das fobias à síndrome do pânico

Upload: priscilla-lima

Post on 10-Jan-2016

215 views

Category:

Documents


0 download

DESCRIPTION

Artigo sobre as fobias a partir da psicanálise

TRANSCRIPT

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    'LDORJDQGRFRPD3VLTXLDWULDGDV)RELDVj6tQGURPHGR3kQLFR$QD0DULD6LJDO5RVHQEHUJ

    'L]VHTXHQD6tQGURPHGR3kQLFRQmRH[LVWHFDXVDDOJXPD TXH GHWRQH D FULVH (QWUHWDQWR VHJXLQGR RPRGHOR GH HQWUHYLVWD SVLFDQDOtWLFD QXPD HVFXWDPLQXFLRVDHDFRPSDQKDQGRRVPRGRVGHRSHUDUGRLQFRQVFLHQWH FRPHoDP D VH WRUQDU YLVtYHLV FHUWDVVLWXDo}HV IDQWDVPiWLFDV LQFRQVFLHQWHV VmR HVWDVTXH RULJLQDP DV FDGHLDV DVVRFLDWLYDV TXH SRU VXDYH]HQFREUHDVLWXDomRGHRULJHP

    $QD0DULD6LJDO5RVHQEHUJpSVLFDQDOLVWDPHPEURGR'HSDUWDPHQWRGH3VLFDQiOLVHGR,QVWLWXWR6HGHV6DSLHQWLDH3URIHVVRUDGR&XUVRGH3VLFDQiOLVHDXWRUDHRUJDQL]DGRUDGROLYUR2/XJDUGRV3DLVQD3VLFDQiOLVHGH&ULDQoDV6mR3DXOR

    (VFXWD(VWHDUWLJRIRLHODERUDGRSDUDXPDFRQIHUHQFLDQR&HQWURGH

    3VLTXLDWULD'LQkPLFD

    4XDQGR FRPHoRX D FLUFXODU QRV PHLRV SVLTXLiWULFRV D FRQFHLWXDOL]DomR GH XPD QRYDGRHQoD TXH VH FRQYHQFLRQRX FKDPDU GH VtQGURPH GR SkQLFR VXUJLX XP HVSHFLDOLQWHUHVVHQDSURFXUDGDVFDUDFWHUtVWLFDVGHVWDQRYDFRQVWHODomRVLQWRPiWLFDTXH WDQWRVHGLIHUHQFLDYDGDQRVRJUDILDFRQKHFLGD

    7LYHRSRUWXQLGDGHGH WUDEDOKDU FOLQLFDPHQWHFRPSDFLHQWHVSURIXQGDPHQWHDIHWDGRVSRUVLWXDo}HVGHPHGRTXHVHPDQLIHVWDYDIUHTHQWHRXHVSRUDGLFDPHQWHHTXHSRUDOJXQVPRPHQWRV DFDEDYD SRU VH FRQILJXUDU HP SkQLFR ( TXDQWR PDLV D PtGLD LQYHVWLD QDGLIXVmR GHVWD QRYD GRHQoD D VtQGURPH GR SkQLFR PDLV SDFLHQWHV VH YLDP QRFRQVXOWyULR H HP VXSHUYLV}HV FRP WDO VtQGURPH 2V SUySULRV SDFLHQWHV VHGLDJQRVWLFDYDP HP IXQomR GDV FDUDFWHUtVWLFDV TXH KDYLDP RXYLGR VREUH D GRHQoD$QWHV RV SDFLHQWHV FKHJDYDP IDODQGR GH VXDV GLILFXOGDGHV DQVLHGDGHV H PHGRVUHODFLRQDGRVRXQmRFRPDVFDXVDVH[LVWHQWHV'HFRUULGRFHUWR WHPSR MiQmRHUDPDLVSRVVtYHO VDEHU R TXH VHQWLDP RX SHQVDYDP DSUHVHQWDYDPVH FRP XP GLDJQyVWLFR MiGHILQLGR6tQGURPHGR3kQLFRHRWUDWDPHQWRMiHVWDEHOHFLGRPHGLFDomR

