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HOHYDLUHDOPHQWHVHVDERWDUGDQGRjSROtFLDWHPSRSDUDHQFRQWUDUHGHVPRQWDUR
VHXPRWLYRGHRUJXOKRHDOHJULD"
'DPRV WDQWR FUpGLWR jV SDODYUDV &RORTXHL XPD ERPED TXH
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XP PLOKmR GH GyODUHV HP PRHGD FRUUHQWH QR MDUGLP GLDQWH GR VHX SUpGLR
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( TXDQGR D SHVVRD TXH WHOHIRQD VH FRQWUDGL]" 3ULPHLUR IDOD TXH FRORFRX
XPDERPEDQRVDJXmRGH]PLQXWRVGHSRLVWRUQDDOLJDUGL]HQGRTXHQmRFRORFRX
QHQKXPDERPEDQRVDJXmR3DUDPRVGHSURFXUDUHGHL[DPRVWRGRPXQGRYROWDU
DR WUDEDOKR" ( TXDQGR D PHVPD DPHDoD TXH QRV IH] HYDFXDU R SUpGLR QD
VHJXQGDIHLUD DFRQWHFH GH QRYR QD WHUoD H GHSRLV QD TXDUWD" 4XDQGR p TXH
GHL[DUHPRVGHWUDWDURVDPHDoDGRUHVDQ{QLPRVFRPRVHIRVVHPDVSHVVRDVPDLV
GLJQDV GH FUpGLWR TXH Mi FRQKHFHPRV VH GH IDWR TXDVH  SRU FHQWR GHVVHV
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SUHYLV}HV
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SRVVtYHO R TXH VmR DV DPHDoDV 3RU H[HPSOR VH DOJXpP TXH DPHDoD H[SORGLU
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LPDJHQV YLROHQWDV 7RGRV YRFrV YmR H[SORGLUHP SHGDFLQKRV  RX TXH HVWi
DJLWDGR H DJUHVVLYR QmR HVWi VH FRPSRUWDQGR FRPR DOJXpP TXH Yi UHDOPHQWH
H[SORGLUXPDERPED$PDLRULDGRVYHUGDGHLURVDWHQWDGRVDERPEDpFRPHWLGD
SHOR WLSR GH SHVVRD SDFLHQWH (X WH SHJR QD KRUD FHUWD FDSD] GH DGLDU DV VXDV
HPRo}HV SDUD RXWUR GLD (OHV H[SUHVVDP D UDLYD H[SORGLQGR DV FRLVDV H QmR
GDQGR WHOHIRQHPDV KRVWLV ,URQLFDPHQWH TXHP H[SORGH ERPEDV QmR WHP
SHUVRQDOLGDGHH[SORVLYD
&RPR DV DPHDoDV GH ERPEDV OHYDQWDP WDQWDV TXHVW}HV VREUH D
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'HYHPRV FRQWDU DRV IXQFLRQiULRV VREUH DV DPHDoDV SDUD TXH HOHV PHVPRV
GHFLGDP"&RPRDYDOLDUDVDPHDoDV"$TXHPQRWLILFDU"QRVVRHVFULWyULRDMXGD
HPSUHVDVDHVWDEHOHFHUHPSROtWLFDVGHUHDomRjVDPHDoDVGHERPE$$PDLRULD
GDV JUDQGHV TXHVW}HV SRGHP VHU UHVSRQGLGDV FRP DQWHFHGrQFLD SDUD QLQJXpP
ILFDUSURFXUDQGRRLQWHUUXSWRUGDOX]QRHVFXUR6HPHVWDDERUGDJHPDVGHFLV}HV
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WRGDV DV DPHDoDV R FRQWH[WR p D FKDYH 8PD DPHDoD GLULJLGD D XP HYHQWR
