´/D 5HG 6RFLDOµ
7KH 6RFLDO 1HWZRUN /D UHG VRFLDO HQ (VSDxD \ 5HG VR FLDO HQ +LVSDQRDPpULFD HV XQD SHOtFXOD GLULJLGD SRU 'D YLG )LQFKHU TXH IXH HVWUHQDGD HO GH RFWXEUH GH HQ (VWDGRV 8QLGRV (VWi EDVDGD HQ HO OLEUR 0XOWLPLOOR QDULRV SRU DFFLGHQWH GH %HQ 0H]ULFK \ QDUUD OD KLVWR ULD GH OD FRQRFLGD UHG VRFLDO )DFHERRN /D DGDSWDFLyQ GHO JXLyQ HVWXYR D FDUJR GH $DURQ 6RUNLQ \ ORV SDSHOHV SURWDJyQLFRV SHUWHQHFHQ D -HVVH (LVHQEHUJ $QGUHZ *DUILHOG \ -XVWLQ 7LPEHUODNH TXLHQHV LQWHUSUHWDQ D 0DUN =XFNHUEHUJ (GXDUGR 6DYHULQ \ 6HDQ 3DUNHU UHV SHFWLYDPHQWH ORV GRV SULPHURV VRQ ORV FUHDGRUHV GH )DFHERRN PLHQWUDV TXH HO ~OWLPR HV XQR GH ORV IXQGD GRUHV GH 1DSVWHU TXLHQ HQ HO VH XQLy D OD SUHVL GHQFLD GH )DFHERRN /D SULPHUD H[KLELFLyQ GH OD SHOtFXOD VH UHDOL]y DO FR PHQ]DU OD FXDGUDJpVLPD RFWDYD YHUVLyQ GHO )HVWLYDO GH &LQH GH 1XHYD <RUN HO GH VHSWLHPEUH GH
3iJLQD
MRYHQ GH OD KLVWRULD 3HUR SDUD HV WH HPSUHQGHGRU HO p[LWR KD VX SXHVWR FRPSOLFDFLRQHV SHUVRQDOHV \ OHJDOHV (VFULWD SRU $DURQ 6RU NLQ EDVDGD HQ HO OLEUR 7KH $FFL GHQWDO %LOOLRQDLUHV GH %HQ 0H] ULFK 7KH 6RFLDO 1HWZRUN QDUUD OD KLVWRULD GH ORV MyYHQHV IXQGDGR UHV GH OD SRSXODU UHG VRFLDO )DFH ERRN HVSHFLDOPHQWH GH VX FUHDGRU PiV FRQRFLGR 0DUN =XFNHUEHUJ 6X OH\HQGD UH]D 1R VH KDFHQ PLOORQHV GH DPLJRV VLQ KDFHU XQRV FXDQWRV HQHPLJRV
6,1236,6 8QD QRFKH GH RWRxR GHO DxR 0DUN =XFNHUEHUJ -HVVH (LVHQEHUJ DOXPQR GH +DUYDUG \ JHQLR GH OD SURJUDPDFLyQ VH VLHQWD D VX RUGHQDGRU \ FRQ HP SHxR \ HQWXVLDVPR FRPLHQ]D D GHVDUUROODU XQD QXHYD LGHD (Q XQ IXURU GH EORJJLQJ \ SURJUDPD FLyQ OR TXH FRPHQ]y HQ OD KDEL WDFLyQ GH VX FROHJLR PD\RU SURQ WR VH FRQYLUWLy HQ XQD UHG VRFLDO JOREDO \ XQD UHYROXFLyQ HQ OD FR PXQLFDFLyQ 6HLV DxRV \ PL OORQHV GH DPLJRV GHVSXpV 0DUN =XFNHUEHUJ HV HO ELOORQDULR PiV
/D ILOPDFLyQ FRQWLQXy HQ ORV FXDGUiQJXORV .H\VHU \ :\PDQ GHO FDPSXV SULQFLSDO GH OD 8QLYHUVLGDG -RKQV +RSNLQV ORV GtDV \ GH QRYLHPEUH (VWD XQL YHUVLGDG VLUYLy SDUD LOXVWUDU OD 8QLYHUVLGDG +DUYDUG HQ HO ILOPH (QWUH HO \ HO GH QRYLHPEUH GH HO URGDMH VLJXLy HQ OD 8QLYHUVLGDG (VWDWDO GH &DOLIRUQLD
