Anuario Joly Andalucía 2014: Economía

Page 1

!NUARIO *OLY !NDALUCÓA

%#/./-·!

%

%

%CONOMÓA

ATU^a\Pb P[ Q^aST ST[ _aTRX_XRX^ bTVá] Tb R^bcd\QaT 2!&!%, 3!,'5%)2/ ● ¦;P P]cTbP[P ST [P aTRd_TaPRXÚ]. */3³ !.4/.)/ -!24·.%: 3%22!./ ● 6aPRXPb P [P RaXbXb *5!. -!24·.%: "!2%! ● 8]]^ePRXÚ] cTR]^[ÚVXRP _PaP [P aTRd_TaPRXÚ] */!15·. -/9! !.'%,%2 ● 4[ VaXP[ ST [P R^\_TcXcXeXSPS TbcÈ P`dÔ T] T[ bP[PaX^ */3³ )'.!#)/ 25&)./ 253 ● ;P RaTPRXÚ] ST eP[^a PØPSXS^ T] T[ bTRc^a PVa^P[X\T]cPaX^ *%2¼.)-/ -/,).! ● ;P RaXbXb ST[ _T_X]^ `dT ]d]RP TgXbcXÚ 4/-­3 -/.!'/ ● ;P T]ÐaVXRP aTU^a\P T[ÐRcaXRP 2!&!%, 3!,'5%)2/ ● ;P Tb_TaP]iP T] T[ bTRc^a PTa^]ÈdcXR^ P]SP[di */3³ ,5)3 '!,­. ● 0XaQdb T]caTVP _^a UX] bd _aX\Ta 0# < %,) '!2#·! 6),,!,¼. ● 0[TbcXb P[[P]P T[ RP\X]^ _PaP bP[Xa ST[ R^]Rdab^ ST PRaTTS^aTb %,) '!2#·! 6),,!,¼. ● 4[ cdaXb\^ P]SP[di d] U^acÔ] R^]caP [P RaXbXb )3-!%, 4/5!4 0!$),,! ● ;P _aTbXÚ] UXbRP[ T] 4b_PØP */3³ ,5)3 "!,,%34%2 ● ;Pb caTb ]dQTb cÚgXRPb ST 7PRXT]SP &%$% $52­.● 4b_TaP]S^ P[ RaÐSXc^ 3!.4)!'/ #!2"¼ ● ;P aTRd_TaPRXÚ] ST [P Q^[bP !,%*!.$2/ -!24·. 2/$2·'5%: ● 4[ _aX\Ta QP]`dTa^ T]caT aTYPb T] ( PØ^b !,%*!.$2/ -!24·. 2/$2·'5%: ● 1aTeT SXÈ[^V^ b^RaÈcXR^ b^QaT T[ 1XcR^X] -!.5%, ­.'%, -!24·. ,¼0%: % )»!+) -!24·. 6%,!3#/ ● ;P Tg_^acPRXÚ] Tb_PØ^[P R^] d] Tda^ b^QaTeP[^aPS^ 2!&!%, -92/ ● 4]STdSP\XT]c^) RdP]S^ [P UXTQaT Tb T[ _a^Q[T\P $)%'/ -!24·.%: ,¼0%: ● 4[ PRdTaS^ ST 1P[X 2/'%,)/ 6%,!3#/


!NUARIO *OLY !NDALUCร A

%)

2EFORMAS AL BORDE DEL PRECIPICIO

SEGร N ES COSTUMBRE 2AFAEL 3ALGUEIRO

S .VIPLYUV OH HIVYKHKV \U WYVNYHTH YLMVYTPZ[H [HU WYVM\UKV ` [HU \YNLU [L JVTV UV ZL YLJVYKHIH KLZKL SH ;YHUZP JPร U V KLZKL LS 7SHU KL ,Z[HIPSPaHJPร U KL KL TVKV X\L WHYLJL ZLY JVZ[\TIYL LZWHร VSH SH KL YLMVYTHY LU ZLYPV Zร SV HS IVY KL KLS KLZJHSHIYV 5V VIZ[HU[L LZ KLIPKV YLJVUVJLY X\L LS NVIPLYUV ZVJPHSPZ[H M\L HKVW[HUKV HSN\UHZ YLMVYTHZ HU[LZ ` K\YHU [L SH JYPZPZ PUPJPHSTLU[L SHZ YLJVNPKHZ LU LS 7YVNYHTH 5HJPVUHS KL 9LMVYTHZ 759 KLYP]HKV KLS YLSHUaHTPLU[V KL SH ,Z[YH[LNPH KL 3PZIVH ` S\LNV SHZ MVYaHKHZ WVY SVZ OLJOVZ (X\LS KVJ\TLU[V `H YLJV UVJร H WYVISLTHZ YLHSLZ WยผYKPKH KL JVTWL [P[P]PKHK ` WV[LUJPHSLZ LS NYHU LUKL\KH TPLU[V KL SHZ MHTPSPHZ ` SH L_WVZPJPร U H SH JVUZ[Y\JJPร U WLYV UV JVU[LUร H UPUN\UH TLKPKH WHYH HJ[\HY HU[L \U LUK\YLJPTPLU [V KL SH MPUHUJPHJPร U L_[LYPVY 3H JVTWL[P[P ]PKHK OHIYร H KL TLQVYHY NYHJPHZ H SH PUUV]H JPร U ` SHZ YLMVYTHZ WVKร HU KLZJHUZHY LU LS NHZ[V Wร ISPJV

JVU[PLUL \UH HNLUKH KL YLMVYTHZ KL SHZ WLUZPVULZ ` KL SH ULNVJPHJPร U JVSLJ[P]H KLZH YYVSSH SH YLMVYTH SHIVYHS ` JVU[PUร H SH YLLZ [Y\J[\YHJPร U IHUJHYPH <U PUTLKPH[V JYLJP TPLU[V KLS 70) MHJPSP[HYร H SH JVUZVSPKHJPร U KL SHZ J\LU[HZ Wร ISPJHZ ` H TH`VYLZ [LUร HTVZ LS IยดSZHTV KL -PLYHIYยดZ! 3H 3L` KL ,JVUVTร H :VZ[LUPISL 7LYVLULZVSSHTร LSJHY[LYV ,SJPUJVKLHNVZ [V LS WYLZPKLU[L KLS )*, YLJSHTH WVY JHY[H HJ JPVULZ \YNLU[LZ WHYH H[HQHY SH JYPZPZ KL KL\KH ZVILYHUH TLKPKHZ LZWLJร MPJHZ ZVIYL LS TLYJH KV KL [YHIHQV KLZJLU[YHSPaHJPร U KL SH ULNVJPH JPร U KLZ]PUJ\SHJPร U KL SVZ ZHSHYPVZ JVU LS 07* TVKLYHJPร U LU LS ZLJ[VY WYP]HKV ` \U U\L]V JVU[YH[V JVU T\` IHQH PUKLTUPaHJPร U 9L X\PLYL \UH JVUZVSPKHJPร U HKPJPVUHS KL \U

KLS 70) OHZ[H MPU KL Hร V JVU LS MPU KL HZLN\YHY \U KยผMPJP[ UV Z\WLYPVY HS ` LS JVU[YVS KLS NHZ [V KL SHZ HKTPUPZ[YHJPVULZ Z\IUHJPVUHSLZ :L ร HSH [HTIPยผU SH ULJLZPKHK KL TLQVYHZ LU SVZ TLYJHKVZ!WYLJPVYLHSPZ[HKLSHLSLJ[YPJPKHK L_ [LUZPร U KLS HSX\PSLY KL ]P]PLUKHZ ` TยดZ JVTWL [P[P]PKHK LU LS ZLJ[VY ZLY]PJPVZ LZWLJร MPJHTLU [L LU SVZ ZLY]PJPVZ WYVMLZPVUHSLZ

-ARIANO 2AJOY EXPLICA LA REFORMA DE LAS ADMINISTRACIONES Pร BLICAS A MINISTROS DE OTROS PAร SES

3VZ WYPTLYVZ PUMVYTLZ HU\HSLZ KL WYVNYLZV TVZ[YHIHU ZH[PZMHJJPร U JVU SV X\L ZL PIH HS JHUaHUKV ,U LS KL Zร ZL HUV[HIH LS WV ZPISL YPLZNV KLIPKV H SHZ [\YI\SLUJPHZ KL SVZ TLYJHKVZ MPUHUJPLYVZ WLYV LZ[ยดIHTVZ PUT\ UPaHKVZ ` HZร ZPN\Pร JYL`ยผUKVSV LS .VIPLYUV [HTIPยผU LU LS PUMVYTL KL 7LYV HS Hร V ZP N\PLU[L ZL HJHIHYVU SHZ JVTWSHJLUJPHZ ,S *VUZLQV ,\YVWLV KL KPJPLTIYL KL OH Iร H YLJVTLUKHKV SH JVTIPUHJPร U KL LZ[ร T\ SVZ MPZJHSLZ ` YLMVYTHZ LZ[Y\J[\YHSLZ WHYH LSL ]HY SH JVTWL[P[P]PKHK KL SHZ X\L ZL HKVW[ร SV WYPTLYV LS 7SHU , ` ZL L]HKPร SV ZLN\UKV JVU SHZ [LU\LZ TLKPKHZ SHIVYHSLZ YLMSLQHKHZ LU LS PUMVYTL KL ,U LS ZPN\PLU[L ZL YLJVUV JLU ZPU WHSPH[P]VZ SVZ KL[LYPVYVZ KL SHZ J\LU[HZ Wร ISPJHZ KLS LTWSLV ` KLS ZPZ[LTH MPUHUJPLYV KLZWSLNยดUKVZL LS 7YVNYHTH KL ,Z[HIPSPKHK ` \UH YLMVYTH SHIVYHS KLJPKPKH Zร H\UX\L PU Z\MPJPLU[L ` ZL JYLH LS -96) JVU LS Hร HKPKV PUL]P[HISL KL \UH t,Z[YH[LNPH KL ,JVUVTร H :VZ[LUPISLu -PUHSTLU[L LS `H U\L]V 759

%&%

*VTV LZ ZHIPKV SLร KH SH JHY[H ` YLMVYTHKV LS HY[ *, ZL JVU]VJHU LSLJJPVULZ KL SHZ X\L ZHSL \U U\L]V .VIPLYUV X\L [YHZSHKH Z\ WYV NYHTH YLMVYTPZ[H ` SHZ YLJVTLUKHJPVULZ L\ YVWLHZ HS 759 ` HS WVZ[LYPVY 759 7YยดJ[PJHTLU[L UV OH` UPUNร U L_[YLTV KL SH HJJPร U Wร ISPJH X\L UV ZLH VIQL[V KL YLMVYTHZ `HZLHWHYHJVU[YPI\PYHSHJVUZVSPKHJPร UMPZJHS WHYH TLQVYHY SH LMPJPLUJPH KL SH (KTPUPZ[YH JPร U V WHYH SVNYHY SH ZVZ[LUPIPSPKHK MPUHUJPLYH KL Z\Z ZLY]PJPVZ /HJPH LS ยดTIP[V WYP]HKV LS .VIPLYUV ZL WYVWVUL YLMVYTHY WYVM\UKH TLU[L LS TLYJHKV SHIVYHS Z\WYPTPY SHZ IHYYL YHZ H SH HJ[P]PKHK LTWYLZHYPHS LZ[PT\SHY SH PUP JPH[P]H LTWYLZHYPHS ` YLMVYTHY LS ZLJ[VY LSยผJ [YPJV LU[YL V[YVZ VIQL[P]VZ (MVY[\UHKHTLU [L UV LZ[ยด PU]LU[HUKV UHKH U\L]V ZPUV Zร SV HKVW[HUKVSVX\LZLOHJVUZ[H[HKVX\LM\UJPV UHIPLUWHYHJYLJLY`JYLHYLTWSLV 3HWLUHLZ X\L OH`H OLJOV MHS[H \UH JYPZPZ MPZJHS WHYH HIHUKVUHY KL \UH ]La LS JHZ[PJPZTV ` JHTPUHY OHJPH \UH ]LYKHKLYH LJVUVTร H HIPLY[H

!,'5.!3 2%&/2-!3

,EY DE RACIONALIZACIร N Y SOSTENIBILIDAD DE LA !DMINISTRACIร N ,OCAL "/% >`^ ZMUP_TaZ^ ^ZY NWL]TQTNL] WL^ NZX [P_PYNTL^ X`YTNT[LWP^ PaT_LYOZ WL^ O`[WTNTOLOP^ ]LNTZYLWTeL] WL P^_]`N _`]L Z]RLYTeL_TaL OP WL^ .. 77 RL ]LY_TeL] PW ]TRZ] PY PW NZY_]ZW QTYLY NTP]Z d []P^`[`P^_L]TZ d QLaZ]PNP] `YL ]PR`WLNTร Y QLaZ]LMWP L WL TYTNTL_T aL []TaLOL >P ]POPQTYPY WL^ NZX[P _PYNTL^ []Z[TL^ TX[TOTร YOZ^P WL L^`YNTร Y OP NZX[P_PYNTL^ YZ L_]TM`T OL^ ^TY `YL QTYLYNTLNTร Y NZX[WP_L OT^[ZYTร YOZ^P _LXMTร Y WL OP_P]XTYL NTร Y OPW NZ^_P PQPN_TaZ OP WZ^ ^P]aT NTZ^ >P ]PQ`P]eL PW [L[PW OP WL^ NZ] [Z]LNTZYP^ OP ^PR`YOZ YTaPW PY WZ^ X`YTNT[TZ^ TYQP]TZ]P^ L SLMT _LY_P^ [L]L WZ^ N`LWP^ ^P QZXPY_L WL Q`^Tร Y aZW`Y_L]TL >P ]PQ`P]eL WL TYOP [PYOPYNTL OP WL 4Y_P]aPYNTร Y d ^P WT XT_L PW `^Z OP L`_Z]TeLNTZYP^ LOXT YT^_]L_TaL^ [L]L PW TYTNTZ OP `YL LN_T aTOLO PNZYร XTNL

,EY DE $ESINDEXACIร N DE LA ECONOMร A ESPAร OLA 0ROYECTO REMITIDO EL 0Y P^PYNTL PWTXTYL WL^ ^`MTOL^ L`_Z Xยบ_TNL^ OP WZ^ []PNTZ^ PY Q`YNTร Y OPW 4;. 0Y PW ^PN_Z] [ร MWTNZ WL^ ^`MTOL^ ^P []ZO`NT]ยบY ^ร WZ ^T ^P []ZO`NPY ^`MTOL^ PY PW NZ^_P OPW ^P]aTNTZ 0Y PW ^PN_Z] []TaLOZ WL^ LN_`LWTeLNTZYP^ ^P]ยบY aZ W`Y_LO Pc[Wร NT_L OP WL^ [L]_P^ \`TPYP^ [`POPY P^_LMWPNP] `Y ร YOTNP OP ]PQP ]PYNTL d PY N`dL L`^PYNTL ^P L[WTNL]ยบ PW Y`PaZ ยฉYOTNP OP 2L]LY_ร L OP .ZX[P_T _TaTOLO 42.

,EY DE 3ERVICIOS Y #OLEGIOS 0ROFESIONALES !NTEPROYECTO 0^ `Y XL]NZ RPYP]LW ]PR`WLOZ] OPW LN NP^Z d PUP]NTNTZ OP WL^ LN_TaTOLOP^ []Z QP^TZYLWP^ WTXT_LYOZ WL^ ]P^P]aL^ OP LN_TaTOLO 3LM]ยบ NZYOTNTZYP^ NZX`YP^ [L]L _ZOL WL ]PR`WLNTร Y TYNTOPY_P d WL^ ]P^_]TNNTZYP^ ML^LOL^ PY `YL N`LWTQT NLNTร Y []ZQP^TZYLW ^ร WZ [ZO]ยบY ^P] PcTRTOL^ [Z] WPd >P XZOTQTNL WL YZ]XL _TaL ^ZM]P .ZWPRTZ^ ;]ZQP^TZYLWP^ [L]L ]PQZ]eL] WL NZPcT^_PYNTL OP NZWPRTZ^ OP [P]_PYPYNTL ZMWTRL_Z]TL d aZW`Y_L]TL d NWL]TQTNL] ^` Q`YNTZYLXTPY_Z 0W LNNP^Z L `YL LN_TaTOLO []ZQP^TZYLW SLMTWT_L]ยบ [L]L ^` PUP]NTNTZ PY _ZOZ PW _P]]T_Z]TZ P^[Lร ZW ^TY \`P ^PLY PcTRTMWP^ ]P\`T^T _Z^ LOTNTZYLWP^


!NUARIO *OLY !NDALUCร A

%#/./-ยท!

%)

XZ^ OPW ^PN_Z] [ร MWTNZ PX[]P^L]TLW U`Y_Z NZY WL ]PO`NNTร Y OP O`[WTNTOLOP^ NWL]TQTNLNTร Y OP NZX[P_PYNTL^ d ]PO`N NTร Y OP WZ^ RL^_Z^ OP [P]^ZYLW 7TRLOL L P^_L XZOP]YTeLNTร Y ^P N]PL PY Z_Zร Z OP WL .ZXT^Tร Y [L]L WL =PQZ]XL OP WL^ ,OXTYT^_]LNTZYP^ ;ร MWTNL^ .:=, \`P SL ]PLWTeLOZ `YL ]LOTZR]LQร L XTY`NTZ^L OP WL ,OXTYT^_]LNTร Y TOPY_TQTNLYOZ WL^ [Z^TMTWTOLOP^ OP ^TX[WTQTNLNTร Y OP []Z NPOTXTPY_Z^ ]PO`NNTร Y OP NL]RL^ LOXT YT^_]L_TaL^ ^`[]P^Tร Y OP O`[WTNTOLOP^ d LSZ]]Z 7L^ XPOTOL^ []Z[`P^_L^ W`NPY PY ^` TYQZ]XP OP U`YTZ OP

,EY DE APOYO A LOS EMPRENDEDORES Y SU INTERNACIONALIZACIร N "/%

,A MINISTRA DE %MPLEO Y 3EGURIDAD 3OCIAL &ร TIMA "ร ร EZ DURANTE SU COMPARECENCIA A PETICIร N PROPIA EN LA #OMISIร N DE %MPLEO DEL #ONGRESO PARA HACER UN BALANCE DE LA REFORMA LABORAL !'%.#)!3

2EAL $ECRETO LEY DE -EDIDAS URGENTES PARA LA REFORMA DEL MERCADO LABORAL "/% Y 2EVISIร N DE LAS POLร TICAS ACTIVAS DE EMPLEO >P OP^[WTPRL PY WL^ ^TR`TPY_P^ OTXPY^TZ YP^% 0X[WPLMTWTOLO TY_P]XPOTLNTร Y WL MZ]LW QZ]XLNTร Y []ZQP^TZYLW PY PW PX [WPZ d NZWLMZ]LNTร Y [ร MWTNZ []TaLOL & =PO`NNTร Y OP WL O`LWTOLO NZY_]L_Z TY OPQTYTOZ [L]L WL^ [dXP^ ]PN`[P]LNTร Y OPW Wร XT_P OP PYNLOPYLXTPY_Z OP NZY _]L_Z^ _PX[Z]LWP^ QZXPY_Z OPW _]LMLUZ L _TPX[Z [L]NTLW d ]PR`WLNTร Y OPW _PWP _]LMLUZ & 1WPcTMTWTOLO TY_P]YL XZaTWT OLO Q`YNTZYLW d RPZR]ยบQTNL d QLNTWTOLO [L]L WL ^`^[PY^Tร Y OP NZY_]L_Z^ d ]PO`N NTร Y OP UZ]YLOL & 9PRZNTLNTร Y NZWPN_TaL ]POPQTYTNTร Y OP WL^ NL`^L^ OP xOP^N`PW R`Py []TZ]TOLO L WZ^ NZYaPYTZ^ OP PX []P^L d WTXT_LNTร Y OP WL x`W_]LLN_TaT OLOy & 0QTNLNTL OPW XP]NLOZ OP _]LMLUZ RPYP]LWTeLNTร Y OP WL TYOPXYTeLNTร Y OP Oร L^ d XยบcTXZ OP XP^P^ PY WZ^ OP^[TOZ^ U`^_TQTNLOZ^ PWTXTYLNTร Y OPW OP^[TOZ xPc[]ร ^y ^`[]P^Tร Y OP WL L`_Z ]TeLNTร Y LOXTYT^_]L_TaL PY WZ^ OP^[TOZ^ NZWPN_TaZ^ ]PQZ]X`WLNTร Y OP WZ^ OP^[T OZ^ [Z] NL`^L^ Z]RLYTeL_TaL^ _ร NYTNL^ PNZYร XTNL^ Z []ZO`N_TaL^ d Pc_PYOTร Y OZWZ LW ^PN_Z] [ร MWTNZ ]PQZ]eLXTPY_Z OP NZY^TOP]LNTZYP^ ^ZNTLWP^ PY WZ^ OP^[TOZ^ NZWPN_TaZ^ PY_]P Z_]L^ ?]L^ P^P =/ W ^P ]PaT^LY WL^ [ZWร _TNL^ LN_TaL^ OP PX[WPZ

^P N]PLY Y`PaZ^ TY^_]`XPY_Z^ [L]L WL Z]TPY_LNTร Y []ZQP^TZYLW ^P QLN`W_L L WL^ 0?? [L]L \`P LN_ร PY NZXZ LRPYNTL^ OP NZWZNLNTร Y d ^P XZOTQTNLY WZ^ TYNPY_TaZ^ L WL NZY_]L_LNTร Y WLMZ]LW

,EY /RGร NICA DE %STABILIDAD 0RESUPUESTARIA Y 3OSTENIBILIDAD &INANCIERA "/% /P^L]]ZWWL WL ]PQZ]XL OPW L]_ .0 \`P []ZSร MP TYN`]]T] PY `Y Oร QTNT_ P^_]`N_`]LW ^`[P]TZ] LW OP_P]XTYLOZ [Z] WL @0 >P N]PL `Y XPNLYT^XZ OP QTYLYNTLNTร Y L 0Y _TOLOP^ 7ZNLWP^ d .ZX`YTOLOP^ ,`_ร YZ XL^ [L]L PW [LRZ L []ZaPPOZ]P^ NZYOT NTZYLOZ L `Y ;WLY OP ,U`^_P >P P^_LMWPNP WL L[]ZMLNTร Y []PaTL OP WL^ Z]TPY_LNTZYP^ []P^`[`P^_L]TL^ OP WL^ ..,, d ..77 d ^P N]PLY Y`PaL^ ZMWTRLNTZYP^ PY WL RP^ _Tร Y []P^`[`P^_L]TL 7L XPUZ]L OP WL RZ MP]YLYeL PNZYร XTNL aPYO]ยบ OLOL _LX MTร Y [Z] WL 7Pd OP _]LY^[L]PYNTL LNNP^Z L WL TYQZ]XLNTร Y [ร MWTNL d M`PY RZMTP]YZ -:0

-ODERNIZACIร N DE LAS !DMINISTRACIONES Y 3ERVICIOS 0ร BLICOS >TY _]LO`NNTร Y WPRT^WL_TaL P^[PNร QTNL ^` ZMUP_TaZ ร W_TXZ P^ WL NZY_]TM`NTร Y L WL NZY^ZWTOLNTร Y QT^NLW d WL WTMP]LNTร Y OP ]PN`]^Z^ [ร MWTNZ^ >P LMZ]OL PY aL]TL^ OTXPY^TZYP^ NZXPYeLYOZ [Z] WL ]LNTZ YLWTeLNTร Y d PWTXTYLNTร Y OP Z]RLYT^

0^ `Y XL]NZ [L]L WL^ QL^P^ TYTNTLW d OP OP^L]]ZWWZ OP WL^ PX[]P^L^ P TYNW`dPY `Y Y`PaZ _T[Z OP >ZNTPOLO WL ^TX[WTQT NLNTร Y OP WL^ NL]RL^ LOXTYT^_]L_TaL^ d OP WL TYQZ]XLNTร Y NZY_LMWP QZ]XL^ OP QTYLYNTLNTร Y P^[PNร QTNL^ L[ZdZ^ QT^NL WP^ d OP WL >PR`]TOLO >ZNTLW d QLNTWTOLO PY PW LNNP^Z L WL NZY_]L_LNTร Y [ร MWTNL

,EY DE 'ARANTร A DE LA 5NIDAD DE -ERCADO "/% Y 0LAN DE 2ACIONALIZACIร N .ORMATIVA >P P^_LMWPNPY []TYNT[TZ^ L ]P^[P_L] [Z] _ZOL^ WL^ OT^[Z^TNTZYP^ d LN_Z^ OP WL^ ,OXTYT^_]LNTZYP^ ;ร MWTNL^ >`^ [TWL]P^ ^ZY WL NZZ[P]LNTร Y TY^_T_`NTZ YLW [L]L PWTXTYL] _]LML^ `Y Y`PaZ XZOPWZ OP ]PR`WLNTร Y ML^LOZ PY WL RL]LY_ร L OPW WTM]P P^_LMWPNTXTPY_Z d NT]N`WLNTร Y d `YZ^ XPNLYT^XZ^ X`d YZaPOZ^Z^ OP ]P^ZW`NTร Y OP WZ^ []Z MWPXL^ OP WZ^ Z[P]LOZ]P^ NZY WL ,O XTYT^_]LNTร Y >` NZX[WPXPY_L]TZ ;WLY OP =LNTZYLWTeLNTร Y 9Z]XL_TaL NZXPYeร NZY WL TOPY_TQTNLNTร Y d PaL W`LNTร Y OP ! YZ]XL^ OP WL^ N`L WP^ " LQPN_LY L WL `YTOLO OP XP] NLOZ 7L^ P^_L_LWP^ ^P]ยบY OP]ZRLOL^ ^LWaZ PcNP[NTZYP^ d WL^ L`_ZYร XTNL^ PW " ^P]ยบY ZMUP_Z OP ]PaT^Tร Y PY NZYQP]PYNTL^ ^PN_Z]TLWP^

2EFORMA DEL SISTEMA TRIBUTARIO )NFORME EN CURSO >` OT^Pร Z SL ^TOZ PYNL]RLOZ L `YL NZ XT^Tร Y OP Pc[P]_Z^ NZY [WLeZ SL^_L QTY OP QPM]P]Z OP d NZY WL^ Z]TPY_LNTZ YP^ OP OPQTYT] `Y ^T^_PXL QT^NLW Xยบ^ ^PYNTWWZ RL]LY_P OP WL `YTOLO OP XP] NLOZ d QLaZ]PNPOZ] OPW LSZ]]Z d OPW N]P NTXTPY_Z& ^T MTPY ^ZXP_TOL^ L WL ]P^_]TN NTร Y OP []Z[Z]NTZYL] WL ^`QTNTPYNTL OP TYR]P^Z^ \`P ]P\`TP]P WL NZY^ZWTOLNTร Y QT^NLW


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

ď (. - & & , /* , # (Ď *OSÏ !NTONIO -ARTÓNEZ 3ERRANO

#ATEDRÉTICO DE %CONOMÓA !PLICADA DE LA 5NIVERSIDAD DE 6ALENCIA

S HÃV OH THYJHKV \U JHTIPV KL [LUKLUJPH LU LS JVTWVY[HTPLU[V KL SH LJV UVTÀH L\YVWLH ` LZWHÃVSH ,S JVTWYVTPZV ` KL[LYTPUH JPÅU KLS )HUJV *LU[YHS ,\YVWLV ` SVZ YLZ WVUZHISLZ WVSÀ[PJVZ KL SVZ WHÀZLZ KL SH L\YV aVUH WVY THU[LULY ` H]HUaHY LU SH PU[LNYH JPÅU LJVUÅTPJH ` TVUL[HYPH OHU YLK\JPKV HSN\UVZ KL SVZ YPLZNVZ X\L HTLUHaHIHU SH ]PHIPSPKHK KLS L\YV ` LZ[´U ZLU[HUKV SHZ IH ZLZ WHYH YLHU\KHY LS JYLJPTPLU[V LJVUÅTP JV +L OLJOV SH HJ[P]PKHK OH JVTLUaHKV H LZ[HIPSPaHYZL LU SHZ LJVUVTÀHZ WLYPM¼YPJHZ KL SH L\YVaVUH ` H YLJ\WLYHYZL LU HSN\UVZ WHÀ ZLZ JLU[YHSLZ ,U LZ[L THYJV SH LJVUVTÀH LZWHÃVSH OH YLHSPaHKV UV[HISLZ LZM\LYaVZ WHYH Z\WLYHY SVZ WYPUJPWHSLZ KLZLX\PSPIYPVZ PU[LYUVZ ` L_[LYUVZ YLZWVUZHISLZ KL SH JVU [YHJJPÅU KL SH HJ[P]PKHK WYVK\J[P]H YLNPZ[YH KH KLZKL LS PUPJPV KL SH JYPZPZ ` X\L ZL OH ZHS KHKV JVU \UH W¼YKPKH KLS KL SH WYVK\J JPÅU ` SH KLZ[Y\JJPÅU KL T´Z KL [YLZ TPSSVULZ ` TLKPV KL W\LZ[VZ KL [YHIHQV 3H YLJ\WLYHJPÅU KLS LX\PSPIYPV PU[LYUV LU SH LJVUVTÀH LZWHÃVSH YLX\PLYL \U HQ\Z[L KL JVZ[LZ ` WYLJPVZ MYLU[L HS YLZ[V KLS T\UKV X\L LZ[´ ZPLUKV \UH [HYLH KPMÀJPS `H X\L HS UV KPZWVULY KL \UH TVULKH WYVWPH UV ZL OH WVKPKV YLJ\YYPY HS PUZ[Y\TLU[V [YHKPJPVUHS KL SH KL]HS\HJPÅU KL SH TVULKH WHYH HIHYH [HY SVZ WYVK\J[VZ LU SVZ TLYJHKVZ PU[LYUH JPVUHSLZ 7VY LSSV LS HQ\Z[L ZL OH PU[LU[HKV YLHSPaHY TLKPHU[L \UH KL]HS\HJPÅU PU[LYUH :PU LTIHYNV SHZ KL]HS\HJPVULZ PU[LYUHZ ZVU T\` KPMÀJPSLZ KL J\STPUHY JVU ¼_P[V W\LZ ZL YLX\PLYLU TLYJHKVZ JVTWL[P[P]VZ L PUZ[P[\JPVULZ T\` MSL_PISLZ WHYH HIZVYILY SHZ WLY[\YIHJPVULZ LJVUÅTPJHZ @ SH LJVUV TÀH LZWHÃVSH LZ[´ JPLY[HTLU[L SLQVZ KL J\TWSPY JVU LZVZ YLX\PZP[VZ! NYHU WHY[L KL SVZ TLYJHKVZ KL WYVK\J[VZ UV VWLYHU LU THYJVZ JVTWL[P[P]VZ ZPUV X\L OHU ZPKV JHW[\YHKVZ LU TH`VY V TLUVY TLKPKH WVY PU[LYLZLZ JYLHKVZ (KLT´Z SHZ PUZ[P[\JPV ULZ X\L YLN\SHU LS M\UJPVUHTPLU[V KL SVZ TLYJHKVZ KL WYVK\J[VZ ` MHJ[VYLZ LZ[´U KP ZLÃHKHZ WHYH TP[PNHY SHZ M\LYaHZ KL SH JVT WL[LUJPH ` SH YP]HSPKHK LTWYLZHYPHS :VU WYLJPZHTLU[L LZ[HZ YPNPKLJLZ X\L WYLZLU[H SH LJVUVTÀH LZWHÃVSH WSHNHKH KL WYP]PSLNPVZ LTWYLZHYPHSLZ ` SHIVYHSLZ SHZ X\L L_WSPJHU X\L LS HQ\Z[L PU[LYUV ZL OH`H WYVK\JPKV M\UKHTLU[HSTLU[L TLKPHU[L SH

JVU[YHJJPÅU KL SH HJ[P]PKHK WYVK\J[P]H ` SH KLZ[Y\JJPÅU THZP]H KL LTWSLV 3HZ WVSÀ[P JHZ HKVW[HKHZ JVU SH MPUHSPKHK KL KV[HY H SVZ TLYJHKVZ KL \UH TH`VY MSL_PIPSPKHK ` HZÀ JVSHIVYHY LU LS YLZ[HISLJPTPLU[V KL SH JVT WL[P[P]PKHK ZÅSV OHU JVTLUaHKV H PUZ[Y\ TLU[HYZL [HYKÀHTLU[L ` JVU MYLJ\LUJPH JVU \UH L_[YLTH TVKLYHJPÅU ;HU[V SHZ TLKPKHZ SPILYHSPaHKVYHZ KL HSN\UHZ HJ[P]P KHKLZ KL ZLY]PJPVZ JVTV SHZ KPYPNPKHZ H Z\H ]PaHY V LSPTPUHY [YHIHZ ` K\WSPJPKHKLZ HK TPUPZ[YH[P]HZ HS UVYTHS M\UJPVUHTPLU[V KL SVZ ULNVJPVZ LTWYLZHYPHSLZ OHU ZPKV WVJV HTIPJPVZHZ 4´_PTL J\HUKV LU SHZ KVZ ÌS[P THZ K¼JHKHZ OHU WYVSPMLYHKV YLN\SHJPVULZ YLNPVUHSLZ ` T\UPJPWHSLZ X\L WLY[\YIHU ` VIZ[HJ\SPaHU SH L]VS\JPÅU UH[\YHS KL SH LT WYLZH <UH KL SHZ WVSÀ[PJHZ KL SHZ X\L T´Z ZL

