$Vt TXH HO SXQWR FHQWUDO GH HVWD FXHVWLyQ HV HO VLJXLHQWH ¢'yQGH VH HQFXHQWUD OD IXQGDPHQ: WDFLyQ pWLFD GH ODV GHOLEHUDFLRQHV SROtWLFDV" /D WUDGLFLyQ FDWyOLFD PDQWLHQH TXH ODV QRUPDV JKc6D4FHG& ^HEH& [CH& HII4_C& c[GDH& L6& RJK46ECJ& GJC& HII6G4K56G& H& 5H& EHX_C%& ^E6GI4CL46CLJ& L65& IJCD6C4LJ& L6& 5H& E6F65HI4_C`& )C& 6GD6& G6CD4LJ%& 65&^H^65&L6&5H&E654R4_C&6C&65&L6KHD6&^J5SD4IJ&CJ& 6G& DHCDJ& ^EJ^JEI4JCHE& L4I3HG& CJETHG%& IJTJ& G4& CJ& ^[L46EHC& IJCJI6E5HG& 5JG& CJ& IE6a6CD6G`& -6CJG& HYC& ^EJ^JC6E& GJ5[I4JC6G& ^J5SD4IHG& FRQFUHWDV DOJR TXH HVWi WRWDOPHQWH IXHUD GH OD IJT^6D6CI4H&L6&5H&E654R4_C`&.[&^H^65&IJCG4GD6& PiV ELHQ HQ D\XGDU D SXULÀFDU H LOXPLQDU OD H^54IHI4_C& L6& 5H& EHX_C& H5& L6GI[KE4T46CDJ& L6& ^E4CI4^4JG&TJEH56G&JKc6D4FJG`&)GD6&^H^65&jIJ: EE6IDJEk&L6&5H&E654R4_C&E6G^6IDJ&H&5H&EHX_C&CJ& G46T^E6&3H&G4LJ&K46CF6C4LJ%&6C&^HED6&L6K4LJ& H&6d^E6G4JC6G&L6\JETHLHG&L6&5H&E654R4_C%&DH56G& IJTJ& 65& G6IDHE4GTJ& a& 65& \[CLHT6CDH54GTJ%& TXH SXHGHQ VHU SHUFLELGDV FRPR JHQHUDGR: EHG&L6&G6E4JG&^EJK56THG&GJI4H56G`&,&H&G[&F6X%& L4I3HG& L4GDJEG4JC6G& L6& 5H& E654R4_C& G[ER6C& FXDQGR VH SUHVWD XQD DWHQFLyQ LQVXÀFLHQWH DO SDSHO SXULÀFDGRU \ YHUWHEUDGRU GH OD UD]yQ E6G^6IDJ&H&5H&E654R4_C`&.6&DEHDH&L6&[C&^EJI6GJ& 6C&LJK56&G6CD4LJ`&.4C&5H&Ha[LH&IJEE6IDJEH&L6& 5H&E654R4_C%&5H&EHX_C&^[6L6&G6E&DHTK4]C&^E6GH& L6&L4GDJEG4JC6G%&IJTJ&I[HCLJ&6G&THC4^[5HLH& ^JE&5HG&4L6J5JRSHG&J&G6&H^54IH&L6&\JETH&^HEI4H5& 6C& L6DE4T6CDJ& L6& 5H& IJCG4L6EHI4_C& ^56CH& L6& 5H&L4RC4LHL&L6&5H&^6EGJCH&3[THCH`&(6G^[]G& GH WRGR GLFKR DEXVR GH OD UD]yQ IXH OR TXH ^EJFJI_&5H&DEHDH&L6&6GI5HFJG&6C&^E4T6E&5[RHE& a&JDEJG&T[I3JG&TH56G&GJI4H56G%&6C&^HED4I[5HE& 5H& L4\[G4_C& L6& 5HG& 4L6J5JRSHG& DJDH54DHE4HG& L65& VLJOR ;; 3RU HVR GHVHR LQGLFDU TXH HO PXQGR GH OD UD]yQ \ HO PXQGR GH OD IH ³HO PXQGR L6&5H&EHI4JCH54LHL&G6I[5HE&a&65&T[CLJ&L6&5HG& FUHHQFLDV UHOLJLRVDV³ QHFHVLWDQ XQR GH RWUR a& CJ& L6K6ESHC& D6C6E& T46LJ& L6& 6CDHK5HE& [C& L4b5JRJ&^EJ\[CLJ&a&IJCD4C[J%&^JE&65&K46C&L6& C[6GDEH&I4F454XHI4_C`