)LOPDFLyQ (O URGDMH GH 7KH VRFLDO QHWZRUN FRPHQ]y HQ RFWXEUH GH HQ &DPEULGJH 0DVVDFKXVHWWV /DV HVFHQDV IXHURQ JUDEDGDV HQ ORV FDPSXV GH ODV GRV SUHSDUDWRULDV GH 0DVVDFKXVHWWV OD $FDGHPLD 3KLOOLSV \ OD $FDGHPLD 0LOWRQ
$8',&,Ð1 < ),/0$&,Ð1 $XGLFLyQ /D E~VTXHGD GH DFWRUHV SDUD 7KH VRFLDO QHWZRUN FRPHQ]y GH PDQHUD DELHUWD HQ DJRVWR GH HQ YDULRV HVWD GRV GH 1RUWHDPpULFD 6KLD /D%HRXI \ 0L FKDHO &HUD IXHURQ FRQVLGHUDGRV SDUD HO SDSHO HO 0DUN =XFNHUEHUJ (O SULPHUR HQ VHU FRQILUPDGR FRPR SDUWH GHO HOHQFR IXH -HVVH (LVHQEHUJ HQ VHSWLHPEUH GH 9DULRV GtDV GHVSXpV VH DQXQFLy TXH HO FDQ WDQWH -XVWLQ 7LPEHUODNH \ $QGUHZ *DU ILHOG LQWHUSUHWDUtDQ 6HDQ 3DUNHU \ (GXDU GR 6DYHULQ (Q RFWXEUH GH %UHQGD 6RQJ 5RRQH\ 0DUD $UPLH +DPPHU \ -RVK 3HQFH IXHURQ FRQWUDWDGRV SDUD HO SUR\HF WR 0D[ 0LQJKHOOD \ 'DNRWD -RKQVRQ WDP ELpQ IXHURQ FRQILUPDGRV SRU HO GLUHFWRU GH 'RQQLH 'DUNR 5LFKDUG .HOO\
3iJLQD
5(&(3&,Ð1 7$48,//$ < &5Ì7,&$ 5 HF H SF Ly Q ©&R GLF L D R E V H VL y Q L P SU H Y L VL E LO LG DG \ V H [R ª I X HU R Q D OJX Q R V W pU PL QR V X V DGR V S DU D G H VF U LE LU D 7 K H VR F L DO Q H W ZR U N D Q W H V G H VX H V WU H QR OR T X H VR U SU H Q GLy D L PS R U W D QW H V F R P HU F L D QW H V F L Q H P D WR JU iI LF R V TX L H Q H V D V HJ XU DU R Q T X H OD S HO tF XO D SR GU t D V HU ©D E XU U LG Dª SR U WU D W D U VH G HO R U L J H Q G H ) DF H ER R N (O S H U Ly GLF R & DU G L Q DO &R XU L HU V Hx D Oy DO U H V S HF WR © $ X QT X H K D\ P i V G H P LOOR Q H V GH X V X DU LR V H Q ) DF H E R R N ¢ H VR VL J QL I LF D T X H 7 K H 6 R F L DO 1 H W ZR U N S X HG H F R QY HU WLU V H H Q X Q U H Q W D EO H p [L WR G H W D T XL OO D "ª ( Q U H VS X H V W D D H V WD V DI LU P DF LR Q H V HO SU R GX F WR U . HY L Q 6 S D F H \ V H x DO y TX H 7 K H V R F L DO Q H W ZR U N V HU t D P XF KR P i V G L Y HU WL G D T X H OR TX H O D J H Q W H H V S HU D E D
*ORER GH 2UR