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PtGLDGRPXQGRLQWHLURVHUiDYDOLDGDGHIRUPDGLIHUHQWHGRTXHVHDVPHVPDV
SDODYUDVWLYHVVHPFRPRDOYRXPVKRSSLQJFHQWHU


$OJXQV DPHDoDGRUHV VmR WmR GHVRUJDQL]DGRV TXH PRGLILFDP VXDV
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GL]HP9mRWRGRVSHORVDUHVHPXPDKRUDHPVHJXLGDGL]HP9RFrVGHYHULDP
PRUUHUHGHSRLV6XDKRUDYDLFKHJDUSURPHWR&KDPDPRVHVWDVUHWLILFDo}HV
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FRUWDUYRFrHPSHGDFLQKRVpXPDGDVPDLVFRPXQV7DPEpPpFRPXP9RX
HVWRXUDU RV VHXV PLRORV &RP IUHTrQFLD HQWUHWDQWR R FRQWH~GR p EHP PHQRV
VLJQLILFDWLYRGRTXHRFRQWH[WRHDHVFROKDGDVSDODYUDVDODUPDQWHVHPJHUDOIDOD
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DOJXpP 9RX HVWRXUDU RV VHXV PLRORV RX 9RX WH PDWDU FRPR XP FDFKRUUR
SRGHP GHSHQGHQGR GR FRQWH[WR SUHQXQFLDU XP ULVFR PHQRU GR TXH D VLPSOHV
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0DV SDODYUDV DODUPDQWHV ID]HP D SHVVRD UHDJLU DGRWDQGR XPD DWLWXGH
GHIHQVLYD SVLFRORJLFDPHQWH IDODQGR (PERUD FRLVDV EL]DUUDV RX FKRFDQWHV QmR
FRVWXPHP QRV FRORFDU HP QHQKXP ULVFR UHDO D LQFHUWH]D VREUH R ULVFR QRV
DVVXVWD H LVWR FDXVD XP SUREOHPD TXDQGR HVWDPRV DWRUGRDGRV RX GLVWUDtGRV
HUJXHPRVXPDSRQWHOHYDGLoDDGDSHUFHSomRDTXHODPHVPDTXHSUHFLVDPRV
FUX]DUSDUDWHUr[LWRQDVSUHYLV}HV
1RV~OWLPRVWULQWDDQRVOLYLHRXYLDVDPHDoDVPDLVFULDWLYDVPHGRQKDV
GHVDJUDGiYHLV H EHPLQIRUPDGDV GR PXQGR $SUHQGL TXH p LPSRUWDQWH UHDJLU
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HFRPHoDPRVDID]HULVVRFRPRFRUSR
3RU H[HPSOR XPD DPHDoD GH PRUWH FRPXQLFDGD SRU FDUWD RX WHOHIRQH
QmRSRGHUHSUHVHQWDUXPULVFRLPHGLDWRPDVTXHPDUHFHEHSRGHFRPHoDUDVH
SUHSDUDUILVLFDPHQWHSDUDRSHULJRDXPHQWDQGRRIOX[RVDQJtQHRQRVEUDoRVH
SHUQDV SDUD OXWDU RX FRUUHU  OLEHUDQGR FRUWLFyLGHV TXH DMXGDP R VDQJXH D
FRDJXODU PDLV UiSLGR QR FDVR GH IHULPHQWRV  H iFLGR OiFWLFR TXH DTXHFHP RV
P~VFXORV SDUD SUHSDUiORV SDUD R HVIRUoR  IRFDOL]DQGR D YLVmR H DFHOHUDQGR
UHVSLUDomR H EDWLPHQWRV FDUGtDFRV SDUD VXSRUWDU WRGRV HVWHV VLVWHPDV (VWDV
UHDo}HV VmR YDOLRVDV TXDQGR R SHULJR HVWi SUHVHQWH FRPR TXDQGR .HOO\  VH
