP VHSXOFUR DEHUWR FRP D OtQJXD XUGHP HQJDQR YHQHQR GH YtERUD HVWi QRV VHXV OiELRV D ERFD HOHV D WrP FKHLD GH PDOGLomR H GH DPDUJXUD VmR RV VHXV SpV YHOR]HV SDUD GHUUDPDU VDQJXH QRV VHXV FDPLQKRV Ki GHVWUXLomR H PLVpULD GHVFRQKHFHP R FDPLQKR GD SD] 1mR Ki WHPRU GLDQWH GRV VHXV ROKRV 2UD VDEHPRV TXH WXGR R TXH D OHL GL] DRV TXH YLYHP QD OHL R GL] SDUD TXH VH FDOH WRGD ERFD H WRGR PXQGR VHMD FXOSiYHO SHUDQWH 'HXV 6HQGR HOHV RV DQFHVWUDLV H SHOR GHVtJQLR GH 'HXV RV UHSUHVHQWDQWHV GH WRGD KXPDQLGDGH D FXOSD GR SHFDGR IRL LPSXWDGD D WRGD D VXD SRVWHULGDGH H D FRUUXSomR QDWXUDO SDVVRX D WRGRV RV VHXV GHVFHQGHQWHV SRU QDVFLPHQWR YLVWR TXH WRGRV VmR FRQFHELGRV HP SHFDGR ( VmR SRU VXD QDWXUH]D ILOKRV GD LUD HVFUDYRV GR SHFDGR H SDVVtYHLV GH PRUWH H HVWmR WRGRV VXMHLWRV jV PLVpULDV HVSLULWXDLV WHPSRUDLV H HWHUQDLV D PHQRV TXH R 6HQKRU -HVXV RV OLEHUWH
  35. 35. 5P 3RUWDQWR DVVLP FRPR SRU XP Vy KRPHP HQWURX R SHFDGR QR PXQGR H SHOR SHFDGR D PRUWH DVVLP WDPEpP D PRUWH SDVVRX D WRGRV RV KRPHQV SRUTXH WRGRV SHFDUDP 3RUTXH DWp DR UHJLPH GD OHL KDYLD SHFDGR QR PXQGR PDV R SHFDGR QmR p OHYDGR HP FRQWD TXDQGR QmR Ki OHL (QWUHWDQWR UHLQRX D PRUWH GHVGH $GmR DWp 0RLVpV PHVPR VREUH DTXHOHV TXH QmR SHFDUDP j VHPHOKDQoD GD WUDQVJUHVVmR GH $GmR R TXDO SUHILJXUDYD DTXHOH TXH KDYLD GH YLU 7RGDYLD QmR p DVVLP R 'RP JUDWXLWR FRPR RIHQVD SRUTXH VH SHOD RIHQVD GH XP Vy PRUUHUDP PXLWRV PXLWR PDLV D JUDoD GH 'HXV H R 'RP SHOD JUDoD GH XP Vy KRPHP -HVXV ULVWR IRL DEXQGDQWH VREUH PXLWRV 2 'RP HQWUHWDQWR QmR p FRPR QR FDVR HP TXH VRPHQWH XP SHFRX SRUTXH R MXOJDPHQWR GHULYRX GH XPD Vy RIHQVD SDUD D FRQGHQDomR PDV D JUDoD WUDQVFRUUH GH PXLWDV RIHQVDV SDUD D MXVWLILFDomR 6H SHOD RIHQVD GH XP H SRU PHLR GH XP Vy UHLQRX D PRUWH PXLWR PDLV RV TXH UHFHEHP D DEXQGkQFLD GD JUDoD H R GRP GD MXVWLoD UHLQDUmR HP YLGD SRU PHLR GH XP Vy D VDEHU -HVXV ULVWR 3RLV DVVLP FRPR SRU XPD Vy RIHQVD YHLR R MXt]R VREUH WRGRV RV KRPHQV SDUD FRQGHQDomR DVVLP WDPEpP SRU XP Vy DWR GH MXVWLoD YHLR D JUDoD VREUH WRGRV RV KRPHQV SDUD D MXVWLILFDomR TXH Gi YLGD 3RUTXH FRPR SHOD GHVREHGLrQFLD GH XP Vy KRPHP PXLWRV VH WRUQDUDP SHFDGRUHV DVVLP WDPEpP SRU PHLR GD REHGLrQFLD GH XP Vy PXLWRV VH WRUQDUmR MXVWRV R 9LVWR TXH D PRUWH YHLR SRU XP KRPHP WDPEpP SRU XP KRPHP YHLR D UHVVXUUHLomR GRV PRUWRV 3RUTXH DVVLP FRPR HP $GmR WRGRV PRUUHP DVVLP WDPEpP WRGRV VHUmR YLYLILFDGRV HP ULVWR 3RLV DVVLP HVWi HVFULWR 2 SULPHLUR KRPHP $GmR IRL IHLWR DOPD YLYHQWH 2 ~OWLPR $GmR SRUpP p HVStULWR YLYLILFDQWH ( DVVLP FRPR WURX[HPRV D LPDJHP GR TXH p WHUUHQR GHYHPRV WUD]HU WDPEpP D LPDJHP GR FHOHVWLDO 6O (X QDVFL HP SHFDGR H HP SHFDGR PH FRQFHEHX PLQKD PmH -y 4XHP GD LPXQGtFLD SRGHUi WLUDU FRXVD SXUD 1LQJXpP (I HQWUH RV TXDLV WDPEpP WRGRV QyV DQGDPRV RXWURUD VHJXQGR DV LQFOLQDo}HV GD QRVVD FDUQH ID]HQGR D YRQWDGH GD FDUQH H GRV SHQVDPHQWRV H pUDPRV SRU QDWXUH]D ILOKRV GD LUD FRPR WDPEpP RV GHPDLV 5P 3RUTXH TXDQGR pUHLV HVFUDYRV GR SHFDGR HVWiYHLV LVHQWRV HP UHODomR j MXVWLoD
  36. 36. 5P 3RUWDQWR DVVLP FRPR SRU XP Vy KRPHP HQWURX R SHFDGR QR PXQGR H SHOR SHFDGR D PRUWH DVVLP WDPEpP D PRUWH SDVVRX D WRGRV RV KRPHQV SRUTXH WRGRV SHFDUDP +E 9LVWR SRLV TXH RV ILOKRV WrP SDUWLFLSDomR FRPXP GH FDUQH H VDQJXH GHVWHV WDPEpP HOH LJXDOPHQWH SDUWLFLSRX SDUD TXH SRU VXD PRUWH GHVWUXtVVH DTXHOH TXH WHP R SRGHU GD PRUWH D VDEHU R GLDER H OLYUDVVH D WRGRV TXH SHOR SDYRU GD PRUWH HVWDYDP VXMHLWRV j HVFUDYLGmR SRU WRGD D YLGD 7V H SDUD DJXDUGDUGHV GRV FpXV R VHX )LOKR D TXHP HOH UHVVXVFLWRX GHQWUH RV PRUWRV -HVXV TXH QRV OLYUD GD LUD YLQGRXUD 'D FRUUXSomR QDWXUDO SURFHGHP WRGDV DV DWXDLV WUDQVJUHVV}HV SRUTXH HOD QRV WRUQD FRPSOHWDPHQWH LQGLVSRVWRV LQFDSDFLWDGRV H FRQWUiULRV D WRGR EHP H WRWDOPHQWH LQFOLQDGRV SDUD WRGR R PDO 7J $R FRQWUiULR FDGD XP p WHQWDGR SHOD VXD SUySULD FRELoD TXDQGR HVWD R DWUDL H VHGX] (QWmR D FRELoD GHSRLV GH KDYHU FRQFHELGR Gi j OX] R SHFDGR H R SHFDGR XPD YH] FRQVXPDGR JHUD D PRUWH 0W 3RUTXH GR FRUDomR SURFHGHP PDXV GHVtJQLRV KRPLFtGLRV DGXOWpULRV SURVWLWXLomR IXUWRV IDOVRV WHVWHPXQKRV EODVIrPLDV 5P 3RU LVVR R SHQGRU GD FDUQH p LQLPL]DGH FRQWUD 'HXV SRLV QmR HVWi VXMHLWR j OHL GH 'HXV QHP PHVPR SRGH HVWDU O ( D YyV RXWURV WDPEpP TXH RXWURUD pUHLV HVWUDQKRV H LQLPLJRV QR HQWHQGLPHQWR SHODV YRVVDV REUDV PDOLJQDV 'XUDQWH HVWD YLGD D FRUUXSomR GH QDWXUH]D SHUPDQHFH PHVPR QDTXHOHV TXH VmR UHJHQHUDGRV ( HPERUD HOD VHMD SHUGRDGD H PRUWLILFDGD PHGLDQWH ULVWR D FRUUXSomR HP VL DV VXDV LQFOLQDo}HV H R TXH GHOD SURFHGH WXGR p YHUGDGHLUDPHQWH SHFDGR 5P 3RUTXH HX VHL TXH HP PLP LVWR p QD PLQKD FDUQH QmR KDELWD EHP QHQKXP SRLV R TXHUHU R EHP HVWi HP PLP QmR SRUpP R HIHWXiOR PDV YHMR QRV PHXV PHPEURV RXWUD OHL TXH JXHUUHDQGR FRQWUD D OHL GD PLQKD PHQWH PH ID] SULVLRQHLUR GD OHL GR SHFDGR TXH HVWi QRV PHXV PHPEURV (F 1mR Ki KRPHP MXVWR VREUH D WHUUD TXH IDoD R EHP H TXH QmR SHTXH -R 6H GLVVHUPRV TXH QmR WHPRV SHFDGR QHQKXP D QyV PHVPRV QRV HQJDQDPRV H D YHUGDGH QmR HVWi HP QyV 5P PDV YHMR QRV PHXV PHPEURV RXWUD OHL TXH JXHUUHDQGR FRQWUD D OHL GD PLQKD PHQWH PH ID] SULVLRQHLUR GD OHL GR SHFDGR TXH HVWi QRV PHXV PHPEURV 'HVYHQWXUDGR KRPHP TXH VRX TXHP PH OLYUDUi GR FRUSR GHVVD PRUWH