%N SE HA CONSEGUIDO DETENER EL DETERIORO DE LA ECONOMÓA Y SE HA AVANZADO EN EL SANEAMIENTO DEL SISTEMA BANCARIO WYLZ\TL LU SVZ TLKPVZ N\ILYUHTLU[HSLZ WVY Z\Z WV[LUJPHSLZ LMLJ[VZ ILULMPJPVZVZ LU LS WYVJLZV KL HQ\Z[L KL SH LJVUVTÀH LZWHÃV SH LZ SH YLMVYTH SHIVYHS (\UX\L LZ WYLTH [\YV L]HS\HY Z\ PTWHJ[V OLTVZ KL [LULY LU J\LU[H X\L SH LZJHZH HTIPJPÅU KL SH YLMVY TH KLQH ZPU HIVYKHY TÌS[PWSLZ HZWLJ[VZ X\L ZPN\LU JHYHJ[LYPaHUKV HS TLYJHKV SH IVYHS LZWHÃVS JVTV LS KL TH`VY JHWHJPKHK WHYH KLZ[Y\PY LTWSLV KLS T\UKV KLZHYYV SSHKV ` SHZ [YHIHZ X\L PTWVULU SVZ ÅYNHUVZ Q\KPJPHSLZ H SH HWSPJHJPÅU KLS LZWÀYP[\ KL SH SL` OHU SSL]HKV H X\L LS HQ\Z[L PU[LYUV ZL KP SH[L LU LS [PLTWV ` X\L [VKH]ÀH LU JVU [PUÌL YLHSPa´UKVZL JVU LS JPLYYL KL LTWYL ZHZ LS HÃV KL TH`VY UÌTLYV KL WYVJLZVZ JVUJ\YZHSLZ ` LS KLZWPKV KL [YHIHQHKVYLZ +L [VKVZ TVKVZ HS LSPTPUHY SHZ HJ[P]PKHKLZ TLUVZ WYVK\J[P]HZ [HU[V ZLJ[VYPHSTLU[L

JVTV LU LS ZLUV KL JHKH LTWYLZH ZL OHU YLK\JPKV SVZ JVZ[LZ SHIVYHSLZ \UP[HYPVZ ` ZL OH JVUZLN\PKV TLQVYHY SH JVTWL[P[P]PKHK 5V VIZ[HU[L LZ[L WYVJLZV KL HQ\Z[L UVZ OH KLQHKV \UH LJVUVTÀH T´Z WLX\LÃH L PUJH WHa KL KHY LTWSLV HS LSL]HKV ]VS\TLU KL WHYV L_PZ[LU[L ,S TH`VY SVNYV HSJHUaHKV LU OH ZPKV LS JHTIPV X\L ZL OH WYVK\JPKV LU SH IHSHUaH KL WHNVZ WVY J\LU[H JVYYPLU[L `H X\L [YHZ \U WLYÀVKV WYVSVUNHKV KL K¼MPJP[ LSL]HKVZ ` WLYZPZ[LU[LZ ZL OH JVUZLN\PKV YLNPZ[YHY Z\ WLY´]P[ KLZKL SH WYPTH]LYH KL ,SSV ZL OH KLIPKV HS JYLJPTPLU[V KL SHZ L_WVY[HJPV ULZ ,S JVTWVY[HTPLU[V MH]VYHISL KL SHZ L_ WVY[HJPVULZ ZL OH ]PZ[V MH]VYLJPKV WVY SH L]VS\JPÅU KLS [PWV KL JHTIPV KLS L\YV X\L OH MHJPSP[HKV H]HUJLZ Z\Z[HUJPHSLZ KL SHZ ]LU[HZ H SVZ WHÀZLZ UV WLY[LULJPLU[LZ H SH aV UH L\YV TPLU[YHZ X\L ZL YLK\JÀHU SHZ ]LU[HZ H SVZ TLYJHKVZ [YHKPJPVUHSLZ L\YVWLVZ 9LZ WLJ[V H SHZ PTWVY[HJPVULZ Z\ L]VS\JPÅU LZ TLYV YLMSLQV KL SH JHÀKH KL SH KLTHUKH PU [LYUH ,S WYVISLTH WV[LUJPHS JVU LS ZLJ[VY L_[LYPVY LZ X\L JVTV [VKVZ SVZ WHÀZLZ L\YV WLVZ OHU ZLN\PKV SH LZ[YH[LNPH KL PU[LU [HY JYLJLY TLKPHU[L LS MVTLU[V KL SHZ L_ WVY[HJPVULZ PUJS\P KVZ HX\LSSVZ X\L `H NVaHIHU KL Z\WLY´ ]P[ JVTLYJPHS LU SH aVUH L\YV ZL OH JV TLUaHKV H NLULYHY \U Z\WLY´]P[ WVY J\LU[H JVYYPLU[L JYLJPLU[L X\L HTL UHaH JVU \U MVY[HSL JPTPLU[V KLS L\YV X\L OHY´ WLSPNYHY SVZ SVNYVZ HSJHUaHKVZ +L OLJOV SVZ KH[VZ KL L_WVY[HJPVULZ LZWHÃVSHZ KL IPLULZ KL SVZ ÌS[PTVZ TLZLZ KL JVTPLUaHU H YLZLU [PYZL WVY LS PTWHJ[V HK]LYZV KLS [PWV KL JHT IPV 7VY [HU[V LS MH]VYHISL JVTWVY[HTPLU[V KLS ZLJ[VY L_[LYPVY X\L OH ZPKV KLJPZP]V WH YH LZ[HIPSPaHY SH LJVUVTÀH UV WHYLJL JHWHa WVY ZP ZÅSV KL PTW\SZHY SH YLJ\WLYHJPÅU KL SH HJ[P]PKHK WYVK\J[P]H +\YHU[L LS HÃV ZL OH JVUZLN\PKV KL [LULY LS KL[LYPVYV KL SH LJVUVTÀH ` ZL OH H]HUaHKV LU LS ZHULHTPLU[V KLS ZPZ[LTH IHUJHYPV KL TVKV X\L ZL OH JVTLUaHKV H YLZ[HISLJLY SH JVUMPHUaH LU SHZ WV[LUJPHSPKH KLZ KL ,ZWHÃH 7LYV WHYH NHYHU[PaHY X\L LS WYVJLZV KL YLJ\WLYHJPÅU LJVUÅTPJH ZL JVU ZVSPKL ` H]HUJL HS YP[TV ULJLZHYPV WHYH JYLHY LTWSLV KL THULYH ZVZ[LUPKH LZ PTWYLZJPU KPISL WYVM\UKPaHY LU SHZ KLUVTPUHKHZ YLMVY THZ LZ[Y\J[\YHSLZ ,U WHY[PJ\SHY OH` U\TL YVZHZ YPNPKLJLZ LU SVZ TLYJHKVZ KL [YHIHQV ` KL WYVK\J[VZ X\L H WLZHY KL SHZ YLMVYTHZ YLHSPaHKHZ JVU[PUÌHU KPMPJ\S[HKV LS HQ\Z[L LU SVZ JVZ[LZ ` LU SVZ WYLJPVZ ` WVY [HU[V SP TP[HUKV SH JVUZLJ\JPÅU KL NHUHUJPHZ HKPJPV UHSLZ KL WYVK\J[P]PKHK PTWYLZJPUKPISLZ WH YH WVKLY L]VS\JPVUHY MH]VYHISLTLU[L LU LS ZLUV KL \UH \UPÅU TVUL[HYPH



!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

, # - & ,#-#*UAN -ARTÓNEZ "AREA $IRECTOR DEL #ÓRCULO DE )NNOVACIØN %MPRESARIAL

HZ VZJ\YHZ U\ILZ KL SH JYPZPZ SSL]HU [HU[V [PLTWV ZVIYL U\LZ[YHZ JHILaHZ X\L UV ZVTVZ JHWHJLZ KL ]LY T´Z HSS´ KL LZL ULNYV WHUVYHTH X\L UVZ YVKLH KL MVYTH T´Z PUTLKPH[H ,S WLZPTPZTV KLWYPTL LS HTIPLU[L ` ZL OH JVUZVSPKHKV LU SH VWPUPÅU WÌISPJH LS JVU]LUJPTPLU[V KL X\L ]P]PTVZ [PLTWVZ T\` VZJ\YVZ ` X\L KLILTVZ LZWLYHY JVU WHJPLUJPH H X\L WVJV H WVJV ]\LS]H SH HSL

NYÀH LJVUÅTPJH KL HU[HÃV :PU LTIHYNV T´Z HSS´ KL LZHZ VZJ\YHZ U\ILZ L_PZ[L OV` TPZTV ZPU ULJLZPKHK KL LZWLYHY \U ZVSV KÀH \U \UP]LYZV KL PUTLUZHZ VWVY [\UPKHKLZ WHYH SHZ LTWYLZHZ ` SVZ LTWYL ZHYPVZ X\L [VTLU \UH HJ[P[\K WYVHJ[P]H JYLH[P]H ` HTIPJPVZH /H` T\JOVZ ` NYHUKLZ LQLTWSVZ X\L JVUMPYTHU LZ[H HMPYTHJPÅU LU[YL SVZ X\L KLZ[HJHU SHZ T´Z PUUV]HKVYHZ LTWYLZHZ HUKHS\aHZ X\L H\TLU[HU Z\Z ]LU[HZ PTW\SZHKVZ WVY \UVZ TLYJHKVZ L_[LYPVYLZ X\L JYLJLU JV TV U\UJH 3H NYHU LTWYLZH HSTLYPLUZL *VZLU[PUV LZ X\Pa´Z LS LZ[HUKHY[L KL \UH NLULYHJPÅU KL T\S[PUHJPVUHSLZ HUKHS\ aHZ JVU ]VJHJPÅU KL SÀKLYLZ T\UKPHSLZ KL Z\ ZLJ[VY! (ILUNVH /LYIH 6ZIVYUL 7LYZHU 4H`VYHS 0[\YYPj +L OLJOV ZV` [YLTLUKHTLU[L WVZP[P]V YLZWLJ[V H SHZ

JVUZLJ\LUJPHZ X\L WHYH (UKHS\JÀH ` ,Z WHÃH OH [LUPKV SH JYPZPZ 5V X\PLYV MYP]V SPaHY YLZWLJ[V H SH JYPZPZ WVYX\L OH ZPKV T\` K\YH WHYH SHZ WLYZVUHZ JVU TLUVZ YLJ\YZVZ V JVU \UH ZP[\HJPÅU T´Z KLZMH ]VYHISL X\L ZL OHU ]PZ[V ZPU VWVY[\UPKH KLZ WHYH WVKLY KLZHYYVSSHY Z\ [YHIHQV X\L LZ \UH KL SHZ WLVYLZ L_WLYPLUJPHZ X\L W\LKL ]P]PY \U ZLY O\THUV :PU LT IHYNV JYLV X\L SH JYPZPZ OH [LUPKV [HT IP¼U \U PTWHJ[V T\` WVZP[P]V LU (UKHS\ JÀH ` ,ZWHÃH WVY TÌS[PWSLZ YHaVULZ ,U WYPTLY S\NHY WVYX\L SH JYPZPZ OH WLYTP[P KV SPTWPHY T\JOHZ KL SHZ THSHZ WY´J[PJHZ X\L ZL ]LUÀHU OHJPLUKV LU KVZ K¼JHKHZ KL KLZLUMYLUV ` KL [YP\UMV KLS [VKV ]HSL 7VY LQLTWSV LU SH ,ZWHÃH HU[LYPVY H SH JYPZPZ LYH KLTHZPHKV M´JPS NHUHY KPULYV JVU HJ[P]PKHKLZ WVJV PU[LUZP]HZ LU JVUV

,A CRISIS HA OBLIGADO A TODAS LAS EMPRESAS INCLUSO A LAS MÉS LOCALISTAS Y TEMEROSAS

A SALIR FUERA A VENDER EN LOS MERCADOS INTERNACIONALES

,A INTERNACIONALIZACIØN DE LAS EMPRESAS ANDALUZAS HA SIDO UNOS DE LOS ASPECTOS POSITIVOS DE LA CRISIS !2#()6/

JPTPLU[V SV X\L TV[P]Å X\L ZL HIHUKV UHYHU SHZ HJ[P]PKHKLZ T´Z WYVK\J[P]HZ ` KL TH`VY ]HSVY HÃHKPKV H SHYNV WSHaV SHZ PU[LUZP]HZ LU JVUVJPTPLU[V 7HYH X\¼ PU ]LY[PY LU PUUV]HJPÅU V LU 0 + J\HUKV JVTWYHUKV ` ]LUKPLUKV \U [LYYLUV ZL WVKÀH NHUHY JPLU ]LJLZ T´Z ` LU JPLU ]L JLZ TLUVZ [PLTWV 7HYH X\¼ PU]LY[PY WVY LQLTWSV LU KLZHYYVSSHY [LJUVSVNÀH ZVSHY W\U[H KL SHUaH J\HUKV ZLTIYHUKV \UH MPUJH KL WHULSLZ ZVSHYLZ JOPUVZ KL IHQV JVZ[L ZL WVKÀH NHUHY \UH HS[H YLU[HIPSP KHK ZPU UPUNÌU [PWV KL YPLZNV 6[YH NYHU JVUZLJ\LUJPH X\L OH [YHÀKV SH JYPZPZ LJV UÅTPJH LU (UKHS\JÀH LZ X\L OH VISPNHKV H [VKHZ SHZ LTWYLZHZ PUJS\ZV H SHZ T´Z SV JHSPZ[HZ ` [LTLYVZHZ H ZHSPY M\LYH H ]LU KLY LU SVZ TLYJHKVZ PU[LYUHJPVUHSLZ +L OLJOV SH TH`VYÀH KL SHZ X\L UV OHU ZHSP KV M\LYH V OHU KLZHWHYLJPKV V LZ[´U TL YHTLU[L ZVIYL]P]PLUKV H K\YHZ WLUHZ (U[L \U TLYJHKV PU[LYPVY WHYHSPaHKV ` WY´J[PJHTLU[L T\LY[V [VKHZ SHZ LTWYL ZHZ X\L OHU WYVZWLYHKV SV OHU OLJOV ]LUKPLUKV LU SVZ TLYJHKVZ PU[LYUHJPVUH SLZ (KLT´Z KL JVUZLN\PY \UVZ PUNYLZVZ X\L LU T\JOVZ JHZVZ OHU WLYTP[PKV SH Z\WLY]P]LUJPH SHZ LTWYLZHZ HUKHS\aHZ X\L OHU ZHSPKV M\LYH ZL OHU ]PZ[V LUMYLU [HKHZ H SVZ T´Z L_PNLU[LZ JVTWL[PKVYLZ KL [VKV LS T\UKV JVU[YH SVZ X\L OHU [L UPKV X\L TLKPY Z\Z M\LYaHZ ` Z\Z JHWHJP KHKLZ (\UX\L W\LKH WHYLJLY X\L LS TL QVY LZ[HKV WHYH J\HSX\PLY LTWYLZH ZLH LS TVUVWVSPV SH YLHSPKHK LZ X\L H SHYNV WSHaV LS TLQVY LZ[HKV WHYH J\HSX\PLY LT


!NUARIO *OLY !NDALUCÓA

%#/./-·!

WYLZH LZ ZLU[PY SH WYLZPÅU JVU[PU\H KL SVZ T´Z L_PNLU[LZ JVTWL[PKVYLZ HU[L SVZ J\HSLZ ZLH ULJLZHYPV TLQVYHY JHKH KÀH 4LKPY SHZ M\LYaHZ JVU[YH SVZ TLQVYLZ LZ SH ]ÀH KPYLJ[H WHYH JVU]LY[PYZL LU \UV KL LSSVZ 3H JYPZPZ J\HUKV MPUHSTLU[L ZL ]H `H KLQHY´ \U WHUVYHTH KL LTWYLZHZ HU KHS\aHZ HIPLY[HZ HS L_[LYPVY PU[LYUHJPV UHSPaHKHZ LU TH`VY V TLUVY TLKPKH ` `H KLMPUP[P]HTLU[L HIPLY[HZ H SH JVTWL[LU JPH T\UKPHS @ LSSV OH [YHÀKV LS [LYJLY NYHU ILULMPJPV KL SH JYPZPZ WHYH U\LZ[YHZ LTWYLZHZ! SH WYL ZPÅU WVY PUUV]HY 3H OPWLYNSVIHSPaHJPÅU ` SH PYY\WJPÅU KL SVZ WHÀZLZ LTLYNLU[LZ OH OL JOV X\L LU [VKVZ SVZ ZLJ[VYLZ HX\LSSHZ LTWYLZHZ X\L NHUHU ZVU V IPLU SHZ X\L ZVU JHWHJLZ KL VMYLJLY WYVK\J[VZ SV^ JVZ[ JVU WYLZ[HJPVULZ Z\MPJPLU[LZ ` H \U WYLJPV T\` YLK\JPKV V IPLU SHZ X\L ZVU JHWHJLZ KL VMYLJLY WYVK\J[VZ ÌUPJVZ KPMLYLUJPHSLZ ` KL HS[V ]HSVY HÃHKPKV 3H LTWYLZHZ X\L ZL X\LKHU tLU TLKPVu ` X\L VMYLJLU WYVK\J [VZ TLKPVZ H WYLJPVZ TLKPVZ LZ[´U X\L K´UKVZL M\LYH KL Q\LNV ` KLZHWHYLJPLUKV WVYX\L UV ZVU JHWHJLZ KL YLZWVUKLY H SV X\L LS JSPLU[L YLHSTLU[L ULJLZP[H @ SH ÌUP JH MVYTH KL ZLY V SVZ T´Z IHYH[VZ T´Z LMP JPLUJPH V SVZ TLQVYLZ T´Z KPMLYLUJPHJPÅU LZ H [YH]¼Z KL SH PUUV]HJPÅU 3HZ LTWYLZHZ HUKHS\aHZ [YHZ LZL WYP TLY WHZV KL SH PU[LYUHJPVUHSPaHJPÅU VISP NHKH WVY SH JYPZPZ LZ[´U ZPU[PLUKV HOVYH SH ULJLZPKHK PTWLYPVZH KL HJVTL[LY LS

(()0 # ( . ()& !# * , & , /* , # ( *OAQUÓN -OYA !NGELER 0RESIDENTE DE #4!

S NHZ[V LZWHÃVS LU 0 + LZ JSHYHTLU[L PUMLYPVY HS X\L JVYYLZWVUKLYÀH HS WHÀZ WVY Z\ NYHKV KL KLZHYYVSSV ;L ULTVZ X\L ZLY JVUZJPLU [LZ KL X\L \UH ]La X\L SH ZP[\HJPÅU PU [LYUHJPVUHS OH MYLUHKV LU ZLJV SVZ X\L LYHU U\LZ[YVZ WYPUJPWHSLZ TV[VYLZ KL JYLJPTPLU[V LS LZM\LYaV LU PUUV]HJPÅU LZ \U LSLTLU[V JSH]L WHYH THU[LULY LS UP]LS KL ]PKH X\L OHIÀHTVZ HSJHUaHKV 3VZ LZWLYHUaHKVYLZ KH[VZ THJYV X\L LZ[HTVZ YLJPIPLUKV KLZKL LS ÌS[PTV [YP TLZ[YL KL UVZ VISPNHU H WPZHY KL U\L]V LS HJLSLYHKVY KL SH PUUV]HJPÅU <YNL YLJ\WLYHY \U ]PNVYVZV YP[TV KL JYLJPTPLU[V WHYH HMPHUaHY SH YLJ\WLYH JPÅU ` UV LJOHY WVY SH IVYKH [VKV LS LZ M\LYaV YLHSPaHKV LU SVZ ÌS[PTVZ HÃVZ

JVUZLN\PKV \U YP[TV L_[YHVYKPUHYPV KL JYLJPTPLU[V JVU [HZHZ HU\HSLZ Z\WLYPV YLZ HS K\YHU[L HSNÌU [PLTWV WLYV LU SVZ ÌS[PTVZ HÃVZ LZ[H PULYJPH ZL OH ]PZ[V [Y\UJHKH WVY LS JVU[L_[V LJVUÅTPJV ` ZL OH MYLUHKV LU ZLJV SH JVU]LYNLUJPH JVU SHZ JPMYHZ ` VIQL[P]VZ L\YVWLVZ 5V WVKL TVZ [HYKHY LU ]VS]LY H LZVZ YP[TVZ 3VZ KH[VZ VW[PTPZ[HZ X\L HW\U[HU H \U JV TPLUaV KL YLJ\WLYHJPÅU UVZ VISPNHU H ]VS]LY H LZMVYaHYUVZ HS T´_PTV ` \UH NYHU WHY[L KL SH YLZWVUZHIPSPKHK YLJHL ZVIYL LS ZLJ[VY WYP]HKV ,Z L]PKLU[L X\L SH PUUV]HJPÅU [LJUVSÅNP JH LZ M\LU[L KL YPX\LaH LU SH TLKPKH LU X\L NLULYH U\L]VZ WYVK\J[VZ ` ZLY]PJPVZ V TLQVYHZ JVTWL[P[P]HZ X\L SVNYHU HIYPYZL O\LJV LU SVZ TLYJHKVZ ,U LS ZLUV KL *VY WVYHJPÅU ;LJUVSÅNPJH KL (UKHS\JÀH [LUL TVZ U\TLYVZVZ LQLTWSVZ KL X\L SH 0 + P LZ \UH MÅYT\SH HJLY[HKH MYLU[L H SH JYPZPZ 3H PUUV]HJPÅU LZ LS JHTPUV OHJPH SH KPML YLUJPHJPÅU ` LS ]HSVY HÃHKPKV `H X\L PUUV ]HY UV LZ V[YH JVZH X\L HWSPJHY LS U\L]V JV UVJPTPLU[V WHYH JVUZLN\PY TLQVYHZ 3HZ LTWYLZHZ JVTWYVTL[PKHZ JVU SH PUUV ]HJPÅU X\L MVYTHU WHY[L KL U\LZ[YV WYV

,AS EMPRESAS QUE GANAN SON LAS QUE OFRECEN PRODUCTOS LOW COST O LOS QUE OFRECEN PRODUCTOS ÞNICOS Y DE ALTO VALOR A×ADIDO ZLN\UKV WHZV LU Z\ TVKLYUPaHJPÅU KLMP UP[P]H! NLULYHY WYVK\J[VZ ` ZLY]PJPVZ PU UV]HKVYLZ X\L SLZ WLYTP[HU ZLY JVTWL[P [P]HZ LU SVZ TLYJHKVZ NSVIHSLZ ,Z[L ZL N\UKV WHZV LZ T\JOV T´Z KPMÀJPS KL WV ULY LU THYJOH WVYX\L YLX\PLYL LS KLZH YYVSSV KL JHWHJPKHKLZ KL HS[V ]HSVY HÃHKP KV WLYV LS JHTIPV T´Z PTWVY[HU[L LS KL HJ[P[\K `H ZL LZ[´ WYVK\JPLUKV KL MVYTH NLU¼YPJH LU (UKHS\JÀH 7VY [VKV LSSV T´Z HSS´ KLS ULNH[P]V PT WHJ[V ZVJPHS KL SH JYPZPZ JYLV ZPU K\KH X\L ¼Z[H OH [LUPKV ` ]H H [LULY PTWVY[HU[LZ JVUZLJ\LUJPHZ WVZP[P]HZ WHYH (UKHS\JÀH ` WHYH SHZ LTWYLZHZ HUKHS\aHZ /H VISP NHKV H ]PYHY SH H[LUJPÅU ` LS MVJV LTWYL ZHYPHS OHJPH HJ[P]PKHKLZ IHZHKHZ LU LS JV UVJPTPLU[V" OH VISPNHKV H [VKHZ SHZ LT WYLZHZ ZPU KPZ[PUJPÅU H ZHSPY M\LYH H JVT WL[PY LU SVZ TLYJHKVZ PU[LYUHJPVUHSLZ" ` MPUHSTLU[L LZ[´ VISPNHUKV H U\LZ[YHZ LT WYLZHZ H ZLU[PY SH ULJLZPKHK KL PUUV]HY LS ÌUPJV JHTPUV WHYH \U M\[\YV KL WYVZWLYP KHK H SHYNV WSHaV WHYH [VKVZ 7VY [VKV LSSV KLTVZ NYHJPHZ H SH JYPZPZ

)NSTALACIONES DE "IONATURIS 6!.%3! ,/"/ "534),,/

,U LS NHZ[V LZWHÃVS LU 0 + ZL ZP [\HIH LU LS KLS 70) ` LS HUKHS\a LU LS MYLU[L HS KL (SLTHUPH V HS WSHU[LHKV WVY *VTPZPÅU ,\YV WLH JVTV VIQL[P]V WHYH ,S YLJV YYPKV LZ JVUZPKLYHISL (KLT´Z SHZ LT WYLZHZ HUKHS\aHZ ZÅSV LQLJ\[HU WVJV T´Z KL \U [LYJPV KLS NHZ[V YLNPVUHS LU 0 + \U WVYJLU[HQL T\` IHQV MYLU[L H SVZ VIQL[P]VZ L\YVWLVZ X\L WLYZPN\LU LS YLWHY[V Q\Z[HTLU[L HS JVU[YHYPV LZ KLJPY X\L LS ZLJ[VY WÌISPJV YLWYLZLU[L ZÅSV \U [LYJPV KLS NHZ[V LU 0 + ` LS WYP ]HKV SVZ KVZ [LYJPVZ YLZ[HU[LZ ( SV SHYNV KL SH ÌS[PTH K¼JHKH LS NHZ [V LZWHÃVS ` HUKHS\a LU 0 + OHIÀHU

`LJ[V ZVU PN\HSTLU[L KLZ[HJHISLZ JVTV LQLTWSV WLYV WVY JP[HY HSN\UHZ WVKLTVZ ZLÃHSHY LTWYLZHZ X\L OHU Z\YNPKV LU TP [HK KL SH JYPZPZ ` LZ[´U KLZWLNHUKV JVU ¼_P [V NYHJPHZ H SH PUUV]HJPÅU [LJUVSÅNPJH JV TV :R`SPML ,UNPULLYPUN V [HTIP¼U V[YHZ X\L LZ[´U Z\WLY´UKVSH ZPU YLZLU[PYZL ` NH UHUKV U\L]VZ TLYJHKVZ WVY LS TPZTV TV [P]V JVTV )PVUH[\YPZ 5L\YVU )7O ;LHTZ V .7;LJO ,U *;( YLJPIPÅ ZVSPJP[\KLZ KL PUJLU[P]HJPÅU KL WYV`LJ [VZ KL 0 + P SV X\L PUKPJH X\L SHZ LTWYL ZHZ THU[PLULU Z\ JVTWYVTPZV JVU SH PU UV]HJPÅU WLZL H SHZ KPMPJ\S[HKLZ ` LZ T´Z I\ZJHU LU LSSH \UH WHSHUJH WHYH ZHSPY KL SH JYPZPZ ,U LS JVUQ\U[V KLS HÃV

%


!NUARIO *OLY !NDALUCร A

%

%#/./-ยท!

)../6!#)ยผ. &2%.4% ! ,! #2)3)3

3KYLIFE %NGINEERING 0X[]P^L OP ML^P _PNYZWร RTNL Q`YOLOL [Z] `YL []ZQP^Z]L OP WL 0^N`PWL >`[P ]TZ] OP 4YRPYTP]Z^ OP WL @YTaP]^TOLO OP >PaTWWL /POTNLOL LW OT^Pร Z d OP^L ]]ZWWZ OP ^T^_PXL^ OP LaTร YTNL d Y`P aZ^ []ZO`N_Z^ PWPN_]ร YTNZ^ OP L[WTNL NTร Y LP]ZP^[LNTLW WL PX[]P^L YLNTร PY [L]L L[WTNL] PW NZYZNTXTPY_Z OPW R]`[Z OP TYaP^_TRLNTร Y OP ?PNYZWZRร L 0WPN_]ร YTNL OP WL @YTaP]^TOLO OP >PaT WWL d SL OP^[PRLOZ NZY ร cT_Z [P^P LW NZX[WTNLOZ NZY_Pc_Z PNZYร XTNZ 0Y _]P ^`^ NWTPY_P^ ^P PYN`PY_]LY ,T]M`^ -ZXML]OTP] d -ZPTYR d SL ^TOZ RLWL] OZYLOL NZY PW ;]PXTZ 0X[]PYOPOZ] CC4 OP 7L .LTcL 0YT^L d WL 5`Y_L OP ,YOLW`Nร L PY WL NL_PRZ]ร L OP Uร aPYP^ PX[]P^L^

3EABERY 3OLUTIONS 0^_L [dXP _PNYZWร RTNL ZY`MPY^P SL YL NTOZ PY [WPYL N]T^T^ d [P^P L PWWZ ^ZM]P aTaP LW SZ^_TW PY_Z]YZ d L ^` NZX[P_PYNTL R]LNTL^ L \`P ZQ]PNP `Y []ZO`N_Z ^TYR` WL] ML^LOZ PY WL TYYZaLNTร Y d WL _PNYZWZ Rร L []Z[TL >P OPOTNL LW OT^Pร Z OP^L]]Z WWZ QLM]TNLNTร Y d aPY_L PY _ZOZ PW X`Y OZ OP `YL _PNYZWZRร L []Z[TL OP PY_]PYL XTPY_Z ML^LOL PY ]PLWTOLO L`XPY_LOL 3L OP^L]]ZWWLOZ ^ZW`NTZYP^ TYYZaLOZ ]L^ d ]PaZW`NTZYL]TL^ NZXMTYLYOZ P WPL]YTYR ]PLWTOLO L`XPY_LOL d ^TX`WL NTร Y [L]L Ld`OL] L XPUZ]L] WZ^ ]P^`W_L OZ^ OP WL QZ]XLNTร Y []ZQP^TZYLW

"IONATURIS 0Y PYP]Z OP P^_L ^[TY ZQQ RLOT_LYL N`X[WP OZ^ Lร Z^ NZ_TeLYOZ PY PW 8P]NL OZ ,W_P]YL_TaZ -`]^ยบ_TW 8,- >ร WZ PY ^P SL X`W_T[WTNLOZ [Z] ^` aZW` XPY YPRZNTLOZ d PW aLWZ] OP WL LNNTร Y ^P SL ]PaLWZ]TeLOZ `Y 0^_P Lร Z []Paร O`[WTNL] PW aZW`XPY OP OP^L]]ZWWZ OP []ZO`N_Z^ d LX[WTL] ^` [WLY_TWWL d ^`^

*;( MPUHUJPร WYV`LJ[VZ JVU TPSSVULZ KL L\YVZ LU PUJLU[P]VZ X\L TV]PSPaHYVU \UH PU]LYZPร U WYP]HKH LU 0 + P Z\WLYPVY H SVZ TPSSVULZ KL L\YVZ ,Z PTWVY[HU[L LS LZM\LYaV KL SHZ W`TLZ `H X\L YLWYLZLU[HU TยดZ KLS KLS [LQP KV LTWYLZHYPHS WLYV [HTIPยผU YLJHL \UH NYHU YLZWVUZHIPSPKHK ZVIYL SHZ NYHUKLZ LTWYLZHZ ,Z SSHTH[P]V X\L ZLNร U \U YL JPLU[L PUMVYTL KL *V[LJ KLS [V[HS KL LT WYLZHZ LZWHร VSHZ KL TยดZ KL LTWSLH KVZ Zร SV LS YLHSPaHU HJ[P]PKHKLZ PU UV]HKVYHZ TPLU[YHZ X\L LU (SLTHUPH ZVU LS (KLTยดZ LU (SLTHUPH TยดZ KLS KLS NHZ[V WYP]HKV LU 0 + LZ LQL J\[HKV WVY NYHUKLZ LTWYLZHZ TยดZ KL LTWSLHKVZ TPLU[YHZ X\L LU ,ZWH ร H ZVU SHZ W`TLZ SHZ YLZWVUZHISLZ KL TยดZ KL SH TP[HK KLS NHZ[V LTWYLZHYPHS LU 0 +

^ZNTZ^ NZWLMZ]LOZ]P^ 7L NZX[Lร ร L OP OTNLOL LW OP^L]]ZWWZ OP []ZO`N_Z^ MTZWร RTNZ^ [L]L WZ^ ^PN_Z]P^ aP_P]TYL]TZ d QL] XLNร `_TNZ P^_ยบ ^Z]_PLYOZ WL N]T^T^ PY _]P Z_]Z^ XZ_TaZ^ R]LNTL^ L ^` LW_Z NZX [ZYPY_P TYYZaLOZ]

7L PX[]P^L ^TPX[]P L_]TM`dP ^` ร cT_Z TY_P]YLNTZYLW L ^` P^_]L_PRTL OP 4 / T \`P WP SL [P]XT_TOZ OTaP]^TQTNL] ^` []ZO`NNTร Y d ZQ]PNP] LW XP]NLOZ NZY_TY`LXPY_P Y`PaZ^ []ZO`N_Z^ XP UZ]LOZ^