OHYDQWRXHVDLXGRDSDUWDPHQWR PDVSDUDDYDOLDURVULVFRVIXWXURVSHUPDQHFHU
FDOPR SURGX] PHOKRUHV UHVXOWDGRV 8PD IRUPD GH VH FRQVHJXLU LVWR p
SHUJXQWDQGR H UHVSRQGHQGR FRQVFLHQWHPHQWH R VHJXLQWH (VWRX HP SHULJR LP
LQHQWH" 6HX FRUSR TXHU TXH YRFr DIDVWH HVWD G~YLGD H WHQGR IHLWR LVWR YRFr
HVWDUiOLYUHSDUDSHUFHEHURTXHHVWiDFRQWHFHQGR
2 JUDQGH LQLPLJR GD SHUFHSomR H SRUWDQWR GDV ERDV SUHYLV}HV p R
MXOJDPHQWR $V SHVVRDV FRVWXPDP DSUHQGHU DSHQDV R VXILFLHQWH VREUH DOJXPD
FRLVD SDUD MXOJDU VH SHUWHQFH D HVWD RX jTXHOD FDWHJRULD (ODV REVHUYDP XPD
FRQGXWD EL]DUUD H GL]HP (VWH VXMHLWR HVWi PDOXFR -XOJDPHQWRV VmR RV
HVFDQLQKRVDXWRPiWLFRVRQGHXPDSHVVRDRXVLWXDomRpFRORFDGDSRUTXHD,JXPD
FDUDFWHUtVWLFD p IDPLOLDU DR REVHUYDGRU SRUWDQWR VHMD TXDO IRUR VLJQLILFDGR
DQWHULRU GDTXHOD FDUDFWHUtVWLFD GHYH VHU R PHVPR DJRUD  $ IDPLOLDULGDGH p
FRQIRUWiYHO PDV HVVHV MXOJDPHQWRV ID]HP FDLU D FRUWLQD HIHWLYDPHQWH
LPSHGLQGRRREVHUYDGRUGHYHURUHVWRGDSHoD
2XWUD RFDVLmR HP TXH DV SHVVRDV GHL[DP GH YHU QRYDV LQIRUPDo}HV p
TXDQGR SUHPDWXUDPHQWH MXOJDP DOJXpP FXOSDGR RX LQRFHQWH /HPEUHVH GD
KLVWyULD GD PXOKHU TXH WLQKD FHUWH]D GH TXH DV DPHDoDV TXH UHFHELD HUDP GR
KRPHPTXHHODKDYLDSURFHVVDGR$RPHFRQWDUVREUHLVVRHODIRUQHFHXGHWDOKHV
GHVQHFHVViULRVSDUDDKLVWyULD GHWDOKHVTXHHXFKDPRGHVDWpOLWHV )XLFDSD]GH
RXYLORV FRPR R TXH UHDOPHQWH HUDP  LQIRUPDo}HV YDOLRVDV  PDV HOD QmR
SRUTXH Mi WLQKD VH GHFLGLGR SRU XP GHWHUPLQDGR VXVSHLWR IHFKDQGR DVVLP DV
SRUWDVGDSHUFHSomR
2 RSRVWR WDPEpP SRGH DFRQWHFHU FRPR QRV FDVRV HP TXH DV SHVVRDV
H[FOXHPXPVXVSHLWRHPSDUWLFXODU(QFRQWUHRVDWpOLWHQDKLVWyULDGH6DOO\ 
$OJXpP HVWi PH DWHUURUL]DQGR H WHQKR TXH GHVFREULU TXHP p +i
DOJXPDVVHPDQDVXPFDUURVXELXDODGHLUDDWpDPLQKDFDVDHRPRWRULVWDILFRX
ROKDQGRIL[DPHQWHSDUDDSRUWDGHHQWUDGD(XSLVTXHLDVOX]HVGDYDUDQGDHHOH
VHIRL$FRQWHFHXDPHVPDFRLVDQRGLDVHJXLQWH$tFRPHoDUDPRVWHOHIRQHPDV
8PDYR]PDVFXOLQDGL]LD
9RFrWHPTXHVHPXGDUHVWHQmRpXPOXJDUVHJXLR
SDUD XPD PXOKHU VR]LQKD 1mR p OXJDU SDUD YRFr
 7LYH VRUWH HP FRQKHFHU
5LFKDUG%DUQHVSRXFRVGLDVGHSRLVRVXMHLWRSDUDTXHPHVWRXYHQGHQGRDPLQKD
FDVD ( VDEH GR TXH PDLV" (OD p UHDOPHQWH PXLWR LVRODGD SDUD XPD PXOKHU
VR]LQKD