  37. 37. *UDoDV D 'HXV SRU -HVXV ULVWR QRVVR 6HQKRU 'H PDQHLUD TXH HX GH PLP PHVPR FRP D PHQWH VRX HVFUDYR GD OHL GH 'HXV PDV VHJXQGR D FDUQH GD OHL GR SHFDGR *O 3RUTXH D FDUQH PLOLWD FRQWUD R (VStULWR H R (VStULWR FRQWUD D FDUQH SRUTXH VmR RSRVWRV HQWUH VL SDUD TXH QmR IDoDLV R TXH SRUYHQWXUD VHMD GR YRVVR TXHUHU $3Ë78/2 2 3$72 '( '(86 $ GLVWkQFLD HQWUH 'HXV H D FULDWXUD p WmR JUDQGH TXH HPERUD DV FULDWXUDV UDFLRQDLV OKH GHYDP REHGLrQFLD SRU VHU (OH R FULDGRU HODV MDPDLV SRGHULDP DOFDQoDU R 'RP GD YLGD VHQmR SRU DOJXPD FRQGHVFHQGrQFLD YROXQWiULD GD SDUWH GH 'HXV ( LVWR (OH VH DJUDGRX HP H[SUHVVDU SRU PHLR GH XP SDFWR FRP R KRPHP /F $VVLP WDPEpP YyV GHSRLV GH KDYHUGHV IHLWR TXDQWR YRV IRL RUGHQDGR GL]HL 6RPRV VHUYRV LQ~WHLV SRUTXH IL]HPRV DSHQDV R TXH GHYtDPRV ID]HU -y 6H pV MXVWR TXH OKH GiV RX TXH UHFHEH HOH GD WXD PmR $ WXD LPSLHGDGH Vy SRGH ID]HU R PDO DR KRPHP FRPR WX PHVPR H D WXD MXVWLoD GDU SURYHLWR DR ILOKR GR KRPHP 7HQGR R KRPHP WUD]LGR VREUH VL PHVPR D PDOGLomR GD OHL SRU FDXVD GH VXD TXHGD QR SHFDGR R 6HQKRU WHYH SRU EHP HVWDEHOHFHU R SDFWR GD JUDoD 1HVWH SDFWR 'HXV RIHUHFH JUDWXLWDPHQWH D SHFDGRUHV YLGD H VDOYDomR SRU -HVXV ULVWR UHTXHUHQGROKHV Ip Q(OH SDUD TXH VHMDP VDOYRV H SURPHWHQGR GDU R (VStULWR 6DQWR D WRGRV RV TXH HVWmR GHVWLQDGRV SDUD D YLGD HWHUQD SDUD OKHV GDU D YRQWDGH H D FDSDFLGDGH SDUD FUHUHP *Q PDV GD iUYRUH GR FRQKHFLPHQWR GR EHP H GR PDO QmR FRPHUiV SRUTXH QR GLD HP TXH GHOD FRPHUHV FHUWDPHQWH PRUUHUiV *O 7RGRV TXDQWRV SRLV VmR GDV REUDV GD OHL HVWmR GHEDL[R GH PDOGLomR SRUTXH HVWi HVFULWR 0DOGLWR WRGR DTXHOH TXH QmR SHUPDQHFH HP WRGDV DV FRXVDV HVFULWDV GR OLYUR GD OHL SDUD SUDWLFDODV 5P YLVWR TXH QLQJXpP VHUi MXVWLILFDGR GLDQWH GHOH SRU REUDV GD OHL HP UD]mR GH TXH SHOD OHL YHP R SOHQR FRQKHFLPHQWR GR SHFDGR 0DV DJRUD VHP OHL VH PDQLIHVWRX D MXVWLoD GH 'HXV WHVWHPXQKDGD SHOD OHL H SHORV SURIHWDV 5P 3RUTXDQWR R TXH IRUD LPSRVVtYHO j OHL QR TXH HVWDYD HQIHUPD SHOD FDUQH LVVR IH] 'HXV HQYLDQGR R VHX SUySULR )LOKR HP VHPHOKDQoD GH FDUQH SHFDPLQRVD H QR WRFDQWH DR SHFDGR H FRP HIHLWR FRQGHQRX 'HXV QD FDUQH R SHFDGR 0F ( GLVVHOKHV ,GH SRU WRGR R PXQGR H SUHJDL R HYDQJHOKR D WRGD FULDWXUD 4XHP FUHU H IRU EDWL]DGR VHUi VDOYR TXHP SRUpP QmR FUHU VHUi FRQGHQDGR
  38. 38. -R 3RUTXH 'HXV DPRX DR PXQGR GH WDO PDQHLUD TXH 'HX R VHX )LOKR XQLJrQLWR SDUD TXH WRGR R TXH QHOH FUr QmR SHUHoD PDV WHQKD D YLGD HWHUQD (] 'DUYRVHL FRUDomR QRYR H SRUHL GHQWUR HP YyV HVStULWR QRYR WLUDUHL GH YyV R FRUDomR GH SHGUD H YRV GDUHL FRUDomR GH FDUQH 3RUHL GHQWUR HP YyV R PHX (VStULWR H IDUHL TXH DQGHLV QRV PHXV HVWDWXWRV JXDUGHLV RV PHXV MXt]RV H RV REVHUYHLV -R 1LQJXpP SRGH YLU D PLP VH R 3DL TXH PH HQYLRX QmR R WURX[HU H HX R UHVVXVFLWDUHL QR ~OWLPR GLD (VWi HVFULWR QRV SURIHWDV ( VHUmR WRGRV HQVLQDGRV SRU 'HXV 3RUWDQWR WRGR DTXHOH TXH GD SDUWH GR 3DL WHP RXYLGR H DSUHQGLGR HVWH YHP D PLP 6O $SUHVHQWDUVHi YROXQWDULDPHQWH R WHX SRYR QR GLD GR WHX SRGHU FRP VDQWRV RUQDPHQWRV FRPR R RUYDOKR HPHUJLQGR GD DXURUD VHUmR RV WHXV MRYHQV (VWH SDFWR HVWi UHYHODGR QR HYDQJHOKR SULPHLUDPHQWH QD SURPHVVD IHLWD D $GmR GH VDOYDomR SHOR GHVFHQGHQWH GD PXOKHU GHSRLV SRU HWDSDV VXFHVVLYDV DWp TXH VXD SOHQD UHYHODomR IRL PDQLIHVWDGD QR 1RYR 7HVWDPHQWR 2 SDFWR HVWi IXQGDPHQWDGR QD HWHUQD DOLDQoD TXH KDYLD HQWUH R 3DL H R )LOKR SDUD D UHGHQomR GRV HOHLWRV p VRPHQWH SHOD JUDoD GHVWH SDFWR TXH RV GHVFHQGHQWHV GH $GmR TXH VmR VDOYRV REWrP YLGD H XPD EHQGLWD LPRUWDOLGDGH SRLV R KRPHP p DJRUD WRWDOPHQWH LQFDSD] GH VHU DFHLWR GLDQWH GH 'HXV QRV PHVPRV WHUPRV HP TXH $GmR YLYLD HP VHX HVWDGR GH LQRFrQFLD *Q 3RUHL LQLPL]DGH HQWUH WL H D PXOKHU HQWUH D WXD GHVFHQGrQFLD H R VHX GHVFHQGHQWH (VWH WH IHULUi D FDEHoD H WX OKH IHULUiV R FDOFDQKDU +E +DYHQGR 'HXV RXWURUD IDODGR PXLWDV YH]HV H GH PXLWDV PDQHLUDV DRV SDLV SHORV SURIHWDV 7P TXH QRV VDOYRX H QRV FKDPRX FRP VDQWD YRFDomR QmR VHJXQGR DV QRVVDV REUDV PDV FRQIRUPH D VXD SUySULD GHWHUPLQDomR H JUDoD TXH QRV IRL GDGD HP ULVWR -HVXV DQWHV GRV WHPSRV HWHUQRV 7W 1D HVSHUDQoD GD YLGD HWHUQD TXH R 'HXV TXH QmR SRGH PHQWLU SURPHWHX DQWHV GRV WHPSRV HWHUQRV +E 'H IDWR VHP Ip p LPSRVVtYHO DJUDGDU D 'HXV SRUTXDQWR p QHFHVViULR TXH DTXHOH TXH VH DSUR[LPD GH 'HXV FUHLD TXH HOH H[LVWH H TXH VH WRUQD JDODUGRDGRU GRV TXH R EXVFDP 7RGRV HVWHV PRUUHUDP QD Ip VHP WHU REWLGR DV SURPHVVDV YHQGRDV SRUpP GH ORQJH H VDXGDQGRDV H FRQIHVVDQGR TXH HUDP HVWUDQJHLURV H SHUHJULQRV VREUH D WHUUD 5P 4XH SRLV GLUHPRV WHU DOFDQoDGR $EUDmR QRVVR SDL VHJXQGR D FDUQH 3RUTXH VH $EUDmR IRL MXVWLILFDGR SRU REUDV WHP GH TXH VH JORULDU SRUpP QmR GLDQWH GH 'HXV $W ( QmR Ki VDOYDomR HP QHQKXP RXWUR SRUTXH DEDL[R GR FpX QmR Ki QHQKXP RXWUR QRPH GDGR HQWUH RV KRPHQV SHOR TXDO LPSRUWD TXH VHMDPRV VDOYRV
