Post on 19-Jul-2020
�������-FP�IB@QRO>P�AB��w�V��w�
���
�����(/�&2035$'25�'(�*5$7,78'�
(Q�HVWH�FXHQWR�GHVFXEULUHPRV�FXDO�HV�YDORU��\�ODV�FRQVHFXHQFLDV�GH�DFWXDU�VLHPSUH�GH�XQD�PDQHUD�FDULxRVD�\�JHQHURVD�FRQ�ORV�GHPiV��
$QWHV�GH�FRPHQ]DU�OD�OHFWXUD����¢6H�SXHGH�FRPSUDU�OD�JUDWLWXG"����¢4Xp�VLJQLILFD�JUDWLWXG"����¢+DEpLV�UHDOL]DGR�DOJ~Q�DFWR�HQ�TXH�OD�JUDWLWXG�KD�HVWDGR�SUHVHQWH"�
(/�&2035$'25�'(�*5$7,78'
+DFH� PXFKR� WLHPSR�� HQ� XQ� OHMDQR� UHLQR� GH� &KLQD�� YLYtD� XQ� PLQLVWUR�
OODPDGR�0RQJ��8Q� GtD� VH� SUHVHQWy� HQ� VX� SDODFLR� XQ� MRYHQ�PXFKDFKR� TXH�
EXVFDED�WUDEDMR��
� �¢4Xp�VDEHV�KDFHU"�±OH�SUHJXQWy�HO�PLQLVWUR��
� �1DGD�� VHxRU� ±UHVSRQGLy� HO� MRYHQ��� 3HUR� DSUHQGHUp� OR� TXH� VHD�
QHFHVDULR�� 6R\� KRQUDGR� \� RV� VHUYLUp� FRQ�
OHDOWDG�
� $�0RQJ�OH�JXVWy�OD�VHJXULGDG�GHO�MRYHQ�
\� GHFLGLy� FRQWUDWDUOR�� 2UGHQy� TXH� OH� GLHUDQ�
XQD� KDELWDFLyQ�� URSDV� DGHFXDGDV�� VXILFLHQWH�
FRPLGD�\�XQ�SHTXHxR�VXHOGR��
� 7LHPSR� GHVSXpV�� OOHJDURQ� D� SDODFLR�
QRWLFLDV� VREUH� OD� OHMDQD� DOGHD� GH� 6XH�� /RV�
YHFLQRV� OOHYDEDQ� DxRV� VLQ� SDJDU� VXV�
LPSXHVWRV�\�OD�GHXGD�FRQWUDtGD�VXPDED�XQD�LPSRUWDQWH�FDQWLGDG��$GHPiV��
WUHV�HQYLDGRV�GHO�PLQLVWUR�KDEtDQ�WHQLGR�TXH�KXLU�SRUTXH�ORV�KDELWDQWHV�GH�
OD�DOGHD�DPHQD]DEDQ�FRQ�PDWDUORV��
� �¢3RU�TXp�QR�GHMiLV�TXH�YD\D�\R�D�OD�DOGHD"�±�OH�URJy�HO�MRYHQ�VLUYLHQWH�
DO�PLQLVWUR��
�������-FP�IB@QRO>P�AB��w�V��w�
���
� �(V�XQD�PLVLyQ�PX\�SHOLJURVD�±UHVSRQGLy�0RQJ��¢6DEHV�TXH�DUULHVJDV�
WX�YLGD"��
� �6t�� VHxRU�� 3HUR� \D� HV� KRUD� GH� TXH� \R� FRUUHVSRQGD� D� YXHVWUD�
JHQHURVLGDG��
� (O� PLQLVWUR� 0RQJ� DFFHGLy� D� ORV� UXHJRV� GHO� MRYHQ� \� RUGHQy� TXH�
SUHSDUDUDQ�WRGR�OR�QHFHVDULR��$QWHV�GH�LUVH��HO�PXFKDFKR�
VH�SUHVHQWy�DQWH�HO�PLQLVWUR�\�OH�SUHJXQWy��
� �¢4XHUpLV�TXH�RV�WUDLJD�DOJR�GH�DTXHO��
OHMDQR�OXJDU"�
� �1R�QHFHVLWR�QDGD��3HUR��VL�TXLHUHV��DQWHV�
�GH�SDUWLU��PLUD�HQ�HO�SDODFLR�\�VL�PH�IDOWD�DOJR�
WUiHPHOR��
� (O� MRYHQ� GLR� XQD� YXHOWD� SRU� HO� SDODFLR� SDUD� YHU�
TXp� OH� IDOWDED�DO�PLQLVWUR�\� OXHJR�SDUWLy�KDFLD� OD�DOGHD��
&XDQGR�OOHJy�DOOt��ORV�YHFLQRV�OH�UHFLELHURQ�FRQ�FDUD�GH�SRFRV�DPLJRV�
� (O�MRYHQ�KDEOy�FRQ�ORV�YHFLQRV��H[DPLQy�VXV�GHXGDV�\�GHVSXpV�GLMR��
� �0L� VHxRU� KD� GHFLGLGR� SHUGRQDURV� OR� TXH� GHEpLV�� (VWiLV� OLEUHV� GH�
FDUJDV��
� �£4XH�OD�IRUWXQD�DFRPSDxH�D�QXHVWUR�GDGLYRVR�VHxRU��±H[FODPDURQ�ORV�
YHFLQRV��
� &XDQGR� GtDV� GHVSXpV� HO� MRYHQ� UHJUHVy� D�
SDODFLR��HO�PLQLVWUR�OH�PDQGy�OODPDU�\�OH�SUHJXQWy�
VL�KDEtD�FREUDGR�ODV�GHXGDV��
� �3XHV«� YHUpLV�� VHxRU� ±FRQWHVWy� HO� MRYHQ�
�'HVSXpV� GH� PLUDU� HQ� HO� SDODFLR� FRPSUHQGt� TXH�
HUDLV� XQ� KRPEUH� LQPHQVDPHQWH� ULFR�� SHUR� TXH�
KDEtD� XQD� FRVD� TXH� QR� WHQtDLV�� HO� FDULxR� \� HO�
DJUDGHFLPLHQWR�GH�OD�JHQWH��3RU�HVR�GHFLGt�SHUGRQDU�ODV�GHXGDV�\�WUDHURV�D�
FDPELR�HVWH�UHJDOR��OD�JUDWLWXG�GH�WRGR�XQ�SXHEOR��
�������-FP�IB@QRO>P�AB��w�V��w�
���
� (O� PLQLVWUR� 0RQJ� QR� VXSR� TXp� GHFLU�� 'HVGH� OXHJR�� DTXHO� PXFKDFKR�
WHQtD�WRGD�OD�UD]yQ��DXQTXH�SRU�VX�FXOSD�KDEtD�SHUGLGR�XQD�LPSRUWDQWH�VXPD�
GH� GLQHUR�� $QWH� HO� DVRPEUR� GH� WRGRV�� 0RQJ� GHFLGLy� SHUGRQDU� DO� MRYHQ�
VLUYLHQWH�\�ROYLGDU�OR�RFXUULGR��
� 3DVDGRV�ORV�DxRV��XQD�WHUULEOH�LQYDVLyQ�REOLJy�D�0RQJ�D�DEDQGRQDU�VX�
SDODFLR�\�D�KXLU��
� �1R�RV�SUHRFXSpLV��VHxRU�±GLMR�HO�MRYHQ�VLUYLHQWH���,UHPRV�D�XQ�OXJDU�HQ�
HO�TXH�VHUHPRV�ELHQ�UHFLELGRV��
� <�HO�PXFKDFKR�OOHYy�D�0RQJ�D�OD�DOGHD�GH�6XH��&XDQGR�OOHJDURQ�DOOt��ORV�
YHFLQRV�ORV�UHFLELHURQ�HQWUH�DFODPDFLRQHV��
� �1R�KHPRV�ROYLGDGR�OR�TXH�KLFLVWH�SRU�QRVRWURV�±GLMHURQ�ORV�YHFLQRV���
£7H�GHEHPRV�JUDWLWXG�HWHUQD��VHxRU�0RQJ��
� <� DVt� IXH� FRPR� 0RQJ� SXGR� SDVDU� HO� UHVWR� GH� VXV� GtDV� HQ� DTXHOOD�
SHTXHxD� DOGHD�� JUDFLDV� DO� UHJDOR� TXH� DxRV� DWUiV� OH� KDEtD� KHFKR� VX� MRYHQ�
VLUYLHQWH��HO�FDULxR�\�OD�JUDWLWXG�GH�WRGR�XQ�SXHEOR��
%DVDGR�HQ�(��3��*$7Ï1�H�,�+:$1*��&XHQWRV�GH�OD�&KLQD�PLOHQDULD��
�������-FP�IB@QRO>P�AB��w�V��w�
���
&RPSUXHED�VL�KDV�FRPSUHQGLGR������(/�&2035$'25�'(�*5$7,78'�
���¢'yQGH�RFXUUH�OD�KLVWRULD"� ����¢4Xp�TXHUtD�HO�MRYHQ�TXH�OOHJy�DO�UHLQR"�
���4Xp�GRV�YLUWXGHV�GLMR�HO�MRYHQ�TXH�WHQtD���KRQUDGH]�\�OHDOWDG�����ERQGDG�\�ILHO��EHOOH]D�\�YDORU�����������OHDOWDG�\�YDORU�
����(O�VHxRU�GH�OD�KLVWRULD�¢FyPR�VH�OODPDED"�
¢4Xp�FDUJR�WHQtD"�
����¢4Xp�RUGHQy�HO�PLQLVWUR�TXH�OH�GLHUDQ�DO�MRYHQ"�
����¢3RU�TXp�FRQWUDWy�HO�PLQLVWUR�DO�MRYHQ"�
����(OLJH�OD�UHVSXHVWD�YHUGDGHUD��
� /RV�YHFLQRV�GH�OD�DOGHD�GH�6XH�VXIUtDQ�XQD�JUDQ�VHTXtD��
� (O�HQHPLJR�KDEtD�LQYDGLGR�OD�DOGHD�GH�6XH��
� /RV�YHFLQRV�GH�OD�DOGHD�GH�6XH�OOHYDEDQ�DxRV�VLQ�SDJDU�ORV�LPSXHVWRV��
� /RV�YHFLQRV�GH�6XH�HUDQ�PX\�ULFRV�
����'L�VL�HV�YHUGDGHUR�9��R�IDOVR�)���
� (O�MRYHQ�OH�GLMR�DO�PLQLVWUR�TXH�KDEtD�FREUDGR�WRGDV�ODV�� �GHXGDV���������
� (O�MRYHQ�GHFLGLy�SHUGRQDU�ODV�GHXGDV�SDUD�WUDHUOH�D�FDPELR�OD�JUDWLWXG�GHO�SXHEOR���������
� (O�PLQLVWUR�0RQJ�SHUGRQy�DO�MRYHQ�\�ROYLGy�OR�RFXUULGR���������
� (O�MRYHQ�OH�WUDMR�PXFKRV�UHJDORV�DO�PLQLVWUR���������
����¢3RU�TXp�TXHUtD�HO�MRYHQ�LU�D�OD�DOGHD"�
�����¢4Xp�KL]R�HO�MRYHQ�FXDQGR�OOHJy�D�OD�DOGHD"�
�����¢4Xp�OHV�RFXUULy�D�ORV�WUHV�HQYLDGRV�GHO�PLQLVWUR"�
�����¢3RU�TXp�HO�MRYHQ�TXLVR�KDFHUOH�XQ�UHJDOR�WDQ�HVSHFLDO�DO�PLQLVWUR"�
�������-FP�IB@QRO>P�AB��w�V��w�
���
�����(O�PLQLVWUR�OH�GLMR�DO�MRYHQ�TXH�HUD�XQD�PLVLyQ�SHOLJURVD��%XVFD�HQ�OD�OHFWXUD�HO�SiUUDIR�HQ�HO�TXH�VH�H[SOLFD�HO�ULHVJR�TXH�WHQtD�OD�PLVLyQ��
����([SOLFD�SDUD�TXp�OH�VLUYLy�D�0RQJ�HO�UHJDOR�GHO�MRYHQ�SDVDGRV�ORV�DxRV��
�����¢6L�HO�PLQLVWUR�QR�KXELHUD�DFRJLGR�DO�MRYHQ�FRPR�OR�KL]R�KXELHUD�WHUPLQDGR�ELHQ�OD�KLVWRULD"�
�����(O�MRYHQ�IXH���YHFHV�D�OD�DOGHD�GH�6XH��¢/RV�KDELWDQWHV�GH�OD�DOGHD�OR�UHFLELHURQ�IHOLFHV�ODV�GRV�YHFHV"�
�����¢4Xp�QRV�HQVHxD�HVWD�OHFWXUD"�
�����¢3LHQVDV�TXH�HV�LPSRUWDQWH�OD�JUDWLWXG"�&XHQWD�DOJXQD�H[SHULHQFLD�HQ�OD�TXH���KD\DV�VHQWLGR�JUDWLWXG�SRU�DOJXLHQ�
�����¢7H�KD�PRVWUDGR�DOJXLHQ�DOJXQD�YH]�JUDWLWXG�SRU�DOJR"�¢&yPR�OR�KL]R"�
�������-FP�IB@QRO>P�AB��w�V��w�
���
�����¢4Xp�KDEUtDV�KHFKR�W~�HQ�HO�OXJDU�GHO�PXFKDFKR"�¢<�HQ�HO�GHO�PLQLVWUR"�
$SURYHFKDPRV�\�HVWXGLDPRV�XQ�SRFR�D�OD�QDFLyQ�GH�&KLQD��
¢&XiO�HV�OD�FDSLWDO�GH�&KLQD"�
(VFULEH�HO�QRPEUH�GH���FLXGDGHV�GH�&KLQD��
¢4Xp�2FpDQR�EDxD�ODV�FRVWDV�GH�&KLQD"�
(Q�HO�PDSD��DGHPiV�GH�&KLQD��DSDUHFHQ���QDFLRQHV�PiV�¢&XiOHV�VRQ"�
(VSDxD�WLHQH�XQRV����PLOORQHV�GH�KDELWDQWHV�¢&XiQWRV�WHQGUi�&KLQD"������PLOORQHV�����������PLOORQHV�������������PLOORQHV������������PLOORQHV�
&KLQD�HV�PiV�JUDQGH�TXH�(VSDxD��DSUR[LPDGDPHQWH�XQDV�����YHFHV�PiV�JUDQGH�����YHFHV�PiV�JUDQGH������YHFHV�PiV�JUDQGH�
/DV�OHWUDV�TXH�XWLOL]DQ�ORV�FKLQRV�¢VRQ�LJXDOHV�TXH�ODV�QXHVWUDV"