FLDFLyQ GH &UtWLFRV GH &LQH GH /RV ÉQJHOHV DQXQFLy TXH VXV SUHPLRV D OD PHMRU SHOtFXOD PHMRU JXLyQ \ PHMRU P~VLFD VHUtDQ HQWUHJDGRV D 7KH VR FLDO QHWZRUN HQ XQD FHUHPRQLD TXH VH UHDOL]y HO GH HQHUR GH HQ OD FLXGDG GH /RV ÉQJHOHV > @ (Q OD &RVWD (VWH GH ORV (VWDGRV 8QLGRV HO &tUFXOR GH &UtWLFRV &LQHPDWRJUiILFRV GH 1XHYD <RUN SUHPLy D 7KH VRFLDO QHWZRUN HQ ODV FDWHJRUtDV GH PHMRU SHOtFXOD \ PHMRU GLUHFWRU
(1 7DTXLOOD 'XUDQWH VX SULPHU ILQ GH VHPDQD HQ ODV VDODV GH FLQH 7KH VRFLDO QHWZRUN UHFDXGy TXHGDQGR HQ HO SULPHU OXJDU GH OD WDTXLOOD GH (VWDGRV 8QLGRV $ QLYHO PXQGLDO HO ILOPH KD UHFDXGDGR /$ &UtWLFD /XHJR GH VX SULPHUD H[KLELFLyQ HQ HO )HVWLYDO GH &LQH GH 1XHYD <RUN HO GH VHSWLHPEUH GH OD FLQWD UHFLELy FUtWLFDV PD\RULWDULDPHQWH SRVLWLYDV 3HWHU 7UDYHUV GH OD UHYLVWD 5ROOLQJ 6WRQH OH RWRUJy OD Pi[LPD FDOLILFDFLyQ FLQFR HV WUHOODV 3RU VX SDUWH 0DQRKOD 'DUJLV GH 7KH 1HZ <RUN 7LPHV OD FDOLILFy FRQ XQD $ 5RJHU (EHUW GHO &KLFDJR 6XQ 7LPHV OH GLR OD Pi[LPD SXQWXDFLyQ \ DJUHJy ©8QD JUDQ SHOtFXOD QR SRU VX HVWLOR GHVOXPEUDQWH R LQWHOLJHQFLD YLVXDO VLQR SRUTXH HVWi HVSOpQGLGDPHQWH ELHQ KHFKDª -XV WLQ &KDQJ FUtWLFR GHO VHPDQDULR 9DULHW\ RSLQy ©&RQWLQ~D OD IDVFLQDQWH WUDQVLFLyQ GH )LQFKHU GH XQ GLUHFWRU GH JpQHUR H[WUDRUGLQDULR D XQ LPERUUDEOH FURQLVWD GH QXHVWURV WLHPSRVª .LUN +RQH\FXWW GH 7KH +ROO\ZRRG 5HSRUWHU GHFODUy ©8Q KLSQyWLFR UHWUDWR GH XQ KRPEUH TXH HQ FXDOTXLHU RWUD pSRFD TXL]iV VHUtD FRQVLGHUDGR XQ ORFR R XQ LQ~WLO SHUR HQ OD HUD GH ,QWHUQHW WLH QH OD DJLOLGDG PHQWDO SDUD WUDQVIRUPDU XQD LGHD HQ XQ LPSHULRª ÉQJHO )HUUR HQ 6LQ 3HUPLVR GHVWDFy HQWUH RWUDV FRVDV OD QXOD PHQFLyQ D ODV GHQXQFLDV \ FUtWLFDV D )DFHERRN HQ UHODFLyQ DO XVR GH GDWRV SHUVRQDOHV DXQTXH FRQVLGHUy PX\ DFHUWDGRV HO EXFOH \ OD SDUDGRMD LPSOtFLWD UHV SHFWR DO FRPLHQ]R \ HO ILQDO GH OD SHOtFXOD
35(0,26 (Q GLFLHPEUH GH OD 1DWLRQDO %RDUG RI 5HYLHZ RI 0RWLRQ 3LFWXUHV $VRFLDFLyQ QDFLRQDO GH FUtWLFRV GH FLQH GH (VWD GRV 8QLGRV
VHOHFFLRQy D 7KH VRFLDO QHWZRUN FRPR PHMRU SHOtFXOD D 'DYLG )LQFKHU FRPR PHMRU GL UHFWRU D -HVVH (LVHQEHUJ FRPR PHMRU DFWRU \ D $D URQ 6RUNLQ FRPR PHMRU JXLyQ DGDSWDGR > @ 7DP ELpQ HQ GLFLHPEUH OD $VR