  39. 39. -R 9RVVR SDL $EUDmR DOHJURXVH SRU YHU R PHX GLD YLXR H UHJR]LMRXVH $3Ë78/2 5,672 2 0(',$'25 (P VHX SURSyVLWR HWHUQR H GH DFRUGR FRP R SDFWR HVWDEHOHFLGR HQWUH DPERV DSURXYH D 'HXV HVFROKHU H GHVWLQDU R 6HQKRU -HVXV ULVWR VHX )LOKR XQLJrQLWR SDUD VHU R PHGLDGRU HQWUH 'HXV H RV KRPHQV SDUD VHU R SURIHWD VDFHUGRWH H UHL R FDEHoD H 6DOYDGRU GH VXD ,JUHMD R KHUGHLUR GH WRGDV DV FRLVDV H MXL] GR PXQGR 'HVGH WRGD D HWHUQLGDGH 'HXV GHX/KH XP SRYR SDUD VHU VXD GHVFHQGrQFLD H SDUD TXH HP WHPSR HVVH SRYR VHMD SRU (OH UHGLPLGR FKDPDGR MXVWLILFDGR VDQWLILFDGR H JORULILFDGR ,V (LV DTXL R PHX VHUYR D TXHP VXVWHQKR R PHX HVFROKLGR HP TXHP D PLQKD DOPD VH FRPSUD] SXV VREUH HOH R PHX (VStULWR H HOH SURPXOJDUi R GLUHLWR SDUD RV JHQWLRV 3H PDV SHOR SUHFLRVR VDQJXH FRPR GH FRUGHLUR VHP GHIHLWR H VHP PiFXOD R VDQJXH GH ULVWR FRQKHFLGR FRP HIHLWR DQWHV GD IXQGDomR GR PXQGR SRUpP PDQLIHVWDGR QR ILP GRV WHPSRV SRU DPRU GH YyV $W 'LVVH QD YHUGDGH 0RLVpV 2 6HQKRU 'HXV YRV VXVFLWDUi GHQWUH YRVVRV LUPmRV XP SURIHWD VHPHOKDQWH D PLP D HOH RXYLUHLV HP WXGR TXDQWR YRV GLVVHU +E $VVLP WDPEpP ULVWR D VL PHVPR QmR VH JORULILFRX SDUD VH WRUQDU VXPR VDFHUGRWH PDV R JORULILFRX DTXHOH TXH OKH GLVVH 7X pV PHX )LOKR HX KRMH WH JHUHL FRPR HP RXWUR OXJDU WDPEpP GL] 7X pV VDFHUGRWH SDUD VHPSUH VHJXQGR D RUGHP GH 0HOTXLVHGHTXH 6O (X SRUpP FRQVWLWXt R PHX 5HL VREUH R PHX VDQWR PRQWH 6LmR /F HOH UHLQDUi SDUD VHPSUH VREUH D FDVD GH -DFy H R VHX UHLQDGR QmR WHUi ILP (I ( S{V WRGDV DV FRLVDV GHEDL[R GH VHXV SpV H SDUD VHU R FDEHoD VREUH WRGDV DV FRXVDV R GHX j LJUHMD D TXDO p R VHX FRUSR D SOHQLWXGH GDTXHOH TXH D WXGR HQFKH HP WRGDV DV FRXVDV +E QHVWHV ~OWLPRV GLDV QRV IDORX SHOR )LOKR D TXHP FRQVWLWXLX KHUGHLUR GH WRGDV DV FRXVDV SHOR TXDO WDPEpP IH] R XQLYHUVR $W SRUTXDQWR HVWDEHOHFHX XP GLD HP TXH Ki GH MXOJDU R PXQGR FRP MXVWLoD SRU PHLR GH XP YDUmR TXH GHVWLQRX H DFUHGLWRX GLDQWH GH WRGRV UHVVXVFLWDQGRR GHQWUH RV PRUWRV ,V 7RGDYLD R 6HQKRU DJUDGRX PRHOR ID]HQGRR HQIHUPDU TXDQGR GHU HOH D VXD DOPD FRPR RIHUWD SHOR SHFDGR YHUi VXD SRVWHULGDGH H SURORQJDUi RV VHXV GLDV H D YRQWDGH GR 6HQKRU SURVSHUDUi QDV VXDV PmRV -R 0DQLIHVWHL R WHX QRPH DRV KRPHQV TXH PH GHVWH GR PXQGR (UDP WHXV WX PRV FRQILDVWH H HOHV WrP JXDUGDGR D WXD SDODYUD
  40. 40. 5P ( DRV TXH SUHGHVWLQRX D HVVHV WDPEpP FKDPRX H DRV TXH FKDPRX D HVVHV WDPEpP MXVWLILFRX H DRV TXH MXVWLILFRX D HVVHV WDPEpP JORULILFRX 2 )LOKR GH 'HXV 6HJXQGD SHVVRD GD 7ULQGDGH 6DQWD ± VHQGR R SUySULR 'HXV HWHUQR R UHVSOHQGRU GD JOyULD GR 3DL GD PHVPD HVVrQFLD H LJXDO DR 3DL (OH IH] R PXQGR VXVWpP H JRYHUQD WRGDV DV FRLVDV TXH FULRX 4XDQGR YHLR D SOHQLWXGH GR WHPSR (OH WRPRX VREUH VL D QDWXUH]D KXPDQD FRP WRGDV DV VXDV SURSULHGDGHV HVVHQFLDLV H IUDTXH]DV FRPXQV ± SRUpP VHP SHFDGR ( IRL FRQFHELGR SHOR (VStULWR 6DQWR QR YHQWUH GD 9LUJHP 0DULD SRLV R (VStULWR 6DQWR GHVFHX VREUH HOD H R SRGHU GR $OWtVVLPR D HQYROYHX
  41. 41. )RL QDVFLGR GH PXOKHU GD WULER GH -XGi GD GHVFHQGrQFLD GH $EUDmR H GH 'DYL VHJXQGR SUHYLDP DV (VFULWXUDV 'HVVH PRGR GXDV QDWXUH]DV FRPSOHWDV SHUIHLWDV H GLVWLQWDV IRUDP LQVHSDUDYHOPHQWH XQLGDV HP XPD ~QLFD SHVVRD VHP FRQYHUVmR FRPSRVLomR RX FRQIXVmR ( HVVD SHVVRD p YHUGDGHLUDPHQWH 'HXV H YHUGDGHLUDPHQWH KRPHP QR HQWDQWR XP Vy ULVWR R ~QLFR PHGLDGRU HQWUH 'HXV H RV KRPHQV -R ( R YHUER VH IH] FDUQH H KDELWRX HQWUH QyV FKHLR GH JUDoD H GH YHUGDGH H YLPRV D VXD JOyULD FRPR GR XQLJrQLWR GR 3DL *O YLQGR SRUpP D SOHQLWXGH GR WHPSR 'HXV HQYLRX VHX )LOKR QDVFLGR GH PXOKHU QDVFLGR VRE D OHL 5P 3RUTXDQWR R TXH IRUD LPSRVVtYHO j OHL QR TXH HVWDYD HQIHUPD SHOD FDUQH LVVR IH] 'HXV HQYLDQGR R VHX SUySULR )LOKR HP VHPHOKDQoD GH FDUQH SHFDPLQRVD H QR WRFDQWH DR SHFDGR H FRP HIHLWR FRQGHQRX 'HXV QD FDUQH R SHFDGR +E 9LVWR SRLV TXH RV ILOKRV WrP SDUWLFLSDomR FRPXP GH FDUQH H VDQJXH GHVWHV WDPEpP HOH LJXDOPHQWH SDUWLFLSRX SDUD TXH SRU VXD PRUWH GHVWUXtVVH DTXHOH TXH WHP R SRGHU GD PRUWH D VDEHU R GLDER 3RLV HOH HYLGHQWHPHQWH QmR VRFRUUH D DQMRV PDV VRFRUUH D GHVFHQGrQFLD GH $EUDmR 3RU LVVR PHVPR FRQYLQKD TXH HP WRGDV DV FRXVDV VH WRUQDVVH VHPHOKDQWH DRV LUPmRV SDUD VHU PLVHULFRUGLRVR H ILHO VXPR VDFHUGRWH QDV FRXVDV UHIHUHQWHV D 'HXV H SDUD ID]HU SURSLFLDomR SHORV SHFDGRV GR SRYR +E 3RUTXH QmR WHPRV VXPR VDFHUGRWH TXH QmR SRVVD FRPSDGHFHUVH GDV QRVVDV IUDTXH]DV DQWHV IRL (OH WHQWDGR HP WRGDV DV FRXVDV j QRVVD VHPHOKDQoD PDV VHP SHFDGR 0W 2UD WXGR LVVR DFRQWHFHX SDUD TXH VH FXPSULVVH R TXH IRUD GLWR SHOR 6HQKRU SRU LQWHUPpGLR GR SURIHWD (LV TXH D YLUJHP FRQFHEHUi H GDUi j OX] XP ILOKR H HOH VHUi FKDPDGR SHOR QRPH GH (PDQXHO TXH TXHU GL]HU 'HXV FRQRVFR
  42. 42. /F D XPD YLUJHP GHVSRVDGD SRU XP FHUWR KRPHP GD FDVD GH 'DYL FXMR QRPH HUD -RVp D YLUJHP FKDPDYDVH 0DULD (LV TXH FRQFHEHUiV H GDUiV j OX] XP ILOKR D TXHP FKDPDUiV SHOR QRPH GH -HVXV