'04ECH

!ZVI

0^[PNTLWTeLOL PY _PNYZWZRร L [L]L WL TY_P R]LNTร Y PY ]PO OP PYP]Rร L^ ]PYZaLMWP^ 2]PPY[ZbP] ?PNSYZWZRTP^ 2;?PNS TY aTP]_P Xยบ^ OPW OP ^`^ TYR]P^Z^ LY`L WP^ PY 4 / T d PW OP ^` [P]^ZYLW _]L MLUL PY `Y OP[L]_LXPY_Z OPOTNLOZ Pc NW`^TaLXPY_P L P^_L LN_TaTOLO 2]LNTL^ L PWWZ WL PX[]P^L XLY_TPYP `Y N]PNTXTPY _Z ^ร WTOZ d NZY_TY`LOZ [P^P L WL N]T^T^ ML ^LOZ PY PW OP^L]]ZWWZ OP Y`PaZ^ []ZO`N _Z^ d WL Pc[LY^Tร Y TY_P]YLNTZYLW

0^_L PX[]P^L QLXTWTL] OPOTNLOL L WL ZM]L NTaTW N`dZ^ Z]ร RPYP^ ^P ]PXZY_LY LW []TXP] N`L]_Z OPW ^TRWZ CC SL ^LMT OZ LOL[_L]^P L WZ^ _TPX[Z^ d P^_ยบ ^TPY OZ NL[Le OP ^Z]_PL] WL^ _`]M`WPYNTL^ \`P ^`Q]P PW ^PN_Z] OP WL NZY^_]`NNTร Y OP^OP \`P ^P OP^L_ร WL N]T^T^ 7L TYYZ aLNTร Y PY Y`PaZ^ []ZNP^Z^ d WL TY_P]YL NTZYLWTeLNTร Y ^ZY WZ^ []TYNT[LWP^ TYR]P OTPY_P^ OP ^` ]PNP_L 2]LNTL^ L ^`^ LaLYNP^ _PNYZWร RTNZ^ WL PX[]P^L P^_ยบ NZY^TR`TPYOZ Y`XP]Z^Z^ NZY_]L_Z^ PY 7L_TYZLXร ]TNL d Z_]Z^ XP]NLOZ^

.EURON "0 0^_L MTZ_PNYZWร RTNL R]LYLOTYL Q`P WL []TXP]L PX[]P^L OP ^` ^PN_Z] PY ^LW_L] LW 8P]NLOZ ,W_P]YL_TaZ -`]^ยบ_TW 8,- PY 1`YOLOL PY d OPOTNLOL L MTZ^ZW`NTZYP^ OP L[WTNLNTร Y PY WL TY O`^_]TL QL]XLNPร _TNL d LR]ZLWTXPY_L ]TL SL _PYTOZ `Y aPWZe N]PNTXTPY_Z R]L NTL^ L ^` L[`P^_L [Z] WL TYYZaLNTร Y 0Y NZY^TR`Tร PW ]P^[LWOZ OP =P[^ZW NZXZ ^ZNTZ P^_]L_ร RTNZ [L]L WLYeL] ^` QTWTLW 9PZW P^[PNTLWTeLOL PY MTZNZX M`^_TMWP^ LaLYeLOZ^ d PY LM]Tร ^`^ []Z[TL^ TY^_LWLNTZYP^ PY PW ;L]\`P .TPY_ร QTNZ OP 8LO]TO

#OSENTINO 0W Wร OP] X`YOTLW PY ^`[P]QTNTP^ OP N`L] eZ >TWP^_ZYP [Z^PP `Y NPY_]Z []Z[TZ OP 4 / T _]LY^aP]^LW PY ^` ^POP PY 8LNLPW ,WXP]ร L \`P TYNW`dP OP^OP `Y ZM^P] aL_Z]TZ _PNYZWร RTNZ SL^_L `Y NPY_]Z OP RP^_Tร Y OP TOPL^ d []ZdPN_Z^ 0c[Z]_L PW " OP ^` []ZO`NNTร Y ^` QLN_`]L NTร Y ]ZYOร WZ^ XTWWZYP^ OP P`]Z^ PY d []Paร NZY_TY`L] N]PNTPYOZ PY

7VY SV [HU[V SH PUUV]HJPร U LZ \UH HZPNUH [\YH WLUKPLU[L WHYH T\JOHZ NYHUKLZ LTWYLZHZ LZWHร VSHZ ,Z ]P[HS HYYHZ[YHY LS JHWP[HS WYP]HKV WHYH JVUZLN\PY LS YP[TV KL JYLJPTPLU[V X\L ULJLZP[HU SH LJVUV Tร H LZWHร VSH ` SH HUKHS\aH WHYH HSJHUaHY SVZ VIQL[P]VZ L\YVWLVZ +L OLJOV LS U\L]V WYVNYHTH L\YVWLV KL 0 + /VYPaVU[L X\L [HU PTWVY [HU[LZ VWVY[\UPKHKLZ YLWYLZLU[H WHYH SVZ

%N %SPAร A Sร LO EL POR CIENTO DE LAS EMPRESAS DE Mร S DE TRABAJADORES REALIZAN ACTIVIDADES INNOVADORAS

-AGTEL 7L PX[]P^L NZ]OZMP^L ^P OPOTNL LW OT ^Pร Z _PNYZWร RTNZ NZY^_]`NNTร Y TY^_L WLNTร Y d XLY_PYTXTPY_Z TYO`^_]TLW PY _]P^ R]LYOP^ ^PN_Z]P^% 8POTZ ,XMTPY _P ?PWPNZX`YTNLNTZYP^ d 0YP]Rร L 3L ^LMTOZ NZYaP]_T] WL N]T^T^ PY Z[Z]_`YT OLO XPOTLY_P WL OTaP]^TQTNLNTร Y OP ^` LN_TaTOLO WL TYYZaLNTร Y NZY_TY`L d WL TY_P]YLNTZYLWTeLNTร Y OPW YPRZNTZ

'UADALTEL 7L PX[]P^L ?4. 2`LOLW_PW SL ^TOZ NL [Le OP NZY^ZWTOL]^P d XLY_PYP] ^` N]P NTXTPY_Z [P^P LW SZ^_TW PY_Z]YZ PNZYร XTNZ OP WZ^ ร W_TXZ^ Lร Z^ d PY R]LY XP OTOL SL ^TOZ R]LNTL^ L ^` LW_Z NZX[Z YPY_P TYYZaLOZ] 7L PX[]P^L SL LNNP OTOZ L Y`PaZ^ XP]NLOZ^ PY 0`]Z[L L _]Laร ^ OP []ZdPN_Z^ OP 4 / T PY NZY ^Z]NTZ OPW ;]ZR]LXL 8L]NZ OP WL @0 d SL `_TWTeLOZ WL TYYZaLNTร Y [L]L PY_]L] PY XP]NLOZ^ PXP]RPY_P^ NZY `YL N]P NTPY_P []P^PYNTL PY 7L_TYZLXร ]TNL

WYร _PTVZ ZLPZ Hร VZ V[VYNH \U ZPNUPMPJH[P ]V WYV[HNVUPZTV H SHZ LTWYLZHZ 5V WVKL TVZ WLYTP[PYUVZ KLZHWYV]LJOHYSV ,U SVZ TH`VYLZ LZM\LYaVZ [LU KYยดU X\L JVUJLU[YHYZL LU WVZPJPVUHY KL THULYH PU[LSPNLU[L U\LZ[YHZ JHWHJPKH KLZ WHYH HWYV]LJOHY HS Tยด_PTV H SV SHYNV KL SVZ WYร _PTVZ ZLPZ Hร VZ SHZ VWVY[\UPKH KLZ X\L Z\YNLU KLS THYJV KL MPUHUJPH JPร U JVT\UP[HYPV OHZ[H 3H ,Z[YH [LNPH KL ,ZWLJPHSPaHJPร U 0U[LSPNLU[L V 90: LS /VYPaVU[L WHYH SH 0 + SHZ *VT\UPKHKLZ KL 0UUV]HJPร U ` *VUVJP TPLU[V V 20*: ` SH U\L]H 7VSร [PJH 0UK\Z [YPHS L\YVWLH ZVU HSN\UHZ KL SVZ THYJVZ LU SVZ X\L SHZ LTWYLZHZ HUKHS\aHZ [PLULU X\L I\ZJHY Z\ O\LJV WHYH WV[LUJPHY Z\ JYLJPTPLU[V H [YH]ยผZ KL SH PUUV]HJPร U ` HMPHUaHY SH YLJ\WLYHJPร U LJVUร TPJH


!NUARIO *OLY !NDALUCÓA

%#/./-·!

& !,# & & )'* .#.#0# -.6 +/v ( & - & ,#) *OSÏ )GNACIO 2UFINO 2US

0ROFESOR DE LA 5NIVERSIDAD DE 3EVILLA

Z T\` OHIP[\HS LU[YL SVZ HS\T UVZ KL ,JVUVTÀH JVUM\UKPY JVTWL[LUJPH ` JVTWL[P[P]PKHK" UV KPNHTVZ LU[YL X\PLULZ ZVU T´Z SLNVZ LU SH TH[LYPH 4PLU [YHZ X\L SH JVTWL[LUJPH OHJL YLMLYLUJPH H SH YP]HSPKHK ` H SH PU[LUZPKHK KL ¼Z[H LU \U KL [LYTPUHKV TLYJHKV SH JVTWL[P[P]PKHK LZ SH JHWHJPKHK KL JVTWL[PY +PJOV KL V[YH MVY TH JVTWL[P[P]PKHK LZ SH OHIPSPKHK X\L [PL UL \U KL[LYTPUHKV WYVK\J[V V ZLY]PJPV V KL MVYTH HNYLNHKH \UH LTWYLZH V \U WHÀZ KL ZLY T´Z HWL[LJPISL WHYH Z\Z WV[LUJPHSLZ JVTWYHKVYLZ ZLH WVYX\L VMYLJL H ¼Z[VZ \UH TH`VY JHSPKHK V ZH[PZMHJJPÅU H \U TPZ TV WYLJPV X\L Z\Z JVTWL[PKVYLZ ZLH WVY X\L ZLUJPSSHTLU[L ZVU T´Z IHYH[VZ ,ZWH ÃH OH VW[HKV WVY LZ[H ZLN\UKH ]ÀH KL NH UHUJPH KL JVTWL[P[P]PKHK! SH IHYH[\YH YL[YP I\[P]H SH KL]HS\HJPÅU KL SH X\L OHISÅ 2Y\N THU OHJL \UVZ HÃVZ J\HUKV SH JYPZPZ HÌU LYH ULNHKH WVY HSN\UVZ HWÅZ[VSLZ ULNHJPV UPZ[HZ [HTIP¼U KL SH I\YI\QH MPUHUJPLYH L PU

THULYH KY´Z[PJH ` Y´WPKH KLZKL ` LZV OH OLJOV X\L NHULTVZ LU WYVK\J[P]PKHK wSH ]LYKHKLYH THKYL KL SH JVTWL[P[P]P KHKw X\L LZ SH YLSHJPÅU WVY JVJPLU[L LU[YL SVZ X\L VI[LULTVZ WVY U\LZ[YH WYVK\JJPÅU ` SV X\L PU]LY[PTVZ ` NHZ[HTVZ WHYH VI[L ULYSH 4´Z HSS´ KL SH ZP[\HJPÅU KLWYLZP]H KL SH LJVUVTÀH LZWHÃVSH WYV[HNVUPaHKH WVY \UH WYVM\UKH JVU[YHJJPÅU KL SH KLTHUKH V JVUZ\TV PU[LYUVZ U\LZ[YH TLQVYH KL WYV K\J[P]PKHK ` JVTWL[P[P]PKHK ZL OH WYVK\JP KV TH`VYTLU[L WVY \UH YLK\JJPÅU KL \UV KL SVZ MHJ[VYLZ KLS KLUVTPUHKVY SVZ ZHSH YPVZ @ UV [HU[V JHKH ZHSHYPV ZPUV SH THZH ZHSHYPHS HNYLNHKH KLS WHÀZ! SHZ WLYJLWJPVULZ KL X\PLULZ WPLYKLU Z\ LTWSLV KLQHU KL JVTW\[HY LU LS KLUVTPUHKVY TPLU[YHZ X\L LS KLZJLUZV KLS U\TLYHKVY SVZ PUNYL ZVZ SHZ ZHSPKHZ SVZ V\[W\[Z LZ T´Z Z\H]L! NHUHTVZ WYVK\J[P]PKHK ` TLQVYHTVZ U\LZ[YH JVTWL[P[P]PKHKj WLYV LZ SH ]P]H KL

X\PLU KLJPKL UV WPLYKL 6[YV YHZNV WYLV J\WHU[L WVYX\L SH TH`VY KLZPN\HSKHK ZH SHYPHS JVTV WYVJLZV JVU[PU\V LZ LS VYPNLU KL SH TH`VY PUZLN\YPKHK ZVJPHS HSNV X\L UV JVU]PLUL UP H X\PLULZ NVaHU KL TH`V YLZ WYP]PSLNPVZ X\L ZLY´U WLVY ]PZ[VZ LU Z\ [PLYYH 0UJS\ZV VKPHKVZ LU LZ[L WHÀZ X\L [HU IPLU ZHIL VKPHY 7VKYÀHTVZ OHILY JVTIPUHKV \UH ULJL ZHYPH JVU[YHJJPÅU ZHSHYPHS LU \U WHÀZ X\L UV LZ JHYUL KL SPKLYHaNV LU JVZ[LZ UP WLZ JHKV KL KPMLYLUJPHJPÅU ]ÀH JHSPKHK& 3VZ V[YVZ WVZPISLZ PUNYLKPLU[LZ KL \UH TLQVY JHWHJPKHK KL JVTWL[PY JVU LS L_[LYPVY ZVU WVZPISLZ WLYV [HTIP¼U ZVU VIQL[V KL TH UVZLV KLJSHYH[P]V ` NYHUKLZ WHSHIYHZ KLZ KL SH [HYPTH! TLQVY \ZV KL SH [LJUVSVNÀH TLQVYH KL SH VYNHUPaHJPÅU ` LQLJ\JPÅU KL SVZ WYVJLZVZ JSH]L KL JHKH ULNVJPV TLQV YH KL SH PTHNLU TLQVYH KL SH JHSPKHK [¼J UPJH ` SH JHSPKHK KL ZLY]PJPV 7LYV UV UVZ LX\P]VX\LTVZ! KL TVTLU[V LS NYPHS KL SH JVTWL[P[P]PKHK ZL OH I\ZJHKV JHZP LU L_ JS\ZP]H WVY SH ]ÀH KL SH YLMVYTH SHIVYHS ` SH YLK\JJPÅU KL ZHSHYPVZ <UH LZ[YH[LNPH Y´WP KH ` H JVY[V WSHaV JVTV X\PLU TH[H LS OHTIYL OPUJO´UKVZL KL HN\H WVYX\L KL YLK\JPY ZHSHYPVZ UVZ OLTVZ OPUJOHKV H\U

MPUPJPÅU KL \UH ]PJ[VYPH WÀYYPJH V ZLH HX\¼ SSH X\L ZL VI[PLUL PUJ\YYPLUKV LU KLTHZPH KHZ W¼YKPKHZ <UH PS\ZPÅU TH[LT´[PJH ZP WYLMPLYLU @ \UH JVU[\UKLU[L YLHSPKHK WH YH SVZ LTWSLHKVZ ¼ZHZ THX\PUP[HZ KL JVU Z\TPY! U\LZ[YV WVKLY HKX\PZP[P]V ZL OH KL IPSP[HKV ZLYPHTLU[L ` UV ZÅSV LS KL SVZ LSL NPKVZ X\L HÌU WLY[LULJLU H SH WVISHJPÅU HJ[P]H LU \U WHÀZ KLZVSHKV WVY LS WHYV ( LZ[L WHUVYHTH OH` X\L HNYLNHY LU LS HU´SPZPZ \U OLJOV KVSVYVZV L PUJVU[YV]LY [PISL! SHZ IYLJOHZ ZHSHYPHSLZ LU[YL LTWSLH KVZ ZPU QLYHYX\ÀH ` KPYLJ[P]VZ ZL OH HIPLY[V LU ,ZWHÃH KLZKL H ! TPLU[YHZ SVZ WYPTLYVZ ZPN\LU WLYKPLUKV ZHSHYPV YLHS ` [HTIP¼U UVTPUHS LU NLULYHS SVZ KPYLJ [P]VZ OHU NHUHKV LU \UH L_[YHÃH HSX\PTPH HWHYLU[L! T´Z HSS´ KL SH TH`VY HZVJPHJPÅU KL YL[YPI\JPÅU KPYLJ[P]H JVU SVZ PUJLU[P]VZ ` LS ]HYPHISL WHYLJL X\L LU SH LTWYLZH ZL OH WYVK\JPKV \U LMLJ[V [LJUVJY´[PJV!

X\L ZPLTWYL OHIY´ \U KLTP\YNV KLS JVZ[L SHIVYHS \UP[HYPV X\L YLIH[PY´ V THX\PSSHY´ LZ[H L]PKLU[L YLHSPKHK KL SHZ MHTPSPHZ ` SVZ PUKP]PK\VZ LZWHÃVSLZ *VUZLN\PYLTVZ NHUHY J\V[HZ Z\WSLTLU[HYPHZ KL JVTWL[P [P]PKHK JVU \UH NHUHUJPH KL WYVK\J[P]P KHK JVU V[YHZ M\LU[LZ TLUVZ WYVZHPJHZ X\L SH KL JVU]LY[PY H LZ[L WHÀZ LU \U S\NHY X\L L_WVY[H IHYH[V WVY [LULY \UH THUV KL VIYH IHYH[H WLYV Z\ JVUZ\TV PU[LYUV LZ WLUVZV WVY [LULY \UH WVISHJPÅU LTWVIYL JPKH ZHSHYPHSTLU[L& ,ZWLYLTVZ X\L UV WLYV LZ WYVU[V WHYH KLJPYSV UP [LULY JVU MPHUaH LU [HS LZJLUHYPV 7VY SH ]ÀH KL SVZ ZH SHYPVZ LU L_JS\ZP]H LU ,ZWHÃH w` UV KPNH TVZ LU JPLY[HZ YLNPVULZ T´Z KLWYPTPKHZ ` TLUVZ LZWLJPHSPaHKHZ ` KLZHYYVSSHKHZ O\ THU ` [LJUVSÅNPJHTLU[Lw OHIY´ NHUHKV SH ZVS\JPÅU JOPUH ` SH ZVS\JPÅU LZJHUKPUH]H HUNSVZHQVUH V NLYT´UPJH ZLY´ tSV X\L W\ KV OHILY ZPKV ` UV M\Lu

.UESTRA GANANCIA EN COMPETITIVIDAD DURANTE LA CRISIS HA SIDO MEDIANTE LA REDUCCIØN DE COSTES SOBRE TODO LOS COSTES SALARIALES TVIPSPHYPH! t,ZWHÃH KLIL YLK\JPY ZHSHYPVZ \U ` Z\MYPY \UH KLMSHJPÅU KLS WHYH WVULYZL LU Z\ ZP[PVu KPQV HU[L \U WH[PKPM\ZV H\KP[VYPV LU SH *,( `H OHJL JPUJV HÃVZ 4PLU[YHZ SV ZLN\UKV LZ \UH X\PTLYH LU SVZ WYLJPVZ X\L PTWVY[HU YLHSTLU[L H SHZ MHTP SPHZ wX\L UV ZL KLMSHJ[HU UP \U WVJV LU [¼Y TPUVZ YLHSLZ UP LU YLSHJPÅU H SH YLU[H KPZWV UPISLw LU SV WYPTLYV SVZ ZHSHYPVZ LZ[HTVZ ZPN\PLUKV SH YLJL[H H WPLZ Q\U[PSSHZ ,U YLHSPKHK ,ZWHÃH UV OH VW[HKV UP OH ZLN\PKV \UH LZ[YH[LNPH UHJPVUHS WVY SH LMP JPLUJPH ZPUV X\L U\LZ[YH NHUHUJPH KL JVTWL[P[P]PKHK H SV SHYNV KL SH JYPZPZ OH ZP KV TLKPHU[L SH YLK\JJPÅU KL SVZ JVZ[LZ KL WYVK\JJPÅU WY´J[PJHTLU[L LU [VKHZ SHZ HJ [P]PKHKLZ ` LU WHY[PJ\SHY LU SHZ L_WVY[HKV YHZ @ UV KL [VKVZ SVZ JVZ[LZ ZPUV T\` JVU JYL[H L PU[LUZHTLU[L LU SVZ JVZ[LZ SHIVYH SLZ LU SVZ ZHSHYPHSLZ WVY ZLY WYLJPZVZ 3H THZH ZHSHYPHS LZWHÃVSH ZL OH KL]HS\HKV KL

%


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

, # ( 0 &), # ) ( & - .), !,) &#' (. ,#) *ERØNIMO -OLINA

0RESIDENTE DE LA &EDERACIØN !NDALUZA DE %MPRESAS #OOPERATIVAS !GROALIMENTARIAS

U SVZ ÌS[PTVZ HÃVZ OH PKV JHTIPHUKV SH MVYTH KL KL THUKHY SVZ HSPTLU[VZ! SH PU JVYWVYHJPÅU KL SH T\QLY HS [YHIHQV SHZ YLK\JJPÅU KL SVZ TPLTIYVZ KL SHZ MHTPSPHZ LS LU]LQLJPTPLU [V KL SH WVISHJPÅU SVZ JVTLKVYLZ LZJVSH YLZ SHZ JVTPKHZ M\LYH KL JHZH SVZ LSLJ[YV KVT¼Z[PJVZ L[J OHU JHTIPHKV U\LZ[YVZ O´IP[VZ HSPTLU[PJPVZ ,U [VKV LZ[L WYVJLZV SHZ JVVWLYH[P]HZ OHU [LUPKV \U WHWLS T\` KLZ[HJHKV 3H JHKLUH HSPTLU[HYPH LU Z\ MVYTH T´Z LSLTLU[HS YLHSPaH [YLZ HJ[P]PKHKLZ! SH WYVK\JJPÅU SH [YHUZMVYTHJPÅU V JVTLYJPHSPaHJPÅU KLWLU KPLUKV KL X\L LS [PWV KL WYVK\J[V ULJLZP[L \U WYVJLZV KL LSHIVYHJPÅU V X\L ZL JVUZ\ TH LU MYLZJV ` SH ]LU[H TPUVYPZ[H ;YHKPJPV UHSTLU[L SHZ [YLZ HJ[P]PKHKLZ LZ[HIHU ZLWH YHKHZ ` SHZ JVVWLYH[P]HZ Z\YNPLYVU WHYH ]LU KLY JVUQ\U[HTLU[L SH WYVK\JJPÅU KL Z\Z HNYPJ\S[VYLZ ` TLQVYHY Z\ WVZPJPÅU ULNVJPH KVYH MYLU[L H SH PUK\Z[YPH ` LS JVTLYJPV *VU LS [PLTWV M\LYVU PUJVYWVY´UKVZL LU SVZ ZP N\PLU[LZ LZSHIVULZ KL SH JHKLUH" SHZ JVVWL YH[P]HZ S´J[LHZ LTWLaHYVU H LU]HZHY SH SL JOL SHZ HJLP[LYHZ KLQHYVU KL ]LUKLY HJLP[\ UH WHYH ]LUKLY HJLP[L SHZ OVY[ÀJVSHZ ZL KLJP KPLYVU H JVTLYJPHSPaHY Z\Z WYVK\J[VZ LU SVZ TLYJHKVZ JVUZ\TPKVYLZ L[J /V` KÀH JVU LS NYHU KLZHYYVSSV KLS JV TLYJPV TPUVYPZ[H WVY \UH WHY[L ` JVU SHZ TH`VYLZ L_PNLUJPHZ KL SVZ JVUZ\TPKVYLZ

#OOPERATIVA DE FRESAS

*/35³ #/22%!

YLZWLJ[V H SH JHSPKHK ` ZHS\IYPKHK KL SVZ WYVK\J[VZ WVY V[YH LZ PTWYLZJPUKPISL THU[LULY LS JVU[YVS KL SHZ WYVK\JJPVULZ HNYHYPHZ KLZKL SH JVTWYH KL SH ZLTPSSH OHZ [H SH ]LU[H HS WÌISPJV LU LS LZ[HISLJPTPLU[V TPUVYPZ[H ,Z[H SHIVY KL JVU[YVS ` ZLN\P TPLU[V LU [VKH SH JHKLUH X\P¼U TLQVY SH W\LKL NHYHU[PaHY ZVU SHZ JVVWLYH[P]HZ MH JPSP[HUKV SH [YHaHIPSPKHK LS YLJVYYPKV KL SVZ HSPTLU[VZ WHYH Z\ TLQVY JVU[YVS ( TL KPKH X\L H]HUaH SH SHIVY KL SHZ JVVWLYH[P ]HZ LU SH JHKLUH ` JVTWSL[HU WYVJLZVZ KL [YHUZMVYTHJPÅU ` JVTLYJPHSPaHJPÅU H\ TLU[HY´ LS ]HSVY HÃHKPKV NLULYHKV LS J\HS ZL [YHK\JL LU YLU[H UV ZÅSV WHYH SVZ HNYP J\S[VYLZ ZPUV WHYH [VKV LS LU[VYUV KVUKL ZL KLZHYYVSSH SH HJ[P]PKHK KL SH JVVWLYH[P]H 3H [LUKLUJPH KLS JVVWLYH[P]PZTV LZ L]V S\JPVUHY KLZKL SHZ [YHKPJPVUHSLZ \UPVULZ KL

HNYPJ\S[VYLZ X\L KLMLUKÀHU LS WYLJPV KL Z\Z WYVK\J[VZ LU VYPNLU OHJPH SH \UPÅU KL HNYP J\S[VYLZ V KL Z\Z JVVWLYH[P]HZ WHYH [YHUZ MVYTHY LU]HZHY ` JVTLYJPHSPaHY SVZ WYV K\J[VZ ` WVULYSVZ H SH ]LU[H LU SVZ TLYJH KVZ KL KLZ[PUV [HS JVTV SVZ KLTHUKHU SVZ JVUZ\TPKVYLZ ,Z[L LZ LS NYHU YL[V KL SHZ JVVWLYH[P]HZ HNYVHSPTLU[HYPHZ ` LU LZWLJPHS KL SHZ HU KHS\aHZ ` WHYH LSSV LZ PTWYLZJPUKPISL HS JHUaHY LS [HTHÃV KL LTWYLZH ULJLZHYPV X\L WLYTP[H YLHSPaHY SHZ [HYLHZ KL [YHUZ MVYTHJPÅU LU]HZHKV ` JVTLYJPHSPaHJPÅU KLS WYVK\J[V MPUHS ;HTHÃV X\L [HTIP¼U LZ ULJLZHYPV WHYH WVKLY YLHSPaHY WYVNYH THZ KL 0 + WHYH H[LUKLY SVZ ]VSÌTLULZ X\L WYLJPZH SH NYHU KPZ[YPI\JPÅU WHYH J\TWSPY SHZ UVYTHZ KL JHSPKHK ` ZHS\IYP KHK X\L L_PNL LS JVUZ\TPKVY MPUHS WHYH YLHSPaHY SHZ L_WVY[HJPVULZ X\L KLTHUKH \U T\UKV JHKH ]La T´Z NSVIHSPaHKV L[J :ÅSV JVU JVVWLYH[P]HZ JVU \U [HTHÃV HKLJ\HKV ZL WVKY´ [YHUZMVYTHY ` JVTLY JPHSPaHY SH PTWVY[HU[ÀZPTH WYVK\JJPÅU HNYHYPH HUKHS\aH LU HSPTLU[VZ [HS JVTV SVZ KLTHUKHU SVZ TLYJHKVZ ` LZ[H LZ SH ÌUPJH MVYTH WHYH X\L SH YLU[H KL SH YLNPÅU H\ TLU[L ` ZL HWYV_PTL H SH KLS YLZ[V ,ZWHÃH (UKHS\JÀH [PLUL \U ZLJ[VY WYPTHYPV T\` PTWVY[HU[L LU JHSPKHK ` JHU[PKHK HS X\L ZL SL W\LKL PUJVYWVYHY T\JOÀZPTV ]HSVY HÃH KPKV LS J\HS ZL [YHUZMVYTH LU YLU[HZ LU WV ISHJPVULZ Y\YHSLZ KLS PU[LYPVY KL SH YLNPÅU X\L KL V[YH MVYTH KPMÀJPSTLU[L WVKYÀHU KL ZHYYVSSHYZL (KLT´Z SH PUK\Z[YPH HNYVHSP TLU[HYPH KL IHZL JVVWLYH[P]H U\UJH ZL KLZSVJHSPaH :PU K\KH OH` V[YVZ ZLJ[VYLZ ` V[YHZ HJ[P]PKHKLZ X\L ZL W\LKLU PTW\SZHY WLYV UV VS]PKLTVZ X\L LS WYPUJPWHS TV[VY KL SH LJVUVTÀH HUKHS\aH LZ LS ZLJ[VY HNYVH SPTLU[HYPV

,A CRISIS DEL PEPINO QUE NUNCA EXISTIØ 4OMÉS -ONAGO

Z \U [P[\SHY HSNV L_HNLYHKV WVYX\L L]PKLU[LTLU[L LZH JYPZPZ ZÀ X\L L_PZ [PÅ 7LYV Z\Z LMLJ[VZ LU LS [PLTWV ZVU [HU U\SVZ X\L WHYLJL X\L UV O\IPLYH ZPKV Z\JL KPKV U\UJH 3HZ L_WVY[HJPVULZ HNYVHSP TLU[HYPHZ HUKHS\aHZ HSPTLU[VZ ` ILIPKHZ OHU ZLN\PKV JYLJPLUKV HÃV H HÃV H WLZHY KL SH KLWYLZPÅU LJVUÅTPJH ,S LMLJ[V ULNH [P]V KL wLS HÃV KL SH JYPZPZ KLS WLWPUVw M\L X\L LS PUJYLTLU[V M\L HSNV TLUVY 7L YV UHKH T´Z ,U `H ZL YVaHYVU SVZ

TPSSVULZ KL L\YVZ LU LS ]HSVY KL SHZ ]LU[HZ L_[LYPVYLZ ` LU H MHS[H KLS KH[V KL KPJPLTIYL JVU [VKH ZLN\YPKHK ZL Z\WLYHY´U /HZ[H UV]PLTIYL SHZ L_WVY [HJPVULZ HNYVHSPTLU[HYPHZ HSJHUaHIHU SVZ TPSSVULZ \U T´Z :P LS YP[TV HZ JLUKLU[L ZL THU[PLUL LU KPJPLTIYL SH JP MYH ZL X\LKHY´ WHYH LU \UVZ TPSSVULZ U\L]V Y¼JVYK OPZ[ÅYPJV ,Z JPLY[V X\L LS WVYJLU[HQL KL JYLJPTPLU [V LZ TLUVY X\L LS KLS HÃV WHZHKV

MYLU[L HS KLS LQLYJPJPV HU[LYPVY H ML JOH KL UV]PLTIYL WLYV [HTIP¼U SV LZ X\L

)NVERNADERO ALMERIENSE +'3"/ -&0/"3%0


!NUARIO *OLY !NDALUCÓA

%#/./-·!