4XDOpRVDWpOLWHRGHWDOKHLJQRUDGR"2QRPHGRKRPHPSDUDTXHPHOD
HVWiYHQGHQGRDFDVD
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FRPSUDQGRDFDVDHFDLXGRFpX8PGLDHXHVWDYDSHJDQGRDFRUUHVSRQGrQFLD
TXDQGR HOH SDVVRX FRUUHQGR H FRPHoDPRV D FRQYHUVDU (OH GLVVH TXH JRVWDYD
PXLWRGDVMDQHODVGDPLQKDFDVDHXPDFRLVDOHYRXDRXWUD1RGLDVHJXLQWHHOH
IH]XPDRIHUWD
(RVWHOHIRQHPDVDQ{QLPRVTXHHVWDYDPDVVXVWDQGRYRFr"
(XILTXHLSUHRFXSDGDDFKDQGRTXHDTXHODSHVVRDSRGHULDPHPDFKXFDU
pFODUR
0DVHODOKHGLVVHTXHYRFrWLQKDTXHVHPXGDU$VXDPXGDQoDGDOLQmR
VHULDQHQKXPDYDQWDJHPSDUDDOJXpPFRPLQWHQomRGHPDFKXFiOD3DUDTXHP
VHULD~WLODVXDPXGDQoD"
3DUD QLQJXpP >8PD SDXVD@ $OJXpP TXH TXLVHVVH FRPSUDU D PLQKD
FDVD"
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TXH5LFKDUG%DUQHVPRUDYDQXPEDLUURGLVWDQWHPDLVGHXPDKRUDGDOL3RUWDQWR
SRUTXHHVWDYDSUDWLFDQGRMRJJLQJQREDLUURGH6DOO\ "(OHFRQKHFLDGHWDOKHVVREUH
D FDVD GHOD DV MDQHODV  Vy SHUFHELGRV SRU TXHP SDVVD GH FDUUR SHOD HVWUDGD
6DOO\ WLQKDIHLWRXPMXOJDPHQWRTXHRH[FOXtDFRPRVXVSHLWRHFRHUHQWHPHQWH
QmRSHQVRXPDLVQHOH
9LVWR TXH R PRWLYR GH TXDVH WRGDV DV DPHDoDV DQ{QLPDV p LQIOXHQFLDU
XPD FRQGXWD VXJLUR DRV FOLHQWHV TXH SHUJXQWHP TXHP VH EHQHILFLDULD FRP DV
DWLWXGHV WRPDGDV FDVR HODV DFUHGLWHP QD FRQFUHWL]DomR GDV DPHDoDV ,VWR FRP
IUHTrQFLDOHYDjLGHQWLILFDomRGDSHVVRDTXHHVWiDPHDoDQGR


8PDIRUPDFRPXPGHLQWLPLGDomRUDUDPHQWHDQ{QLPDpDH[WRUVmR1RV
FDVRV FRPXQV GH H[WRUVmR XP LQGLYtGXR DPHDoD UHYHODU LQIRUPDo}HV TXH
VHJXQGRVXDVSUHYLV}HVVHUmRGDQRVDVHVHRIHUHFHSDUDPDQWHUVHJUHGRHPWURFD
GHXPDUHFRPSHQVD&RPRDVYtWLPDVHQmRRVDPHDoDGRUHVpTXHGHFLGHPR
YDORUGDDPHDoDDVXDIRUPDGHUHDJLUGHILQHRSUHoR
$DPHDoDGHH[WRUVmRSURYHUELDOpQDYHUGDGHXPDLQWLPLGDomRSRUTXH
FRQWpP DV SDODYUDV VH RX HQWmR D QmR VHU DWp TXH 6H QmR PH GHU GH] PLO
GyODUHVFRQWRSDUDVXDPXOKHUTXHYRFrWHPXPDDPDQWH$PHOKRUUHDomRp
8P PRPHQWR YRX SDVVDU R WHOHIRQH SDUD PLQKD PXOKHU H YRFr IDOD FRP HOD
DJRUDPHVPR&RPHVVDUHDomRDDPHDoDSHUGHRYDORU6HYRFrpFDSD]GH
FRQYHQFHUXPFKDQWDJLVWDGHTXHRGDQRTXHDPHDoDFDXVDUQmRRSHUWXUEDQR
PtQLPR SRGHUi QHJRFLDU PHOKRU (P PXLWRV FDVRV VHUi FDSD] GH QHXWUDOL]DU
WRWDOPHQWHDTXHVWmR
$R FRQWUiULR UHDJLU FRP V~SOLFDV H FRQGHVFHQGrQFLDV DXPHQWD R YDORU