  43. 43. 5HVSRQGHXOKH R DQMR 'HVFHUi VREUH WL R (VStULWR 6DQWR H R 3RGHU GR $OWtVVLPR WH HQYROYHUi FRP D VXD VRPEUD SRU LVVR WDPEpP R HQWH VDQWR TXH Ki GH QDVFHU VHUi FKDPDGR )LOKR GH 'HXV 5P GHOHV VmR RV SDWULDUFDV H WDPEpP GHOHV GHVFHQGH R ULVWR VHJXQGR D FDUQH R TXDO p VREUH WRGRV 'HXV EHQGLWR SDUD WRGR R VHPSUH $PpP 7P 3RUTXDQWR Ki XP Vy 'HXV H XP Vy PHGLDGRU HQWUH 'HXV H RV KRPHQV ULVWR -HVXV KRPHP (P VXD QDWXUH]D KXPDQD DVVLP XQLGD j GLYLQD QD SHVVRD GR )LOKR R 6HQKRU -HVXV IRL VDQWLILFDGR H XQJLGR FRP R (VStULWR 6DQWR VREUHPDQHLUD 1HOH VH HQFRQWUDP WRGRV RV WHVRXURV GD VDEHGRULD H GR FRQKHFLPHQWR SRUTXH DSURXYH DR 3DL TXH Q(OH KDELWDVVH WRGD SOHQLWXGH D ILP GH TXH VHQGR VDQWR LQFXOSiYHO H VHP PiFXOD FKHLR GH JUDoD H GH YHUGDGH (OH IRVVH SOHQDPHQWH TXDOLILFDGR SDUD H[HUFHU R RILFLR GH PHGLDGRU H ILDGRU RItFLR TXH (OH PHVPR QmR WRPRX SDUD VL PDV SDUD R TXDO IRL FKDPDGR SRU VHX 3DL ( R 3DL OKH FRQIHULX jV PmRV WRGD DXWRULGDGH H MXOJDPHQWR H RUGHQRX TXH H[HFXWDVVH HVVD DXWRULGDGH 6O $PDV D MXVWLoD H RGHLDV D LQLTXLGDGH SRU LVVR 'HXV R WHX 'HXV WH XQJLX FRP R yOHR GH DOHJULD FRPR D QHQKXP GRV WHXV FRPSDQKHLURV $W FRPR 'HXV XQJLX D -HVXV GH 1D]DUp FRP R (VStULWR 6DQWR H SRGHU R TXDO DQGRX SRU WRGD SDUWH ID]HQGR R EHP H FXUDQGR D WRGRV RV RSULPLGRV GR GLDER SRUTXH 'HXV HUD FRP HOH -R 3RLV R HQYLDGR GH 'HXV IDOD DV SDODYUDV GHOH SRUTXH 'HXV QmR Gi R (VStULWR SRU PHGLGD O HP TXHP WRGRV RV WHVRXURV GD VDEHGRULD H GR FRQKHFLPHQWR HVWmR RFXOWRV O SRUTXH DSURXYH D 'HXV TXH QHOH UHVLGLVVH WRGD D SOHQLWXGH +E RP HIHLWR QRV FRQYLQKD XP VXPR VDFHUGRWH DVVLP FRPR HVWH VDQWR LQFXOSiYHO VHP PiFXOD VHSDUDGR GRV SHFDGRUHV H IHLWR PDLV DOWR GR TXH RV FpXV -R ( R YHUER VH IH] FDUQH H KDELWRX HQWUH QyV FKHLR GH JUDoD H GH YHUGDGH H YLPRV D VXD JOyULD FRPR GR XQLJrQLWR GR 3DL +E SRU LVVR PHVPR -HVXV VH WHP WRUQDGR ILDGRU GH VXSHULRU DOLDQoD +E $VVLP WDPEpP ULVWR D VL PHVPR QmR VH JORULILFRX SDUD VH WRUQDU VXPR VDFHUGRWH PDV R JORULILFRX DTXHOH TXH OKH GLVVH 7X pV PHX )LOKR HX KRMH WH JHUHL -R ( R 3DL D QLQJXpP MXOJD PDV DR )LOKR FRQILRX WRGR MXOJDPHQWR ( OKH GHX DXWRULGDGH SDUD MXOJDU SRUTXH p R )LOKR GR KRPHP 0W -HVXV DSUR[LPDQGRVH IDORXOKHV GL]HQGR 7RGD D DXWRULGDGH PH IRL GDGD QR FpX H QD WHUUD $W (VWHMD DEVROXWDPHQWH FHUWD SRLV WRGD FDVD GH ,VUDHO GH TXH D HVWH -HVXV TXH YyV FUXFLILFDVWHV 'HXV R IH] 6HQKRU H ULVWR
  44. 44. (VVH RItFLR R 6HQKRU -HVXV DVVXPLX GH PXLWtVVLPD ERD YRQWDGH H FXPSULX SHUIHLWDPHQWH IRL SDUD LVVR TXH QDVFHX VRE D OHL (OH VXSRUWRX R FDVWLJR TXH D QyV HUD GHYLGR TXH QyV GHYHUtDPRV WHU UHFHELGR H VRIULGR ( IRL IHLWR SHFDGR H PDOGLomR SRU QRVVD FDXVD VXSRUWDQGR DV WULVWH]DV PDLV DIOLWLYDV HP VXD DOPD H RV VRIULPHQWRV PDLV GRORURVRV HP VHX FRUSR )RL FUXFLILFDGR H PRUUHX H HPERUD WHQKD HVWDGR VRE R SRGHU GD PRUWH VHX FRUSR QmR YLX FRUUXSomR $R WHUFHLUR GLD (OH VH OHYDQWRX GHQWUH RV PRUWRV FRP R PHVPR FRUSR HP TXH KDYLD VRIULGR H FRP R TXDO DVFHQGHX DR FpX (OH HVWi DVVHQWDGR j GLUHLWD GH VHX 3DL FRPR LQWHUFHVVRU H YROWDUi SDUD MXOJDU KRPHQV H DQMRV QR ILP GR PXQGR 6O (QWmR HX GLVVH (LV DTXL HVWRX QR UROR GR OLYUR HVWi HVFULWR D PHX UHVSHLWR DJUDGDPH ID]HU D WXD YRQWDGH y 'HXV PHX GHQWUR HP PHX FRUDomR HVWi D WXD OHL +E 3RU LVVR DR HQWUDU QR PXQGR GL] 6DFULItFLR H RIHUWD QmR TXLVHVWH DQWHV FRUSR PH IRUPDVWH QmR WH GHOHLWDVWH FRP KRORFDXVWRV H RIHUWDV SHOR SHFDGR (QWmR HX GLVVH (LV DTXL HVWRX QR UROR GR OLYUR HVWi HVFULWR D PHX UHVSHLWR
  45. 45. SDUD ID]HU y 'HXV D WXD YRQWDGH 'HSRLV GH GL]HU FRPR DFLPD 6DFULItFLRV H RIHUWDV QmR TXLVHVWH QHP KRORFDXVWRV H REODo}HV SHOR SHFDGR QHP FRP LVWR WH GHOHLWDVWH FRXVDV TXH VH RIHUHFHP VHJXQGR D OHL
  46. 46. HQWmR DFUHVFHQWRX (LV DTXL HVWRX SDUD ID]HU y 'HXV D WXD YRQWDGH 5HPRYH R SULPHLUR SDUD HVWDEHOHFHU R VHJXQGR 1HVVD YRQWDGH p TXH WHPRV VLGR VDQWLILFDGRV PHGLDQWH D RIHUWD GR FRUSR GH -HVXV ULVWR XPD YH] SRU WRGDV -R 1LQJXpP D WLUD GH PLP SHOR FRQWUiULR HX HVSRQWDQHDPHQWH D GRX 7HQKR DXWRULGDGH SDUD D HQWUHJDU H WDPEpP SDUD UHDYrOD (VWH PDQGDWR UHFHEL GR PHX 3DL *O YLQGR SRUpP D SOHQLWXGH GR WHPSR 'HXV HQYLRX VHX )LOKR QDVFLGR GH PXOKHU QDVFLGR VRE D OHL 0W 0DV -HVXV OKH UHVSRQGHX 'HL[D SRU HQTXDQWR SRUTXH DVVLP QRV FRQYpP FXPSULU WRGD MXVWLoD (QWmR HOH R DGPLWLX *O ULVWR QRV UHVJDWRX GD PDOGLomR GD OHL ID]HQGRVH HOH SUySULR PDOGLomR HP QRVVR OXJDU SRUTXH HVWi HVFULWR 0DOGLWR WRGR DTXHOH TXH IRU SHQGXUDGR HP PDGHLUR ,V 7RGRV QyV DQGiYDPRV GHVJDUUDGRV FRPR RYHOKDV FDGD XP VH GHVYLDYD SHOR FDPLQKR PDV R 6HQKRU IH] FDLU VREUH HOH D LQLTXLGDGH GH QyV WRGRV 3H 3RLV WDPEpP ULVWR PRUUHX XPD ~QLFD YH] SHORV SHFDGRV R MXVWR SHORV LQMXVWRV SDUD FRQGX]LUYRV D 'HXV PRUWR VLP QD FDUQH PDV YLYLILFDGR QR HVStULWR R $TXHOH TXH QmR FRQKHFHX SHFDGR HOH R IH] SHFDGR SRU QyV SDUD TXH QHOH I{VVHPRV IHLWRV MXVWLoD GH 'HXV 0W H OHYDQGR FRQVLJR D 3HGUR H DRV GRLV ILOKRV GH =HEHGHX FRPHoRX D HQWULVWHFHUVH H DQJXVWLDUVH (QWmR OKHV GLVVH $ PLQKD DOPD HVWi SURIXQGDPHQWH WULVWH DWp D PRUWH ILFDL DTXL H YLJLDL FRPLJR /F ( HVWDQGR HP DJRQLD RUDYD PDLV LQWHQVDPHQWH ( DFRQWHFHX TXH R VHX VXRU VH WRUQRX FRPR JRWDV GH VDQJXH FDLQGR VREUH D WHUUD