).*5:3*47./9.4.:3*L0.9:3* M;-*3:30.-/-/*-5*47:9-3:* 2-E:97=0.9:*/:*3-*7.8-/*4:7* /121*E=3*3I5.2:*M;-*-5*E-7:* 9:/3-/3:*3:9.15G*-/0:/9-3* -30-*47:9-3:*3-*47-3-/01* -@.2-/0-E-/0-*<7=8.5A*(M;P* 7-3.2-*-5*@-7212-7:*2-31<P:* 4171*51*2-E:9719.1A )C&JDEHG&^H5HKEHG%&5H&E654R4_C&CJ&6G&[C&^EJK56: PD TXH ORV OHJLVODGRUHV GHEDQ VROXFLRQDU VLQR [CH&IJCDE4K[I4_C&F4DH5&H5&L6KHD6&CHI4JCH5`&(6G: GH HVWH SXQWR GH YLVWD QR SXHGR PHQRV TXH THC4\6GDHE&T4&^E6JI[^HI4_C&^JE&5H&IE6I46CD6& THER4CHI4_C& L6& 5H& E654R4_C%& 6G^6I4H5T6CD6& L65& IE4GD4HC4GTJ%& 6C& H5R[CHG& ^HED6G%& 4CI5[GJ& HQ QDFLRQHV TXH RWRUJDQ XQ JUDQ pQIDVLV D OD WROHUDQFLD +D\ DOJXQRV TXH GHVHDQ TXH OD YR] GH OD UHOLJLyQ VH VLOHQFLH R DO PHQRV TXH G6&E656R[6&H&5H&6G\6EH&T6EHT6CD6&^E4FHLH`&BHa& TXLHQHV HVJULPHQ TXH OD FHOHEUDFLyQ S~EOLFD GH ÀHVWDV FRPR OD 1DYLGDG GHEHUtD VXSULPLUVH VHJ~Q OD GLVFXWLEOH FRQYLFFLyQ GH TXH pVWD J\6CL6&H&5JG&T46TKEJG&L6&JDEHG&E654R4JC6G&J& GH QLQJXQD < KD\ RWURV TXH VRVWLHQHQ ³SD: EHL_c4IHT6CD6& IJC& 5H& 4CD6CI4_C& L6& G[^E4T4E& OD GLVFULPLQDFLyQ³ TXH D ORV FULVWLDQRV TXH L6G6T^6fHC&[C&^H^65&^YK54IJ&G6&56G&L6K6ESH& SHGLU D YHFHV TXH DFW~HQ FRQWUD VX FRQFLHQFLD NGDJG&GJC&G4RCJG&^E6JI[^HCD6G&L6&[C&\EHIHGJ& 6C&65&H^E6I4J&CJ&G_5J&L6&5JG&L6E6I3JG&L6&5JG& IE6a6CD6G& H& 5H& 54K6EDHL& L6& IJCI46CI4H& a& H& 5H& 54K6EDHL&E654R4JGH%&G4CJ&DHTK4]C&L65&56RSD4TJ& ^H^65&L6&5H&E654R4_C&6C&5H&F4LH&^YK54IH`&Q[4: G46EH&4CF4DHE&H&DJLJG&[GD6L6G%&^JE&DHCDJ%&6C&G[G& UHVSHFWLYRV FDPSRV GH LQÁXHQFLD D EXVFDU T6L4JG&L6&^EJTJI4_C&a&\JT6CDJ&L65&L4b5JRJ& 6CDE6& \6& a& EHX_C& 6C& DJLJG& 5JG& bTK4DJG& L6& 5H& YLGD QDFLRQDO «
&l2%)#$"4c&H8`hd`A-H-o
H 811