LS ZLJ[VY HNYVHSPTLU[HYPV LZ LS KL TH`VY [YHKPJPÅU L_WVY[HKVYH LS T´Z THK\YV ` JVUMVYTL ]H SVNYHUKV JPMYHZ Y¼JVYK LS [LJOV LZ T´Z KPMÀJPS KL Z\WLYHY (\U HZÀ OHIY´ X\L LZ[HY H[LU[VZ H SH L]VS\JPÅU LZ[L HÃV WHYH ZHILY ZP LZ[H KLZHJLSLYHJPÅU LZ [LTWVYHS V YLZWVUKL H \UH [LUKLUJPH T´Z KL MVUKV ,U J\HSX\PLY JHZV H\UX\L KL MVYTH T´Z TVKLYHKH SH L]VS\JPÅU WVZP[P]H JVU[PUÌH ` JHZP UV OH` ZLJ[VYLZ X\L Z\MYHU :HS]V SH MYLZH [VKVZ Z\ILU LU TH`VY V TLUVY J\HU[ÀH 3HZ ]LU[HZ KL WYVK\J[VZ OVY[V MY\[ÀJVSHZ ` SLN\TIYLZ wJVU (STLYÀH JVTV WYPUJPWHS JLU[YV L_WVY[HKVYw YLNPZ[YHU \U PUJYLTLU[V OHZ[H UV]PLTIYL KLS ` ]VS]LY´U H Z\WLYHY KL SHYNV HKLT´Z SVZ TPSSVULZ KL L\YVZ KL ,S ZLJ [VY HKLT´Z ZPN\L THU[LUPLUKV Z\ Z\WYL THJÀH L_WVY[HKVYH ` JVUJLU[YH LS

KL SHZ ]LU[HZ [V[HSLZ ZÅSV TLKPV W\U[V TLUVZ KL SV X\L ZL YLNPZ[YÅ HS JPLYYL KLS HÃV WHZHKV ;VTH[LZ TPSSVULZ OHZ[H UV]PLTIYL KL ` WPTPLU[VZ TP SSVULZ ZVU SHZ LZ[YLSSHZ ( SVZ WLWPUVZ SLZ J\LZ[H JYLJLY ZÅSV TPSSVULZ T´Z X\L LS HÃV WHZHKV TPSSVULZ ` SH MYLZH ZL KLZ WSVTH \U KL H TPSSVULZ LU ILULMPJPV KL MYHTI\LZHZ KL H TP SSVULZ ` HY´UKHUVZ KL H WYVK\J

[VZ LU SVZ X\L LS JVUZ\TPKVY T\LZ[YH JHKH ]La TH`VY PU[LY¼Z 3H V[YH NYHU IHaH L_WVY[HKVYH LS HJLP[L KL VSP]H KLS [V[HS [HTIP¼U JYLJL WL YV KL THULYH [ÀTPKH \U OHZ[H TP SSVULZ (IYL TLYJHKVZ WLYV UV LZ \U ZLJ[VY [HU KPU´TPJV JVTV LS OVY[VMY\[ÀJ\SH JVTV KLT\LZ[YH LS OLJOV KL X\L Z\Z ]LU[HZ ,AS VENTAS DE OH`HU Z\IPKV \U

HORTOFRUTÓCOLAS KLZKL MYLU[L HS KL MY\[HZ ` Y LEGUMBRES OVY[HSPaHZ 3H HJLP REGISTRAN UN [\UH KL TLZH ZL THU[PLUL LU JPMYHZ INCREMENTO ZPTPSHYLZ H SHZ KLS HASTA HÃV WHZHKV TP NOVIEMBRE DEL SSVULZ OHZ[H UV POR CIENTO ]PLTIYL ` V[YVZ ZLJ[VYLZ JVTV S´J [LVZ TPSSVULZ JHYULZ TPSSVULZ ` LZWLJPHSTLU[L LS KL SH WLZJH TPSSVULZ \U T´Z ZL T\LZ[YHU JHKH ]La T´Z KP U´TPJVZ :PU LTIHYNV LS KL SHZ ILIPKHZ Z\ MYL SH [LUKLUJPH PU]LYZH JHL JHZP \U OHZ [H ZP[\HYZL LU TPSSVULZ 7VY JVT\UPKHKLZ *H[HS\ÃH ZL ZPN\L ZP [\HUKV WVY LUJPTH KL (UKHS\JÀH TPSSVULZ H UV]PLTIYL KL MYLU[L H

H\UX\L ZP UV ZL [PLULU LU J\LU[H SHZ ILIPKHZ ZÅSV SVZ HSPTLU[VZ SH YLNPÅU `H LZ SÀKLY LU ,ZWHÃH 7LZL H LSSV LS :\Y JVU JLU[YH T\JOV Z\Z L_WVY[HJPVULZ LU MY\ [HZ OVY[HSPaH ` HJLP[L KL VSP]H JHZP LS

KLS [V[HS TPLU[YHZ X\L *H[HS\ÃH [PLUL \U TLYJHKV T´Z KP]LYZPMPJHKV @ NHUH WVY T\JOV H (UKHS\JÀH LU SH ZLJJPÅU WYLWHYH KVZ HSPTLU[PJPVZ SH X\L HWVY[H T´Z ]HSVY HÃHKPKV TPSSVULZ MYLU[L H 3V WVZP[P]V LZ X\L SH IHSHUaH JVTLYJPHS HNYVHSPTLU[HYPH HYYVQH \U Z\WLY´]P[ T\` NLULYVZV TPSSVULZ H UV]PLTIYL KL TPLU[YHZ X\L *H[HS\ÃH [PLUL K¼MPJP[ KL TPSSVULZ SV X\L YLMSLQH X\L SH YL NPÅU WYVK\JL SV Z\MPJPLU[L JVTV WHYH H\ [VHIHZ[LJLYZL ` L_WVY[HY HS TPZTV [PLT WV 3V ULNH[P]V LZ X\L LS ZLJ[VY KLWLUKL HÌU T´Z KL SV X\L KLILYÀH KL SH ]LU[H H NYHULS ` X\L WLZL H Z\ [YHKPJPÅU L_WVY[H KVYH ` Z\ THK\YLa HÌU OH` T\JOV WV[LU JPHS ` LU SHZ THUVZ KL SHZ LTWYLZHZ LZ[´ L_WSV[HYSV <U KH[V! LS =HSVY (ÃHKPKV )Y\ [V KL SH HNYVPUK\Z[YPH HUKHS\aH UV SSLNH HS KLS KL SH WYVK\JJPÅU HNYHYPH ,U *H [HS\ÃH LZ LS ,Z KLJPY X\L SH YLNPÅU JH[HSHUH JVTLYJPHSPaH WVY \U ]HSVY X\L T´Z X\L [YPWSPJH Z\ ZLJ[VY WYPTHYPV ,ZL LS LS ZHS[V X\L SL MHS[H HS HNYV HUKHS\a

%


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

(Z,!# , ),' &Z .,# 2AFAEL 3ALGUEIRO 0ROFESOR DE LA 5NIVERSIDAD DE 3EVILLA

VZ 3L`LZ LZWLJÀMPJHZ ZLPZ 9LHSLZ +LJYL[VZ SL`LZ ` V[YHZ UVYTHZ KL KP]LYZH UH [\YHSLaH HSN\UHZ PUJS\PKHZ LU V[YHZ 3L`LZ JVUMVYTH YVU OHZ[H KPJPLTIYL LS JVYW\Z KL SHZ KPZWV ZPJPVULZ ZVIYL LS ZLJ[VY LS¼J[YPJV HIVYKH KHZ WVY LS .VIPLYUV 3VZ JHTIPVZ UV MPUH SPaHU JVU SH U\L]H 3L` KLS :LJ[VY ,S¼J[YPJV KL KL KPJPLTIYL KL `H X\L ¼Z[H YL X\LYPY´ U\TLYVZHZ KPZWVZPJPVULZ WHYH Z\ KLZHYYVSSV ` WVYX\L OH` ZLYPHZ KLMPJPLU JPHZ LU HSN\UHZ PUZ[P[\JPVULZ KLS ZPZ[LTH X\L UV OHU ZPKV HIVYKHKHZ LU SH 3L` :À OH` X\L YLJVUVJLYSL H ¼Z[H LS LZ[HISLJP TPLU[V KL \UVZ WYPUJPWPVZ JSHYVZ! tZLN\YP KHK JHSPKHK LMPJPLUJPH VIQL[P]PKHK [YHUZ WHYLUJPH ` HS TÀUPTV JVZ[Lu HY[ JVU[YH SVZ J\HSLZ ZL WVKY´U JVU[YHZ[HY JVU WYLJP ZPÅU SHZ M\[\YHZ KPZWVZPJPVULZ ` Z\Z JVUZL J\LUJPHZ ,Z \UH YLMVYTH LU THYJOH J\ `HZ HJ[\HJPVULZ OHZ[H MPUHS KL HÃV ` WYV IHISLTLU[L SHZ KL WLYZPN\LU SH LSL ]HJPÅU KL SVZ PUNYLZVZ KLS ZPZ[LTH ` SH YL K\JJPÅU KL SVZ JVZ[LZ LU \UHZ JPYJ\UZ[HU JPHZ KL JHÀKH KLS JVUZ\TV ` KL PUZVWVY[H ISL JYLJPTPLU[V KLS K¼MPJP[ [HYPMHYPV 3VZ PUNYLZVZ HKPJPVUHSLZ WYV]PLULU ZVIYL [V KV KLS H\TLU[V KLS WYLJPV KL SH NHYHU[ÀH KL WV[LUJPH ` KL SVZ U\L]VZ PTW\LZ[VZ H SH

:L [YH[H T\` WVZPISLTLU[L KL SH YLMVY TH KL TH`VY JVTWSLQPKHK [¼JUPJH KL [VKHZ SHZ HIVYKHKHZ w` KL SHZ X\L X\LKHUw WVY ]HYPHZ YHaVULZ 5V OH` \UH YLMLYLUJPH JSHYH LU V[YVZ WHÀZLZ JVTWHYHISLZ LU YLSHJPÅU JVU U\LZ[YH HJ[\HS LZ[Y\J[\YH KL NLULYH JPÅU ` ZVIYL [VKV LU SH ZVS\JPÅU KLS K¼MPJP[ HJ\T\SHKV \U WYVISLTH KL NYHU ]VS\TLU LJVUÅTPJV ` JVUKPJPVUHU[L KL [VKHZ SHZ KL JPZPVULZ ZVIYL LS ZLJ[VY K\YHU[L \UVZ J\HU [VZ HÃVZ KHKV X\L LS 7YLZ\W\LZ[V UV W\LKL HZ\TPYSV 3VZ HNLU[LZ [LJUVSVNÀHZ M\UJPV ULZ L PU[LYLZLZ KL SVZ HJ[VYLZ KLS ZPZ[LTH ZVU T\` KPZWHYLZ 7HY[L KL SHZ MHJ\S[HKLZ YLN\SH[VYPHZ HU[LZ JLU[YHSPaHKHZ M\LYVU JLU[YPM\NHKHZ OHJPH SHZ **(( (KLT´Z LS WYLJPV KL SH LSLJ[YPJPKHK LZ T\` PUMS\`LU[L LU SH JVTWL[P[P]PKHK PU[LYUHJPVUHS KL SH 0U K\Z[YPH ` LS IVSZPSSV KL SVZ JP\KHKHUVZ ` Z\ VWPUPÅU ZVIYL LS .VIPLYUV LZ T\` ZLUZPISL HS YLJPIV KL SH S\a `H X\L SH KLTHUKH KL

%S IMPOSIBLE QUE LAS SUBASTAS TRIMESTRALES ARROJEN UN PRECIO INFERIOR AL PROMEDIO DEL MERCADO

SALVO POR ERROR

4ORRES DE ALTA TENSIØN !2#()6/

NLULYHJPÅU 3H YLK\JJPÅU KL JVZ[LZ TPUV YH LS UÌTLYV KL OVYHZ JVTW\[HISLZ WHYH SH WLYJLWJPÅU KL WYPTHZ H KL[LYTPUHKHZ YLUV]HISLZ ` YLIHQH Z\ TVU[HU[L \UP[HYPV HMLJ[HUKV [HTIP¼U H SH JVNLULYHJPÅU /H KPZTPU\PKV SH YL[YPI\JPÅU HS [YHUZWVY[PZ[H ` H SVZ KPZ[YPI\PKVYLZ KL LULYNÀH WYLJPZH TLU[L J\HUKV ¼Z[VZ LZ[´U PU]PY[PLUKV PU [LUZHTLU[L LU LS YLLTWSHaV VISPNH[VYPV KL [VKVZ SVZ JVU[HKVYLZ ` [LUKY´U X\L HKL J\HY Z\ YLK ZP HSNÌU KÀH ZL KLZWSPLNH LS H\ [VJVUZ\TV LS¼J[YPJV @ ZL HÃHKLU V[YHZ TPUVYHJPVULZ LU SVZ WHNVZ WVY JHWHJPKHK ` KPZWVUPIPSPKHK H KL[LYTPUHKVZ NLULYH KVYLZ ` LU SVZ WHNVZ WVY SH PU[LYY\TWPIPSP KHK KLS Z\TPUPZ[YV H NYHUKLZ JVUZ\TPKV YLZ PUK\Z[YPHSLZ

LSLJ[YPJPKHK LZ T\` PULS´Z[PJH LU YLSHJPÅU JVU LS WYLJPV @ SVZ NVIPLYUVZ LU NLULYHS UV ZVU UHKH WYVJSP]LZ H KLQHY KL YLN\SHY LS ZLJ[VY OHZ[H LS ÌS[PTV L_[YLTV 0[LT T´Z +LZKL OHZ[H ZL OHU PUJVYWVYHKV HS ZPZ[LTH JHZP 4> HKPJPVUHSLZ JPJSVZ JVTIPUHKVZ YLUV]H ISLZ ` JVNLULYHJPÅU JVPUJPKPLUKV JVU \UH ZLYPH JHÀKH KLS JVUZ\TV LU SVZ HÃVZ KL YL JLZPÅU SV X\L KH S\NHY H X\L [LUNHTVZ \U LUVYTL ]VS\TLU KL PU]LYZPÅU HJ\T\SHKH X\L LZ[´ ZPLUKV PUMYH\[PSPaHKV ,ZV ZÀ `H [LULTVZ SH WV[LUJPH KL YLZWHSKV X\L YL X\LYPYÀH \UH [VKH]ÀH TH`VY JHWHJPKHK KL NLULYHJPÅU YLUV]HISL KL UH[\YHS HSLH[V YPV JVTV LS [PLTWV TPZTV WLYV H JHTIPV UVZ LUJVU[YHTVZ JVU \UH ZP[\HJPÅU WHYH

KÅQPJH! LU WVKYÀHTVZ OHILY H[LUKPKV SH [V[HSPKHK KL SH KLTHUKH JVU ZVSV LS WHY X\L U\JSLHY ` LS KL JPJSVZ JVTIPUHKVZ 5\LZ[YV WYVISLTH UV KL]PLUL KLS WYLJPV KL \U JVTI\Z[PISL \ V[YV ZPUV KLS L_JLZV KL PU]LYZPÅU YLHSPaHKH LU JHWHJPKHK ` LU YLKLZ KL L]HJ\HJPÅU KL SH KPZWLYZH NLULYH JPÅU YLUV]HISL 7VY V[YH WHY[L SH MPQHJPÅU KL SVZ WYLJPVZ UV YLN\SHKVZ UV M\UJPVUH IPLU ,Z PTWVZPISL X\L SHZ Z\IHZ[HZ [YP TLZ[YHSLZ HYYVQLU \U WYLJPV PUMLYPVY HS WYVTLKPV KLS TLYJHKV ZHS]V WVY LYYVY WVYX\L LZ[H LULYNÀH UV ZL W\LKL HSTHJL UHY ,S TLYJHKV TH`VYPZ[H \U TLYJHKV KL JHZHJPÅU THYNPUHSPZ[H [HTWVJV M\U JPVUH IPLU ZP \UH WHY[L YLSL]HU[L ` JYL JPLU[L KL SH VMLY[H JHYLJL KL JVZ[LZ ]HYPH ISLZ ZPNUPMPJH[P]VZ JVU]PY[P¼UKVZL LU WYL JPV HJLW[HU[L :PTWSLTLU[L LZL TLYJHKV UV LZ[´ YLMSLQHUKV SVZ JVZ[LZ YLHSLZ KL I\L UH WHY[L KL SH VMLY[H *YLV X\L OH` X\L Z\

WYPTPY SHZ Z\IHZ[HZ ` WVZPISLTLU[L YL[P YHY KLS TLYJHKV SH NLULYHJPÅU U\JSLHY X\L WVKYÀH ]PUJ\SHYZL JVU SVZ NYHUKLZ JVUZ\ TPKVYLZ PUK\Z[YPHSLZ WHYH SVZ J\HSLZ SH LULYNÀH LZ LU YLHSPKHK \UH TH[LYPH WYPTH :P UV ZL HIVYKHU SVZ WYVISLTHZ LU Z\ TVTLU[V ZPLTWYL OH` X\L OHJLYSV LU LS WLVY TVTLU[V WVZPISL X\L LU LZ[L JHZV JVPUJPKL JVU SH JHÀKH KLS JVUZ\TV OHZ[H LS UP]LS KL ` \U SH KL SVZ ZHSHYPVZ YLHSLZ JVU SHZ L_WLJ[H[P]HZ KL JYLJPTPLU [V W\LZ[HZ LU SH L_WVY[HJPÅU PUK\Z[YPHS ` JVU \U 7YLZ\W\LZ[V X\L UV W\LKL PUJVY WVYHY SHZ JVUZLJ\LUJPHZ KL SHZ KLJPZPVULZ WVSÀ[PJHZ KL JHY´J[LY ZVJPHS ` TLKPVHT IPLU[HS 7LYV LZV ZÀ LZ T\` LZWHÃVS SV KL UV OHJLY SHZ JVZHZ H Z\ KLIPKV [PLTWV



!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

-* , (4 ( & - .), ,)(6/.# ) ( &/4 *OSÏ ,UIS 'ALÉN

#ATEDRÉTICO DE /RGANIZACIØN DE %MPRESAS DE LA 5NIVERSIDAD DE 3EVILLA

HZ JPMYHZ ZVU YLHSTLU[L LZWLJ[H J\SHYLZ 3VZ KVZ NYHUKLZ MHIYP JHU[LZ HLYVU´\[PJVZ )VLPUN ` (PYI\Z OHU HU\UJPHKV ]VSÌTL ULZ Y¼JVYKZ LU WYVK\JJPÅU ` ]LU[HZ LU 3H JVTWHÃÀH L\YVWLH OH LU [YLNHKV H]PVULZ OH ]LUKPKV HLYV UH]LZ ` Z\ JHY[LYH KL WLKPKVZ ZL LSL]H H HWHYH[VZ X\L NLULYHY´U PUNYLZVZ WVY ]HSVY KL TPSSVULZ KL KÅSHYLZ ` Z\WVUKY´U JHYNH KL [YHIHQV HS TLUVZ WHYH SVZ WYÅ_PTVZ KPLa HÃVZ ,Z[HZ JPMYHZ ZL PUZJYPILU LU \UH [LUKLUJPH HZJLUKLU[L LU WLKPKVZ ` WYVK\J JPÅU X\L JVU[PU\HY´ H TLKPV WSHaV KLIPKV HS H\TLU[V WYL]PZPISL KLS [Y´MPJV H¼YLV PTW\SZH KV WVY SH JYLJPLU[L JSHZL TLKPH KL SVZ WHÀZLZ LTLYNLU[LZ ZVIYL [VKV KL (ZPH (S TPZTV [PLTWV X\L SVZ T´_PTVZ LQLJ\[P ]VZ JVT\UPJHIHU LZ[L PTWYLZPVUHU[L KPI\QV KLS ZLJ[VY (PYI\Z WVUÀH LU THYJOH \UH WYV M\UKH YLVYNHUPaHJPÅU X\L OH PTWSPJHKV SH M\ ZPÅU KL SHZ KP]PZPVULZ KL KLMLUZH LZWHJPV ` H]PVULZ TPSP[HYLZ JVU SH JVUZPN\PLU[L YLK\J JPÅU KL WSHU[PSSH LU [YHIHQHKVYLZ ,U U\LZ[YV WHÀZ HKLT´Z KL SVZ HQ\Z[LZ LU (PYI\Z 4PSP[HY` ZL KPM\UKÀH SH PUMVYTHJPÅU KL \UH Z\ZWLUZPÅU KL LTWSLV WHYH LTWSLHKVZ LU LS TH`VY WYV]LLKVY KL HLYVLZ[Y\J[\YHZ (LYUUV]H ` LU V[YV HY[ÀJ\SV KL LZ[L HU\HYPV W\LKL SLLYZL LS WYVJLZV KL YLLZ[Y\J[\YHJPÅU LU LS X\L ZL LUJ\LU[YH PUTLYZH (SLZ[PZ ,Z[HZ UV[PJPHZ HWHYLU[LTLU[L KPZJYLWHU [LZ KLMPULU LS TVTLU[V HJ[\HS KLS ZLJ[VY HLYVU´\[PJV ` Z\ M\[\YV! \U JYLJPTPLU[V ZVZ [LUPKV LU [VYUV HS HU\HS LU SVZ WYÅ_P TVZ HÃVZ ` \UH WYVM\UKH [YHUZMVYTH JPÅU KL Z\Z LZ[Y\J[\YHZ ZLJ[VYPHSLZ ` LTWYL ZHYPHSLZ ,U KLMPUP[P]H VWVY[\UPKHKLZ WHYH HSN\UVZ ` HTLUHaHZ WHYH T\JOVZ 3VZ JHT IPVZ YHKPJHSLZ Q\U[V JVU SVZ WVZP[P]VZ YHZNVZ LZ[Y\J[\YHSLZ KLS ZLJ[VY LSL]HKH PU[LUZPKHK LU JHWP[HS [LJUVSVNÀH L PU]LZ[PNHJPÅU UH[\ YHSLaH NSVIHS ` HTWSPHZ L_[LYUHSPKHKLZ WVZP [P]HZ LZ[´U HJLU[\HUKV SH JVTWL[LUJPH LU [YL WHÀZLZ WVY SVJHSPaHY LU Z\Z [LYYP[VYPVZ HJ [P]PKHKLZ HLYVU´\[PJHZ X\L WLYTP[HU KLZH YYVSSHY JS\Z[LYZ KL JSHZL T\UKPHS (UKHS\JÀH ZPLTWYL OH [LUPKV \U NLYTLU PUK\Z[YPHS HLYVU´\[PJV JVU SHZ WSHU[HZ KL *(:( ` LS WVZ[LYPVY KLZHYYVSSV KL \UH K¼ IPS PUK\Z[YPH H\_PSPHY :\ L]VS\JPÅU OH LZ[H KV Z\QL[H H MHJ[VYLZ L_[LYUVZ PUPJPHSTLU[L H SHZ WVSÀ[PJHZ KLS .VIPLYUV LZWHÃVS ` WVZ [LYPVYTLU[L H SHZ LZ[YH[LNPHZ ` YLZ\S[HKVZ

KL SVZ NYHUKLZ MHIYPJHU[LZ HLYVU´\[PJVZ LU LZWLJPHS KL (PYI\Z ,U \U VSPNVWVSPV JVTV LS ZLJ[VY HLYVU´\ [PJV JHZP \U K\VWVSPV KL MHJ[V SHZ KLJPZPV ULZ KL SVZ NYHUKLZ MHIYPJHU[LZ KL[LYTPUHU SH LZ[Y\J[\YH PUK\Z[YPHS ` [LYYP[VYPHS KL SH HJ [P]PKHK ,Z[HZ KLJPZPVULZ OHU LZ[HKV JVUKP JPVUHKHZ WVY SVZ NVIPLYUVZ WLYV YLZWVUKLU JHKH ]La TLUVZ H MHJ[VYLZ WVSÀ[PJVZ ` T´Z H YHaVULZ LTWYLZHYPHSLZ ` KL YLUKPTPLU[V JVTV YLMSLQH SH YLU\UJPH KL SVZ NVIPLYUVZ KL -YHUJPH (SLTHUPH ` ,ZWHÃH HS KLYLJOV KL ]L[V X\L [LUÀHU LU (PYI\Z 3HZ KLJPZPVULZ KL SVZ MHIYPJHU[LZ HLYVU´\[P JVZ ZL LUJ\HKYHU LU [YLZ [LUKLUJPHZ KL SHYNV YLJVYYPKV! SH L_[LYUHSPaHJPÅU KL HJ[P]PKHKLZ X\L LZ[´ NLULYHUKV JHTIPVZ Z\Z[HUJPHSLZ LU SH JHKLUH KL Z\TPUPZ[YV JVU TH`VYLZ YLX\L

)NSTALACIONES DE !IRBUS -ILITARY EN 3EVILLA !)2"53

YPTPLU[VZHSVZWYV]LLKVYLZ`Z\IJVU[YH[PZ[HZ" SHKLZSVJHSPaHJPÅU PTW\SZHKHWVYSHZJVTWLU ZHJPVULZ L_PNPKHZ WVY SVZ WHÀZLZ JVTWYHKVYLZ ` SH IÌZX\LKH KL TLUVYLZ JVZ[LZ LU WYVK\J JPÅU ` ]LU[HZ" ` SH PUJVYWVYHJPÅU KL U\L]HZ [LJUVSVNÀHZ VYPLU[HKH WVY SH KPZTPU\JPÅU KL SVZ JVZ[LZ KL VWLYHJPVULZ KL SHZ HLYVUH]LZ ` WVY TV[P]VZ KL ZLN\YPKHK ` JVU[HTPUHJPÅU 3VZ NYHUKLZ MHIYPJHU[LZ LZ[HISLJLU Z\Z LZ [YH[LNPHZ LU LZVZ [YLZ ´TIP[VZ KL MVYTH KPZ JYLJPVUHS WLYV J\HUKV \U JS\Z[LY LZ WV[LU [L ` SHZ LTWYLZHZ X\L SV PU[LNYHU ZVU LMP JPLU[LZ L PUUV]HKVYHZ SHZ KLJPZPVULZ ZLY´U JVTWHY[PKHZ V HS TLUVZ ]LUKY´U JVUKPJPV UHKHZ WVY HJ[P]VZ ` YLSHJPVULZ LZWLJÀMPJHZ X\L KPMPJ\S[HU SH TV]PSPKHK KL SVZ YLJ\YZVZ ` SHZ HJ[P]PKHKLZ 3HTLU[HISLTLU[L (UKHS\ JÀH HÌU UV OH HSJHUaHKV LZL LZ[H[\Z X\L ZÀ [PLULU V[YHZ YLNPVULZ :L OH LZJYP[V T\JOV LU SVZ ÌS[PTVZ HÃVZ HJLYJH KL SH PUK\Z[YPH HLYVU´\[PJH HUKHS\ aH [HU[V KL Z\Z MVY[HSLaHZ L_PZ[LUJPH KL \UH SÀULH MPUHS KL TVU[HQL w-(3w WYLZLU JPH KL PTWVY[HU[LZ WSHU[HZ KL (PYI\Z KLZH YYVSSV KL \U ;PLY KL HLYVLZ[Y\J[\YHZ HWH YPJPÅU KL U\TLYVZHZ LTWYLZHZ KL IHZL [LJ UVSÅNPJH PUMYHLZ[Y\J[\YH [LJUVSÅNPJH ` KL

PU]LZ[PNHJPÅU JVTV KL Z\Z KLIPSPKHKLZ H[VTPaHJPÅU JHYLUJPH KL JHWHJPKHKLZ [¼J UPJHZ LTWYLZHYPHSLZ ` MPUHUJPLYHZ VYPLU[H JPÅU SVJHS KLWLUKLUJPH KL \U ÌUPJV JSPLU [L ` JVUZPKLYV X\L SH TH`VYÀH KL SVZ HJ[V YLZ [PLULU JSHYH SH Y\[H H ZLN\PY H\UX\L SLZ LZ[´ YLZ\S[HUKV JVTWSPJHKV YLJVYYLY LZL JHTPUV ` OHJLYSV JVU SH YHWPKLa Z\MPJPLU[L WHYH UV ZLY HSJHUaHKVZ WVY V[YVZ JVYYLKV YLZ ,S [PLTWV ZL LZ[´ JVU]PY[PLUKV LU \UH ]HYPHISL JY\JPHS WYPVYPaHKH WVY SHZ WYVWPHZ \YNLUJPHZ KL (PYI\Z ` KLS YLZ[V KL MHIYP JHU[LZ (\UX\L LU LS PUTLKPH[V M\[\YV SH Z\WLY]P]LUJPH ` WYVZWLYPKHK KL SH TH`VYÀH KL SHZ LTWYLZHZ H\_PSPHYLZ WHYLJL HZLN\YH KH LZH IVUHUaH W\LKL ZLY \U LZWLQPZTV ZP UV ZL HKVW[HU SHZ TLKPKHZ HKLJ\HKHZ ( JVY[V WSHaV SHZ LTWYLZHZ KLILU TLQVYHY Z\Z WYVJLZVZ WYVK\J[P]VZ ` KL NLZ[PÅU WHYH J\TWSPY Z\Z JVU[YH[VZ KL THULYH LMPJHa ` JVU L_JLSLU[LZ YLZ\S[HKVZ (S TPZTV [PLTWV OHU KL KLZHYYVSSHY SHZ JHWHJPKHKLZ [¼JUPJHZ MP UHUJPLYHZ ` KL PUUV]HJPÅU X\L SLZ WLYTP[HU HJ\KPY JVU ¼_P[V H SHZ SPJP[HJPVULZ KL (PYI\Z ` KL SVZ KLT´Z MHIYPJHU[LZ ,Z WYVIHISL X\L LS [HTHÃV ZL JVU]PLY[H LU \UH ]HYPHISL YLSL ]HU[L ` SVZ KPYLJ[P]VZ ` LTWYLZHYPVZ [LU KY´U X\L WLUZHY LU [¼YTPUVZ LZ[YH[¼NP JVZ ` HIVYKHY WVZP ISLZ M\ZPVULZ HKX\P ZPJPVULZ ` HSPHUaHZ JVU V[YHZ JVTWHÃÀHZ ` LU[PKHKLZ ( SHYNV WSHaV LZ WYLJPZV YLMSL_PVUHY ZVIYL LS YLJVYYPKV X\L W\LKLU [LULY SHZ HJ[P]PKHKLZ HJ[\HSLZ SH MVYTH KL JVUZL N\PY \UH TH`VY PU[LNYHJPÅU ` JVTWL[P[P]P KHK ` SH HWLY[\YH KL U\L]HZ ´YLHZ LU SHZ X\L L_PZ[H HSNÌU [PWV KL ]LU[HQH 3HZ PUPJPH[P]HZ KLS *LU[YV KL :PT\SHKVYLZ KL =\LSV ` ,U[YL UHTPLU[V KL (PYI\Z ` SVZ LZWHJPVZ ZLNYLNH KVZ WHYH SVZ ]\LSVZ KL WY\LIH KL SVZ H]PVULZ UV [YPW\SHKVZ SVZ MHTVZVZ KYVULZ YLWYLZLU [HU HW\LZ[HZ PU[LYLZHU[LZ LU LZH KPYLJJPÅU (OVYHIPLU LSM\[\YVUVW\LKLOHJLYVS]PKHY LS WYLZLU[L JVTV ZP KL \U J\LU[V KL SH SLJOL YH ZL [YH[HYH 3H H[LUJPÅU KLIL JLU[YHYZL LU SHZ HLYVLZ[Y\J[\YHZ LZWLJPHSTLU[L KL MPIYH KL JHYIVUV ` LU HX\LSSHZ V[YHZ HJ[P]PKHKLZ LU SHZ X\L ZL LZ[´ HSJHUaHUKV \UH JPLY[H LZWLJPH SPaHJPÅU :L OH KL WVULY \U ¼UMHZPZ WHY[PJ\SHY LU JVUZLN\PY X\L [VKHZ SHZ WSHU[HZ ` ZVIYL [V KV SHZ KL (PYI\Z ZLHU UV[HISLTLU[L LMPJPLU [LZ WHYH WVKLY HMYVU[HY JVU ¼_P[V SH JVTWL [LUJPH [HU[V PU[LYUH JVTV L_[LYUH X\L SVZ NYHUKLZ MHIYPJHU[LZ H ZLTLQHUaH KLS ZLJ[VY KLSH\[VTÅ]PS LZ[´UWYVTV]PLUKV`HJLSLYHU KV *PLY[HTLU[L LS M\[\YV KL SH PUK\Z[YPH HL YVU´\[PJH HUKHS\aH LZ LZWLYHUaHKVY WLYV LZL M\[\YV LZ PUJPLY[V WSHNHKV KL YL[VZ ` KLZHMÀVZ ` ZVSV ZL JVUZ[Y\PY´ JVU KLJPZPVULZ ` HJ[\HJPV ULZ X\L WLYTP[HU TLQVYHY SHZ JHWHJPKHKLZ KL NLZ[PÅU L PUUV]HJPÅU KL SHZ LTWYLZHZ


!NUARIO *OLY !NDALUCÓA

%#/./-·!