  47. 47. 0W 3RU YROWD GD KRUD QRQD FODPRX -HVXV HP DOWD YR] GL]HQGR (OL (OL OHPi VDEDFWkQL TXH TXHU GL]HU 'HXV PHX 'HXV PHX SRUTXH PH GHVDPSDUDVWH $W 3RUpP DTXHOH D TXHP 'HXV UHVVXVFLWRX QmR YLX FRUUXSomR R $QWHV GH WXGR YRV HQWUHJXHL R TXH UHFHEL TXH ULVWR PRUUHX SHORV QRVVRV SHFDGRV VHJXQGR DV (VFULWXUDV H TXH IRL VHSXOWDGR H UHVVXVFLWRX DR WHUFHLUR GLD VHJXQGR DV (VFULWXUDV -R 'LVVHUDPOKH HQWmR RV RXWURV GLVFtSXORV 9LPRV R 6HQKRU 0DV HOH UHVSRQGHX 6H HX QmR YLU QDV VXDV PmRV R VLQDO GRV FUDYRV H DOL QmR SXVHU R PHX GHGR H QmR SXVHU D PLQKD PmR QR VHX ODGR GH PRGR DOJXP DFUHGLWDUHL ( ORJR GLVVH D 7RPp 3}H DTXL R WHX GHGR H Yr DV PLQKDV PmRV FKHJD WDPEpP D WXD PmR H S}HQD QR PHX ODGR QmR VHMDV LQFUpGXOR PDV FUHQWH 0F 'H IDWR R 6HQKRU -HVXV GHSRLV GH OKHV 7HU IDODGR IRL UHFHELGR QR FpX H DVVHQWRXVH D GHVWUD GH 'HXV $W 'LWDV HVWDV SDODYUDV IRL -HVXV HOHYDGR jV DOWXUDV j YLVWD GHOHV H XPD QXYHP R HQFREULX GRV VHXV ROKRV ( HVWDQGR HOHV FRP RV ROKRV ILWRV QR FpX HQTXDQWR -HVXV VXELD HLV TXH GRLV YDU}HV YHVWLGRV GH EUDQFR VH SXVHUDP DR ODGR GHOHV H OKHV SHUJXQWDUDP 9DU}HV JDOLOHXV SRU TXH HVWDLV ROKDQGR SDUD DV DOWXUDV (VVH -HVXV TXH GHQWUH YyV IRL DVVXQWR DR FpX DVVLP YLUi GR PRGR FRPR R YLVWHV VXELU 5P 4XHP RV FRQGHQDUi e ULVWR -HVXV TXH PRUUHX RX DQWHV TXHP UHVVXVFLWRX R TXDO HVWi j GLUHLWD GH 'HXV H WDPEpP LQWHUFHGH SRU QyV +E 3RUTXH ULVWR QmR HQWURX HP VDQWXiULR IHLWR SRU PmRV ILJXUD GR YHUGDGHLUR SRUpP QR PHVPR FpX SDUD FRPSDUHFHU DJRUD SRU QyV GLDQWH GH 'HXV $W H QRV PDQGRX SUHJDU DR SRYR H WHVWLILFDU TXH HOH p TXHP IRL FRQVWLWXtGR SRU 'HXV MXL] GH YLYRV H GH PRUWRV 5P )RL SUHFLVDPHQWH SDUD HVVH ILP TXH ULVWR PRUUHX H UHVVXUJLX SDUD VHU 6HQKRU WDQWR GH PRUWRV FRPR GH YLYRV $W 9DU}HV JDOLOHXV SRU TXH HVWDLV ROKDQGR SDUD DV DOWXUDV (VVH -HVXV TXH GHQWUH YyV IRL DVVXQWR DR FpX DVVLP YLUi GR PRGR FRPR R YLVWHV VXELU 3H 2UD VH 'HXV QmR SRXSRX D DQMRV TXDQGR SHFDUDP DQWHV SUHFLSLWDQGRRV QR LQIHUQR RV HQWUHJRX D DELVPRV GH WUHYDV UHVHUYDQGRRV SDUD MXt]R 3RU VXD REHGLrQFLD SHUIHLWD H SHOR VDFULItFLR TXH IH] GH VL PHVPR TXH (OH SHOR (VStULWR 6DQWR RIHUHFHX D 'HXV XPD ~QLFD YH]
  48. 48. R 6HQKRU -HVXV VDWLVIH] SOHQDPHQWH D MXVWLoD GH 'HXV REWHYH D UHFRQFLOLDomR H DGTXLULX XPD KHUDQoD HWHUQD QR UHLQR GRV FpXV SDUD WRGRV TXDQWRV IRUDP GDGRV D (OH SHOR 3DL +E PXLWR PDLV R VDQJXH GH ULVWR TXH SHOR (VSLULWR HWHUQR D VL PHVPR VH RIHUHFHX VHP PiFXOD D 'HXV SXULILFDUi D QRVVD FRQVFLrQFLD GH REUDV PRUWDV SDUD VHUYLUPRV DR 'HXV YLYR
  49. 49. +E 3RUTXH FRP XPD ~QLFD RIHUWD DSHUIHLoRRX SDUD VHPSUH TXDQWRV HVWmR VHQGR VDQWLILFDGRV 5P D TXHP 'HXV SURS{V QR VHX VDQJXH FRPR SURSLFLDomR PHGLDQWH D Ip SDUD PDQLIHVWDU D VXD MXVWLoD SRU WHU 'HXV QD VXD WROHUkQFLD GHL[DGR LPSXQHV RV SHFDGRV DQWHULRUPHQWH FRPHWLGRV WHQGR HP YLVWD D PDQLIHVWDomR GD VXD MXVWLoD QR WHPSR SUHVHQWH SDUD HOH PHVPR VHU MXVWR H R MXVWLILFDGRU GDTXHOH TXH WHP Ip HP -HVXV -R DVVLP FRPR OKH FRQIHULVWH DXWRULGDGH VREUH WRGD D FDUQH D ILP GH TXH HOH FRQFHGD D YLGD HWHUQD D WRGRV RV TXH OKH GHVWH +E 3RU LVVR PHVPR HOH p R 0HGLDGRU GD QRYD DOLDQoD D ILP GH TXH LQWHUYLQGR D PRUWH SDUD UHPLVVmR GDV WUDQVJUHVV}HV TXH KDYLD VRE D SULPHLUD DOLDQoD UHFHEDP D SURPHVVD GD HWHUQD KHUDQoD DTXHOHV TXH WrP VLGR FKDPDGRV 2 SUHoR GD UHGHQomR QmR IRL SDJR SRU ULVWR VHQmR DSyV D VXD HQFDUQDomR 1R HQWDQWR D YLUWXGH D HILFiFLD H RV EHQHItFLRV GD UHGHQomR IRUDP VXFHVVLYDPHQWH FRPXQLFDGRV DRV HOHLWRV HP WRGDV DV HUDV GHVGH R FRPHoR GR PXQGR QDV ± H DWUDYpV GDV ± SURPHVVDV WLSRV H VDFULItFLRV HP TXH ULVWR IRL UHYHODGR H TXH R DSRQWDYDP FRPR R GHVFHQGHQWH GD PXOKHU DTXHOH TXH LULD HVPDJDU D FDEHoD GD VHUSHQWH H FRPR R RUGHLUR TXH IRL PRUWR GHVGH D IXQGDomR GR PXQGR R PHVPR RQWHP KRMH H SDUD VHPSUH R H EHEHUDP GD PHVPD IRQWH HVSLULWXDO SRUTXH EHELDP GH XPD SHGUD HVSLULWXDO TXH RV VHJXLD ( D SHGUD HUD ULVWR +E 3RUTXH WDPEpP D QyV IRUDP DQXQFLDGDV DV ERDVQRYDV FRPR VH GHX FRP HOHV PDV D SDODYUD TXH RXYLUDP QmR OKHV DSURYHLWRX YLVWR QmR WHU VLGR DFRPSDQKDGD SHOD Ip QDTXHOHV TXH D RXYLUDP 3H )RL D UHVSHLWR GHVWD VDOYDomR TXH RV SURIHWDV LQGDJDUDP H LQTXLULUDP RV TXDLV SURIHWL]DUDP DFHUFD GD JUDoD D YyV RXWURV GHVWLQDGD LQYHVWLJDQGR DWHQWDPHQWH TXDO D RFDVLmR RX TXDLV DV FLUFXQVWkQFLDV RSRUWXQDV LQGLFDGDV SHOR (VSLULWR GH ULVWR TXH QHOHV HVWDYD DR GDU GH DQWHPmR WHVWHPXQKR VREUH RV VRIULPHQWRV UHIHUHQWHV D ULVWR H VREUH DV JOyULDV TXH RV VHJXLULDP $S H DGRUDODmR WRGRV RV TXH KDELWDP VREUH D WHUUD DTXHOHV FXMRV QRPHV QmR IRUDP HVFULWRV QR OLYUR GD YLGD GR RUGHLUR TXH IRL PRUWR GHVGH D IXQGDomR GR PXQGR +E -HVXV ULVWR RQWHP H KRMH p R PHVPR H R VHUi SDUD VHPSUH ULVWR QD REUD GH PHGLDomR DJH GH DFRUGR FRP VXDV GXDV QDWXUH]DV FDGD XPD GHODV DWXDQGR FRPR OKH p SUySULR 0HVPR DVVLP HP UD]mR GD XQLGDGH GH SHVVRD DTXLOR TXH p SUySULR GH XPD QDWXUH]D jV YH]HV p DWULEXtGR j SHVVRD GH ULVWR SHOR QRPH GH VXD RXWUD QDWXUH]D -R 2UD QLQJXpP VXELX DR FpX VHQmR DTXHOH TXH GH Oi GHVFHX D VDEHU R )LOKR GR KRPHP TXH HVWi QR FpX@
