BCCAP000000000000097ELEC

0,*8(/$1;2 3(1$ *21=È/(= OD LQGHSHQGHQFLD SROtWLFD eVWH VHUi HO REMHWLYR IXQGDPHQWDO GH VX SURSXHVWD FRPSOHWDGD D VX YH] SRU HO WDPELpQ DJXVWLQR -XDQ GH =DSDWD \ 6DQGRYDO 3RU OR PLVPR OD SUHVHQFLD GH (VSDxD HQ $PpULFD TXHGDED MXVWL¿FDGD VyOR SRU HO ELHQ GH ORV QDWXUDOHV 2 OR TXH HV OR PLVPR PLHQWUDV GXUDVH OD SURWHFFLyQ GHO LQGLR \ VX GHVDUUROOR FLYLOL]DGRU 2. u NA BúSquEdA dE ArguMENTACIóN POLíTICA (O DFRQWHFLPLHQWR TXH GHWHUPLQy WRGD HVD HEXOOLFLyQ VRFLDO WLHQH VX DUUDQTXH HQ OD SROtWLFD OOHYDGD D FDER SRU &DUORV III &RPR UHVSXHVWD DO GHVSRWLVPR LOXVWUDGR YXHOYH D FREUDU IXHU]D HO SRSXOLVPR $PEDV LGHDV WHQtDQ XQD ODUJD WUDGLFLyQ HQ ODV TXH QR VH WUDWDED VLPSOHPHQWH GH XQ HQIUHQWDPLHQWR SROtWLFR VLQR TXH OD LGHRORJtD TXH ODV VXVWHQWDED VH LUiQ GHVSOHJDQGR HQ XQ VLQItQ GH DFRQWHFLPLHQWRV TXH VH VXFHGHUiQ HQ HVDV GpFDGDV (Q HVWH VHQWLGR ORV LQGHSHQGHQWLVWDV FRQWDEDQ FRQ DSRUWDFLRQHV FRQFUHWDV TXH DWDFDEDQ GHVGH SODQWHDPLHQWRV FOiVLFRV ODV SRVWXUDV DEVROXWLVWDV 6H WUDWDED GH XQD UHFXSHUDFLyQ GHO SHQVDPLHQWR PiV SURSLR (V HO FDVR GHO PLVPR )UDQFLVFR 6XiUH] GH¿HQGR TXH OD VREHUDQtD UDGLFD HQ HO SXHEOR GRFWULQD TXH VLVWHPDWL]D FRQWUD -DFRER I GH ,QJODWHUUD 3HUR DO PLVPR WLHPSR DFHSWDGD SRU WRGRV ORV JUDQGHV SHQVDGRUHV GH OD (VFXHOD WHROyJLFR MXUtGLFD HVSDxROD 3DUD HO MHVXLWD QR KDEtD SDUDQJyQ HQWUH OD DFWLWXG GHO 0RQDUFD LQJOpV \ OD PDQWHQLGD SRU ORV $XVWULDV \D TXH pVWRV HUDQ YHQHUDGRV SRU VX SXHEOR 6H GHFtD TXH HVWD GLQDVWtD VLHPSUH KDEtD GHIHQGLGR GRV Q~FOHRV GH LQWHUHVHV FRQVLGHUDGRV FRPR IXQGDPHQWDOHV OD &ULVWLDQGDG FDWyOLFD \ (VSDxD &I z APATA y S ANdOvAL -XDQ GH 'H LXVWLWLD GLVWULEXWLYD HW DFFHSWLRQH SHUVRQDUXP HL RSSRVLWD GLVFHSWDWLR >9DOOLVROHWL @ &DUORV %DFLHUR $QD 0 %DUUHUR -HVXV 0 *DUFtD $xRYHURV -RVp 0 6RWR HGV &6,& 0DGULG (Q UHIHUHQFLD D OD JHVWDFLyQ GH HVWH SURFHVR FI P IETSCHMANN +RUVW ³1DFLyQ H LQGLYLGXR HQ ORV GHEDWHV SROtWLFRV GH OD pSRFD SUHLQGHSHQGLHQWH HQ HO LPSHULR HVSDxRO ´ HQ á LvArEz C uArTErO ,]DVNXQ S áNCHEz g óMEz -XOLR HGV 9LVLRQHV \ UHYLVLRQHV GH OD LQGHSHQGHQFLD DPHULFDQD ,,, &RORTXLR ,QWHUQDFLRQDO GH +LVWRULD GH $PpULFD ³/D LQGHSHQGHQFLD GH $PpULFD´ 6DODPDQFD QRYLHPEUH GH (GLFLRQHV 8QLYHUVLGDG GH 6DODPDQFD 6DODPDQFD SS S uárEz )UDQFLVFR 'HIHQVLR )LGHL 3ULQFLSDWXV SROLWLFXV R OD VREHUDQtD SRSXODU (GXDUGR (ORUGX\ /XFLDQR 3HUHxD HGV &6,& 0DGULG SS >9, @ (V SUHFLVR LQVLVWLU HQ OD PHQWDOLGDG GLYHUVD TXH MXVWL¿FD HO DEVROXWLVPR GH /XLV ;,9 IUHQWH DO SHQVDPLHQWR KLVSiQLFR TXH VyOR HQ HO VLJOR ;9,,, VH GHMD DUUDVWUDU SRU OD PHQWDOLGDG IUDQFHVD eVWD TXHUtD MXVWL¿FDU HO DEVROXWLVPR SRU KDOODUOR IXQGDGR HQ HO GHUHFKR GLYLQR GH ORV UH\HV (O UH\ SRU OD JUDFLD GH 'LRV UHFLEtD GLUHFWDPHQWH GH 'LRV VX SRGHU 'H DTXt VH GHGXFtD TXH IXHUD DEVXUGD FXDOTXLHU LQWHUYHQFLyQ GHO SXHEOR HQ OD RVWHQWDFLyQ \ HQ HO XVR GHO VXSUHPR SRGHU SROtWLFR FRQFHQWUDGR HQ OD SHUVRQD VDFUD GHO 5H\ r IvErA dE v ENTOSA (QULTXH ³(O DJXVWLQLVPR SROtWLFR HQ 6XiUH]´ HQ &XDGHUQRV VDOPDQWLQRV GH )LORVRItD SS v ILLOrO /XLV /D UHYROXFLyQ GH LQGHSHQGHQFLD 81$0 0p[LFR ,G ³/DV FRUULHQWHV LGHROyJLFD GH OD ,QGHSHQGHQFLD´ HQ 99 $$ (VWXGLRV GH +LVWRULD GH OD )LORVRItD HQ 0p[LFR 81$0 0p[LFR SS