!IRBUS ENTREGA POR FIN SU PRIMER ! %LI 'ARCÓA 6ILLALØN

VU J\H[YV HÃVZ KL YL[YHZV (PYI\Z W\KV WVY MPU YLHSPaHY LU SH LU [YLNH KL Z\ WYPTLY H]PÅU TPSP[HY ( 4 <U OP[V X\L J\YPVZHTLU[L ZL WYVK\QV LU KVZ HJ[VZ! \UV WYP]HKV ` V[YV WÌISPJV ,S WYPTLYV [\]V S\NHY LU HNVZ[V J\HUKV LS JVUZVYJPV HLYVU´\[PJV L\YVWLV W\ZV SH HL YVUH]L LU THUVZ KL Z\ WYPTLY JSPLU[L -YHUJPH LU \UH [YHUZMLYLUJPH ZPU J´THYHZ UP MVJVZ :PU LTIHYNV ZLYÀH H MPUHSLZ KL ZLW[PLTIYL J\HUKV ZL JLSLIYHYÀH LS ¼_P[V WVY [VKV SV HS[V LU :L]PSSH WYLJPZHTLU[L LU SH MHJ[VYÀH KVUKL ZL YLHSPaH LS LUZHT ISHQL MPUHS KLS HWHYH[V ,S TVTLU[V KL SHZ MLSPJP[HJPVULZ ` SVZ IYPUKPZ SSLNÅ LU \U T\S[P[\KPUHYPV L]LU[V WYLZPKPKV WVY LS 7YÀUJPWL -LSPWL ` HS X\L HZPZ[PLYVU T´Z KL PU]P[HKVZ ;HU[V SVZ YLWYLZLU[HU[LZ KL SH PUK\Z[YPH JVTV KL SVZ WHÀZLZ JSPLU[LZ ZL TVZ[YHYVU LU[\ZPHZ [HZ JVU \U WYV`LJ[V MY\[V KL SH JVSHIVYH JPÅU L\YVWLH X\L UV VIZ[HU[L LZ[\]V WSH NHKV KL VIZ[´J\SVZ WYVISLTHZ [¼JUPJVZ WYPUJPWHSTLU[L LU SVZ TV[VYLZ ` ZVIYL [VKV MPUHUJPLYVZ 7VY LSSV SH LU[YLNH KLS HWHYH[V M\L \U TVTLU[V WHYH SH JLSLIYH JPÅU WLYV [HTIP¼U WHYH SH YLMSL_PÅU (PY I\Z YLJSHTÅ H ,\YVWH X\L LU LS M\[\YV UV ZL JVTL[HU SVZ TPZTVZ LYYVYLZ X\L HaV[HYVU HS ( 4 3H JVTWHÃÀH WPKPÅ L]P[HY JHSLUKHYPVZ ` MPUHUJPHJPVULZ PYYLH SLZ HZÀ JVTV YLX\PZP[VZ [¼JUPJVZ X\L Z\WL

YLU SVZ SÀTP[LZ KL SH MÀZPJH [YHZ HKTP[PY X\L ZL OHIÀH LX\P]VJHKV HS MPQHY LU ZLPZ HÃVZ ` TLKPV LS [PLTWV KL KLZHYYVSSV KL SH HLYV UH]L J\HUKV UPUNÌU H]PÅU TPSP[HY ZL OHJL LU TLUVZ KL KPLa ` [HTIP¼U HS HZ\TPY [V KV LS WLZV KLS WYV`LJ[V LU ZVSP[HYPV ` MPY THY \U ZVSV JVU[YH[V H WYLJPV MPQV X\L WVZ[LYPVYTLU[L [\]V X\L ZLY TVKPMPJHKV (PYI\Z JVUMÀH LU X\L SH W\LZ[H LU ZLY]P JPV KLS ( 4 WVY WHY[L KL SHZ -\LYaHZ (¼YLHZ MYHUJLZHZ ZLH LS TLQVY LZJHWHYH[L WVZPISL WHYH PTW\SZHY SHZ ]LU[HZ KLS H]PÅU LU[YL WHÀZLZ U\L]VZ X\L WVKYÀHU SSLNHY `H LU (J[\HSTLU[L LS WYVNYHTH J\LU [H JVU LUJHYNVZ KL VJOV ,Z[HKVZ JSPLU [LZ! ,ZWHÃH -YHUJPH (SLTHUPH 9LPUV <UPKV ;\YX\ÀH )¼SNPJH 3\_LTI\YNV `

!CTO DE ENTREGA DEL PRIMER !IRBUS ! - PRESIDIDO POR EL 0RÓNCIPE &ELIPE !.4/.)/ 0):!22/

!LESTIS ALLANA EL CAMINO PARA SALIR DEL CONCURSO DE ACREEDORES % ' 6

YHZ HÃV ` TLKPV KL WLZHKPSSH (SLZ[PZ WVY MPU ]PV LS LQLYJPJPV WHZHKV S\a HS MP UHS KLS [ÌULS 5HJPÅ LU JVTV SH QV`H KL SH JVYVUH KLS ZLJ[VY HLYVU´\[PJV HUKHS\a NYHJPHZ H \UH JHY[LYH KL JVU[YH[VZ KL TPSSVULZ KL L\YVZ WLYV J\H[YV HÃVZ KLZ W\¼Z ]PV [Y\UJHKV Z\ Z\LÃV HS [LULY X\L ZV SPJP[HY LS JVUJ\YZV KL HJYLLKVYLZ +PMPJ\S[H KLZ LJVUÅTPJHZ MPUHUJPLYHZ ` KL NLZ[PÅU HJVTWHÃHYVU Z\ HUKHK\YH KLZKL LU[VUJLZ WLYV LU SH YLJ[H MPUHS KL SHZ JVZHZ LT WLaHYVU H LUJH\aHYZL @ LZ X\L SH LTWYLZH ZVS]LU[Å \U [Y´TP[L M\UKHTLU[HS WHYH ZHSPY KLS JVUJ\YZV LU \U WSHaV KL \UV V KVZ TL ZLZ ` HSLQHY LS MHU[HZTH KL SH SPX\PKHJPÅU 3H NYHU TH`VYÀH KL Z\Z HJYLLKVYLZ HJLW [Å JVIYHY LS KPULYV X\L SLZ KLIÀH SH JVTWH ÃÀH TPSSVULZ KL L\YVZ JVU \UH LZWLYH KL ZPL[L HÃVZ ` ZPU UPUN\UH X\P[H +L LU[YL HX\¼SSVZ LS NY\LZV KL SH KL\KH YLJHÀH LU LS .VIPLYUV JLU[YHS X\L JVUJLKPÅ H (SLZ[PZ

4HSHZPH 3HZ aVUHZ LU SHZ X\L ZL WLYJPILU TH`VYLZ VWVY[\UPKHKLZ WHYH SH L_WVY[H JPÅU ZVU 6YPLU[L 4LKPV ` (ZPH 7LZL H X\L M\L \U HÃV WVZP[P]V WVY SH WYPTLYH LU[YLNH KLS H]PÅU TPSP[HY LS LQLYJPJPV HJHIÅ JVU LS HU\UJPV KL (PYI\Z KL X\L WYLZJPUKPY´ KL [YHIHQHKVYLZ LU ,\YVWH KL HX\À H KLU[YV KL Z\ ´YLH KL +LMLUZH ` ,ZWHJPV X\L LUNSVIH H SHZ KP]PZPVULZ KL (PYI\Z 4PSP[HY` LUJHYNH KH KLS ( 4 (Z[YP\T ` *HZZPKPHU +L HX\¼SSVZ ZLY´U LZWHÃVSLZ H\UX\L ZLNÌU SH JVTWHÃÀH LS PTWHJ[V LU SHZ MHJ [VYÀHZ HUKHS\aHZ ZLY´ TÀUPTV 3VZ YLJVY [LZ KL SVZ WYLZ\W\LZ[VZ KL KLMLUZH KL SVZ WHÀZLZ JSPLU[LZ LZ[´U KL[Y´Z KL LZ[H YLLZ [Y\J[\YHJPÅU KLS WLYZVUHS

JY¼KP[VZ WVY TPSSVULZ JHZP LS KLS [V[HS ;YHZ ¼S MPN\YHIHU (PYI\Z LS WYPUJP WHS JSPLU[L KL SH LTWYLZH ` LS X\L SH MPUHU JPÅ K\YHU[L SVZ KVZ ÌS[PTVZ HÃVZ WHYH L]P [HY X\L WHYHZL SH WYVK\JJPÅU ` SH 1\U[H KL (UKHS\JÀH Z\ ZLN\UKV TH`VY HJJPVUPZ[H ` LS PTW\SZVY KL LZ[L WYV]LLKVY HLYVU´\[PJV KL WYPTLY UP]LS [PLY VUL LU (UKHS\JÀH ,S LZM\LYaV X\L [\]V X\L OHJLY LS .VIPLYUV M\L HKLT´Z KVISL (KLT´Z KL HJLW[HY LZH LZ WLYH KL WHY[L KLS KPULYV WYLZ[HKV ZL JVTWYV TL[PÅ H JHWP[HSPaHY LS YLZ[V KL TVKV X\L LU [YHY´ LU IYL]L LU LS HJJPVUHYPHKV KL SH JVT WHÃÀH KL SH THUV KL SH :,70 7HYH LSSV W\ZV \UH JVUKPJPÅU! X\L SH 1\U[H ZHSPLYH KLS JHWP [HS <U VIQL[P]V X\L ]PV J\TWSPKV `H X\L LS .VIPLYUV HUKHS\a H JHTIPV KL NHYHU[ÀHZ KL LTWSLV ` JHYNH KL [YHIHQV WHYH SH JVT\UPKHK HJLW[Å ]LUKLY Z\ H (PYI\Z 4PSP[HY` LU [YL LS KL VJ[\IYL ` LS KL KPJPLTIYL KL 3H ZHSPKH ZL OHY´ KL \UH ]La ` UV ZLY´ ULJLZHYPV LZWLYHY H LZH MLJOH WHYH X\L SH :, 70 LU[YL LU LS JHWP[HS ,S YLZ[V KLS HJJPVUHYPH

KV SV JVTWVULU .Y\WV (SJVY JVU LS *HP_HIHUR JVU LS <UPJHQH JVU LS LS ),- JVU LS ` (PYI\Z JVU LS 3VZ TV]PTPLU[VZ ZL PY´U KLZ]LSHUKV LU SVZ WYPTLYVZ TLZLZ KL 3V X\L ZÀ LZ[´ JSH YV LZ X\L (PYI\Z ZL OHY´ JVU SH TH`VY WHY[L KLS WHZ[LS ,S JVUZVYJPV HLYVU´\[PJV UV X\PL YL JVYYLY T´Z YPLZNVZ JVU Z\ WYV]LLKVY HU KHS\a KLS X\L KLWLUKLU WPLaHZ JSH]L KL Z\Z H]PVULZ ( Å ( 7VY LSSV `H HJVYKÅ H MPUHSLZ KL KL MVYTH ]LYIHS H\UX\L ZPU MPYTH KL WVY TLKPV X\L JVTWYHYÀH LS WH X\L[L KL (SJVY ` LS KL *HP_HIHUR JVU SV X\L [LUKYÀH LU [VYUV HS KLS HJJPVUHYPHKV (KLT´Z KL KLZLTIHYJHY H SV NYHUKL LU Z\ JHWP[HS ZL OH JVTWYVTL[PKV H KLZLTIVSZHY TPSSVULZ KL L\YVZ KL MVYTH PUTLKPH[H H [YH]¼Z KL SH KL]VS\JPÅU HU[PJPWHKH KL SVZ NHZ [VZ UV YLJ\YYLU[LZ KLS ( *VU LZ[L WHZV SH JVTWHÃÀH L\YVWLH YL[V TH Z\ MPUHUJPHJPÅU HS [PLY VUL HUKHS\a KLZ W\¼Z KL OHILYSL JVY[HKV LS NYPMV \U TLZ HU[LZ JVTV MVYTH KL WYLZPVUHY H SH 1\U[H ` H SH :, 70 WHYH X\L HIHUKVUHYHU Z\Z KPZJYLWHUJPHZ ` SSLNHYHU H \U HJ\LYKV X\L WLYTP[PLZL ZHS]HY H SH LTWYLZH 7LYV UHKH ZHSL KL IHSKL (PYI\Z UV JLKLY´ UP \U ´WPJL LU LS WSHU KL YLLZ[Y\J [\YHJPÅU X\L (SLZ[PZ HÌU [PLUL WLUKPLU[L ` X\L JVU[LTWSH \U ,9, WHYH WLYZVUHZ

%


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

%L TURISMO ANDALUZ UN FORTÓN CONTRA LA CRISIS

4URISTAS EN EL 0UERTO DE #ÉDIZ +0"26É/ 1*/0 $0/%&

)SMAEL 4OUAT 0ADILLA

S [\YPZTV SL KH \UH U\L]H HSLNYÀH H (UKHS\JÀH ,S ZLJ[VY [\YÀZ[PJV KL SH YLNPÅU ]\LS]L H TVZ[YHY PUKPJHKVYLZ WV ZP[P]VZ ` ZL HWYV_PTH `H H UP]LSLZ KL HÃVZ HU[LYPVYLZ H SH JYPZPZ 3H WYPUJPWHS JVU X\PZ[H KLS [\YPZTV HUKHS\a LZ X\L LT WPLaH H YLJ\WLYHY ]PHQLYVZ LZWHÃVSLZ (KTPUPZ[YHJPVULZ ` LTWYLZHYPVZ ZLÃH SHU X\L M\L tTHNUÀMPJVu WHYH SH JV T\UPKHK [YHZ TLQVYHY PUJS\ZV H \U X\L `H M\L T´Z X\L I\LUV 3H UV[H ULNH [P]H! SH W¼YKPKH KL LTWSLV OV[LSLYV 3VZ NYHUKLZ YL[VZ KL (UKHS\JÀH LU TH [LYPH [\YÀZ[PJH ZVU KVZ! MVTLU[HY SH JYLH JPÅU KL W\LZ[VZ KL [YHIHQV LU SVZ OV[LSLZ ` JVUZVSPKHY LS YLW\U[L L_WLYPTLU[HKV WVY LS [\YPZTV LZWHÃVS (ZÀ ZL SV OH WYV W\LZ[V SH *VUZLQLYÀH KL ;\YPZTV ` *V TLYJPV KL SH 1\U[H KL (UKHS\JÀH WHYH LS WYLZLU[L 7HYH JVUZLN\PY HTIVZ VIQL[P]VZ SH 1\U[H WYLWHYH KP]LYZVZ WSH ULZ LZ[YH[¼NPJVZ ` \U PU[LUZV JHSLUKHYPV KL HJJPVULZ KL WYVTVJPÅU ,S LTWSLV LZ SH HZPNUH[\YH WLUKPLU[L ,U [¼YTPUVZ NSVIHSLZ SVZ VJ\WHKVZ LU LS [\YPZTV HUKHS\a JYLJPLYVU \U ZL NÌU SH ÌS[PTH ,UJ\LZ[H KL 7VISHJPÅU (J [P]H ,7( OHZ[H SVZ LTWSLH KVZ 5V VIZ[HU[L SVZ OV[LSLZ WLYKPLYVU [YHIHQHKVYLZ HU[L SVZ LZ[YHNVZ KL SH LZ [HJPVUHSPKHK ,S JPLYYL KL LZ[HISLJP TPLU[VZ LU [LTWVYHKH IHQH LZ \UH KL SHZ NYHUKLZ WYLVJ\WHJPVULZ KLS ZLJ[VY H\U X\L ZL I\ZJH TP[PNHY Z\Z LMLJ[VZ JVU \U WSHU KL JOVX\L X\L 1\U[H ` HNLU[LZ LJV UÅTPJVZ LZ[´U \S[PTHUKV ,_JLW[\HUKV LZ[L HZWLJ[V (UKHS\JÀH ]P]PÅ \U T\` I\LU HÃV LU TH[LYPH [\YÀZ [PJH 3VZ WYPTLYVZ TLZLZ SHZ[YHYVU \U JYLJPTPLU[V X\L M\L PTWHYHISL KLZKL TH`V +L OLJOV (UKHS\JÀH L_WLYPTLU

[Å \U ]LYHUV OPZ[ÅYPJV JVU JPMYHZ KL Y¼ JVYK ` U\UJH ]PZ[HZ KLZKL HÃV LU LS X\L LS 0UZ[P[\[V 5HJPVUHS KL ,Z[HKÀZ[PJHZ 05, LTWLaÅ H TLKPY SHZ KPMLYLU[LZ HJ [P]PKHKLZ KL SH PUK\Z[YPH ,U[YL LULYV ` KPJPLTIYL (UKHS\JÀH H[YHQV SH SSLNHKH KL TPSSVULZ KL [\ YPZ[HZ SV X\L Z\WVUL \U PUJYLTLU[V KLS YLZWLJ[V HS WHZHKV HÃV ` ZPNUPMPJH Z\WLYHY UP]LSLZ KL ÌS[PTV NYHU HÃV KLS [\YPZTV HUKHS\a HU[LZ KL X\L ZL ZPU[PLYHU KL WSLUV SVZ LZ[YHNVZ KL SH JYP ZPZ ,U[YL LULYV ` KPJPLTIYL SH JVT\UP KHK YLNPZ[YÅ T´Z KL TPSSVULZ KL ]PH QLYVZ HSVQHKVZ LU OV[LSLZ ` TPSSVULZ KL WLYUVJ[HJPV ULZ \U ` \U !NDALUCÓA T´Z LU JVT WHYHJPÅU HS WHZHKV ATRAJO A LQLYJPJPV :L ZV MILLONES IYLWHZHYVU KL SHY DE TURISTAS

NV SHZ WYL]PZPVULZ UN INCREMENTO KL SH 1\U[H <UH KL SHZ NYH[HZ DEL UV[PJPHZ ]PLUL KLS RESPECTO A TLYJHKV UHJPV UHS X\L H\TLU[Å [HU[V LU LZ[HUJPHZ JVTV LU ]PHQLYVZ ,S [\YPZTV LZWHÃVS YLW\U[Å LU (UKHS\JÀH HS [PLTWV X\L KLZJLUKPÅ LU LS YLZ[V KL JVT\UPKHKLZ H\[ÅUVTHZ :LNÌU LS 05, X\L VMYLJL SVZ KH[VZ ZVIYL SVZ X\L ZL IHZH SH 1\U[H LS TLYJHKV UHJPVUHS L_WLYPTLU[Å Z\IP KHZ KLS LU ]PHQLYVZ ` LS LU UV JOLZ KL OV[LS 3VZ TLYJHKVZ L_[YHUQL YVZ JYLJPLYVU [VKH]ÀH T´Z LU J\HU[V H ]PZP[HU[LZ ` UVJOLZ KL OV[LS! \U ` YLZWLJ[P]HTLU[L (UKHS\JÀH SPKLYH LU LS JVUQ\U[V KL ,Z WHÃH LS JYLJPTPLU[V KL WLYUVJ[HJPVULZ OV[LSLYHZ ` TLQVYH Z\ J\V[H OHZ[H ZP [\HYSH LU LS 3H JVT\UPKHK ZL

JVUZVSPKH JVTV WYPTLY KLZ[PUV WHYH SVZ [\YPZ[HZ UHJPVUHSLZ ` J\HY[V WHYH SVZ PU [LYUHJPVUHSLZ ,S KL SHZ WLYUVJ[H JPVULZ OV[LSLYHZ LU (UKHS\JÀH WYV]PL ULU KL [YLZ TLYJHKVZ! LZWHÃVSLZ IYP[´ UPJVZ ` HSLTHULZ (\UX\L LU LS ZLJ[VY ZL OHJL LZWLJPHS ¼UMHZPZ LU SVZ KH[VZ X\L VMYLJLU SVZ OV [LSLZ W\LZ ¼Z[VZ PU[LNYHU SH VMLY[H TH `VYP[HYPH ZP ZL [PLULU LU J\LU[H [VKVZ SVZ LZ[HISLJPTPLU[VZ KL HSVQHTPLU[V YL NSHKVZ HWHY[HTLU[VZ [\YÀZ[PJVZ JHT WPUNZ [\YPZTV Y\YHS ` OV[LSLZ (UKHS\ JÀH HSJHUaÅ H SV SHYNV KLS WHZHKV HÃV TPSSVULZ KL ]PHQLYVZ ` TPSSV ULZ KL LZ[HUJPHZ \U ` T´Z YLZWLJ[P]HTLU[L :L VMLY[HYVU WSHaHZ KL HSVQHTPLU[V [\YÀZ[PJV LU (U KHS\JÀH \U KLZJLUZV KLS YLZWLJ[V HS LQLYJPJPV HU[LYPVY ,Z[L H\NL LU ]PZP[HZ ` WLYUVJ[HJPVULZ ZL YLMSLQÅ LU SVZ PUNYLZVZ WVY [\YPZTV KL (U KHS\JÀH +LZKL SH *VUZLQLYÀH KL ;\YPZTV KLZ[HJHU X\L SVZ PUNYLZVZ ZL PUJYLTLU[H YVU \U LU OHZ[H SVZ TP SSVULZ KL L\YVZ ,S KLS 7YVK\J[V 0U[L YPVY )Y\[V 70) KL SH YLNPÅU SV NLULYHU HJ[P]PKHKLZ YLSHJPVUHKHZ JVU LS [\YPZTV M\L WS´JPKV LU SV X\L H HJVU[LJP TPLU[VZ KHÃPUVZ WHYH LS KLZHYYVSSV KLS [\ YPZTV ZL YLMPLYL :PU LTIHYNV LTWYLZH YPVZ ` L_WLY[VZ JVPUJPKLU LU KLU\UJPHY SH WYLZPÅU MPZJHS H SH X\L ZL ]LU ZVTL[PKVZ ` JVUMÀHU LU IVUPMPJHJPVULZ WHYH LZ[L HÃV ,S ZLN\UKV HÃV KL 9HMHLS 9VKYÀN\La HS MYLU[L KL SH *VUZLQLYÀH KL ;\YPZTV JVUMPY TÅ LS JVUZLUZV L_PZ[LU[L LU LS ZLJ[VY [\ YÀZ[PJV HUKHS\a WHYH SSLNHY H HJ\LYKVZ LU J\HU[V H WSHUPMPJHJPÅU ` WYVTVJPÅU H\U X\L LU LS ÌS[PTV TLZ Z\YNPLYVU JPLY[HZ KPZ JYLWHUJPHZ ZVIYL SH TLKPKH KL SH 1\U[H KL W\U[\HY H SVZ OV[LSLZ LU M\UJPÅU KL Z\ UÌTLYV KL [YHIHQHKVYLZ



!NUARIO *OLY !NDALUCÓA

%)

*, -# ( #- & ( -* *OSÏ ,UIS "ALLESTER #ONSEJERO %DITORIAL DE 'RUPO *OLY

H WYLZPÅU MPZJHS LZ SH YLSHJPÅU X\L L_PZ[L LU[YL SVZ PUNYLZVZ [YPI\[HYPVZ [V[HSLZ PUJS\PKHZ SHZ JV[PaHJPVULZ ZVJPHSLZ ` LS 70) X\L LZ SH WYVK\JJPÅU UH JPVUHS IY\[H LZ KLJPY SH YPX\LaH KLYP]HKH KL SVZ IPLULZ ` ZLY]PJPVZ X\L NLULYH \U WH ÀZ ,Z[H WYLZPÅU W\LZ ZL J\HU[PMPJH LU \U WVYJLU[HQL X\L LZ LS JVJPLU[L KL KP]PKPY LS PTWVY[L KL SH PTWVZPJPÅU KL \U WHÀZ PU JS\PKHZ SHZ J\V[HZ H SH :LN\YPKHK :VJPHS LU[YL SH JPMYH KL 9LU[H 5HJPVUHS V 7YVK\J [V 0U[LYPVY )Y\[V 70) :L JVUMPN\YH JVTV \U PUKPJHKVY X\L H\UX\L ZLH KL TVKV PUPJPHS YLWYLZLU[H LS WVYJLU[HQL X\L SVZ JP\KHKHUVZ KLS [V[HS KL Z\Z PUNYLZVZ KLILU HWVY[HY HS ,Z[HKV <U JVUJLW[V YLSHJPVUHKV JVU SH WYLZPÅU MPZJHS LZ LS KLS LZM\LYaV MPZJHS KL SVZ JVU[YP I\`LU[LZ X\L ZL TPKL WVY LS WVYJLU[HQL KL SV X\L NHUHTVZ X\L ZL KLZ[PUH HS WHNV KL SVZ [YPI\[VZ /H` WHÀZLZ JVU TLUVY WYLZPÅU MPZJHS LU SVZ X\L ZPU LTIHYNV JVTV Z\JLKL LU ,ZWHÃH Z\Z JP\KHKHUVZ [PLULU X\L YLH SPaHY \U TH`VY LZM\LYaV MPZJHS HS ZLY KL SVZ X\L T´Z WHNHU LU YLSHJPÅU H Z\Z ZHSHYPVZ V YLUKPTPLU[VZ LZ KLJPY SVZ X\L T´Z TLZLZ KLS HÃV KLILU [YHIHQHY WHYH LS ,Z[HKV ( LZ[L LZM\LYaV MPZJHS KLIL Z\THYZL LS X\L YLWYLZLU[H SH KLUVTPUHKH WYLZPÅU MPZ JHS PUKPYLJ[H JVUZPZ[LU[L LU SHZ VISPNHJPV ULZ MPZJHSLZ MVYTHSLZ KL J\TWSPTLU[HJPÅU KL KLJSHYHJPVULZ SPIYVZ ` KLT´Z VISPNH JPVULZ PUMVYTH[P]HZ X\L L_PNLU SHZ HKTP UPZ[YHJPVULZ X\L Z\WVULU \UH NYH]L W¼Y KPKH KL [PLTWV ` YLJ\YZVZ LJVUÅTPJVZ ( MPUHSLZ KL SH 6*+, OH KHKV H JV UVJLY SVZ KH[VZ JVTWHYH[P]VZ WVY WHÀZLZ YLMLYPKVZ HS HÃV :LNÌU SVZ TPZTVZ SH WYLZPÅU MPZJHS TLKPH H\TLU[Å LU W\U[VZ WVYJLU[\HSLZ OHZ[H LS LU 3VZ WHÀZLZ X\L T´Z H\TLU[HYVU SH WYLZPÅU MPZJHS M\LYVU /\UNYÀH ` .YLJPH ` SHZ TH`VYLZ JHÀKHZ LU 0ZYHLS 7VY[\NHS ` LS 9LPUV <UPKV 3H WYVWVYJPÅU T´Z HS[H KL PTW\LZ[VZ ` LS 70) SH VZ[LU[H +PUHTHYJH JVU LS ZLN\PKH KL )¼SNPJH ` -YHUJPH *\YPVZHTLU[L ,Z[HKVZ <UPKVZ ZVSV HSJHUaH \UH WYLZPÅU KLS ,ZWHÃH ZP[\Å Z\ WYLZPÅU MPZJHS LU LU LS JVU \U PUJYLTLU[V KL W\U[VZ ZVIYL 7VY KLIHQV KL SH TLKPH KL SH 6*+, ` JVU \UH JHÀKH LU YLSHJPÅU H SH THZ HS[H JVUZLN\PKH LU X\L HZ JLUKPÅ HS ,U YLSHJPÅU H LZ[VZ KH[VZ YLMSLQHKVZ JVU]PLUL W\U[\HSPaHY!

%L MINISTRO DE (ACIENDA Y !DMINISTRACIONES 0ÞBLICAS #RISTØBAL -ONTORO !2#()6/

%N !NDALUCÓA LA *UNTA EXIGE UNO DE LOS MAYORES ESFUERZOS FISCALES DE %SPA×A SØLO COMPARABLE EN %UROPA CON EL DE 3UECIA w3VZ TPZTVZ UV YLJVNLU [VKHZ SHZ ÌS[PTHZ Z\IPKHZ KL PTW\LZ[VZ YLHSPaHKHZ WVY LS .VIPLYUV ` SHZ JVT\UPKHKLZ H\[ÅUVTHZ w,S KLZJLUZV KLZKL LS HÃV ZL KLIL M\U KHTLU[HSTLU[L H SH W¼YKPKH KL PUNYLZVZ WVY SH JYPZPZ LJVUÅTPJH ZVIYL [VKV LU SH HJ[P]P KHK PUTVIPSPHYPH ` WVY LS H\TLU[V KLS WHYV w,Z[H IHQHKH LZ JVTWH[PISL JVU LS H\TLU [V KLS LZM\LYaV MPZJHS KL SVZ LZWHÃVSLZ X\L ZLNÌU LS 0UMVYTL KLS 0UZ[P[\[V 1\HU KL 4H YPHUH KL LZ[´ WVY LUJPTH KL SVZ WHÀ ZLZ X\L [PLULU T´Z WYLZPÅU MPZJHS JVTV :\LJPH (SLTHUPH V +PUHTHYJH w,ZWHÃH LZ KL SVZ WHÀZLZ LU X\L T´Z OH H\ TLU[HKV SH WYLZPÅU MPZJHS X\L LU ZV SV Z\WVUÀH LS

3H 3L` 6YN´UPJH KL KL KP JPLTIYL KL -PUHUJPHJPÅU KL SHZ *VT\UP KHKLZ (\[ÅUVTHZ KL[LYTPUH ZPN\PLUKV H SH 3VMJH X\L LU LS LQLYJPJPV KL Z\Z JVTWL [LUJPHZ UVYTH[P]HZ SHZ JVT\UPKHKLZ H\ [ÅUVTHZ VIZLY]HY´U LS WYPUJPWPV KL ZVSP KHYPKHK LU[YL [VKVZ SVZ LZWHÃVSLZ ` THU [LUKY´U \UH WYLZPÅU MPZJHS LMLJ[P]H NSVIHS LX\P]HSLU[L H SH KLS YLZ[V KLS [LYYP[VYPV UH JPVUHS :PU LTIHYNV LZ[V UV LZ HZÀ 3HZ KPMLYLU JPHZ ZVU LUVYTLZ ` JHKH KÀH TH`VYLZ 5VZ YLTP[PTVZ H SVZ LZ[\KPVZ YLHSPaHKVZ WVY ))=( LU IVSL[PULZ MPZJHSLZ ` THYaV ` UV]PLTIYL KL *VUJYL[HTLU[L LU (UKHS\JÀH SH 1\U[H L_PNL \UV KL SVZ TH`VYLZ LZM\LYaVZ MPZJH SLZ KL ,ZWHÃH JVU \U [PWV [YPI\[HYPV LU 9LU[H X\L Z\THKV HS LZ[H[HS Z\WVUL \U ZVSV JVTWHYHISL LU ,\YVWH JVU LS KL :\LJPH ` \U [PWV LU LS 0TW\LZ[V KL 7H[YP TVUPV X\L SSLNH HS +LIL KLZ[HJHYZL SH ZP[\HJPÅU KLS 0TW\LZ [V KL :\JLZPVULZ T\` IVUPMPJHKV V Z\WYP TPKV LU V[YHZ H\[VUVTÀHZ WHYH SVZ NYHKVZ


!NUARIO *OLY !NDALUCÓA

%#/./-·!

T´Z JLYJHUVZ KL WHYLU[LZJV X\L LU (UKH S\JÀH SSLNH OHZ[H LS :VIYL LZ[L [PWV ZL HWSPJHU SVZ JVLMPJPLU[LZ T\S[PWSPJHKVYLZ ZVIYL SH J\V[H ÀU[LNYH LU YHaÅU KLS WH[YP TVUPV WYLL_PZ[LU[L X\L W\LKL SSL]HY H \U WH[YPTVUPV KL T´Z KL H \UVZ [P WVZ MPUHSLZ KL ` ZLNÌU LS NYHKV KL WHYLU[LZJV KL TH`VY H TLUVY X\L ZVU JSHYHTLU[L JVUMPZJH[VYPVZ ,U LS 0TW\LZ[V ZVIYL ;YHUZTPZPVULZ SH [HYPMH SSLNH HS TPLU[YHZ V[YHZ H\[VUV TÀHZ SV OHU MPQHKV LU LS ,Z[L UP]LS PTWVZP[P]V OH WYV]VJHKV LZ[H KÀZ[PJHTLU[L SH TH`VY O\PKH KL JVU[YPI\ `LU[LZ KL [VKH ,ZWHÃH 3H WYLZPÅU MPZJHS LZ[´ ÀU[PTHTLU[L JVYYLSHJPVUHKH JVU SH

,OS CIUDADANOS CARECEN DE CAPACIDAD PARA FINANCIAR LOS GASTOS GENERADOS POR LA ACTUAL ESTRUCTURA TERRITORIAL DEL %STADO ULJLZPKHK KL MPUHUJPHY LS NHZ[V W\ISPJV X\L SSLNÅ LU H TPSSVULZ KL L\YVZ \U KLS 70) ;VKV SV UV J\IPLY [V JVU [YPI\[VZ KLS 70) PTWSPJH \U K¼MPJP[ X\L OH` X\L MPUHUJPHY JVU KL\KH WÌISPJH X\L ZL HJLYJH `H HS KLS 70) ,Z[VZ KH[VZ WLYTP[LU JVUJS\PY X\L SVZ JP\

KHKHUVZ JHYLJLU OV` KL JHWHJPKHK WHYH MP UHUJPHY SVZ NHZ[VZ NLULYHKVZ WVY SH HJ[\HS LZ[Y\J[\YH [LYYP[VYPHS KLS ,Z[HKV ` LS JVU Q\U[V KL LU[LZ ]PUJ\SHKVZ HS ZLJ[VY WÌISP JV SV X\L PTWVUL \UH YLK\JJPÅU KL SVZ TPZTVZ WHYH X\L LS UP]LS KL YLU[H KLS WHÀZ W\LKH ZVZ[LULYSVZ :VIYL LZ[HZ IHZLZ WVY T\JOV X\L H\TLU[L SH WYLZPÅU MPZJHS ¼Z[H UV ZLY´ Z\MPJPLU[L WHYH J\IYPY LS UP]LS L_VYIP[HU[L KLS NHZ[V WÌISPJV ;VKV LSSV HKLT´Z [LUPLUKV LU J\LU[H X\L \UH PUZVWVY[HISL WYLZPÅU MPZJHS WVKYÀH PUMYPUNPY SVZ WYPUJPWPVZ JVUZ[P[\JPVUHSLZ KL ZLN\YPKHK Q\YÀKPJH YLZWL[V H SH JHWHJPKHK LJVUÅTPJH KL SVZ JVU[YPI\`LU[LZ ` UV JVUMPZJH[VYPLKHK