  50. 50. $W $WHQGHL SRU YyV H SRU WRGR UHEDQKR VREUH R TXDO R (VStULWR 6DQWR YRV FRQVWLWXLX ELVSRV SDUD SDVWRUHDUGHV D LJUHMD GH 'HXV D TXDO HOH FRPSURX FRP R VHX SUySULR VDQJXH ULVWR FHUWDPHQWH DSOLFD H FRPXQLFD HILFD]PHQWH D UHGHQomR HWHUQD SDUD WRGRV TXDQWRV (OH D REWHYH ID]HQGR LQWHUFHVVmR SRU HOHV XQLQGRRV D VL PHVPR SRU VHX (VStULWR UHYHODQGROKHV R PLVWpULR GD VDOYDomR QD 3DODYUD H SHOD 3DODYUD SHUVXDGLQGR RV D FUHU H REHGHFHU JRYHUQDQGR RV FRUDo}HV GHOHV SRU VHX (VStULWR H VXD 3DODYUD H YHQFHQGR WRGRV RV LQLPLJRV GHOHV SRU VHX SRGHU H VDEHGRULD LQILQGRV GH PRGR WDO H SRU FDPLQKRV TXH VmR RV PDLV KDUPRQLRVRV FRP D VXD PDUDYLOKRVD H LQVRQGiYHO SURYLGrQFLD H WXGR SRU VXD JUDoD OLYUH H VREHUDQD VHP D SUHFRQGLomR GH QHOHV WHU VLGR YLVWD GH DQWHPmR XPD EXVFD SHOD UHGHQomR -R 7RGR DTXHOH TXH R 3DL PH Gi HVVH YLUi D PLP H R TXH YHP D PLP GH PRGR QHQKXP R ODQoDUHL IRUD -R DVVLP FRPR R 3DL PH FRQKHFH H D PLP H HX FRQKHoR R 3DL H GRX D PLQKD YLGD SHODV RYHOKDV $LQGD WHQKR RXWUDV RYHOKDV QmR GHVWH DSULVFR D PLP PH FRQYpP FRQGX]LODV HODV RXYLUmR D PLQKD YR] HQWmR KDYHUi XP UHEDQKR H XP SDVWRU -R e SRU HOHV TXH HX URJR QmR URJR SHOR PXQGR PDV SRU DTXHOHV TXH PH GHVWH SRUTXH VmR WHXV 5P 3RUTXH VH QyV TXDQGR LQLPLJRV IRPRV UHFRQFLOLDGRV FRP 'HXV PHGLDQWH D PRUWH GR VHX )LOKR PXLWR PDLV HVWDQGR Mi UHFRQFLOLDGRV VHUHPRV VDOYRV SHOD VXD YLGD -R 0DQLIHVWHL R WHX QRPH DRV KRPHQV TXH PH GHVWH GR PXQGR (UDP WHXV WX PRV FRQILDVWH H HOHV WrP JXDUGDGR D WXD SDODYUD (I GHVYHQGDQGRQRV R PLVWpULR GD VXD YRQWDGH VHJXQGR R VHX EHQHSOiFLWR TXH SURSXVHUD HP ULVWR -R 7DPEpP VDEHPRV TXH R )LOKR GH 'HXV p YLQGR H QRV WHP GDGR HQWHQGLPHQWR SDUD UHFRQKHFHUPRV R YHUGDGHLUR H HVWDPRV QR YHUGDGHLUR HP VHX )LOKR -HVXV ULVWR (VWH p R YHUGDGHLUR 'HXV H D YLGD HWHUQD 5P 9yV SRUpP QmR HVWDLV QD FDUQH PDV QR (VStULWR VH GH IDWR R (VSLULWR GH 'HXV KDELWD HP YyV ( VH DOJXpP QmR WHP R (VStULWR GH ULVWR HVVH WDO QmR p GHOH 3RLV WRGRV RV TXH VmR JXLDGRV SHOR (VSLULWR GH 'HXV VmR ILOKRV GH 'HXV 6O 'LVVH R 6HQKRU DR PHX 6HQKRU $VVHQWDWH j PLQKD GLUHLWD DWp TXH HX SRQKD RV WHXV LQLPLJRV GHEDL[R GRV WHXV SpV R 3RUTXH FRQYpP TXH HOH UHLQH DWp TXH KDMD SRVWR WRGRV RV LQLPLJRV GHEDL[R GRV VHXV SpV 2 ~OWLPR LQLPLJR D VHU GHVWUXtGR p D PRUWH -R 2 YHQWR VRSUD RQGH TXHU RXYHV D VXD YR] PDV QmR VDEHV GRQGH YHP QHP SDUD RQGH YDL DVVLP p WRGR R TXH p QDVFLGR GR (VStULWR (I TXH 'HXV GHUUDPRX DEXQGDQWHPHQWH VREUH QyV HP WRGD D VDEHGRULD H SUXGrQFLD
  51. 51. (VWH RItFLR GH PHGLDGRU HQWUH 'HXV H RV KRPHQV FDEH H[FOXVLYDPHQWH D ULVWR TXH p SURIHWD VDFHUGRWH H UHL GD ,JUHMD GH 'HXV H QHP HP SDUWH QHP WRWDOPHQWH SRGH VHU WUDQVIHULGR GH ULVWR SDUD TXDOTXHU RXWUHP 7P 3RUWDQWR Ki XP Vy 'HXV H XP Vy 0HGLDGRU HQWUH 'HXV H RV KRPHQV ULVWR -HVXV KRPHP (VWH Q~PHUR H RUGHP GH RItFLRV p QHFHVViULR 3UHFLVDPRV GH VHX RItFLR SURIpWLFR SRU FDXVD GH QRVVD LJQRUkQFLD 3RU FDXVD GH QRVVD DOLHQDomR GH 'HXV H GD LPSHUIHLomR GH QRVVRV PHOKRUHV VHUYLoRV SUHFLVDPRV GH VHX RItFLR VDFHUGRWDO SDUD QRV UHFRQFLOLDU H DSUHVHQWDU DFHLWiYHLV D 'HXV ( SDUD QRVVR UHVJDWH H VHJXUDQoD FRQWUD QRVVRV DGYHUViULRV HVSLULWXDLV SUHFLVDPRV GH VHX RItFLR UHDO SDUD QRV FRQYHQFHU VXEMXJDU DWUDLU VXVWHQWDU OLEHUWDU H SUHVHUYDU SDUD R VHX UHLQR FHOHVWLDO -R 1LQJXpP -DPDLV YLX D 'HXV R 'HXV XQLJrQLWR TXH HVWi QR VHLR GR 3DL p TXHP R UHYHORX O ( D YyV RXWURV WDPEpP TXH RXWURUD pUHLV HVWUDQKRV H LQLPLJRV QR HQWHQGLPHQWR SHODV YRVVDV REUDV PDOLJQDV *O 3RUTXH D FDUQH PLOLWD FRQWUD R (VStULWR H R (VStULWR FRQWUD D FDUQH SRUTXH VmR RSRVWRV HQWUH VL SDUD TXH QmR IDoDLV R TXH SRUYHQWXUD VHMD GR YRVVR TXHUHU -R 4XDQGR HOH YLHU FRQYHQFHUi R PXQGR GR SHFDGR GD MXVWLoD H GR MXt]R 6O $SUHVHQWDUVHi YROXQWDULDPHQWH R WHX SRYR QR GLD GR WHX SRGHU FRP VDQWRV RUQDPHQWRV FRPR R RUYDOKR HPHUJLQGR GD DXURUD VHUmR RV WHXV MRYHQV /F GH FRQFHGHUQRV TXH OLYUHV GD PmR GH LQLPLJRV R DGRUiVVHPRV VHP WHPRU HP VDQWLGDGH H MXVWLoD SHUDQWH HOH WRGRV RV QRVVRV GLDV $3Ë78/2 /,95( $5%Ë75,2 'HXV GRWRX D YRQWDGH KXPDQD FRP D OLEHUGDGH H R SRGHU QDWXUDO GH DJLU SRU HVFROKD VHP VHU IRUoDGD RX SUHGHWHUPLQDGD SRU DOJXPD QHFHVVLGDGH QDWXUDO SDUD ID]HU R EHP RX R PDO 0W (X SRUpP YRV GHFODUR TXH (OLDV Mi YHLR H QmR R UHFRQKHFHUDP DQWHV IL]HUDP FRP HOH WXGR TXDQWR TXLVHUDP $VVLP WDPEpP R ILOKR GR KRPHP Ki GH SDGHFHU QDV PmRV GHOHV 7J $R FRQWUiULR FDGD XP p WHQWDGR SHOD VXD SUySULD FRELoD TXDQGR HVWD R DWUDL H VHGX]