    6LPXOWDQHDPHQWH RV ODERUDWyULRV FRPHoDUDP D PLQDU QRVVD FDSDFLGDGH GH UHIOH[mRFUtWLFDPHGLDQWHDGLYXOJDomRGHFHUWDVGURJDVTXHFRPRXPDSDQDFpLDDFDEDULDPFRPD GRHQoD ,VWR DFDERX SRU JHUDU XPD HVSpFLH GH RUJXOKR QRV FRQVXPLGRUHV GHVWDVGURJDV TXH PDJLFDPHQWH VHULDP FDSD]HV GH UHVROYHU RV LQGHVHMiYHLV VLQWRPDV 2VLQHTXtYRFRVHGHVHMiYHLVDYDQoRVQDiUHDGD IDUPDFRWHUDSLDSDVVDUDPDVHUXWLOL]DGRVFRPRSURYD GH TXH D GLPHQVmRSVtTXLFD GRV TXDGURV GH SkQLFR H WDPEpPGH RXWUDVHQWLGDGHV FOtQLFDV FRPR DV FKDPDGDV 'RHQoDV 2EVHVVLYR&RPSXOVLYDV DSUHVHQWDLPSRUWkQFLD VHFXQGiULD QD DERUGDJHP FOtQLFD GRV SDFLHQWHV &RPR IUHTHQWHPHQWHFRVWXPD RFRUUHU QD iUHD GD VD~GH PHQWDO UDGLFDOL]DUDPVH SRVLo}HV IHFKDUDPVHWULQFKHLUDV H VH UHVWULQJLUDP DV FRPXQLFDo}HV HQWUH RV SURILVVLRQDLV FRP GLIHUHQWHVHQIRTXHV 3DUD RV RUJDQLFLVWDV R FRQWUROH GD LQWHQVLGDGH H IUHTrQFLD GDV FULVHV GHSkQLFRSRUPHLRVTXtPLFRVGHPRVWUDYDD IUDJLOLGDGHGRVSRVWXODGRVSVLFDQDOtWLFRV3RURXWUR ODGRRVSVLFDQDOLVWDVPDLVGRJPiWLFRVIL]HUDPRXYLGRVPRXFRVjVHYLGrQFLDVGRVXFHVVRGDIDUPDFRWHUDSLD

    ,QGHSHQGHQWHPHQWHGHSHVTXLVDUPRVH WUDEDOKDUPRVFRPRUHIHUHQFLDOSVLFRDQDOtWLFRpLPSRUWDQWH UHVVDOWDU TXH LQWHUHVVDQWHV SHVTXLVDV QD iUHD ELROyJLFD YrP VHQGRGHVHQYROYLGDV(VWDVVHGLUHFLRQDPSDUDFRPSUHHQGHURFRPSRQHQWHRUJkQLFRGHFHUWDVGRHQoDVSDUDTXHVHWRUQHSRVVtYHOSURPRYHUDOtYLRHPSDFLHQWHVTXHVRIUHPGHJUDQGHGRUSVtTXLFDe MXVWDPHQWHFRPHVWHV WUDEDOKRVTXHJRVWDULDGHGLDORJDUXPDYH]TXH

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    QRFDVRGHFHUWDVSHUWXUEDo}HVPHGLFDomRHSVLFDQiOLVHRSHUDPHPFRQMXQWRGHIRUPDDGHTXDGD