,AS TRES NUBES TØXICAS DE (ACIENDA &EDE $URÉN

HYHQLU \U WVY[L WH[YPHYJHS \U JLÃV MY\UJPKV \UH TPYHKH ZLZ\KH 7PLUZLU UV LU \UH WLYZVUH ZPUV LU \UH PUZ[P[\JPÅU H SH X\L HKQ\KPJHYSL LZH PTHNLU 8\Pa´Z TPSLZ KL LZWHÃVSLZ OHIYÀHU [LUPKV JSHYH Z\ LSLJJPÅU OHZ[H OHJL WVJVZ TLZLZ .\PHKVZ WVY LS ZLU [PKV JVTÌU LS WYLZ[PNPV KL SH OVQH KL ZLY]PJPVZ ` SH KLSPJHKLaH KL SH [HYLH [HS ]La OHIYÀHU WLUZHKV LU SH (NLUJPH ;YPI\[HYPH [HU PTWSH JHISL LU LS JVIYV JVTV MPLS LU SH KL]VS\JPÅU [HU MLSPaTLU[L HKHW[HKH H SHZ U\L]HZ [LJUVSV NÀHZ ` Z\Z MHJPSPKHKLZ OHJPH LS JVU[YPI\`LU[L ,ZV LYH HZÀ 7LYV LS \UP]LYZV LZ JHWYPJOVZV ZV IYL [VKV J\HUKV ZL TLaJSH JVU SH WVSÀ[PJH SVZ JHYU¼Z KL WHY[PKV ` SVZ WLJLZ NVYKVZ <UH [YPWSL U\IL [Å_PJH KLZ[YVaÅ SH VWJPÅU T´Z VI]PH KL SVZ WHY[PJPWHU[LZ LU LZ[H LU J\LZ[H MPJ[PJPH ,YH \UH U\IL LZWLZH ` KLZ JVT\UHS \UH KL LZHZ U\ILZ X\L THS[YH[HU LS ´UPTV ` HWHNHU SH JVUMPHUaH LU LS OVT IYL ` Z\Z JYLHJPVULZ +LZKL 3H AHYa\LSH SSL NHIH \UV KL SVZ MYLU[LZ! LS SÀV KLS +50 KL SH 0UMHU[H *YPZ[PUH LU \UH LTHUJPWHJPÅU KL ]HYPHZ MPUJHZ JVUQ\U[HTLU[L [HZHKHZ LU TPSSVULZ KL L\YVZ ,U [LVYÀH LSSH U\UJH LZ [\]V HSSÀ /HJPLUKH [HYKÅ [YLZ KÀHZ LU JVU [LZ[HY WLYV KLQÅ [PLTWV WHYH X\L UV[HYPVZ ` M\UJPVUHYPVZ ZL LJOHZLU SHZ J\SWHZ 3HZ L_ WSPJHJPVULZ HS MPU KL *YPZ[ÅIHS 4VU[VYV LS TPUPZ[YV KLS YHTV ZVUHYVU T´Z H JSHZL KL ,K\JHJPÅU 0UMHU[PS X\L HS YPNVY X\L ZL SL Z\ WVUL H \U HSMPS KLS .VIPLYUV JLU[YHS 6[YH IVYYHZJH JY\aHIH LS ([S´U[PJV KLZKL 4¼_PJV :L SSHTHIH *LTL_ ` ZL HWLSSPKHIH TPSSVULZ KL T\S[H 3H OVULZ[PKHK KL \UH PUZWLJ[VYH JOVJÅ JY\KHTLU[L JVU SVZ PU[LYL ZLZ KL SHZ HS[HZ LZMLYHZ N\ILYUHTLU[HSLZ X\L ZPLTWYL OHU WYHJ[PJHKV SH WHYHKVQH MPZJHS KL L_[LU\HY HS TLKPHUV ` WLX\LÃV JVU[YPI\`LU [L ZPU KLQHY KL TPTHY HS TPSSVUHYPV ` H SHZ NYHUKLZ JVYWVYHJPVULZ ,Z LS YL[YH[V T´Z MP KLKPNUV KLS JHWP[HSPZTV ` H UHKPL SL OH WYLV J\WHKV U\UJH UP LU >HSS :[YLL[ UP LU -Y´UJ MVY[ THX\PSSHYSV TÀUPTHTLU[L 3H [LYJLYH SS\]PH ´JPKH SH WYV]VJÅ SH ZVYWYLUKLU[L ZL

6O GVODJPOBSJP BUJFOEF B VO VTVBSJP FO VOB PGJDJOB EF MB "HFODJB 5SJCVUBSJB !2#()6/

N\UKH HTUPZ[ÀH MPZ JHS KLJYL[HKH WVY 4VU[VYV WLYZVUHQL T´Z PULMHISL JVUMVY TL LS WYVISLTH ZL T\S[PWSPJHIH 5P T´Z UP TLUVZ X\L 3\PZ )´YJLUHZ LS L_ [LZV YLYV KLS 77 HS X\L 9HQV` WYPTLYV SSH THIH HTPNV ` KLZ W\¼Z KLSPUJ\LU[L KLJPKPÅ HJVNLYZL H SH TLKPKH WVY LS TÅKPJV PTWVY[L KL KPLa TPSSVULZ VWLYHJPÅU X\L LS TPUPZ[YV WYPTLYV HSLNÅ PNUVYHY ` S\LNV ULNÅ [HQHU[LTLU[L 3HZ JVUZLJ\LUJPHZ M\LYVU LUVYTLZ ` T´Z V TLUVZ PUTLKPH[HZ 3H KPTPZPÅU LZH OLYYH TPLU[H [HU KLUVZ[HKH LU ,ZWHÃH YLZ\JP[Å WVJV WLYV IPLU :L M\L )LH[YPa =PHUH KPYLJ [VYH KL SH (NLUJPH ;YPI\[HYPH ` ZL SL \UPÅ \UH WPLaH [HU PTWVY[HU[L JVTV LS QLML KLS KL WHY[HTLU[V KL 0UZWLJJPÅU -PUHUJPLYH ` ;YP I\[HYPH 3\PZ 1VULZ UÌTLYV [YLZ KL SH (; ,S YLSL]V KL =PHUH :HU[PHNV 4LU¼UKLa KLZ JVSNÅ WVZ[LYPVYTLU[L [LS¼MVUVZ LU \UH LZWL JPL KL RYPZ[HSSUHJO[ KLS JLZL JVIY´UKVZL SVZ W\LZ[VZ KLS T´_PTV YLZWVUZHISL KL *VU[YVS ;YPI\[HYPV ` (K\HULYV KL SH KLSLNHJPÅU KL

%N REALIDAD

SE TRATABA DE UNA PURGA PARA ELIMINAR DE LA ORGANIZACIØN A LOS REBELDES SOCIALISTAS

.YHUKLZ *VU[YPI\`LU[LZ 0NUHJPV <JLSH` SH KPYLJ[VYH KLS :LY]PJPV KL 7SHUPMPJHJPÅU ` 9LSHJPVULZ 0UZ[P[\JPVUHSLZ ,SLUH .\LYYL YV ` SVZ KLSLNHKVZ KLS VYNHUPZTV LU *HZ [PSSH ` 3LÅU *HU[HIYPH ` .HSPJPH +PZ[PU[VZ TLKPVZ KL JVT\UPJHJPÅU [HZHYVU LS ZLÀZTV KLS 77 LU \UVZ [YLZJPLU[VZ JHT IPVZ LU JHYNVZ KL SPIYL KLZPNUHJPÅU 3H JÌ W\SH KL /HJPLUKH ]PZ[PÅ LZ[VZ TV]PTPLU[VZ JVU SH HZLHKH JHWH KL SH WYVMLZPVUHSPKHK SVZ JYP[LYPVZ VIQL[P]VZ ` SH ULJLZPKHK KL TLQVYHY LS ZLY]PJPV HS JP\KHKHUV [HU JVZPKV H PT W\LZ[VZ X\L HÌU K\KHIH ZP ZL [YH[HIH KL \UH LZ[YH[LNPH [LYHW¼\[PJH WHYH J\YHY SVZ THSLZ JVU YPZHZ ,U \U HYYHUX\L KL L_Å[PJH ZPUJLYP KHK 4VU[VYV M\L T\JOV T´Z HSS´! LU YLHSP KHK ZL [YH[HIH KL \UH W\YNH WHYH LSPTPUHY KL SH VYNHUPaHJPÅU H HX\LSSVZ YLILSKLZ ZVJPH SPZ[HZ WYVJLKLU[LZ KL NVIPLYUVZ HU[LYPVYLZ 3VZ PUZWLJ[VYLZ TVZ[YHYVU Z\ PUKPNUH JPÅU YLJSHTHYVU PU]LZ[PNHJPVULZ PU[LYUHZ X\L UV ZL WYVK\QLYVU LU SVZ [¼YTPUVZ X\L \U KLTÅJYH[H VJJPKLU[HS JVUZPKLYHYÀH ZH [PZMHJ[VYPVZ ` HIVNHYVU WVY YLMVYTHY SH PUZ [P[\JPÅU WHYH X\L LU HKLSHU[L HS KPYLJ[VY KL SH (NLUJPH SV UVTIYLU SHZ *VY[LZ ` UV LS KPYPNLU[L KL [\YUV 3H Z\LY[L KL SVZ WLYWL [YHKVYLZ LZ[\]V ` LZ[´ LU SH LZJHZH TLTV YPH KLS W\LISV 5HKPL YLJSHTH `H UHKH

%)


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

-* , ( ) & ,Z #.) 3ANTIAGO #ARBØ

#ATEDRÉTICO DE LA "ANGOR "USINESS 3CHOOL DE LA 5NIVERSIDAD DE 'RANADA E INVESTIGADOR DE &UNCAS

H SP[LYH[\YH LJVUÅTPJH OH KV J\TLU[HKV KL MVYTH WYVM\ZH LS PTWHJ[V KL SHZ JYPZPZ IHUJH YPHZ ZVIYL SH WYV]PZPÅU KL JY¼ KP[V H SH LJVUVTÀH YLHS ,S YH JPVUHTPLU[V KL JY¼KP[V LZ \UV KL SVZ NYHU KLZ WYVISLTHZ X\L KPMPJ\S[HU SH YLJ\WLYH JPÅU LJVUÅTPJH ZVIYL [VKV LU LJVUVTÀHZ JVTV SH LZWHÃVSH KVUKL LS [LQPKV LTWYLZH YPHS ` LU WHY[PJ\SHY SHZ W`TLZ KLWLUKLU KL MVYTH JYÀ[PJH KL SH MPUHUJPHJPÅU IHUJHYPH ,U \UH KL SHZ NYHUKLZ JYPZPZ MPUHUJPLYHZ HU[LYPV YLZ WYLJPZHTLU[L SH KL ,ZWHÃH KL LS JY¼KP[V HS ZLJ[VY WYP]HKV ZL YLK\QV KLS HS KLS 70) :PU LTIHYNV LU SH KL SVZ ÌS[P TVZ HÃVZ SHZ MHTPSPHZ ` LTWYLZHZ [LUÀHU \UH KL\KH LU LX\P ]HSLU[L HS KLS 70) X\L HKLT´Z ZP N\PÅ H\TLU[HUKV OHZ[H OHZ[H SSL NHY HS ` ZÅSV KLZW\¼Z JVTLUaÅ H KLZJLUKLY ZP IPLU HÌU H MPUHSLZ KL ZL LUJVU[YHIH SPNL YHTLU[L WVY LUJPTH KLS HÌU *VU LZ[H ZP[\HJPÅU LS YL [V WHYH SH YLJ\WLYH JPÅU LJVUÅTPJH WVY SH ]ÀH KLS JY¼KP[V ZL JVU]PLY[L LU \UH [H YLH [P[´UPJH WVYX\L YLHJ[P]HY SH MPUHUJPHJPÅU JYLKP[PJPH JVU \U KL [HZH KL KLZLTWSLV LZ HSNV JVTWSPJH KV WLYV OHJLYSV JVTWH[PISL JVU LS ULJLZHYPV LZM\LYaV KL KLZHWHSHUJHTPLU[V KL SVZ OVNH YLZ SV OHJL HÌU T´Z JVTWSPJHKV ,Z[H KPMÀJPS ZP[\HJPÅU JVPUJPKL `H LU JVU SH MPUHSPaHJPÅU KLS WYVNYHTH KL HZPZ[LU JPH MPUHUJPLYH H ,ZWHÃH ` SH HWSPJHJPÅU KL \U JVUQ\U[V HTWSPV KL TLKPKHZ KL ZHULHTPLU [V ` YLJHWP[HSPaHJPÅU LU I\LUH WHY[L KL ZLJ [VY IHUJHYPV <UH MPUHSPaHJPÅU X\L OH ZPKV JVUZPKLYHKH JVTV L_P[VZH WVY WHY[L KL SH [YVPRH *VTPZPÅU ,\YVWLH )HUJV *LU[YHS ,\YVWLV ` -VUKV 4VUL[HYPV 0U[LYUHJPVUHS X\L OH TVUP[VYPaHKV LS WYVJLZV ,U Z\Z PU MVYTLZ MPUHSLZ ZPU LTIHYNV LZ[VZ VYNHUPZ TVZ ZLÃHSHU X\L SH TLQVYH JVU[PU\H KL SHZ JVUKPJPVULZ KL MPUHUJPHJPÅU WHYH ,ZWHÃH LU SV X\L ZL YLMPLYL HS IVUV ZVILYHUV UV ZL OH L_[LUKPKV H\U HS JY¼KP[V +L OLJOV SH [YVPRH L_WYLZH Z\ WYLVJ\WHJPÅU KL X\L LS JY¼KP[V H SH LJVUVTÀH YLHS ZLN\ÀH JVU[YH`¼UKVZL Z\Z [HUJPHSTLU[L tLU WHY[PJ\SHY LU \U JVU[L_[V

KL KLIPSPKHK KL SH KLTHUKH KL U\L]VZ WY¼Z [HTVZ ` LU JPLY[H TLKPKH JVTV JVUZL J\LUJPH KLS WYVJLZV KL KLZHWHSHUJHTPLU[V KLS ZLJ[VY WYP]HKV u 7VY LZV LZ[VZ PUMVYTLZ HSPLU[HU H SVZ Z\WLY]PZVYLZ ` SVZ YLZWVUZH ISLZ WVSÀ[PJVZ H tZLN\PY ]PNPSHUKV KL THULYH KLJPZP]H LS WYVJLZV KL LZ[HIPSPaHJPÅU KLS ZLJ [VY IHUJHYPVu ,U KLMPUP[P]H WLYZPZ[LU SVZ YPLZNVZ KLYP]HKVZ KL SH KLIPSPKHK THJYVLJV UÅTPJH ` ZL LZWLYH X\L LZ[VZ HÌU [LUNHU \U PTWHJ[V ZVIYL SH TVYVZPKHK JYLKP[PJPH X\L LU UV]PLTIYL KL ÌS[PTV KH[V KPZWVUP ISL `H Z\WLYÅ LS ,U [VKV JHZV LZ PT WVY[HU[L ZLÃHSHY X\L LZ[L H\TLU[V KL SH TVYVZPKHK ZL KLIL LU I\LUH TLKPKH HS LZ

$ESPUÏS DE LA REVISIØN REALIZADA LOS CRÏDITOS ESTÉNDAR HAN PASADO DE A MILLONES DE EUROS

W\LZ[H LZ X\L UV LZ \UH [HYLH ZLUJPSSH WL YV ZÀ WHYLJL X\L L_PZ[L \U O\LJV WHYH \UH YLJ\WLYHJPÅU JYLKP[PJPH WYVNYLZP]H ,U WHY[PJ\SHY LS X\L NLULYH \UH ZP[\HJPÅU KL YLJ\WLYHJPÅU KL SH HJ[P]PKHK LJVUÅTPJH X\L W\LKL OHJLY X\L OHJPH MPUHSLZ KL ` ZVIYL [VKV KLZKL ZL JVUJLKH T´Z JY¼KP[V U\L]V KLS X\L ZL HTVY[PaH OHJPLU KV WVY SV [HU[V JVTWH[PISL LS KLZHWHSHUJH TPLU[V KLS ZLJ[VY WYP]HKV JVU SH MPUHUJPH JPÅU KL SH HJ[P]PKHK YLHS :PU LTIHYNV Z\ WLYHY LZL \TIYHS UV ZLY´ Z\MPJPLU[L W\LZ [V X\L SV X\L LZ YLHSTLU[L WYLJPZV LZ X\L OH`H \U MS\QV JYLKP[PJPV Z\MPJPLU[LTLU[L PU[LUZV JVTV WHYH WVKLY [LULY LMLJ[VZ T\S[PWSPJH[P]VZ ZVIYL LS JYLJPTPLU[V LJV UÅTPJV ,U LZ[L ZLU[PKV LZ WYLJPZV [LULY LU J\LU[H HS TLUVZ JPUJV MHJ[VYLZ! ,S WYPTLYV LZ X\L LZ ULJLZHYPV JVTWSL [HY LS WYVJLZV KL YLJHWP[HSPaHJPÅU ` YLLZ [Y\J[\YHJPÅU .YHU SH TH`VY WHY[L KLS [YHIHQV `H LZ[´ OLJOV WLYV JPMYHZ JVTV SHZ X\L ZL OHU TLUJPVUHKV HU[LYPVYTLU[L JV YYLZWVUKPLU[LZ H JY¼KP[V Z\ILZ[´UKHY ` TVYVZV PU]P[HU H ZLN\PY HW\U[HSHUKV SH LZ [HIPSPKHK MPUHUJPLYH (ÌU OH` \U HS[V WVY JLU[HQL KL KLTHUKH UV ZVS]LU[L 3H ZLN\UKH J\LZ[PÅU LZ X\L SVZ YPLZNVZ THJYVLJVUÅTPJVZ WLYZPZ[LU ` SH JYLJPLU[L

.O ES UNA TAREA SENCILLA PERO SÓ PARECE QUE EXISTE UN HUECO PARA UNA RECUPERACIØN CREDITICIA PROGRESIVA

M\LYaV KL [YHUZWHYLUJPH H\TLU[HKH L_PNP KV WVY LS Z\WLY]PZVY JVU LS VIQL[P]V KL HS JHUaHY \U HKLJ\HKV ZHULHTPLU[V KLS ZLJ [VY ,U LZ[L W\U[V \U LSLTLU[V M\UKHTLU [HS OH ZPKV SH HWYVIHJPÅU YLJPLU[L KL SHZ U\L]HZ YLNSHZ KL YLJSHZPMPJHJPÅU KL HJ[P]VZ HWYVIHKHZ WVY LS )HUJV KL ,ZWHÃH TL KPHU[L SHZ J\HSLZ SHZ LU[PKHKLZ MPUHUJPLYHZ [\]PLYVU X\L OHJLY \UH T´Z L_PNLU[L JVUZP KLYHJPÅU KL Z\Z YPLZNVZ LU IHSHUJL ,U WHY [PJ\SHY JVU LZ[HZ TLKPKHZ OH H\TLU[HKV SH JHU[PKHK KL SVZ WY¼Z[HTVZ YLMPUHUJPHKVZ ` YLLZ[Y\J[\YHKVZ JVUZPKLYHKVZ K\KVZVZ LU \U KL OHZ[H TPSSVULZ KL L\YVZ +LZW\¼Z KL SH YL]PZPÅU YLHSPaHKH SVZ JY¼KP[VZ LZ[´UKHY OHU WHZHKV KL H TPSSVULZ KL L\YVZ ,S PTWVY[L KL SVZ WY¼Z[HTVZ Z\I LZ[´UKHY wSVZ X\L `H WYLZLU [HU HSN\UH K\KH ZVIYL Z\ JHWHJPKHK KL WH NVw OHU H\TLU[HKV KL H\TLU[Å H TPSSVULZ KL L\YVZ *VU LZ[H ZP[\HJPÅU LZ WVZPISL YLSHUaHY LS JY¼KP[V IHUJHYPV LU ,ZWHÃH& 3H YLZ

PULZ[HIPSPKHK LU WHÀZLZ JVTV SVZ LTLYNLU [LZ W\LKL Z\WVULY \U U\L]V ]HP]¼U X\L HTLUHJL LS ]PNVY KL SH YLJ\WLYHJPÅU LJV UÅTPJH LU ,\YVWH ,U [LYJLY S\NHY L_PZ[L \UH JPLY[H PUJLY[P K\TIYL TVUL[HYPH KLYP]HKH LU WHY[L KLS JHTIPV KL [VYUHZ LU ,Z[HKVZ <UPKVZ KVU KL ZL [PLUKL OHJPH SH YL[PYHKH KL LZ[ÀT\SVZ YLZWLJ[V H ,\YVWH WLYV [HTIP¼U KL SH PUJH WHJPKHK KL SH WYVWPH ,\YVaVUH WHYH HW\U [HSHY \U WYV`LJ[V ZÅSPKV KL \UPÅU IHUJHYPH *\HY[V SHZ LU[PKHKLZ MPUHUJPLYHZ LZWH ÃVSHZ KLILU KHY \U WHZV HKLSHU[L ` HWVZ [HY WVY U\L]HZ LZ[YH[LNPHZ ` TVKLSVZ KL JY¼KP[V ZVIYL [VKV SVZ VYPLU[HKVZ H SHZ W`TLZ X\L KLILU JVUZ[P[\PY \UH WHY[L JYLJPLU[L KL Z\ ULNVJPV -PUHSTLU[L LS X\PU[V HZWLJ[V X\L ZPY]L KL JVUJS\ZPÅU NLULYHS H LZ[H UV[H LZ X\L LZ T\` KPMÀJPS X\L LS JY¼KP[V W\LKH ]VS]LY LU ,ZWHÃH ZPU \U TH`VY LZ[ÀT\SV L_[LYUV IPLU ZLH LU SH MVYTH KL \U WYVNYHTH KL JY¼KP[V L\YVWLV V JVU J\HSX\PLY V[YH PUP JPH[P]H SPKLYHKH WVY SHZ HJJPVULZ KL )*, X\L ZPY]H KL HWV`V L_[LYPVY H SVZ LZM\LYaVZ KVT¼Z[PJVZ



!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

,A RECUPERACIØN DE LA BOLSA !LEJANDRO -ARTÓN 2ODRÓGUEZ

ü

JVUZ[P[\`Å \U W\U[V KL PUMSL_PÅU WHYH SH IVSZH LZWHÃVSH ,S WYPUJPWHS ZLSLJ[P]V KL SH )VSZH KL 4HKYPK LS £IL_ ZL YL]HSVYPaÅ \U H SV SHYNV KLS HÃV MPYTHUKV LS TLQVY LQLYJPJPV KLZKL ,S PUKPJHKVY JLYYÅ LU SVZ LU [LYVZ MYLU[L H SVZ JVU SVZ X\L KLZWP KPÅ ` ZL X\LKÅ LU ]ÀZWLYHZ KL Z\WL YHY SH IHYYLYH WZPJVSÅNPJH KL SVZ W\U[VZ JVZH X\L OPaV LU LS WYPTLY TLZ KL 3VZ PU]LYZVYLZ PU[LYUHJPVUHSLZ ]VS ]PLYVU H JVUMPHY LU SH LJVUVTÀH LZWHÃVSH [YHZ JVUZ[H[HY SVZ WYPTLYVZ PUKPJPVZ KL YL J\WLYHJPÅU JVSVJHUKV H SHZ LTWYLZHZ LZ WHÃVSHZ LS MVJV KL Z\Z WYV`LJ[VZ ,Z T´Z SVZ L_WLY[VZ KHU WVY OLJOV X\L H SV SHYNV KL LS £IL_ YLIHZHY´ SVZ LU[L YVZ ` X\L SH YL]HSVYPaHJPÅU WVKYÀH SSLNHY ZLNÌU HSN\UHZ LZ[PTHJPVULZ OHZ[H LS

LU SVZ WYÅ_PTVZ KVZ V [YLZ HÃVZ 3HZ K\KHZ WYV]VJHKHZ WVY LS WYVNYHTH KL HZPZ[LUJPH MPUHUJPLYV ` LS KLZLX\PSPIYPV KL SHZ J\LU[HZ WÌISPJHZ WHYLJLU ZLY JVZHZ KLS WHZHKV `H X\L LS TLYJHKV KL YLU[H ]HYPHISL KH ]PZVZ KL HKLSHU[HY SH TLQVYÀH X\L WYVJSHTH LS .VIPLYUV ,S ZLSLJ[P]V MYLUÅ [YLZ HÃVZ JVU ZLJ\[P]VZ KL W¼YKPKHZ [YHZ SVZ YLJVY[LZ KLS LU KLS LU ` KLS

X\L Z\MYPÅ K\YHU[L HÃV LU LS X\L ,Z WHÃH Z\MYPÅ SH YLIHQH KL YH[PUN WVY KLIHQV KL SH L_JLSLUJPH KL SH [YPWSL ( ,U LS

KLZWSVTL KLYP]HKV KL SH X\PLIYH KL 3LO THU )YV[OLYZ WYVWPJPÅ LS TH`VY KLZJHSH IYV KL SH OPZ[VYPH KLS ZLSLJ[P]V J\HUKV WLYKPÅ \U X\L M\L WHYJPHSTLU[L JVTWLUZHKV JVU LS PTW\SZV KLS X\L ZL HUV[Å LU 3H JHÀKH WYVK\JPKH LU Z\WLYÅ JVU JYLJLZ SVZ TH`VYLZ IH[H JHaVZ KLS £IL_ /HZ[H LZL TVTLU[V LS WL VY LQLYJPJPV OHIÀH ZPKV TVTLU[V LU LS X\L SH JYPZPZ SH[PUVHTLYPJHUH TPUÅ HS 0IL_ \U ZLN\PKV KL J\HUKV LS WPUJOHaV KL SH I\YI\QH [LJUVSÅNPJH SHZ [YÅ HS ZLSLJ[P]V \U ,U LS £IL_ MYLUÅ SH LSL]HKH ]VSH[PSPKHK OLYLKH KH KL SVZ ÌS[PTVZ HÃVZ :PU LTIHYNV LS JS\I KL SHZ LTWYLZHZ T´Z SÀX\PKHZ KLS TLYJHKV THKYPSLÃV Z\TÅ JPUJV TLZLZ LU UÌTLYVZ YVQVZ X\L S\LNV SVNYÅ JVTWLU ZHY JVU LS YHSS` KL MPU KL HÃV JVPUJPKPLUKV

JVU SH HWHYPJPÅU KL PUKPJHKVYLZ THJYVL JVUÅTPJVZ MH]VYHISLZ ,S TLQVY TLZ ZL SV HUV[Å LS £IL_ LU Q\SPV J\HUKV ZL KPZWHYÅ \U <U TLZ HU[LZ LU Q\UPV YLNPZ[YÅ LS TH`VY KLZJLUZV X\L ZL ZP[\Å JLYJH KLS SV X\L YLMSLQH SVZ HS[PIHQVZ ,U SVZ WYP TLYVZ TLZLZ KLS HÃV LS ZLSLJ[P]V UV THY JHIH \UH [LUKLUJPH JSHYH [YH[HUKV KL JVUZVSPKHY SVZ W\U[VZ :PU LTIHY NV SVZ H]HUJLZ LU SH YLLZ[Y\J[\YHJPÅU KLS ZPZ[LTH MPUHUJPLYV ` SVZ WYPTLYVZ TLUZH QLZ ZVIYL SH YLJ\WLYHJPÅU KPLYVU HSPLU[V LU SVZ PU]LYZVYLZ ,S VW[PTPZTV M\L WH [LU[L H WHY[PY KLS ]LYHUV SSL]HUKV HS £IL_ H YLJVUX\PZ[HY SVZ LU[LYVZ H MPUH SLZ KL VJ[\IYL :ÅSV J\H[YV JVTWHÃÀHZ KLS £IL_ JLYYHYVU JVU SVZ ]HSVYLZ H SH IH QH! )HURPH :HIHKLSS (JJPVUH ` =PZJVMHU .HTLZH X\L ZL PUJVYWVYÅ HS ZLSLJ[P]V LS KL KPJPLTIYL ZL JH[HW\S[Å \U JHZP \U :HJ`Y L 0(. Z\THYVU NHUHUJPHZ Z\WLYPVYLZ HS TPLU[YHZ X\L [HT IP¼U KLZW\U[HYVU (THKL\Z ` -** ))=( ZL JVUZVSPKÅ JVTV LS TLQVY KL SVZ NYHUKLZ ]HSVYLZ JVU \U H]HUJL KLS ZLN\PKV KL ;LSLMÅUPJH ` 9LWZVS :HU[HUKLY NHUÅ HSYLKLKVY KL \U <U JHTIPV ZPNUPMPJH [P]V M\L SH ZHSPKH KL ,UKLZH KLS £IL_ WHYH ZLY Z\Z[P[\PKH WVY )HURPH ZPTIVSPaHUKV LS LS H]HUJL LU SH YLLZ[Y\J[\YHJPÅU KLS ZLJ[VY MPUHUJPLYV )HURPH K\WSPJÅ Z\ JHWP [HSPaHJPÅU LU )VSZH KLZKL SH HTWSPHJPÅU KL JHWP[HS HJVTL[PKH LU TH`V KL TVZ[YHUKV X\L SVZ PU]LYZVYLZ LTWPLaHU H KLQHY H[Y´Z SVZ LWPZVKPVZ KL SH UHJPVUHSPaH JPÅU ` SH KPTPZPÅU KL 9VKYPNV 9H[V

%L PRIMER BANQUERO ENTRE REJAS EN A×OS ! - 2

S PUNYLZV LU WYPZPÅU KLS L_WYLZPKLU[L KL *HQH 4HKYPK 4PN\LS )SLZH M\L LS W\U[V J\STPUHU[L KL SH JYÅUPJH Q\KPJPHS LJVUÅTPJH KL ` YVTWPÅ \UH YHJOH KL HÃVZ LU SH X\L UPUNÌU IHUX\LYV LZWH ÃVS OHIÀH WPZHKV SH J´YJLS ,S ÌS[PTV OHIÀH ZPKV 4HYPV *VUKL X\PLU LU KPJPLTIYL KL LTWLaÅ H J\TWSPY Z\ JVUKLUH WVY HWYVWPHJPÅU PUKLIPKH LZ[HMH KL TP SSVULZ KL WLZL[HZ ` V[YVZ KLSP[VZ YLSHJPVUH KVZ JVU Z\ NLZ[PÅU HS MYLU[L KL )HULZ[V 4PN\LS )SLZH M\L LU]PHKV H WYPZPÅU WYL]LU [P]H WVY VYKLU KLS [P[\SHY KL \U Q\aNHKV KL 4HKYPK ,SPWPKPV 1VZ¼ :PS]H X\PLU SL PU]LZ [PNHIH WVY SH HKX\PZPJPÅU KL \U IHUJV LZ[H KV\UPKLUZL LS *P[` 5H[PVUHS )HUR KL -SV YPKH ` SH JVUJLZPÅU KL \U JY¼KP[V KL TPSSVULZ KL L\YVZ HS L_WYLZPKLU[L KL SH *,6, .LYHYKV +ÀHa -LYY´U ,S L_WYLZP KLU[L KL SH LU[PKHK MPUHUJPLYH HWLUHZ LZ [\]V LUJHYJLSHKV LU :V[V KLS 9LHS \UH UV JOL KL TH`V SHZ OVYHZ LU SHZ X\L Z\ KLMLU ZH SVNYÅ YL\UPY \UH MPHUaH KL TPSSVULZ KL L\YVZ ` V[YVZ X\PUJL KÀHZ LU Q\UPV Q\Z

[V LS PU[LY]HSV LU LS X\L SH (\KPLUJPH 7YV ]PUJPHS KL 4HKYPK [HYKÅ LU YL]VJHY LS H\[V KPJ[HKV WVY :PS]H (KLT´Z KL SPILYHY H )SL ZH LZ[H TLKPKH Z\W\ZV LS WYPUJPWPV KLS MPU KL SH JHYYLYH Q\KPJPHS KLS Q\La 3H -PZJHSÀH WYLZLU[Å \UH X\LYLSSH JVU[YH LS THNPZ[YH KV WVY KLSP[VZ KL WYL]HYPJHJPÅU ` JVU[YH SH SPILY[HK PUKP]PK\HS WVY SVZ X\L ZLY´ "LESA NO FUE WYL]PZPISLTLU[L Q\aNHKV H SV SHYNV EL ÞNICO EN KL KLZW\¼Z KL PRISIØN LE X\L SH (\KPLUJPH KL SIGUIØ EL 4HKYPK HWYLJPHYH X\L OHIÀH Z\MPJPLU EXDIRECTOR [LZ PUKPJPVZ WHYH GENERAL DE LA WYVJLZHYSL 4PN\LS #!- ,ØPEZ )SLZH UV M\L LS ÌUP !BAD JV YLZWVUZHISL MP UHUJPLYV LU]PHKV H WYPZPÅU 3L ZPN\PÅ LS L_ KPYLJ[VY NLULYHS KL SH *HQH KL (OVYYVZ KLS 4LKP[LYY´ULV *(4 9VILY[V 3ÅWLa (IHK WVY KLJPZPÅU KLS Q\La KL SH (\KPLUJPH 5HJPVUHS 1H]PLY .ÅTLa )LYTÌKLa ,U LZ[L JHZV ZL [YH[H IH KLS Z\W\LZ[V KLZ]ÀV KL TPSSVULZ H

\U WHYHÀZV MPZJHS KLS *HYPIL \UH KL SHZ WPL aHZ LU SHZ X\L ZL KP]PKL SH PU]LZ[PNHJPÅU ZV IYL SH *(4 (S PN\HS X\L )SLZH SH LZ[HUJPH KL 9VILY[V 3ÅWLa (IHK LU[YL YLQHZ M\L IYL]L ;HU ZÅSV ZL WYVSVUNÅ WVY \U MPU KL ZLTHUH TPLU[YHZ YL\UÀH SH MPHUaH KL TPSSVULZ KL L\YVZ PTW\LZ[H WVY LS THNPZ [YHKV (KLT´Z YLJ\WLYHYVU SH SPILY[HK JHZP KL PUTLKPH[V SHZ V[YHZ [YLZ WLYZVUHZ WYLZ\U[HTLU[L PTWSPJHKHZ LU LZ[VZ OL JOVZ H SHZ X\L .ÅTLa )LYTÌKLa LU]PÅ H WYPZPÅU! LS L_KPYLJ[VY NLULYHS KL ,TWYL ZHZ KL SH JHQH +HUPLS .PS [YHZ ZH[PZMHJLY \UH MPHUaH KL L\YVZ" ` SVZ LTWYL ZHYPVZ =PJLU[L -LYYP ` 1VZ¼ :HS]HKVY )HSKÅ KLZW\¼Z KL HIVUHY ZPL[L TPSSVULZ JHKH \UV @ W\LKL X\L LZ[VZ L_ KPYLJ[P]VZ KL LU [PKHKLZ MPUHUJPLYHZ UV ZLHU SVZ ÌS[PTVZ LU ]PZP[HY SH WYPZPÅU 3H (\KPLUJPH 5HJPVUHS ` V[YVZ Q\aNHKVZ [HTIP¼U PU]LZ[PNHU SV Z\JL KPKV LU HU[PN\HZ JHQHZ KL HOVYYVZ SH TH `VYÀH KL LSSHZ YLZJH[HKHZ JVTV *HQH *HZ [PSSH 3H 4HUJOH 5*. )HUJV KL =HSLU JPH V *HP_H 7LULK¼Z WYVJLZVZ WVY SVZ X\L LZ[´U PTW\[HKVZ T´Z KL \U JLU[LUHY KL WLYZVUHZ



