BCCAP000000000000097ELEC

'( /$ '()(16$ '(/ ,1',2 $ /$ /8&+$ 325 /$ (0$1&,3$&,Ï1 « (VWH WLSR GH OHFWXUDV LQGHSHQGHQWLVWDV EXVFDUiQ DGHPiV ORV DXWRUHV PiV DGHFXDGRV FRQ ORV FXDOHV SRGHU D¿DQ]DU DTXHOOR TXH VH HVWDED SURPRYLHQGR $Vt HQ HVWRV DxRV VH FRPLHQ]D D GHVDUUROODU OD OHFWXUD GH ODV REUDV H LGHDV GH %DUWRORPp GH /DV &DVDV eVWH DO SRQHU GH PDQL¿HVWR ORV DEXVRV DXQTXH IXHUD GH PDQHUD H[DJHUDGD VH FRQYHUWtD HQ XQ HOHPHQWR GH DSR\R PiV SDUD ORV VHFHVLRQLVWDV /D FXHVWLyQ QR HUD XQD YH] PiV VL OR GLFKR HUD YHUD] /R LPSRUWDQWH HV TXH IXHUD DGHFXDGR \ RSRUWXQR SDUD ORV LQWHUHVHV TXH VH TXHUtDQ SURPRYHU (Q HVWD OHFWXUD KDEtD XQD SUHVHQFLD VLJQL¿FDWLYD GHO SHQVDPLHQWR HODERUDGR HQ OD $OPD 0iWHU VDOPDQWLQD D OR ODUJR GH DTXHOODV GpFDGDV GHO VLJOR ;9, (Q HVWD PLVPD OtQHD 0HQpQGH] 3LGDO FRPHQWD FyPR ORV JUDQGHV DFWLYLVWDV UHFRUGDEDQ D /DV &DVDV LQVLVWHQWHPHQWH HV HO FDVR GH )UDQFLVFR GH 0LUDQGD \ GH 6LPyQ %ROtYDU HQ 9HQH]XHOD 6HUYDQGR 7HUHVD GH 0LHU HQ 0p[LFR /RV SROtWLFRV SRU WDQWR UHÀHMDQ VX XVR GHO SRSXOLVPR TXH OOHJD D ORV GLVFXUVRV SURQXQFLDGRV SRU pVWRV HQ ORV &RQJUHVRV DVt FRPR HQ ODV IyUPXODV GH ORV DUWtFXORV GH ODV &RQVWLWXFLRQHV R HQ VXV &DUWDV H LQVWUXFFLRQHV DO SXHEOR (MHPSOR GH HOOR VHUi HO PLVPR 6LPyQ %ROtYDU TXH HQ OD &RQVWLWXFLyQ EROLYLDQD OOHJD D XQD JUDQ VLPLOLWXG FRQ HO LGHDO SROtWLFR GH 6XiUH] 'H HVWD PDQHUD SDUHFH TXH ODV LQGHSHQGHQFLDV KDEtDQ VLGR DVLPLODGDV GHVGH ODV HQVHxDQ]DV TXH HO SHQVDPLHQWR KLVSiQLFR KDEtD HODERUDGR HQ DTXHOODV GLVWDQWHV pSRFDV HYRFDGRUDV $Vt VH HQWHQGtD GH PDQHUD FOiVLFD \ HO PLVPR )UDQFLVFR GH 4XHYHGR OR KDEtD H[SUHVDGR GHPDQHUDPDJQt¿FD R PiV UHFLHQWHPHQWH KLVWRULDGRUHV FRPR &DUDFFLROR 3DUUD HQ WLHUUDV YHQH]RODQDV /DV SDODEUDV GH pVWH ~OWLPR SRU HVWDU HVFULWDV GHVGH DTXHO ODGR GHO PDU UHVXOWDQ HYRFDGRUDV ³&XDQGR WDOHV FRVDV FRPSUREDPRV QR SRGHPRV PHQRV GH SURFODPDU XQD HYROXFLyQ OHQWD SURJUHVLYD QDFLRQDOLVWD ¿UPH HQ OD LQVWUXFFLyQ S~EOLFD FDUDTXHxD LQLFLDGD GHVGH ORV SURSLRV DxRV HQ TXH VH SODQWy MXQWR DO ÈYLOD HO SHQGyQ GH &DVWLOOD´ 6H SXHGH HQWHQGHU TXH XQD HQVHxDQ]D FRPR OD LPSDUWLGD SRU (VSDxD HQ ,QGLDV OOHYDED HQ Vt ORV JpUPHQHV PiV H¿FDFHV SDUD URPSHU FRQ OD 0DGUH 3DWULD HO GtD HQ TXH pVWD QR FRPSUHQGLHUD ORV LQWHUHVHV ROLJiUTXLFRV DGRUQDGRV GH OHJtWLPDV DVSLUDFLRQHV SRU SDUWH GH VXV KLMDV TXH HQWUDEDQ HQ VX PD\RUtD GH HGDG FLXGDGDQD $Vt OR TXH SRGtD KDEHU VLGR XQ SURFHVR OyJLFR GH GHVDUUROOR VH FRQYLUWLy HQ XQD GRORURVD \ FUXHQWD UXSWXUD M ENéNdEz P IdAL 5DPyQ (O 3DGUH /DV &DVDV 6X GREOH SHUVRQDOLGDG (VSDVD &DOSH 0DGULG SS q uEvEdO y v ILLEgAS )UDQFLVFR GH ³/D IRUWXQD FRQ VHVR \ OD KRUD GH WRGRV´ HQ ,G 2EUDV &RP SOHWDV , 2EUDV HQ SURVD $JXLODU 0DGULG S P ArrA L EóN &DUDFFLROR /D LQVWUXFFLyQ S~EOLFD HQ &DUDFDV V Q &DUDFDV S 3DUD XQD YLVLyQ GH FRQMXQWR \ SDUWLFXODUPHQWH FODUL¿FDGRUD FI B rEñA 5REHUWR (O SULPHU OLEH UDOLVPR HVSDxRO \ ORV SURFHVRV GH HPDQFLSDFLyQ GH $PpULFD 8QD UHYLVLyQ KLVWRULRJUi¿FD GHO OLEHUDOLVPR KLVSiQLFR (O &ROHJLR GH 0p[LFR 0p[LFR ,G ³5HOHYDQFLD \ FRQWH[WR GHO ELHQLR