  52. 52. 'W 2V FpXV H D WHUUD WRPR KRMH SRU WHVWHPXQKDV FRQWUD WL TXH WH SURSXV D YLGD H D PRUWH D EHQomR H D PDOGLomR HVFROKH SRLV D YLGD SDUD TXH YLYDV WX H D WXD GHVFHQGrQFLD 2 KRPHP HP VHX HVWDGR GH LQRFrQFLD WLQKD D OLEHUGDGH H R SRGHU GH TXHUHU H ID]HU DTXLOR TXH HUD ERP H DJUDGiYHO D 'HXV (VVD SRUpP HUD XPD FRQGLomR PXWiYHO SRLV R KRPHP SRGLD GHFDLU GHVVD OLEHUGDGH GH SRGHU (F (LV R TXH WmR VRPHQWH DFKHL TXH 'HXV IH] R KRPHP UHWR PDV HOH VH PHWHX HP PXLWDV DVW~FLDV *Q 9HQGR D PXOKHU TXH D iUYRUH HUD ERD SDUD VH FRPHU DJUDGiYHO DRV ROKRV H iUYRUH GHVHMiYHO SDUD GDU HQWHQGLPHQWR WRPRXOKH GR IUXWR H FRPHX H GHX WDPEpP DR PDULGR H HOH FRPHX RP D TXHGD QR SHFDGR R KRPHP SHUGHX FRPSOHWDPHQWH WRGD D VXD KDELOLGDGH YROLWLYD SDUD DTXHOH EHP HVSLULWXDO TXH DFRPSDQKD D VDOYDomR 3RU LVVR R KRPHP QDWXUDO p LQWHLUDPHQWH DGYHUVR D HVVH EHP H HVWi PRUWR HP SHFDGRV (OH QmR p FDSD] GH VH FRQYHUWHU SRU VHX SUySULR HVIRUoR H QHP PHVPR GH VH GLVSRU D LVVR 5P 3RU LVVR R SHQGRU GD FDUQH p LQLPL]DGH FRQWUD 'HXV SRLV QmR HVWi VXMHLWR j OHL GH 'HXV QHP PHVPR SRGH HVWDU 5P 3RUTXH ULVWR TXDQGR QyV DLQGD pUDPRV IUDFRV PRUUHX D VHX WHPSR SHORV tPSLRV (I (OH YRH GHX YLGD HVWDQGR YyV PRUWRV QRV YRVVRV GHOLWRV H SHFDGRV H HVWDQGR QyV PRUWRV HP QRVVRV GHOLWRV QRV GHX YLGD MXQWDPHQWH FRP ULVWR ± SHOD JUDoD VRLV VDOYRV 7W 3RLV QyV WDPEpP RXWURUD pUDPRV QpVFLRV GHVREHGLHQWHV GHVJDUUDGRV HVFUDYRV GH WRGD VRUWH GH SDL[}HV H SUD]HUHV YLYHQGR HP PDOtFLD H LQYHMD RGLRVRV H RGLDQGRQRV XQV DRV RXWURV 4XDQGR SRUpP VH PDQLIHVWRX D EHQLJQLGDGH GH 'HXV QRVVR 6DOYDGRU H R VHX DPRU SDUD FRP RV KRPHQV QmR SRU REUDV GH MXVWLoD SUDWLFDGDV SRU QyV PDV VHJXQGR VXD PLVHULFyUGLD HOH QRV VDOYRX PHGLDQWH R ODYDU UHJHQHUDGRU H UHQRYDGRU GR (VStULWR 6DQWR -R 1LQJXpP SRGH YLU D PLP VH R 3DL TXH PH HQYLRX QmR R WURX[HU H HX R UHVVXVFLWDUHL QR ~OWLPD GLD 4XDQGR 'HXV FRQYHUWH XP SHFDGRU H R WUDQVIHUH SDUD R HVWDGR GH JUDoD (OH R OLEHUWD GD VXD HVFUDYLGmR QDWXUDO GR SHFDGR H VRPHQWH SHOD JUDoD R KDELOLWD D OLYUHPHQWH TXHUHU H ID]HU DTXLOR TXH p HVSLULWXDOPHQWH ERP 0HVPR DVVLP SRU FDXVD GH FHUWDV FRUUXSo}HV TXH SHUPDQHFHP R KRPHP UHGLPLGR QmR ID] R EHP SHUIHLWDPHQWH H QHP GHVHMD VRPHQWH DTXLOR TXH p ERP PDV WDPEpP R TXH p PDX O (OH QRV OLEHUWRX GR LPSpULR GDV WUHYDV H QRV WUDQVSRUWRX SDUD R UHLQR GR )LOKR GR VHX DPRU
  53. 53. -R 6H SRLV R )LOKR YRV OLEHUWDU YHUGDGHLUDPHQWH VHUHLV OLYUHV )O SRUTXH 'HXV p TXHP HIHWXD HP YyV WDQWR R TXHUHU FRPR R UHDOL]DU VHJXQGR D VXD ERD YRQWDGH 5P 3RUTXH QHP PHVPR FRPSUHHQGR R PHX SUySULR PRGR GH DJLU SRLV QmR IDoR R TXH SUHILUR H VLP R TXH GHWHVWR 3RUTXH HX VHL TXH HP PLP LVWR p QD PLQKD FDUQH QmR KDELWD EHP QHQKXP SRLV R TXHUHU R EHP HVWi HP PLP QmR SRUpP R HIHWXiOR 3RUTXH QmR IDoR R EHP TXH SUHILUR PDV R PDO TXH QmR TXHUR HVVH IDoR (QWmR DR TXHUHU ID]HU R EHP HQFRQWUR D OHL GH TXH R PDO UHVLGH HP PLP PDV YHMR QRV PHXV PHPEURV RXWUD OHL TXH JXHUUHDQGR FRQWUD D PLQKD PHQWH PH ID] SULVLRQHLUR GD OHL GR SHFDGR TXH HVWi QRV PHXV PHPEURV 6RPHQWH QR HVWDGR GH JOyULD D YRQWDGH GR KRPHP VHUi WUDQVIRUPDGD SHUIHLWD H LPXWDYHOPHQWH H HQWmR VHUi OLYUH SDUD ID]HU DSHQDV R EHP (I DWp TXH WRGRV FKHJXHPRV j XQLGDGH GD Ip H GR SOHQR FRQKHFLPHQWR GR )LOKR GH 'HXV j SHUIHLWD YDURQLOLGDGH j PHGLGD GD HVWDWXUD GD SOHQLWXGH GH ULVWR $3Ë78/2 $ +$0$'$ (),$= $TXHOHV D TXHP 'HXV SUHGHVWLQRX SDUD D YLGD (OH VH DJUDGD HP FKDPDU HILFD]PHQWH QR WHPSR DFHLWiYHO H SRU (OH PHVPR GHWHUPLQDGR SRU PHLR GH VXD 3DODYUD H GH VHX (VStULWR GR HVWDGR QDWXUDO GH SHFDGR H PRUWH SDUD D JUDoD H D VDOYDomR SRU -HVXV ULVWR ,VVR 'HXV ID] LOXPLQDQGROKHV D PHQWH GH PDQHLUD HVSLULWXDO H VDOYDGRUD SDUD TXH FRPSUHHQGDP DV FRLVDV GH 'HXV WLUDQGROKHV R FRUDomR GH SHGUD H GDQGROKHV XP FRUDomR GH FDUQH UHQRYDQGROKHV D YRQWDGH H SHOD VXD RQLSRWrQFLD SUHGLVSRQGRRV SDUD R EHP H WUD]HQGRRV LUUHVLVWLYHOPHQWH SDUD -HVXV ULVWR 1R HQWDQWR HOHV YrP D ULVWR HVSRQWkQHD H OLYUHPHQWH SRUTXH D JUDoD GH 'HXV OKHV GLVS}H R FRUDomR SDUD LVVR 5P ( DRV TXH SUHGHVWLQRX D HVVHV WDPEpP FKDPRX H DRV TXH FKDPRX D HVVHV WDPEpP MXVWLILFRX H DRV TXH MXVWLILFRX D HVVHV WDPEpP JORULILFRX 5P 4XH GLUHPRV SRLV R TXH ,VUDHO EXVFD LVVR QmR FRQVHJXLX PDV D HOHLomR R DOFDQoRX H RV PDLV IRUDP HQGXUHFLGRV (I GH ID]HU FRQYHUJLU QHOH QD GLVSHQVDomR GD SOHQLWXGH GRV WHPSRV WRGDV DV FRXVDV WDQWR DV GR FpX FRPR DV GD WHUUD QHOH GLJR QR TXDO IRPRV WDPEpP IHLWRV KHUDQoD SUHGHVWLQDGRV VHJXQGR R SURSyVLWR GDTXHOH TXH ID] WRGDV DV FRXVDV FRQIRUPH R FRQVHOKR GD VXD YRQWDGH