    1yV SVLFDQDOLVWDV Mi QmR PDLV DFUHGLWDPRV TXH D PHGLFDomR VHMD XP REVWiFXOR HPQRVVR WUDEDOKR $R FRQWUiULR DR QRV GHIURQWDUPRV FRP GHSUHVV}HV FULVHV DJXGDV HSVLFRVHV JUDYHV DPHGLFDomR SRVVLELOLWD TXH VH WUDEDOKH R VLQWRPD R TXH DFDED SRUID]HU FRP TXH R WUDWDPHQWR SVLFDQDOtWLFR RSHUH QR QtYHO GDV FDXVDV TXH R RULJLQDP$OLYLDU R VRIULPHQWR RX D DQJ~VWLD QmR LPSHGH TXH SDUDOHODPHQWH VH GHVHQYROYD XPSURFHVVR DQDOtWLFR $ LPSRUWkQFLD GH HVFODUHFHU HVWH SRQWR VH GHYH DR IDWR GH DOJXQVSHQVDUHPTXHDDQJ~VWLDpRPRWRUGDFXUDTXDQGRRTXHLPSXOVLRQDDFXUDpRGHVHMRGH VDEHU GH VL H GD VH[XDOLGDGH VDEHU VRQHJDGR SHORV SDLV FRPR GL] )UHXG HP VHXWUDEDOKR VREUH DV WHRULDV VH[XDLV LQIDQWLV (VWH RFXOWDPHQWR LPSXOVLRQD R GHVHMR GHVDEHU LQVWDXUDQGR XP SURFHVVR UHSUHVVLYR H FRODERUDQGR QD FOLYDJHP SVtTXLFDIXQGDPHQWDOGRVXMHLWRHQWUHLQFRQVFLHQWHSRUXPDSDUWHHSUpFRQVFLHQWHSRURXWUD

    1R FDVR SDUWLFXODU D VHU DERUGDGR R TXH RFDVLRQD D SROrPLFD p D GLIHUHQoD GHGLDJQyVWLFR GD RULJHP GD GRHQoD $ FKDPDGD GRHQoD GR SkQLFR QmR VHULD VHJXQGR DSVLFDQiOLVHPDLVGRTXHXPDIDVHDJXGDGHFHUWDVPRGDOLGDGHVQHXUyWLFDV ODUJDPHQWHHVWXGDGDV SRU )UHXG H VHXV FRQWLQXDGRUHV (VWD DJXGD PDQLIHVWDomR GH DQJ~VWLD VHHQFRQWUD WDQWRQDVKLVWHULDVGHDQJ~VWLD FRPRQDV IRELDV$R ID]HUPRVXPDGHWDOKDGDSHVTXLVD KLVWyULFD GDV FDXVDV TXH RULJLQDP WDLV TXDGURV QHVWHV SDFLHQWHVHQFRQWUDUHPRV IXQGDPHQWDOPHQWH QDV KLVWHULDV H IRELDV DQWHFHGHQWHV GH PHGRVLQIDQWLV FXMR GHWRQDGRU p GHVORFDGR PDV TXH JXDUGDP DOJXPD FRQH[mR LQFRQVFLHQWHFRP R REMHWR IREtJHQR GD LQIkQFLD (VWDPRV DVVLP HP SUHVHQoD GR TXH )UHXGGHQRPLQRXRFDPSRGDVSVLFRQHXURVHV

    3HOR IDWR GH TXH QD VtQGURPH GR SkQLFR QmR VH FRQKHFH R PRWLYR TXH JHUD D FULVHLQVLVWHVHHPGL]HUTXHQmRH[LVWH FDXVDDOJXPDTXHRGHWRQH(QWUHWDQWR VHJXLQGRRPRGHOR GD HQWUHYLVWD SVLFDQDOtWLFD QXPD HVFXWD PLQXFLRVD D SDUWLU GH DVVRFLDo}HVOLYUHV H VHJXLQGR RV PRGRV GH RSHUDU GR LQFRQVFLHQWH FRPHoDP D VH WRUQDU YLVtYHLVFHUWDV VLWXDo}HV IDQWDVPiWLFDV LQFRQVFLHQWHV VmR HVWDV TXH RULJLQDP DV FDGHLDVDVVRFLDWLYDV TXH SRU VXD YH] HQFREUHP D VLWXDomR GH RULJHP $R HVFXWDUPRV XPSDFLHQWH GXUDQWH XPD HQWUHYLVWD GLULJLGD RX DQDPQHVH SRGHPRV REWHU UHVSRVWDV TXHWRUQDPFRPSUHHQVtYHODPDQHLUDGHRSHUDUGR(X(VWH WLSRGHTXHVWLRQiULRQRHQWDQWRQRVIRUQHFHVRPHQWHRVGDGRVTXHRSDFLHQWHVDEHVREUHVLRXVHMDDTXHOHVGDRUGHPGRFRQVFLHQWH6HQRVDWLYHUPRVDSHQDVDHOHVSRGHUHPRVGHL[DUHVFDSDULQIRUPDo}HVUHOHYDQWHVFDSD]HVGHQRVRULHQWDUHPUHODomRjVFDXVDVQDPHGLGDHPTXHDHVFXWDQmRHVWiGLULJLGDDV IRUPDo}HVGR LQFRQFLHQWHDWRV IDOKRV ODSVRVRXVLJQLILFDQWHVTXHSRGHULDPQRVGDULQGtFLRVGRTXHpGDRUGHPGRQmRVDEHUSDUDRVXMHLWR