!NUARIO *OLY !NDALUCÓA

%)

, 0 #6&)!) -) ,6.# ) -) , & #. )#( -ANUEL ­NGEL -ARTÓN ,ØPEZ $OCTOR )NGENIERO Y %CONOMISTA

)×AKI -ARTÓN 6ELASCO

%CONOMISTA

6ICEPRESIDENTE PARA %UROPA DE /N-OBILE 'LOBAL

LZKL X\L LU ZL W\ISP JHYH IHQV SH H\[VYÀH KL :H [VZOP 5HRHTV[V \U HY[ÀJ\ SV KLZJYPIPLUKV LS M\UJPV UHTPLU[V ` M\UKHTLU[V KLS )P[JVPU ` ZL KPM\UKPLYH SH WYVNYHTH JPÅU ULJLZHYPH WHYH Z\ \[PSPaHJPÅU LZ[H TVULKH ]PY[\HS V KPNP[HS ZL OH NHUHKV ZPU K\KH HSN\UVZ KL SVZ H[YPI\[VZ WYVWPVZ KL [VKH TVULKH ,U[YL LSSVZ UV WVKÀH MHS[HY SH HWHYPJPÅU KL tI\YI\QHZu LZWLJ\SH[P]HZ :\ \ZV ZL OH PUJYLTLU[HKV UV[HISLTLU[L ` JVU ¼S LS UÌTLYV KL VWLYHKVYLZ L PU[LY TLKPHYPVZ (X\À \U T´Z X\L THK\YV WYV MLZVY KL -PUHUaHZ ` \U QV]LU LJV UVTPZ[H HS[V LQLJ\[P]V KL \UH LTWYLZH [LJUVSÅNPJH KPHSVNHU ZVIYL SH HJ[\HSPKHK ` LS M\[\YV KLS )P[JVPU LU LS JVU]LUJPTPLU[V KL X\L SH ]LYKHK ZPLTWYL LZ[´ [HU[V LU SHZ WYLN\U[HZ JVTV LU SHZ YLZW\LZ[HZ <P]dT[) :P LS )P[JVPU LZ \UH TVULKH HX\À HZPTPSHYLTVZ LS JVUJLW[V HS KL tKP ULYVu KLIL [LULY SHZ [YLZ M\UJPVULZ JS´ZP JHZ! TLKPV KL WHNV HJLW[HKV \UPKHK KL

SLZ ,Z[HTVZ LU LZ[L JHZV KLS )P[JVPU HU[L \U MLUÅTLUV KPMLYLU[L& 8ØPZX) +PMLYLU[L ZÀ ,Z SH WYPTLYH KP]PZH KPNP[HS LU Z\ JVUJLW[V :\ JYLHJPÅU UV LZ[´ IHZHKH LU MHJ[VYLZ JV`\U[\YHSLZ V SVJHSLZ ZPUV X\L LZ \U L_WVULU[L T´Z KL SH YL]VS\ JPÅU KPNP[HS NSVIHS +LZKL Z\ UHJPTPLU[V 0U[LYUL[ OH [YHUZMVYTHKV SH LJVUVTÀH SH ZVJPLKHK LS TVKV KL YLSHJPVUHYUVZ ` U\LZ [YVZ O´IP[VZ KL JVUZ\TV /H JVUZLN\PKV OHJLY [HTIHSLHY PUK\Z[YPHZ LU[LYHZ JVTV SH LKP[VYPHS W\ISPJP[HYPH V H\KPV]PZ\HS V YL MVYT\SHKV SVZ JHUHSLZ KL KPZ[YPI\JPÅU KL SH PUK\Z[YPH [YHKPJPVUHS KLZKL LS YL[HPS HS [\ YPZTV /H YLPU]LU[HKV SH L_WLYPLUJPH KLS JVUZ\TPKVY ` UVZ OH OPWLYJVULJ[HKV LU \U \UP]LYZV NSVIHS LU LS X\L SH TV]PSPKHK KL SVZ KPZWVZP[P]VZ KL HJJLZV OHJL KL LZ[H JV UL_PÅU \UH YLSHJPÅU WLYTHULU[L ` \IPJ\H

KPNP[HS tPUKLWLUKPLU[Lu 8\Pa´ LZ[HTVZ HUJSHKVZ LU MHJ[VYLZ JVTV SH tTH[LYPHSP aHJPÅUu LS YLZWHSKV LS JVU[YVS KL SHZ LTP ZPVULZ V LS TVUVWVSPV WÌISPJV ZVIYL SVZ [P WVZ KL PU[LY¼Z [HU SPNHKVZ H SH VMLY[H TV UL[HYPH ( MPUHSLZ KL KPJPLTIYL KL 2Y\NTHU YLTHJOHIH! t)P[JVPU PZ L]PSu (S NV HZÀ JVTV LS THS ZPU TLaJSH KL IPLU HSN\ UV :PU LTIHYNV [L OL VÀKV KLJPY LU HSN\ UH VJHZPÅU X\L V LZ[HTVZ HU[L \U NYHU MPHZJV V MYLU[L H \UV KL SVZ KLZJ\IYPTPLU [VZ T´Z PTWVY[HU[LZ LU SH OPZ[VYPH KL SH LJVUVTÀH MPUHUJPLYH ;PLUL LS )P[JVPU WV ZPIPSPKHKLZ KL [YP\UMV& :L X\LKHY´ LU \U TLKPV KL WHNV THYNPUHS& +LZHWHYLJLY´& 8ØPZX) 5V SV ZHILTVZ ,S TLJHUPZTV KL KLMLUZH KL SH LJVUVTÀH [YHKPJPVUHS V T´Z IPLU KL SHZ PUZ[P[\JPVULZ V LU[PKHKLZ J\`V TVKLSV KL ULNVJPV WVUL LU YPLZNV \U JYL

,A DUDA ES SI CONVERTIRSE EN @INTEGRADO Y EMPEZAR A USAR LOS BITCOIN nAUNQUE SEA TÓMIDAMENTE O EJERCER DE {APOCALÓPTICO|

0RIMER CAJERO AUTOMÉTICO DE BITCOINES EN %UROPA EN LA CIUDAD FINLANDESA DE (ELSINKI %&%

J\LU[H ` KLWÅZP[V KL ]HSVY 3H TVULKH J\YYLUJ` LZ \U IPLU YLK [HU[V T´Z Ì[PS J\´U[VZ T´Z HNLU[LZ SV \ZHU +LZKL LS W\U[V KL ]PZ[H tMÀZPJVu SHZ TVULKHZ KLILU [LULY V[YHZ J\HSPKHKLZ JVTV ZLY [YHUZWVY [HISLZ YLZPZ[LU[LZ HS KLZNHZ[L ` OVTVN¼ ULHZ <UH IHZL TVUL[HYPH Z\MPJPLU[L ` HKLJ\HKH LZ PUKPZWLUZHISL WHYH X\L SH LJVUVTÀH YLHS M\UJPVUL JVU OVSN\YH WLYV ZPU PUMSHJPÅU ,U ¼WVJHZ KL JYPZPZ N\LYYHZ V LU JÀYJ\SVZ JLYYHKVZ OHU UHJPKV TVUL KHZ V [VRLU WPU[VYLZJVZ KL \ZV SVJHS SPTP [HKV LU LS [PLTWV V LU LS LZWHJPV X\L OHU [LUPKV T´Z V TLUVZ MVY[\UH ,S MLUÅTLUV UV LZ U\L]V ;HTWVJV ZVU \UH UV]LKHK SVZ ZPZ[LTHZ KL WHNV LSLJ[YÅUPJVZ V KPNP[H

5PUN\UH PUK\Z[YPH LZ[HKV PUZ[P[\JPÅU V [YPI\UHS OH WVKPKV MYLUHY LZ[H YL]VS\JPÅU 5HKPL PTHNPUHIH OHJL \UVZ HÃVZ X\L SH LU JPJSVWLKPH THZ JVTWSL[H LZ[HYÀH LU SH YLK ` X\L SH TPZTH ZLYÀH JYLHKH TLKPHU[L LS HJ\LYKV ` HWVY[HJPÅU KL TPSSVULZ KL \Z\H YPVZ 7VJVZ WYL]LÀHU X\L T´Z KL TP SSVULZ KL WLYZVUHZ LU LS T\UKV LZ[HYÀHU JVULJ[HKHZ H YLKLZ ZVJPHSLZ PU[LYJHTIPHU KV HYJOP]VZ LU PUMVYTHJPÅU V X\L LS JV TLYJPV LSLJ[YÅUPJV M\LZL LS JHUHS KL ]LU[H KL TH`VY JYLJPTPLU[V H UP]LS T\UKPHS <UH KP]PZH KPNP[HS \UP]LYZHS `H ZLH )P[JVPU \ V[YH 7VY X\¼ UV& <P]dT[) ( T\JOVZ LJVUVTPZ[HZ tH SH HU[PN\Hu UV UVZ N\Z[H LZ[V KL SH TVULKH

JPTPLU[V PULZWLYHKV KLS )P[JVPU ZHJHY´ JVTV LZ OHIP[\HS Z\Z VTUPWV[LU[LZ NHYYHZ WHYH KLZWLKHaHY LS PU]LU[V 5V LZ U\L]V ,S ZPZ[LTH ZL YLILSH JVU M\LYaH JVU[YH J\HSX\PLY PUPJPH[P]H KL JHTIPV ` SH JVU ]PLY[L LU tJHZ\Z ILSSPu ZP LS JHTIPV HTLUH aH SH tWLSHu 4PJYVZVM[ 6YHJSL ` KLT´Z HTPNVZ ZPN\LU JVU Z\ S\JOH ZPU J\HY[LS JVU[YH LS VWLU ZV\YJL ZVM[^HYL *OPUH 0U KPH V SH WYVWPH <UPÅU ,\YVWLH OHU ]L[HKV HS )P[JVPU JVTV TVULKH SLNÀ[PTH V HK]LY [PKV KL Z\Z YPLZNVZ ,U ,, << ZPN\LU LS HZ\U[V JVU H[LUJPÅU ` WYLJH\JPÅU H SH ]La 6[YVZ WHÀZLZ JVTV :PUNHW\Y UV ZVSV HJLW [HU SH KP]PZH ZPUV X\L [HTIP¼U NLULYHU TLJHUPZTVZ KL NYH]HTLU 3H YLHSPKHK LZ


!NUARIO *OLY !NDALUCÓA

%#/./-·!

X\L JHKH ]La ZVU T´Z SVZ LZ[HISLJPTPLU[VZ H UP]LS T\UKPHS X\L OHIPSP[HU SVZ TLKPVZ WHYH SHZ [YHUZHJJPVULZ JVU )P[JVPUZ ` X\L LS JYLJPTPLU[V KLS J\YZV KL SH KP]PZH LU M\L KLS t3HKYHU S\LNV JH IHSNHTVZu X\L KPQV HSN\PLU 7VY V[YV SHKV LU[PLUKV [\ ]PZPÅU <UH KP ]PZH KLIL LZ[HY Z\QL[H H YLN\SHJPÅU 3VZ HJ [P]VZ MPUHUJPLYVZ LU NLULYHS KLILU LZ[HYSV 8\¼ KLJPY X\L UV ZL OH`H KPJOV `H KL SH tMPLZ[Hu X\L OLTVZ [LUPKV LZ[VZ HÃVZ (X\À [L KPYÀH KVZ JVZHZ 3H WYPTLYH LZ X\L UHKPL OH KPJOV X\L )P[JVPU UV KLIH [LULY JPLY[V NYHKV KL YLN\SHJPÅU 3H ZLN\UKH LZ X\L [HTIP¼U LS YPLZNV ` SH ]VSH[PSPKHK ZVU JH YHJ[LYÀZ[PJHZ KL [VKH KP]PZH V HJ[P]V MPUHU JPLYV [YHKPJPVUHS :LYÀH PU[LYLZHU[L OHISHY KLS YPLZNV KL SVZ )P[JVPU H SVZ WVZLLKVYLZ KL WYLMLYLU[LZ KL Y\WPHZ PUKPHZ LU LS KL IVSÀ]HYLZ ]LULaVSHUVZ V KL WLZVZ HY NLU[PUVZj 8\Pa´ WVY LZV ZLH (YNLU[PUH \UV KL SVZ [YLZ WHÀZLZ KLS T\UKV JVU T´Z WVZLLKVYLZ KL )P[JVPUZ <U HJ[P]V YLM\NPV& <P]dT[) ,]PKLU[LTLU[L UPUNÌU YPLZNV W\LKL LSPTPUHYZL HS ZHS]V X\L ZL JL ZL LU SH HJ[P]PKHK X\L SV NLULYH V ZL WHN\L \UH PUMPUP[H WYPTH KL ZLN\YV ,Z JPLY[V X\L J\HSX\PLY TVULKH HJ[P]V V ZPZ[LTH MP UHUJPLYV ZL M\UKHTLU[HU LU SH JVUMPHUaH KL SVZ \Z\HYPVZ L PUZ[P[\JPVULZ WLYV X\Pa´ LU LS JHZV KLS )P[JVPU ZLH T´Z KPMÀJPS NLUL YHY LZ[H JVUMPHUaH WVY WHY[L KLS NYHU WÌ ISPJV KLIPKV H SH KPMPJ\S[HK KL LU[LUKLY SVZ TLJHUPZTVZ KL JYLHJPÅU V KL PU[LYJHT IPV :VU SH KLZJVUMPHUaH ` SH JVTWSLQPKHK IHYYLYHZ PUZHS]HISLZ WHYH SH PTWSHU[HJPÅU KL SVZ )P[JVPU& 8ØPZX) :P LS ZLY]PJPV VMYLJL \UH WYVW\LZ [H KL ]HSVY YLHS HS \Z\HYPV JVTWYHKVY ` ]LUKLKVY ZPTWSPJPKHK KL \ZV ZLN\YPKHK ` \IPJ\PKHK SH KLZJVUMPHUaH ZL J\YH JVU LS [PLTWV ,S JPJSV KL ]PKH KL HKVWJPÅU KL \UH PUUV]HJPÅU [LJUVSÅNPJH JVUSSL]H ]HYPHZ MH ZLZ OHZ[H SH HKVWJPÅU THZP]H JVUKPJPVUH KHZ WVY LS WLYMPS KLS \Z\HYPV KLZKL SVZ t0U UV]HKVYLZu ` SVZ t,HYS` HKVW[LYZu OHZ[H SHZ TH`VYÀHZ t7YLJVau ` t;HYKÀHu SV X\L ZL JV UVJL OV` KÀH JVTV t4HPUZ[YLHTu 3H [LV YÀH UV LZ U\L]H ` ZPN\L ZPLUKV ]´SPKH 3H W\ ISPJÅ ,]LYL[[ 4 9VNLYZ LU LU Z\ SPIYV +PM\ZZPVU VM 0UUV]H[PVUZ 3H WYPUJPWHS KPML YLUJPH OV` KÀH LZ X\L SHZ MHZLZ KLS JPJSV KL SH HKVWJPÅU [LJUVSÅNPJH LU LS T\UKV KPNP[HS ]HU H SH ]LSVJPKHK KL SH S\a :P LS )P[JVPU JV TV TVULKH JVUZPN\L Z\WLYHY SH IHYYLYH JY\JPHS LU[YL SVZ t,HYS` HKVW[LYZu ` SH t4H `VYÀH 7YLJVau *YVZZPUN [OL *OHZT JVTV WVZ[\SHIH 4VVYL LU LZ[HY´ T\JOV [PLTWV LU[YL UVZV[YVZ 3H JVTWSLQPKHK KLS ZPZ[LTH X\L JVTLU [HZ UV LZ YLSL]HU[L ,S \Z\HYPV TLKPV KLZ JVUVJL X\L OH` KL[Y´Z J\HUKV \ZH \UH WSH[HMVYTH KL t0UZ[HU[ 4LZZHNPUNu WHYH LU]PHY \U TLUZHQL KLZKL ;YLI\QLUH H :HS[ 3HRL *P[` :ÅSV ZHIL X\L LZJYPIL HSNV ` SV YLJPIL V[YH WLYZVUH *\HUKV HSN\PLU J\LS NH Z\Z MV[VNYHMÀHZ V KVJ\TLU[VZ LU SH tU\ ILu PNUVYH ZP Z\Z HYJOP]VZ LZ[´U LU \U ZLY

%L CAJERO EN FUNCIONAMEINTO %&%

%N UN SENTIDO FINANCIERO zTIENE RIESGO EL BITCOIN !HORA MUCHO

NADIE PUEDE GARANTIZAR O NO SU ÏXITO ]PKVY KL *\WLY[PUV V KL ,Z[VJVSTV 3V YL SL]HU[L LZ SH L_WLYPLUJPH KL \ZV KLS \Z\H YPV MPUHS ,S HJJLZV KLIL ZLY ZPTWSL LS \ZV ZLUJPSSV ` LS ZLY]PJPV JVUMPHISL 3H JVUMPHUaH ZL NLULYH J\HUKV LS ZLÃVY X\L LZ[H HS SHKV SV \ZH LZ Ì[PS ` ZLN\YV ,S TPLKV [LJUVSÅNPJV ZL ]LUJL JVU SH \UP]LY ZHSPKHK KL \ZV 7VY V[YV SHKV LS ZPZ[LTH KL LUJYPW[HJPÅU KLS )P[JVPU LZ T\` H]HUaHKV ` H\UX\L UV LZ[¼ L_LU[V KL YPLZNVZ JVTV J\HSX\PLY V[YV ZPZ[LTH [LJUVSÅNPJV V [YH KPJPVUHS ¼Z[L LZ TLUVY X\L WVY LQLTWSV LU LS \ZV KL [HYQL[HZ KL JY¼KP[V *HSHY´ LU SH NLU[L& ,Z WYVU[V WHYH KL JPYSV :À [L YLJ\LYKV X\L OHJL UV KLTHZPH KVZ HÃVZ L_PZ[ÀH \U TPLKV WH]VYVZV H JVT WYHY WVY 0U[LYUL[j <P]dT[) (SN\UVZ L_WLY[VZ HKZJYPILU SH PTWSHU[HJPÅU KL SH TVULKH KPNP[HS H JV YYPLU[LZ ULVSPILYHSLZ X\L WYL[LUKLU SH LZ WLJ\SHJPÅU ` SH KLZHWHYPJPÅU KL SH YLN\SH JPÅU MPUHUJPLYH 8ØPZX) 5V K\KV X\L LU HSNÌU JHZV ZLH HZÀ WLYV JYLV X\L SH WYVW\LZ[H ZL IHZH LU

V[YVZ WHY´TL[YVZ JVTV \UP]LYZHSPKHK HOVYYV ` MHJPSPKHK KL PU[LYJHTIPV ;HT IP¼U ZL OH KPJOV X\L SHZ SPJLUJPHZ *YLH[P]L *VTTVUZ WYL[LUKLU HUPX\PSHY SH WYVWPL KHK PU[LSLJ[\HS V X\L LS ZVM[^HYL SPIYL LZ WLYUPJPVZV *VTV OL KPJOV HU[LZ [HTWV JV JYLV X\L LS )P[JVPU UV W\LKH ZLY YLN\SH ISL :P LZ JPLY[V JVTV KPJLZ X\L OHZ[H HOV YH LS JYLJPTPLU[V KLS ]HSVY OH NLULYHKV \UH M\LY[L JVYYPLU[L LZWLJ\SH[P]H :\ WYL JPV OH SSLNHKV H Z\WLYHY LS ]HSVY KL \UH VU aH KL VYV ` OH Z\WLYHKV JYLJPTPLU[VZ KLS TLUZ\HS (SN\UVZ L_WLY[VZ ZVZ[PL ULU X\L SH ]VSH[PSPKHK ` LZWLJ\SHJPÅU HJ [\HS WVKYÀHU JVTWYVTL[LY LU LS M\[\YV Z\ UH[\YHSLaH VYPNPUHS KL TLKPV KL WHNV LSLJ [YÅUPJV :P Z\ \UP]LYZHSPaHJPÅU UV ZL MYLUH ZL HZLU[HY´ LU Z\ UH[\YHSLaH KL TLKPV KL PU[LYJHTIPV ` Z\ ]VSH[PSPKHK KPZTPU\PY´ 7VY V[YV SHKV [LUNV LU[LUKPKV X\L T´Z KL SH TP[HK KL SHZ [YHUZHJJPVULZ LU KP]PZHZ H UP]LS T\UKPHS [PLULU MPULZ LZWLJ\SH[P]VZ LZ HZÀ& ,U LZL JHZV LZ[HTVZ JYP[PJHUKV LS JVTWVULU[L LZWLJ\SH[P]V V ZPTWSLTLU [L SH ]VSH[PSPKHK PUPJPHS& <P]dT[) 2L`ULZ KLJÀH X\L SH LZWLJ\SH JPÅU LZ JVTV SHZ I\YI\QHZ KL HPYL KLU[YV KLS MS\QV KL HN\H LU \UH [\ILYÀH :P ZVU WV JHZ ZVU ZVWVY[HISLZ ,U L_JLZV [LYTPUHU WVY YVTWLY LS MS\QV ` SH [\ILYÀH ` KLZ[Y\ `LU SH JVUMPHUaH /HJL HÃVZ LU SH PU K\Z[YPH KVUKL JVTLUJ¼ H [YHIHQHY ZL WSHU [LÅ \U JVUMSPJ[V SHIVYHS WVYX\L LS WHNV KL QÅ KL ZLY ZLTHUHS WHYH OHJLYZL TLUZ\HS ` V[YV WVYX\L LU ]La KL LU[YLNHY LS LMLJ[P]V LU \U ZVIYL ZL JVTLUaÅ H WHNHY WVY [YHUZ MLYLUJPH 3\LNV [VKV OH ]LUPKV T\` Y´WP KV LU LS ´TIP[V TVUL[HYPV ` MPUHUJPLYV! PU UV]HJPÅU [P[\SPaHJPÅU KLZTH[LYPHSPaH JPÅU KLZYLN\SHJPÅU KLYP]HKVZ t]LOÀJ\ SVZuj LU 0U[LYUL[ OH` JPLU[VZ KL W´NPUHZ KL tPUZ[Y\JJPVULZu ZVIYL LS M\UJPVUHTPLU [V ` \ZV KL SVZ )P[JVPU 3H K\KH LZ ZP JVU ]LY[PYZL LU tPU[LNYHKVu ` LTWLaHY H \ZHY SV wH\UX\L ZLH [ÀTPKHTLU[L V LQLYJLY KL tHWVJHSÀW[PJVu ` JVTIH[PYSV WVY Z\Z WVZP ISLZ LMLJ[VZ JVSH[LYHSLZj 8ØPZX) ,S JHTIPV ZPLTWYL WYV]VJH YLZPZ [LUJPHZ LU X\PLULZ HMLJ[H :P ¼Z[L LZ KL JVTWVULU[L [LJUVSÅNPJV SH YLZPZ[LUJPH LZ HÌU TH`VY 5VZ VISPNH H HWYLUKLY JVUV JLY ` LU[LUKLY H JPLY[HZ HS[\YHZ KL SH ]PKH KVUKL U\LZ[YH JHWHJPKHK KL HZPTPSHJPÅU LZ T´Z YLZ[YPUNPKH LZJLUHYPVZ ZVS\JPVULZ ` \UP]LYZVZ HIZVS\[HTLU[L U\L]VZ 5V OH` UHKH T´Z PUJÅTVKV ;VKVZ [LULTVZ \U WLYMPS KPMLYLU[L HU[L SH HKVWJPÅU [LJUVSÅ NPJH ` JVU]PLUL UV LUNHÃHYUVZ H UVZV[YVZ TPZTVZ <ZHYSV V UV LZ VI]PHTLU[L \UH VWJPÅU WLYZVUHS ,U \U ZLU[PKV MPUHUJPLYV ;PLUL YPLZNV& (OVYH T\JOV 5HKPL H LZ [´Z HS[\YHZ W\LKL NHYHU[PaHY V UV LS ¼_P[V KLS )P[JVPU :À TL WHYLJL YHaVUHISL WLU ZHY X\L [HU[V LS JVUJLW[V X\L SV Z\Z[LU[H JVTV SVZ JVTWVULU[LZ KL SH [LJUVSVNÀH X\L SV ZVWVY[HU [LUKY´U T\JOV X\L KLJPY LU LS M\[\YV <P]dT[ T 8ØPZX) 5VZ ]LYLTVZ LU LZL M\ [\YV X\L `H LZ[´ HX\À

%)


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

2*),. # ( -* )& )( /( /,) -) , 0 &), ) 2AFAEL -YRO 5NIVERSIDAD #OMPLUTENSE DE -ADRID

S HÃV OH JLYYHKV SH YL JLZPÅU X\L ZL HIYPÅ LU LS ÌS [PTV [YPTLZ[YL KL [YHZ SH LMÀTLYH ` LZJHZH YLJ\WL YHJPÅU PUPJPHKH H TLKPHKVZ KL ZPLTWYL KLU[YV KLS THYJV SÌN\ IYL X\L PTWVUL SH PU[LUZH JYPZPZ LJVUÅTP JH X\L WHKLJL SH LJVUVTÀH LZWHÃVSH ,S 70) ZL YLK\QV LU \U ` ZPN\PÅ KLZ[Y\ `¼UKVZL LTWSLV H \U YP[TV HWYLJPHISL LZ[PT´UKVZL SH KPZTPU\JPÅU KL SVZ VJ\WH KVZ LU \U ,Z[VZ YLNPZ[YVZ ZVU HSNV TLQVYLZ X\L SVZ WYL]PZ[VZ WVY SVZ HUHSPZ [HZ WYPTLYV JVTV JVUZLJ\LUJPH KL SH

,A 4ERMINAL )NTERNACIONAL DEL PUERTO DE !LGECIRAS

X\L ZL YLK\QV \U ` \U WYV[HNVUPZTV KL SH KLTHUKH L_[LYUH X\L WLYTHULJL JVTV WYPUJPWHS TV[VY H\UX\L JVU TLUVY W\SZV HWVY[HUKV \U HS H\TLU[V KLS 70) 3V X\L JHTIPH W\LZ LZ LS MPUHS KLS HÃV X\L LU LYH KL L_WLJ[H[P]H KL U\L]H L PU[LUZH YLK\JJPÅU KLS 70) ` LS LT WSLV ` HOVYH LZ KL YLJ\WLYHJPÅU H\UX\L H T\` SLU[V YP[TV ` LU \U LZJLUHYPV PU[LY UHJPVUHS IHZ[HU[L PULZ[HISL 3H I\LUH [YH`LJ[VYPH KLS ZLJ[VY L_[LYPVY K\YHU[L LZ[VZ HÃVZ KL JYPZPZ ZL WYVSVUNÅ LU JVU \U HZJLUZV KL SHZ L_WVY[H JPVULZ LU ]VS\TLU LU [VYUV HS ZLU ZPISLTLU[L Z\WLYPVY HS KL ` \U LZ[HU JHTPLU[V KL SHZ PTWVY[HJPVULZ H\UX\L LU SH ZLN\UKH WHY[L KLS HÃV ZL WYVK\QV \U HWYLJPHISL YLW\U[L KL SHZ KL IPLULZ WHYJPHSTLU[L JVU[YHYYLZ[HKV WVY \UH JHÀ KH LU SHZ KL ZLY]PJPVZ *VTV YLZ\S[HKV KL LZ[H MH]VYHISL L]VS\JPÅU LS ZHSKV WVZP[P]V LU SH IHSHUaH KL IPLULZ ` ZLY]PJPVZ SVNYH

X\L ZL THU[PLUL \U K¼MPJP[ LU [VYUV HS KLS 70) ,S ZHSKV WVZP[P]V KL SH IHSHUaH WVY J\LU [H JVYYPLU[L ` KL JHWP[HS JVU[YPI\`Å H X\L U\LZ[YV LUKL\KHTPLU[V JVU LS L\YVZPZ[L TH ZL YLK\QLYH 7LYV HÌU SV OPaV LU TH`VY TLKPKH LS H\TLU[V KL SHZ PU]LYZPVULZ WYV JLKLU[LZ KLS L_[LYPVY H[YHÀKHZ WVY SH L_ WLJ[H[P]H KL YLZ[HISLJPTPLU[V KL U\LZ[YH THS[YLJOH LJVUVTÀH *YLJPLYVU ZVIYL [V KV SHZ PU]LYZPVULZ KPYLJ[HZ ` LU JHY[LYH @ LU LZ[L THYJV KL WH\SH[PUH UVYTHSPKHK [HTIP¼U SV OPJPLYVU SHZ PU]LYZPVULZ KL U\LZ[YHZ LTWYLZHZ LU LS L_[LYPVY ZVZ[L UPLUKV U\LZ[YH PTWVY[HU[L HJ[P]PKHK WYV K\J[P]H LU LS YLZ[V KLS T\UKV ( WHY[PY KLS ]LYHUV LS JYLJPTPLU[V KL SHZ L_WVY[HJPVULZ LZWHÃVSHZ ZL M\L YHSLU[P aHUKV ZVIYL [VKV LS KL HX\LSSHZ KPYPNPKHZ H SHZ LJVUVTÀHZ LTLYNLU[LZ ` H ,,<< ` LU WHY[PJ\SHY KL IPLULZ PU[LYTLKPVZ ,Z[L OLJOV OHJL WLUZHY X\L \UH KL SHZ JH\ZHZ KL LZ[H L]VS\JPÅU T´Z WH\ZHKH ZL LUJ\LU [YH LU LS TLUVY YP[TV KL JYLJPTPLU[V LJV UÅTPJV ` SH ZP[\HJPÅU WYVISLT´[PJH KL HS N\UVZ KL SVZ WHÀZLZ LTLYNLU[LZ H SVZ X\L LU SVZ WYPTLYVZ TLZLZ KLS HÃV ZL OHIÀHU KPYPNPKV KL THULYH JYLJPLU[L SVZ WYVK\J [VZ LZWHÃVSLZ 3H TH`VY HJ[P]PKHK LJVUÅ

!'%.#)!3

NYHK\HS YLSHQHJPÅU KL SH WVSÀ[PJH MPZJHS J\ `V JVZ[L OH ZPKV LS THU[LUPTPLU[V KLS K¼ MPJP[ WÌISPJV LU LS TPZTV UP]LS X\L LU \U KLS 70) ` KLZW\¼Z KL \UH JPLY[H YLJ\WLYHJPÅU KL SH PU]LYZPÅU LU IPLULZ KL LX\PWV K\YHU[L SH ZLN\UKH TP [HK KLS HÃV (WHYLU[LTLU[L [HTIP¼U KLS JVUZ\TV KL SVZ OVNHYLZ H\UX\L ¼Z[H ÌS [PTH JPYJ\UZJYP[H HS J\HY[V [YPTLZ[YL ,Z [H LZJHSHKH KL SPNLYHZ YLJ\WLYHJPVULZ OHU SSL]HKV H \U HZJLUZV KLS 70) LU LS ÌS[PTV [YPTLZ[YL WLYV UV OHU PTWLKPKV X\L LS IHSHUJL KLS JVUQ\U[V KLS HÃV ZL HZLTLQL HS KLS HU[LYPVY JVU \UH L]VS\JPÅU ULNH[P ]H KL SH KLTHUKH UHJPVUHS HSNV TLUVY

%L A×O CONCLUYØ CON UN ASCENSO DE LAS EXPORTACIONES EN VOLUMEN EN TORNO AL POR CIENTO

CANTIDAD SUPERIOR A KV `H LU ZL [YHUZMVYTÅ LU LU \U ZHSKV [HTIP¼U MH]VYHISL KL SH IHSHUaH WVY J\LU[H JVYYPLU[L ` KL JHWP[HS KL \UH THNUP[\K LU [VYUV HS KLS 70) 5V ZL JVUZPN\PÅ LS HTIPJPVZV VIQL[P]V KL \U ZHS KV WVZP[P]V LU LS JVTLYJPV KL IPLULZ LU LS

TPJH LU ,\YVWH K\YHU[L LS ÌS[PTV [YPTLZ [YL KLS HÃV OH L]P[HKV \UH TH`VY YHSLU[P aHJPÅU KL SH L_WVY[HJPÅU H\UX\L LS KH[V KL UV]PLTIYL ÌS[PTV KL SVZ JVUVJPKVZ J\HUKV ZL LZJYPILU LZ[HZ W´NPUHZ OH ZPKV WHY[PJ\SHYTLU[L ULNH[P]V <UH ZLN\UKH JH\ZH KL SH L]VS\JPÅU KLZ JYP[H OH ZPKV SH HWYLJPHJPÅU KLS L\YV LU [¼Y TPUVZ KL KPMLYLU[LZ TVULKHZ JVTLUaHU KV WVY LS KÅSHY LZ[HKV\UPKLUZL HZJLU KPLUKV KL KÅSHYLZ WVY L\YV HS JVTPLU aV KLS ]LYHUV H HS MPUHS KLS HÃV H\U X\L JVU VZJPSHJPVULZ ,Z[H L]VS\JPÅU ZL YL MSLQH KL MVYTH T´Z JSHYH LU SH KPZTPU\JPÅU YLJPLU[L KL SHZ L_WVY[HJPVULZ H ,,<< (S


!NUARIO *OLY !NDALUCÓA

%#/./-·!