  54. 54. 7V (QWUHWDQWR GHYHPRV VHPSUH GDU JUDoDV D 'HXV SRU YyV LUPmRV DPDGRV SHOR 6HQKRU SRU LVVR TXH 'HXV YRV HVFROKHX GHVGH S SULQFtSLR SDUD D VDOYDomR SHOD VDQWLILFDomR GR (VStULWR H Ip QD YHUGDGH SDUD R TXH WDPEpP YRV FKDPRX PHGLDQWH R QRVVR HYDQJHOKR SDUD DOFDQoDU D JOyULD GH QRVVD 6HQKRU -HVXV ULVWR (I (OH YRV GHX YLGD HVWDQGR YyV PRUWRV QRV YRVVRV GHOLWRV H SHFDGRV QRV TXDLV DQGDVWH RXWURUD VHJXQGR R FXUVR GHVWH PXQGR VHJXQGR R SUtQFLSH GD SRWHVWDGH GR DU GR HVSLULWR TXH DJRUD DWXD QRV ILOKRV GD GHVREHGLrQFLD HQWUH RV TXDLV WDPEpP WRGRV QyV DQGDPRV RXWURUD VHJXQGR DV LQFOLQDo}HV GD QRVVD FDUQH ID]HQGR D YRQWDGH GD FDUQH H GRV SHQVDPHQWRV H pUDPRV SRU QDWXUH]D ILOKRV GD LUD FRPR WDPEpP RV GHPDLV 0DV 'HXV VHQGR ULFR HP PLVHULFyUGLD SRU FDXVD GR JUDQGH DPRU FRP TXH QRV DPRX H HVWDQGR QyV PRUWRV HP QRVVRV GHOLWRV QRV GHX YLGD MXQWDPHQWH FRP ULVWR ± SHOD JUDoD VRLV VDOYRV ± H MXQWDPHQWH FRP (OH QRV UHVVXVFLWRX H QRV IH] DVVHQWDU QRV OXJDUHV FHOHVWLDLV HP ULVWR -HVXV $W SDUD OKHV DEULU RV ROKRV H FRQYHUWHORV GDV WUHYDV SDUD D OX] H GD SRWHVWDGH GH 6DWDQiV SDUD 'HXV D ILP GH TXH UHFHEDP HOHV UHPLVVmR GH SHFDGRV H KHUDQoD HQWUH RV TXH VmR VDQWLILFDGRV SHOD Ip HP PLP (I SDUD TXH R 'HXV GH QRVVR 6HQKRU -HVXV ULVWR R 3DL GD JOyULD YRV FRQFHGD HVStULWR GH VDEHGRULD H GH UHYHODomR QR SOHQR FRQKHFLPHQWR GHOH LOXPLQDQGR RV ROKRV GR YRVVR FRUDomR SDUD VDEHUGHV TXDO p D HVSHUDQoD GR VHX FKDPDPHQWR TXDO D ULTXH]D GD JOyULD GD VXD KHUDQoD QRV VDQWRV (] 'DUYRVHL FRUDomR QRYR H SRUHL GHQWUR HP YyV HVStULWR QRYR WLUDUHL GH YyV R FRUDomR GH SHGUD H YRV GDUHL FRUDomR GH FDUQH 'W 2 6HQKRU WHX 'HXV FLUFXQFLGDUi R WHX FRUDomR H R FRUDomR GH WXD GHVFHQGrQFLD SDUD DPDUHV DR 6HQKRU WHX 'HXV GH WRGR R FRUDomR H GH WRGD D WXD DOPD SDUD TXH YLYDV ([ 3RUHL GHQWUR GH YyV R PHX (VStULWR H IDUHL TXH DQGHLV QRV PHXV HVWDWXWRV YyV VHUHLV R PHX SRYR H (X VHUHL R YRVVR 'HXV (I H TXDO D VXSUHPD JUDQGH]D GR VHX SRGHU SDUD FRP RV TXH FUHPRV VHJXQGR D HILFiFLD GD IRUoD GR VHX SRGHU 6O $SUHVHQWDUVHi YROXQWDULDPHQWH R WHX SRYR QR GLD GR WHX SRGHU FRP VDQWRV RUQDPHQWRV FRPR R RUYDOKR HPHUJLQGR GD DXURUD VHUmR RV WHXV MRYHQV $ FKDPDGD HILFD] p UHVXOWDQWH GD JUDoD HVSHFLDO H JUDWXLWD GH 'HXV H QmR GH DOJR TXH GH DQWHPmR VHMD YLVWR QR KRPHP H QHP GH SRGHU DOJXP RX DomR GD FULDWXUD FRRSHUDQGR FRP D JUDoD HVSHFLDO GH 'HXV 3RU HVWDU PRUWD HP SHFDGRV H WUDQVJUHVV}HV D FULDWXUD PDQWpPVH WRWDOPHQWH SDVVLYD DWp TXH QD FKDPDGD HILFD] HOD VHMD YLYLILFDGD H UHQRYDGD SHOR (VStULWR 6DQWR $ SHVVRD HQWmR p KDELOLWDGD D UHVSRQGHU D HVVD FKDPDGD H D DEUDoDU D JUDoD TXH HOD FRPXQLFD H RIHUHFH 3DUD LVVR p QHFHVViULR XP SRGHU TXH GH PRGR QHQKXP p PHQRU GR TXH DTXHOH TXH UHVVXVFLWRX D ULVWR GHQWUH RV PRUWRV 7P TXH QRV VDOYRX H QRV FKDPRX FRP VDQWD YRFDomR QmR VHJXQGR DV QRVVDV REUDV PDV FRQIRUPH D VXD SUySULD GHWHUPLQDomR H JUDoD TXH QRV IRL GDGD HP ULVWR -HVXV DQWHV GRV WHPSRV HWHUQRV
  55. 55. (I 3RUTXH SHOD JUDoD VRLV VDOYRV PHGLDQWH D Ip H LVWR QmR YHP GH YyV p 'RP GH 'HXV R 2UD R KRPHP QDWXUDO QmR DFHLWD DV FRLVDV GR (VStULWR GH 'HXV SRUTXH OKH VmR ORXFXUD H QmR SRGH HQWHQGrODV SRUTXH HODV VH GLVFHUQHP HVSLULWXDOPHQWH (I H HVWDQGR QyV PRUWRV HP QRVVRV GHOLWRV QRV GHX YLGD MXQWDPHQWH FRP ULVWR ± SHOD JUDoD VRLV VDOYRV ± -R (P YHUGDGH HP YHUGDGH YRV GLJR TXH YHP D KRUD H Mi FKHJRX HP TXH RV PRUWRV RXYLUmR D YR] GR )LOKR GH 'HXV H RV TXH D RXYLUHP YLYHUmR (I H TXDO D VXSUHPD JUDQGH]D GR VHX SRGHU SDUD FRP RV TXH FUHPRV VHJXQGR D HILFiFLD GD IRUoD GR VHX SRGHU R TXDO H[HUFHX HOH HP ULVWR UHVVXVFLWDQGRR GHQWUH RV PRUWRV H ID]HQGRR VHQWDU j VXD GLUHLWD QRV OXJDUHV FHOHVWLDLV $V FULDQoDV TXH PRUUHP QD LQIkQFLD VH HOHLWDV VmR UHJHQHUDGDV H VDOYDV SRU ULVWR DWUDYpV GR (VStULWR TXH REUD TXDQGR RQGH H FRPR OKH DJUDGD 'R PHVPR PRGR VmR VDOYDV WRGDV DV RXWUDV SHVVRDV LQFDSD]HV GH VHUHP FKDPDGDV H[WHULRUPHQWH SHOR PLQLVWpULR GD 3DODYUD -R $ LVWR UHVSRQGHX -HVXV (P YHUGDGH HP YHUGDGH WH GLJR TXH VH DOJXpP QmR QDVFHU GH QRYR QmR SRGH YHU R UHLQR GH 'HXV 5HVSRQGHXOKH -HVXV (P YHUGDGH HP YHUGDGH WH GLJR 4XHP QmR QDVFHU GD iJXD H GR (VStULWR QmR SRGH HQWUDU QR UHLQR GH 'HXV 2 TXH p QDVFLGR GD FDUQH p FDUQH H R TXH p QDVFLGR GR (VStULWR p HVStULWR -R 2 YHQWR VRSUD RQGH TXHU RXYHV D VXD YR] PDV QmR VDEHV GRQGH YHP QHP SDUD RQGH YDL DVVLP p WRGR R TXH p QDVFLGR GR (VStULWR 2XWURV QmR HOHLWRV SRGHP VHU FKDPDGRV SHOR PLQLVWpULR GD 3DODYUD H GHVIUXWDU GH DOJXPDV RSHUDo}HV FRPXQV GR (VStULWR 6DQWR RQWXGR SRU QmR VHUHP HILFD]PHQWH WUD]LGRV D ULVWR SHOR 3DL HOHV QmR GHVHMDP QHP SRGHP UHDOPHQWH YLU D ULVWR H SRUWDQWR QmR SRGHP VHU VDOYRV 0XLWR PHQRV SRGHUmR VHU VDOYRV RV TXH QmR VHJXHP D UHOLJLmR FULVWm SRU PDLV GLOLJHQWHV TXH VHMDP HP FRQIRUPDU VXDV YLGDV j OX] GD QDWXUH]D H DRV HQVLQDPHQWRV GD UHOLJLmR TXH SURIHVVDP 0W 3RUTXH PXLWRV VmR FKDPDGRV PDV SRXFRV HVFROKLGRV 0W 2 TXH IRL VHPHDGR HP VROR URFKRVR HVVH p R TXH RXYH D 3DODYUD H D UHFHEH ORJR FRP DOHJULD PDV QmR WHP UDL] HP VL PHVPR VHQGR DQWHV GH SRXFD GXUDomR HP OKH FKHJDQGR D DQJ~VWLD RX D SHUVHJXLomR SRU FDXVD GD SDODYUD ORJR VH HVFDQGDOL]D +E p LPSRVVtYHO SRLV TXH DTXHOHV TXH XPD YH] IRUDP LOXPLQDGRV H SURYDUDP R GRP FHOHVWLDO H VH WRUQDUDP SDUWLFLSDQWHV GR (VStULWR 6DQWR H SURYDUDP D ERD 3DODYUD GH 'HXV H RV SRGHUHV GR PXQGR YLQGRXUR -R 1LQJXpP SRGH YLU D PLP VH R 3DL TXH PH HQYLRX QmR R WURX[HU H HX R UHVVXVFLWDUHL QR ~OWLPR GLD

×