    3DUDFDUDFWHUL]DUDKLSyWHVHFRPTXHWUDEDOKRGLUHLTXHDFKDPDGDVtQGURPHGRSkQLFRDSDUHFHFRPRD IDVHDJXGDGHXPDQHXURVHKLVWpULFD FXMDVRULJHQVHVWmRQD LQIkQFLD(VWDYDLVHFRQVWLWXLQGRHPRGLILFDQGRGXUDQWHDYLGDDFDEDQGRSRUVHDSUHVHQWDUFRPRKLVWHULD GH DQJ~VWLD RX IRELD 3DUD HVWH FRQMXQWR GH VLQWRPDV D PHGLFDomR DWLQJHDSHQDV DV PDQLIHVWDo}HV DSDUHQWHV VHP SRUpP DOFDQoDU DV FDXVDV 6H HVWHVFDUDFWHUHV IyELFRV QmR IRUHP WUDWDGRV HP VXDV RULJHQV LQFRQVFLHQWHV DSHODQGRVHDSHQDV j PHGLFDomR R SDFLHQWH FRUUH R ULVFR GH VH DSHJDU j GURJD FRPR XPDFRPSDQKDQWH IyELFRTXHRSURWHJHUiGHQRYRVDWDTXHV$TXHVWmRHVWiHPTXHHVWDVGURJDV UHVROYHP R SUREOHPD DWLQJLQGR R VLQWRPD D SRQWD GR LFHEHUJ VHP DWLQJLU DRULJHP4XDOVHUiSRUWDQWRRUHVXOWDGRQRPRPHQWRHPTXHVHUHWLUDUDPHGLFDomR"

    e QHFHVViULR LQYHVWLJDU DV FDXVDV EXVFDQGR DWLQJLU PRGLILFDo}HV HVWUXWXUDLV HGXUDGRXUDV DLQGD TXH LVWR VHMD PDLV WUDEDOKRVR SDUD R SDFLHQWH $V WHUDSLDVFRJQLWLYDVXVDGDV IUHTHQWHPHQWH FRPR DFRPSDQKDQWHV GRV WUDWDPHQWRVPHGLFDPHQWRVRV RSHUDP DVVLP FRPR RV UHPpGLRV QR QtYHO FRUUHWLYR GD FRQGXWDQHVWHV FDVRV R VLQWRPD QmR DSDUHFH FRPR SRUWDGRU GH PHQVVDJHQV FRPR IDODV DVHUHPGHFLIUDGDVTXHQRVIDODPGRGHVHMRHGDUHSUHVVmR

    3RGHUVHLD FDUDFWHUL]DU R SkQLFR WDO FRPR ID] D SVLTXLDWULD FRPR XPPHGR DOLDGR DPDQLIHVWDo}HV GR VLVWHPD QHUYRVR DXW{QRPR H TXH SRGH RFRUUHU QD DXVrQFLD GHTXDOTXHU HVWtPXOR H[WHUQR VLJQLILFDWLYR $SDUHQWHPHQWH p XP PHGR SURYHQLHQWH GRLQWHULRUQmRKDYHQGRSRUWDQWRFRQWUDTXHPOXWDURXGHTXHPIXJLU2VDWDTXHVGHSkQLFRTXDQGRFU{QLFRV FRQVWLWXLUmRDGRHQoDGR3kQLFR&DUDFWHUL]DGR GHVWDPDQHLUD QDPHGLGD HP TXH R PHGR p DTXL HQWHQGLGR FRPR GH RUGHP LQWUDSVtTXLFD FRP VLQDLVH[WHUQRVTXHVyVHUmRVLJQLILFDWLYRVSHODVXDUHVVRQkQFLD LQWUDSVtTXLFDVRPRV OHYDGRVDFRQFRUGDUFRPHVWDGHILQLomR