N\UVZ LZ[\KPVZ T\LZ[YHU SH LZWLJPHS ZLUZP IPSPKHK KL SHZ L_WVY[HJPVULZ KL ,ZWHÃH ` -YHUJPH HU[L HZJLUZVZ LU LS ]HSVY KLS L\YV T´Z HJ\ZHKH X\L HU[L HSaHZ LU SVZ WYLJPVZ V JVZ[LZ SHIVYHSLZ \UP[HYPVZ T´Z WLYZPZ [LU[LZ WLYV JVU [YHK\JJPVULZ KPZWHYLZ H TLU\KV HTVY[PN\HKHZ H SVZ WYLJPVZ KL SHZ L_WVY[HJPVULZ 7\LZ IPLU [YHZ LZ[L HZJLUZV LU LS [PWV KL JHTIPV KLS L\YV ZL LUJ\LU[YH \U Z\WLY´ ]P[ KL SH IHSHUaH WVY J\LU[H JVYYPLU[L ` KL JHWP[HS KL SH aVUH L\YV X\L ZL JPMYH LU [VY UV H SVZ TPSSVULZ KL L\YVZ LZ[V LZ \U KLS 70) HNYLNHKV JVYYLZWVU KPLUKV \UH WHY[L T\` LSL]HKH KL ¼Z[L LU [VYUV H TPSSVULZ KL L\YVZ H (SL THUPH ;HTIP¼U JH\ZH LZH HWYLJPHJPÅU SH LU[YHKH KL JHWP[HSLZ X\L I\ZJHU SH TH`VY YLU[HIPSPKHK ` ZLN\YPKHK X\L VMYLJLU SVZ HJ[P]VZ MPUHUJPLYVZ KL SH L\YVaVUH <UH HJ[\HJPÅU JVVWLYH[P]H KL (SLTHUPH LU SH ZVS\JPÅU KL SH JYPZPZ KL SH WLYPMLYPH L\ YVWLH V SV X\L LZ SV TPZTV \UH HJJPÅU KL JPKPKH WVY SH YLJ\WLYHJPÅU KL SH L\YVaVUH PTWSPJHYÀH LS LZ[ÀT\SV KL SH KLTHUKH HNYL NHKH KL MVYTH X\L JYLJPLYHU SH WYVK\J JPÅU SHZ PTWVY[HJPVULZ SVZ ZHSHYPVZ ` SVZ WYLJPVZ *VU LSSV ZL PTW\SZHYÀHU SHZ L_WVY [HJPVULZ KL SVZ KLT´Z WHÀZLZ ` ZL YLSHQHYÀH

,AS EXPORTACIONES ESPA×OLAS POSEEN NOTABLES FORTALEZAS COMPETITIVAS DE DIFERENCIACIØN DE PRODUCTO Y DE CALIDAD

SH WYLZPÅU ZVIYL SH JV[PaHJPÅU KLS L\YV 7L YV WHYH LSSV (SLTHUPH KLILYÀH PUJ\YYPY LU \U K¼MPJP[ WÌISPJV WVY SV X\L UV JHIL LZWL YHY X\L SV OHNH ,Z WVY LZ[V T´Z ULJLZHYPH X\L U\UJH \UH L_WHUZPÅU TVUL[HYPH WVY WHY[L KLS )HUJV *LU[YHS ,\YVWLV HOVYH `H UV ZVTL[PKV HS LZJY\[PUPV KLS ;YPI\UHS *VUZ[P[\JPVUHS HSLT´U +L V[YH MVYTH SH L\YVaVUH [HYKHY´ T\JOV LU YLJ\WLYHYZL 3HZ YLMVYTHZ LZ[Y\J[\YHSLZ X\L ZL WPKLU H SVZ WHÀZLZ WLYPM¼YPJVZ W\LKLU MHJPSP[HY \U JYLJPTPLU[V M\[\YV ZVIYL IHZLZ T´Z ZÅSP KHZ WLYV UV H`\KHY´U H ZHSPY KL \UH JYPZPZ X\L LZ KL KLTHUKH LMLJ[P]H ` X\L ULJLZP[H T´Z JVUMPHUaH KL SVZ JVUZ\TPKVYLZ ` LT WYLZHYPVZ TH`VY JYLJPTPLU[V KL SVZ WYL JPVZ ` T´Z JY¼KP[V H SHZ LTWYLZHZ +L V[YH MVYTH LS HÃV ZLY´ TLQVY X\L LS WLYV ,ZWHÃH HWLUHZ JYLHY´ LTWSLV 7VY SV KLT´Z SHZ L_WVY[HJPVULZ LZWHÃV SHZ ZPN\LU WVZL`LUKV UV[HISLZ MVY[HSLaHZ JVTWL[P[P]HZ KL KPMLYLUJPHJPÅU KL WYV K\J[V ` KL JHSPKHK X\L ZL ]LY´U HMPHUaH KHZ WVY SH KPZTPU\JPÅU X\L ZL LZ[´ WYVK\ JPLUKV LU SVZ JVZ[LZ SHIVYHSLZ \UP[HYPVZ KL MVYTH X\L SV X\L WYPUJPWHSTLU[L ULJLZP [HU LZ KLTHUKH ` HOVYH X\L SH KL SVZ WHÀ ZLZ LTLYNLU[LZ TLUN\H ULJLZP[H SH KL SVZ WHÀZLZ KLZHYYVSSHKVZ

%


!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

( / '# (.)Ć / ( ) & # , - & *,) & ' $IEGO -ARTÓNEZ ,ØPEZ

0ROFESOR DE %CONOMÓA EN LA 5NIVERSIDAD 0ABLO DE /LAVIDE DE 3EVILLA

Z IPLU ZHIPKV X\L SH MPLIYL UV Z\LSL ZLY LU ZÀ TPZTH JH\ZH KL LUMLYTLKHK HSN\UH ZPUV T´Z IPLU LS ZÀU[VTH KL HSN\UH WH [VSVNÀH Z\I`HJLU[L ;YHaHUKV LS WHYHSLSPZTV JVYYLZWVUKPLU[L ZL W\LKL HMPYTHY X\L \UH KL SHZ WYPUJPWHSLZ THUPMLZ[H JPVULZ KL SVZ KLZLX\PSPIYPVZ HJ\T\SHKVZ K\ YHU[L SH L_WHUZPÅU WYL]PH H ZL YLZ\TL LU SVZ UP]LSLZ KL LUKL\KHTPLU[V HSJHUaHKVZ WVY SVZ HNLU[LZ WYP]HKVZ WYPTLYV ` WVY LS ZLJ[VY WÌISPJV KLZW\¼Z ,S HZ\U[V ZL JVTWSPJH J\HUKV LS ZÀU[VTH ZL JVU]PLY[L LU JPLY[H TL KPKH LU WH[VSVNÀH ` SH [LYHWPH H HWSPJHY JVUZPZ [L WYLJPZHTLU[L LU PY YLK\JPLUKV LZL THSZH UV THSLZ[HY OHZ[H UP]LSLZ HJLW[HISLZ \ZHUKV SHZ TLKPJPUHZ T´Z ]HYPHKHZ WVZPISLZ =LHTVZ WYPTLYV HSN\UHZ UV[HZ JVYYLZWVUKPLU[LZ HS ZLJ[VY WYP]HKV KL SH LJVUVTÀH WHYH KLZLTIV

,OS NIVELES DE ENDEUDAMIENTO ALCANZADOS ANTES DE SON UN EJEMPLO DE LOS DESEQUILIBRIOS ACUMULADOS JHY S\LNV LU LS LUKL\KHTPLU[V WÌISPJV 5V ZL KPZJ\[LU UP LU[PKHKLZ MPUHUJPLYHZ X\L LU LZLUJPH ZVU \UH JVYYLH KL [YHUZTPZPÅU KLS YLZ[V KL ZLJ[VYLZ UP SH (KTPUPZ[YHJPÅU KL SH :LN\YPKHK :VJPHS W\LZ LU YPNVY OHIYÀH X\L JVUZPKLYHY SH KL\KH PTWSÀJP[H JVU NLULYHJPV ULZ M\[\YHZ ` LZV X\LKHYÀH M\LYH KLS HSJHUJL KL LZ[L HY[ÀJ\SV :VIYL LS W\U[V KL WHY[PKH OH` WVJH KPZJ\ ZPÅU H LZ[HZ HS[\YHZ =P]PY WVY LUJPTH KL U\LZ [YHZ WVZPIPSPKHKLZ ZPNUPMPJÅ JVUZ\TPY L PU]LY [PY T´Z HSS´ KL U\LZ[YH JHWHJPKHK KL NLULYHY YLU[H ,U LZH ZP[\HJPÅU HWLSHY HS LUKL\KH TPLU[V WVY WHY[L KL MHTPSPHZ ` LTWYLZHZ M\L \UH LZ[YH[LNPH YLJ\YYLU[L LU WHY[PJ\SHY J\HUKV I\LUH WHY[L KL LZL L_JLZV KL PU]LY ZPÅU ZL TV]ÀH LU LS [LYYLUV PUTVIPSPHYPV JVU WYLJPVZ HS HSaH +HKH SH PULYJPH KL LZ[L [PWV KL TLJHUPZTVZ LS T´_PTV UP]LS KL KL\KH JVU YLZWLJ[V HS 70) LU SVZ OVNHYLZ LZWHÃV SLZ ZL HSJHUaÅ LU LS [LYJLY [YPTLZ[YL KL \U TPLU[YHZ X\L SHZ LTWYL ZHZ UV MPUHUJPLYHZ [VJHYVU [LJOV H TLKPH KVZ KL JVU \U KLS 70) ,U \UH JVTWHYH[P]H JVU WHÀZLZ HMLJ[HKVZ

SLZ L_WHUZP]HZ JVU NHZ[VZ KL K\KVZH LMPJHJPH 3HZ *VT\UPKHKLZ (\[ÅUVTHZ WVY Z\ WHY [L ZL ]PLYVU H[YHWHKHZ LU[YL SH UH[\YHSLaH M\LY[LTLU[L JÀJSPJH KL \UH WHY[L KL Z\Z PUNYL ZVZ ` LS JHY´J[LY UV[HISLTLU[L LZ[Y\J[\YHS KL Z\Z WYPUJPWHSLZ WHY[PKHZ KL NHZ[V 7LYV HS PN\HS X\L SHZ JVYWVYHJPVULZ SVJHSLZ JVU \U WVY WYVISLTHZ ZPTPSHYLZ Z\YNLU ZPTPSP[\KLZ ` WLYMPS KL KL\KH WÌISPJH T\JOV T´Z IHQV ZL KPMLYLUJPHZ 5\LZ[YV LUKL\KHTPLU[V WYP]HKV ]PLYVU ILULMPJPHKHZ WVY WSHULZ LUJ\IPLY JVTV WVYJLU[HQL KLS 70) HSJHUaÅ T´_PTVZ LU [VZ KL YLZJH[L -VUKV WHYH SH MPUHUJPHJPÅU UP]LSLZ WYÅ_PTVZ HS IYP[´UPJV Z\WLYPVYLZ HS KL SVZ WHNVZ H WYV]LLKVYLZ ` -VUKV KL 3P UVY[LHTLYPJHUV LU JHZP W\U[VZ WVYJLU X\PKLa (\[VUÅTPJV JVU SV X\L LS WLZV KL [\HSLZ ` T\` PUMLYPVY HS PYSHUK¼Z WHÀZ X\L JV SH KL\KH YLZPKL LU SH (KTPUPZ[YHJPÅU *LU TV ZL YLJVYKHY´ [\]V X\L ZLY YLZJH[HKV *V [YHS :P IPLU SH LJVUVTÀH LZWHÃVSH WHY[ÀH KL TV LU LS JHZV PYSHUK¼Z SH KL\KH WYP]HKH LZWH \UHZ JPMYHZ KL KL\KH WÌISPJH JPLY[HTLU[L ÃVSH LZ[´ JVUJLU[YHKH LU LS ZLJ[VY LTWYLZH YLK\JPKHZ LU KLS 70) SV YLHS YPHS KVZ [LYJPVZ KLS [V[HS H KPMLYLUJPH KL SV TLU[L WYLVJ\WHU[L M\L SH Y´WPKH WYVNYL X\L OH VJ\YYPKV LU SVZ V[YVZ KVZ WHÀZLZ KVU ZPÅU OHZ[H UP]LSLZ Z\WLYPVYLZ HS KLS KL SVZ WLZVZ YLSH[P]VZ LZ[´U T´Z LX\PSPIYHKVZ 70) LU 3VZ WYPUJPWHSLZ MHJ[VYLZ KL L PUJS\ZV JVU \UH TH`VY KL\KH ZVWVY[HKH WVY [LYTPUHU[LZ KL LZ[L ]LY[PNPUVZV JYLJPTPLU SHZ MHTPSPHZ JVTV Z\JLKL LU 5VY[LHT¼YPJH [V OHU ZPKV WVY LZ[L VYKLU SVZ WLYZPZ[LU[LZ ( WHY[PY KL LZ[L LZJLUHYPV PUPJPHS \UH PT K¼MPJP[Z WÌISPJVZ WYPTHYPVZ JVU \UH JVU WVY[HU[L J\LZ[PÅU LZ JÅTV ZL LZ[´ WYVK\JPLU [YPI\JPÅU T\JOV T´Z YLSL]HU[L HS JYLJP TPLU[V KL SH KL\KH WÌISPJH X\L LU LS YLZ[V KL SH ,\YVaV UH ` SH TH`VY JHY NH KL PU[LYLZLZ KL YP]HKH KL SHZ [LUZPV ULZ LU SVZ TLYJH KVZ KL KL\KH ZVIL YHUH LU[YL ` ,S M\[\YV LU SH L]V S\JPÅU KL LZ[H MPLIYL KLS LUKL\KHTPLU[V WÌISPJV LZ SV X\L JLU[YH SH H[LUJPÅU KL SVZ HUHSPZ[HZ :L ZHIL X\L [PWVZ KL PU [LY¼Z YLHSLZ ULNH[P ]VZ H`\KHYÀHU H YL !LEJANDRO 4APIA UN JOVEN DISCAPACITADO QUE LOGRØ QUE EL BANCO LE CONDONASE LA K\JPY SH JHYNH KL SH DEUDA DE SU HIPOTECA - ' KL\KH WLYV SHZ WVZP KV LS ULJLZHYPV KLZHWHSHUJHTPLU[V KL LT IPSPKHKLZ KL X\L LSSV Z\JLKH JVU \U )*, J\ WYLZHZ ` OVNHYLZ (X\À SHZ KPMLYLUJPHZ LU[YL `V THUKH[V JVUZ[P[\JPVUHS LZ[HISLJL SH [HZH WHÀZLZ ZVU Z\Z[HUJPHSLZ 4PLU[YHZ LU LS 9LPUV KL PUMSHJPÅU VIQL[P]V SPNLYHTLU[L WVY KLIH <UPKV ` ,Z[HKVZ <UPKVZ ZVU SH YLJ\WLYHJPÅU QV KLS ZVU T\` SPTP[HKHZ +L V[YV SHKV KL SH HJ[P]PKHK LJVUÅTPJH ` SH PUMSHJPÅU SVZ SHZ [HZHZ KL JYLJPTPLU[V KLS 70) X\L ZL LZWL MHJ[VYLZ X\L LZ[´U YLK\JPLUKV LS LUKL\KH YHU WHYH SVZ WYÅ_PTVZ HÃVZ UV WLYTP[LU ]PZ TPLU[V LU ,ZWHÃH L 0YSHUKH LZ SH YLZ[YPJJPÅU S\TIYHY PUJYLTLU[VZ KL YLJH\KHJPÅU PTWV KLS JY¼KP[V LS WYPUJPWHS TLJHUPZTV YLK\J[VY ZP[P]H Z\MPJPLU[LTLU[L PTWVY[HU[LZ WHYH KLS Z[VJR KL KL\KH WYP]HKV *VU V[YHZ WHSH HTVY[PaHY KL\KH WÌISPJH KL MVYTH HU[PJPWH IYHZ U\LZ[YV HQ\Z[L ZL LZ[´ OHJPLUKV tH SHZ KH @ MPUHSTLU[L SH NLULYHJPÅU KL Z\WLY´ IYH]HZu KHKV X\L ZL YLMPUHUJPH TLUVZ KL SV ]P[Z WÌISPJVZ WVZP[P]VZ KL JPLY[H THNUP[\K ` X\L ZL ]H HTVY[PaHUKV ZPU HWLUHZ H`\KH WVY K\YHU[L \U WLYPVKV YLSH[P]HTLU[L WYVSVU WHY[L KL SH PUMSHJPÅU ` JVU LS JYLJPTPLU[V UL NHKV UV LZ ZLN\YV X\L HSJHUJL SVZ YLZ\S[H NH[P]V V ÀUMPTV KLS 70) WYLJPZHTLU[L LU JVU KVZ LZWLYHKVZ" LU LZ[L JVU[L_[V ` T´Z HSS´ KL SVZ WYVISLTHZ ZVJPV WVSÀ[PJVZ X\L ZL WV [YH KLS KLZLUKL\KHTPLU[V 9LWHZLTVZ HOVYH KL MVYTH ZVTLYH SV HJVU KYÀHU KLYP]HY Z\YNLU WV[LU[LZ K\KHZ HJLYJH [LJPKV LU LS ZLJ[VY WÌISPJV ,S MYLUHaV IY\ZJV KLS PTWHJ[V X\L SHZ WVSÀ[PJHZ KL JVUZVSPKH KL SH HJ[P]PKHK X\L [\]V S\NHY K\YHU[L LZVZ JPÅU MPZJHS [PLULU ZVIYL SVZ UP]LSLZ KL K¼MPJP[ HÃVZ WYV]VJÅ \UH ZVIYLYYLHJJPÅU JVTWLUZH ` KL\KH WÌISPJH LU JVVYKLUHKHZ PUZ[P[\JPV [VYPH WVY WHY[L KLS .VIPLYUV 4´Z HSS´ KLS LZ UHSLZ JVTV SHZ KL ,ZWHÃH LZ[V LZ LU \UH WLYHKV M\UJPVUHTPLU[V KL SVZ LZ[HIPSPaHKV \UPÅU TVUL[HYPH ZPU WVSÀ[PJH TVUL[HYPH UP YLZ H\[VT´[PJVZ KLS WYLZ\W\LZ[V WÌISPJV V JHTIPHYPH WYVWPH ,U KLMPUP[P]H OHIY´ X\L WYLJPZHTLU[L WVY \UH THSH JVTWYLUZPÅU KL HWYLUKLY H JVU]P]PY JVU ` HS TPZTV [PLTWV SVZ TPZTVZ HU[L \U JHTIPV KL JPJSV LS .V S\JOHY JVU[YH \UHZ K¼JPTHZ VQHS´ KL MPL IPLYUV JLU[YHS ZL LTIHYJÅ LU WVSÀ[PJHZ MPZJH IYL K\YHU[L \U [PLTWV SHYNV



!NUARIO *OLY !NDALUCÓA

%

%#/./-·!

%L DIRECTOR GENERAL DE LA /-# 2OBERTO !ZEVEDO APLAUDE EN LA REUNIØN CELEBRADA EN "ALI %&%

& / , ) &# 2OGELIO 6ELASCO 0ROFESOR DEL )% "USINESS 3CHOOL

VY WYPTLYH ]La SH 6YNHUPaH JPÅU 4\UKPHS KL *VTLYJPV 64* OH SSLNHKV H \U HJ\LYKV X\L W\LKL HWSPJHY ZL u NYP[Å JVU L_JP[HJPÅU 9VILY[V (aL]LKV KPYLJ[VY NLULYHS KL SH 64* HS MPUHSPaHY SHZ ULNVJPHJPVULZ ,S KL KPJPLTIYL WHZHKV LU )HSP 0UKVULZPH ZL JLSLIYÅ SH YL\UPÅU KL SH 64* X\L LU NLUKYÅ LS HJ\LYKV LU[YL SVZ WHÀZLZ TPLTIYVZ ,Z[´ WVY ]LY ZPU LTIHYNV X\L LS LU[\ZPHZTV KL (aL]LKV ZL JVYYLZ WVUKL JVU SVZ OLJOVZ +L LU[YHKH UV OH` \U HJ\LYKV \U´UP TL ZVIYL LS PTWHJ[V J\HU[P[H[P]V X\L LS HJ\LYKV KLWHYHY´ ZVIYL SVZ MS\QVZ KL JV TLYJPV PU[LYUHJPVUHSLZ (SN\UHZ LZ[PTH JPVULZ HZLN\YHU X\L JYLJLY´ \U IPSSÅU KL KÅSHYLZ 6[YVZ ZPU LTIHYNV HW\U[HU H \UH JPMYH KL TPSSVULZ *YLJP TPLU[V OHIY´ UV VIZ[HU[L ` UV ZVSV WVY SH YLK\JJPÅU KL HYHUJLSLZ ZPUV [HTIP¼U WVY SH ZPTWSPMPJHJPÅU KL SVZ [Y´TP[LZ I\ YVJY´[PJVZ X\L NLULYHU \UVZ JVZ[LZ KVZ ]LJLZ Z\WLYPVYLZ H SVZ HYHUJLSLZ ,S HJ\LYKV KL SPILYHSPaHJPÅU JVTLYJPHS LZ KL [VKV W\U[V T´Z PTWVY[HU[L ZP [LUL TVZ LU J\LU[H X\L LS ÌS[PTV ZL SSL]Å H JH IV OHJL KVZ K¼JHKHZ ` KLZKL LU[VUJLZ ZL OHU LYPNPKV T´Z KL YLZ[YPJJPVULZ JVTLYJPHSLZ H UP]LS T\UKPHS ZVIYL HZWLJ [VZ UV JVU[LTWSHKVZ LU HX\LS HJ\LYKV :PU LTIHYNV ` H WLZHY KLS YLZ\S[HKV ` KLS VW[PTPZTV SVZ LMLJ[VZ [HYKHY´U [PLTWV LU WLYJPIPYZL WVYX\L YLZ\S[H T´Z X\L K\KVZV X\L SVZ NVIPLYUVZ PTWSLTLU[LU JVU YHWPKLa SH YLK\JJPÅU KL [Y´TP[LZ I\

YVJY´[PJVZ ` V[YHZ TLKPKHZ HZVJPHKHZ *VU PUKLWLUKLUJPH KLS PTWHJ[V J\HU[P[H [P]V MPUHS ` KL SH YHWPKLa KL PTWSLTLU[H JPÅU KL Z\WYLZPÅU KL JHYNHZ I\YVJY´[PJHZ LS JHTPUV OHJPH HKLSHU[L LZ[´ SSLUV KL VIZ[´J\SVZ X\L OHIY´ X\L Z\WLYHY ,U WYPTLY S\NHY UV ZL WVKY´ TPYHY OH JPH HS M\[\YV ZPU YLZVS]LY SVZ WYVISLTHZ KLS WHZHKV ,S WHZHKV LU LZ[L JHZV LZ SH 9VUKH +VOH PUPJPHKH OHJL KPLa HÃVZ ` X\L ZL LUJ\LU[YH ISVX\LHKH WVY SHZ WVZP JPVULZ [HU KP]LYNLU[LZ KL WHÀZLZ KLZHYYV SSHKVZ ` LTLYNLU[LZ 7HYH ¼Z[VZ KVZ J\LZ[PVULZ ZVU PUULNVJPHISLZ ,U WYPTLY S\NHY SPILYHSPaHY HÌU T´Z LS JVTLYJPV KL WYVK\J[VZ THU\MHJ[\YHKVZ X\L YLWYL ZLU[HU \UH WHY[L JYLJPLU[L KL SHZ L_WVY [HJPVULZ @ LU ZLN\UKV S\NHY SPILYHSPaHY [HTIP¼U LS JVTLYJPV HNYÀJVSH ,U HTIVZ

3UPERAR LOS OBSTÉCULOS PROPICIADOS POR LOS PAÓSES EMERGENTES Y POR LOS DESARROLLADOS ES EL GRAN RETO DE LOS DIRIGENTES DE LA /-# JHZVZ SVZ WHÀZLZ KLZHYYVSSHKVZ [PLULU X\L ]LUJLY SHZ YLZPZ[LUJPHZ KL SVZ NY\WVZ KL WYL ZPÅU SVJHSLZ X\L ZL YLZPZ[LU H MHJPSP[HY LS HJ JLZV H Z\Z TLYJHKVZ H SV X\L ZL HÃHKL JVU ZPKLYHJPVULZ SPNHKHZ HS LZ[PSV KL ]PKH KL SHZ aVUHZ Y\YHSLZ LU SVZ WHÀZLZ KLZHYYVSSHKVZ (KPJPVUHSTLU[L WHYH TPYHY HS M\[\YV L PUJS\PY J\LZ[PVULZ JVTLYJPHSLZ KLS ZPNSV ??0 UV JVU[LTWSHKHZ LU SH 9VUKH +VOH L_PZ[LU V[YVZ KVZ VIZ[´J\SVZ UV M´JPSLZ KL ZVY[LHY 7YPTLYV LS tYLIHSHUJLVu KLS JV TLYJPV PU[LYUHJPVUHS WVY LS X\L SVZ WHÀ ZLZ KLZHYYVSSHKVZ KLQHYÀHU KL WLYKLY J\V [H KL JVTLYJPV MYLU[L H SVZ LTLYNLU[LZ UV YLZ\S[H UHKH M´JPS KL YLZVS]LY WVY ZÀ TPZTV WVYX\L YLX\LYPYÀH YLZ[YPJJPVULZ H

SHZ L_WVY[HJPVULZ KL SVZ LTLYNLU[LZ \ V[YHZ YLZ[YPJJPVULZ ]VS\U[HYPHZ ZPTPSHYLZ ,U ZLN\UKV S\NHY WVYX\L LU WHYHSLSV L_PZ[LU KVZ ULNVJPHJPVULZ LU J\YZV KL LUVYTL LZJHSH LU[YL SVZ WHÀZLZ KLS 7HJÀMP JV LS (J\LYKV ;YHUZ 7HJÀMPJV WVY \U SH KV ` LU[YL SVZ KLS ([S´U[PJV 5(-;( ` <, WVY V[YV /HZ[H X\L LZ[VZ HJ\LYKVZ UV ZL JPLYYLU UV YLZ\S[H YLHSPZ[H LZWLYHY X\L SH 64* W\LKH H]HUaHY LU SV HSJHUaH KV LU )HSP WVYX\L SVZ WHÀZLZ PU]VS\JYH KVZ LU LZHZ KVZ ULNVJPHJPVULZ ZVU SVZ T´Z YLSL]HU[LZ H UP]LS PU[LYUHJPVUHS WV SÀ[PJH ` LJVUÅTPJHTLU[L ( WLZHY KL X\L \U HJ\LYKV KL TÀUPTVZ LZ TLQVY X\L UPUNÌU HJ\LYKV SH SLU[P[\K LU LS WYVNYLZV OHJPH SH SPILYHSPaHJPÅU KLS JVTLYJPV ]PLUL ZLÃHSHKH WVY SVZ [LTHZ M\UKHTLU[HSLZ HÌU ZPU YLZVS]LY WHYH SVZ WHÀZLZ LTLYNLU[LZ LU THU\MHJ[\YHZ ` WYVK\J[VZ HNYHYPVZ :PU X\L LZ[HZ J\LZ [PVULZ LZ[¼U YLZ\LS[HZ SVZ WHÀZLZ KLZHYYV SSHKVZ OHU LTWLaHKV H WSHU[LHY V[YHZ X\L ZL JVYYLZWVUKLU JVU LS ZPNSV ??0 H ZHILY! X\L SH PYY\WJPÅU KL SHZ ;0*Z LZ[´U LQLYJPLUKV \U PTWHJ[V L_[YHVYKPUHYPV ZV IYL LS JVTLYJPV PU[LYUHJPVUHS ` X\L SVZ HJ[\HSLZ TLJHUPZTVZ KL JVU[YVS KLS JV TLYJPV UV LZ[´U WYLWHYHKVZ WHYH \U ZL N\PTPLU[V HKLJ\HKV ,S KVTPUPV KL TLYJHKV KL NYHUKLZ LT WYLZHZ KL L JVTTLYJL JHZP [VKHZ LZ[H KV\UPKLUZLZ LZ[´ HS[LYHUKV SVZ MS\QVZ JV TLYJPHSLZ [YHKPJPVUHSLZ ` LZJHWHUKV JVTWSL[HTLU[L HS JVU[YVS KL SHZ H\[VYP KHKLZ MPZJHSLZ 3VZ TLJHUPZTVZ [YHKPJPV UHSLZ WVY SVZ X\L ZL PTWVY[HIHU ` L_WVY [HIHU IPLULZ ` ZLY]PJPVZ LZ[´U ZPLUKV TV KPMPJHKVZ WYVM\UKHTLU[L LU MH]VY KL LZHZ LTWYLZHZ @ WVY LS SHKV KL SVZ NV IPLYUVZ LU SH TH`VYÀH KL SVZ JHZVZ SVZ Y¼ KP[VZ MPZJHSLZ ZVU TÀUPTVZ HS KLZ]PHYZL SVZ ILULMPJPVZ HJ\T\SHKVZ H [LYYP[VYPVZ JVU \UH TÀUPTH WYLZPÅU MPZJHS (KPJPVUHSTLU[L SHZ LTWYLZHZ VJJP KLU[HSLZ OHU KLZWSHaHKV H NYHU LZJHSH SH WYVK\JJPÅU KL T\JOVZ IPLULZ MPUHSLZ L PU[LYTLKPVZ H WHÀZLZ KL IHQV JVZ[L JVUZ[Y\`LUKV \UHZ JHKLUHZ KL Z\TPUPZ [YVZ LU[YL ]HYPVZ WHÀZLZ JVU LS VIQL[P]V KL YLK\JPY JVZ[LZ 3H YLK\JJPÅU Z\Z[HU JPHS KL HYHUJLSLZ ` V[YHZ [YHIHZ WHYH [V KHZ LZHZ JHKLUHZ YLZ\S[HU LZLUJPHSLZ WHYH SHZ LTWYLZHZ VJJPKLU[HSLZ PU]VS\ JYHKHZ LUMYLU[HUKV Z\Z PU[LYLZLZ JVU SVZ KL SVZ WYVWPVZ WHÀZLZ LU KVUKL ZL LU J\LU[YHU Z\Z PUZ[HSHJPVULZ 3VZ HJ\LYKVZ KL )HSP YLWYLZLU[HU ZV IYL [VKV \UH HNLUKH JVUZLUZ\HKH WH YH H]HUaHY LU SH SPILYHSPaHJPÅU KLS JV TLYJPV LU SVZ WYÅ_PTVZ HÃVZ ZPU X\L ZL OH`HU HKVW[HKV HJ\LYKVZ JVUJYL[VZ 7LYV LS JHTPUV H JVUZ[Y\PY LZ[HY´ SSLUV KL VIZ[´J\SVZ" LU \UVZ JHZVZ YLWYLZLU [HUKV PU[LYLZLZ KL SVZ WHÀZLZ KLZHYYV SSHKVZ LU V[YVZ KL SVZ LTLYNLU[LZ :\ WLYHYSVZ ]H H YLX\LYPY T\JOV T´Z X\L LS LU[\ZPHZTV TVZ[YHKV WVY SVZ HJ[\H SLZ KPYPNLU[LZ KL SH 64*


!NUARIO *OLY !NDALUCÓA

6)3)¼. '%.%2!, q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

6)3)¼. '%.%2!, q %#/./-·!



!NUARIO *OLY !NDALUCÓA

%

%-02%3!3 9 %-02%3!2)/3 q %#/./-·!


!NUARIO *OLY !NDALUCÓA

%-02%3!3 9 %-02%3!2)/3 q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

) . . / 6! # ) ¼ . 9 4 % # . / , / ' · ! q % # / . / - · !



!NUARIO *OLY !NDALUCÓA

%

-%2#!$/ $% 42!"!*/ q %#/./-·!


!NUARIO *OLY !NDALUCÓA

-%2#!$/ $% 42!"!*/ q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

! ' 2 ) # 5 ,4 5 2 ! 9 0 % 3 # ! q % # / . / - · !


!NUARIO *OLY !NDALUCÓA

! ' 2 ) # 5 ,4 5 2 ! 9 0 % 3 # ! q % # / . / - · !

%


!NUARIO *OLY !NDALUCÓA

%

#/.3425##)¼. q %#/./-·!


!NUARIO *OLY !NDALUCÓA

#/.3425##)¼. q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

).$5342)! 9 %.%2'·! q %#/./-·!



!NUARIO *OLY !NDALUCÓA

%

452)3-/ q %#/./-·!


!NUARIO *OLY !NDALUCÓA

452)3-/ q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

3%#4/2 0Â",)#/ q %#/./-·!


!NUARIO *OLY !NDALUCÓA

3%#4/2 0Â",)#/ q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

3)34%-! &).!.#)%2/ q %#/./-·!


!NUARIO *OLY !NDALUCÓA

3)34%-! &).!.#)%2/ q %#/./-·!

%


!NUARIO *OLY !NDALUCÓA

%

3%#4/2 %84%2)/2 q %#/./-·!


!NUARIO *OLY !NDALUCÓA

3%#4/2 %84%2)/2 q %#/./-·!

%



Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.