TXH R FKDQWDJLVWD HVWi GDQGR j VXD DPHDoD 2 GDQR TXH HVWi VHQGR DPHDoDGR
SRGH VHU WmR LQWROHUiYHO SDUD D YtWLPD TXH SDUHFH YDOHU D SHQD SDJDU SHOR
VLOrQFLR )UHTHQWHPHQWH R FDPLQKR HVWDUi SUHSDUDGR SDUD HOD RXYLU GH QRYR
HVVD PHVPD DPHDoD SRLV TXHP FRQVHJXH H[WRUTXLU GLQKHLUR XPD YH] YROWD DR
UHOXWDQWHEDQFR
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UDUDPHQWH UHFRPHQGH LVVR $OpP GR TXH FKDPR GH H[WRUVmR OHJDO FDUWDV GH
DGYRJDGRV H[LJLQGR SDJDPHQWRV SHORV GLUHLWRV LQMXVWLILFDGRV GH XP FOLHQWH 
SRXFRVFDSD]HVGHXWLOL]DUHVWHPpWRGRVmRSHVVRDVHPTXHPVHSRGHFRQILDUTXH
UHVSHLWDUmR RV WHUPRV GR DFRUGR TXH IL]HUHP (P RXWUDV SDODYUDV YRFr HVWi
ID]HQGRXPDFRUGRFRPDOJXpPHPTXHPQmRVHSRGHWHUFRQILDQoD
)LJXUDVS~EOLFDVVmRSURYDYHOPHQWHRVDOYRVPDLVIUHTHQWHVGHH[WRUVmR
HSRGHPRVDSUHQGHUDOJXPDVFRLVDVFRPDH[SHULrQFLDGHOHV1XPFDVRWtSLFR
DOJXpPSRVVXLLQIRUPDo}HVQRFLYDVHDJRUDH[LJHXPDUHFRPSHQVDSDUDJXDUGDU
VHJUHGR(XPHOHPEURGHXPDMRYHPHVWUHODGHFLQHPDFXMDIDPDRULJLQRXXP
WHOHIRQHPD GH XP H[QDPRUDGR PDXFDUiWHU GH TXHP QmR /LQKD QR/XLGV KD
DQRV 6H D PLQKD FOLHQWH QmR OKH GHVVH h GyODUHV HUD D DPHDoD HOH
UHYHODULDTXHHODIL]HUDXPDERUWR$LGpLDGHTXHLVVRIRVVHGLYXOJDGRGHL[RXD
PXLWRDQVLRVDDXPHQWDQGRDVVLPRYDORUGDDPHDoD4XDQGRHODYHLRPHYHU
QmR GRUPLD GLUHLWR Ki XPD VHPDQD 0HX FRQVHOKR QHVVHV FDVRV p FRPHoDU SRU
XPD DYDOLDomR RUJDQL]DGD GD DPHDoD 3HGL D PLQKD FOLHQWH XPD UHODomR GDV
SHVVRDV TXH HOD WHPLD SXGHVVH UHDJLU GH IRUPD QHJDWLYD FDVR D LQIRUPDomR VH
WRUQDVVHS~EOLFD
,VVRpIiFLOHODGLVVH0HXSDLV1mRTXHURTXHHOHVVDLEDP3HGLOKH
TXH SHQVDVVH QD SRVVLELOLGDGH GH OLJDU SDUD RV SDLV H FRQWDU HOD PHVPD D VXD
SUySULDYHUVmRHPYH]GHYLYHUFRPPHGRGHTXHVRXEHVVHPSHODYHUVmRGHOH
RX D GH XP WDEOyLGH  (X GLVVH TXH HOD HUD D ~QLFD SHVVRD QR PXQGR FDSD] GH
GHWHUPLQDURYDORUGHVWDDPHDoD
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D PDLRULD GDV YtWLPDV GH H[WRUVmR QHP PHVPR D FRQVLGHUD PDV HP GH]
PLQXWRVDPLQKDFOLHQWHWRPRXDVXDGLItFLOGHFLVmROLJDUSDUDRVSDLVHDFDEDU
FRP D DPHDoD (OD ODUJRX R WHOHIRQH YLVLYHOPHQWH PDLV OHYH H SRGHURVD
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$JRUD QmR HVWRX GLVSRVWD D PDLV QDGD SRUTXH QmR PH LPSRUWD R TXH HOH YDL
GL]HU 0LQKDFOLHQWHQmRSDJRXQDGDHRKRPHPMDPDLVUHYHORXDLQIRUPDomR
7HQKRDOJXQVFDVRVSRUDQRGHVWHWLSR
([WRUVmRpXPFULPHGHRSRUWXQLGDGHHPJHUDOFRPHWLGRSRUDPDGRUHV
TXHWHQGHPSULPHLURDWHQWDUDDERUGDJHPPDLVFKHLDGHURGHLRV6DEHHXYL
YRFrQDHQWUHJDGRV(PP\ RXWUDQRLWHHYRFrHVWiLQGRWmREHPHWXGRRPDLV
JDQKDQGRWDQWRGLQKHLURHHXWLYHXPDQRWmRUXLPILQDQFHLUDPHQWHIDODQGRH
SHQVHLHPFRPRYRFrILFRXEHPQDTXHODVIRWRJUDILDVTXHWLUDPRVQR0p[LFR
&RPRDH[WRUVmRpXPWDQWRHVTXLVLWDSDUDRQHyILWRHOHTXHUTXHDVXDYtWLPDVH
DGLDQWHHIDFLOLWHDVFRLVDVGL]HQGR*RVWDULDGHDMXGDUYRFrDVDLUGHVVDFULVH
PDV VHUi TXH SRGH PH GHYROYHU DTXHODV IRWRJUDILDV" 'HWHVWDULD YrODV
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$V YtWLPDV FRP IUHTrQFLD WHQWDP HQFREULU R FKDQWDJLVWD PDV HVWHV
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VXJLUR DRV FOLHQWHV TXH RV REULJXHP D DVVXPLU D VXD YLOH]D R TXH RV FRORFD QD
GHIHQVLYD1mRRVGHL[HPVLPSOHVPHQWHIOHUWDUFRPDVXDYLODQLDIDoDPFRP
TXHHOHVVHFDVHPFRPHODDRGL]HUHPDTXHODVSDODYUDVIHLDV(XSHoRjVYtWLPDV
SDUD UHSHWLUHP 1mR HQWHQGR RQGH YRFr TXHU FKHJDU DWp TXH D SHVVRD GLJD
FODUDPHQWH R TXH GHVHMD 0XLWRV QmR FRQVHJXHP ILFDP GDQGR YROWDV RX
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HVFODUHFHU VH R VHX PRWLYR p JDQkQFLD RX PDOtFLD H LVWR IRUQHFH R PDSD
URGRYLiULRSDUDRUHVXOWDGRTXHHOHGHVHMD
(PERUD jV YH]HV VHMD PXLWR GLItFLO p LPSRUWDQWH QmR VHU UXGH FRP R
FKDQWDJLVWD SRUTXH HOH SRGH HVWDU TXHUHQGR XPD MXVWLILFDWLYD SDUD R GDQR TXH
HVWiDPHDoDQGRFDXVDU1RFDVRGRDPDGRUUHEDL[DUVHWDQWRpGLItFLOHDFUHGLWH
RXQmRHVWHpXPPRPHQWRPXLWRYXOQHUiYHOSDUDHOH1mRVHHQJDQHSHQVDQGR
TXH LVWR p VLPSDWLD GD PLQKD SDUWH  p DSHQDV VHQVDWR QmR H[FLWDU R VXMHLWR
HPRFLRQDOPHQWHSRUTXHVHHOHILFDU]DQJDGRWHUiPDLVIRUoD
$V YtWLPDV GH H[WRUV}HV FRPHWLGDV SRU SHVVRDV FRQKHFLGDV FRP
IUHTrQFLD UHOXWDP FP DFUHGLWDU TXH FLDV IDUmR R TXH DPHDoDP 9RFr SRGH
ID]HU DV VXDV SUySULDV SUHYLV}HV TXDQWR D DWLWXGH GH XP FKDQWDJLVWD PDV SDUD
HFRQRPL]DURWHPSRGROHLWRUTXHXPGLDVHYLUHPVLWXDomRVHPHOKDQWHTXHP
TXHUTXHSUDWLTXHH[WRUVmRPRWLYDGRSHODPDOGDGHWHQGHPDLVDID]HURTXHGL]
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