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    2QGH HVWi HQWmR D GLYHUJrQFLD" 7DOYH] QD FRPSUHHQVmR GLIHUHQWH GDV FDXVDV TXHGHVHQFDGHLDP R SURFHVVR SRGHQGR VHU HODV GH RUGHP ELROyJLFD RX SVtTXLFD5HFRUGHPRV TXH SDUD D SVLFDQiOLVH XPD UHSUHVHQWDomR UHSULPLGD SRGH DWXDUGHVHQFDGHDQGR XPSURFHVVR RUJkQLFR$PHQRUUpLDV RX GLILFXOGDGHV QD FRQFHSomR VmRIUHTHQWHPHQWH SURGX]LGDV SRU SUREOHPDV FRP D LGHQWLGDGH IHPLQLQD WUDQVWRUQRV QDHMDFXODomRRXQDSRWrQFLDDSDUHFHPFRPRUHVXOWDGRGHIDQWDVLDVSDWyJHQDV4XHYDORUDSVLTXLDWULDDWULEXLDHVVHVIDWRUHVTXHS}HPHPPDUFKDRVLVWHPDQHUYRVRDXW{QRPR"2SUySULR)UHXGQRVDQRV Mi VHGHEDWLD FRPTXHVW}HV OLJDGDVj FRPSUHHQVmRGH TXDGURV TXH FDUDFWHUL]DYD FRPR GLIHUHQWHV SRU XP ODGR DV FKDPDGDV QHXURVHVDWXDLVRQGHHQWHQGLDKDYHUXPDWUDQVIRUPDomRGLUHWDGHH[FLWDomRHPDQJ~VWLDHTXHQRFDVR QmR SUHVVXSRULD FRQIOLWR SRUTXH D H[FLWDomR QmR HQFRQWUD YLD VLPEyOLFD HUHSUHVHQWDomRHSRURXWURDVSVLFRQHXURVHVQDVTXDLVD IRUPDomRGHVLQWRPDVH ID]SRU PHGLDomR VLPEyOLFD 2 VLQWRPD VHULD DVVLP XPD OLQJXDJHP D VHU GHFLIUDGDH[SUHVVmR GH XPD VROXomR GH FRPSURPLVVR TXH LQFOXL D UHDOL]DomR GH GHVHMR H DSURLELomR )UHXG PHVPR QmR DFDEDQGR FRP DV GLIHUHQoDV QRVRJUiILFDV VXSHUDDVGL]HQGRTXHKiVHPSUHQDQHXURVHTXDOTXHUTXHVHMDXPHOHPHQWRDWXDOQDGHIODJUDomRPDQLIHVWD 2 LPSDFWR DWXDO SURGX] UHVVRQkQFLDV GLYHUVDV HP IXQomR GD KLVWyULD TXHSRVVLELOLWDUi VHMDSHODVYLDVGHVLPEROL]DomRQRQtYHO IDQWDVPiWLFR VHMDSHODVYLDVGHVXEOLPDomRRXSRURXWUDVDLQGDDGHVFDUJD 1RVVDSURSRVWDVHULDSURFXUDUDVFDXVDVTXHPHVPRVHP UHODomRDSDUHQWHS}HPHPPDUFKDDGHVFDUJDVRPiWLFD SHQVDQGRTXH DPERV RV HOHPHQWRV HVWUXWXUDLV DJHP GH PRGR FRPSOHPHQWDU (P GLYHUVRVPRPHQWRV VmR LQFRPSUHHQVtYHLV DRV QRVVRV ROKRV RV VLJQRV TXH GHVHQFDGHLDP XPSURFHVVR DVVRFLDWLYR TXH UHVLJQLILTXH DOJXPD FRQVWHODomR SVtTXLFD GD VH[XDOLGDGHLQIDQWLO WUDQVIRUPDGD HP DQJ~VWLD (P LQ~PHUDV VLWXDo}HV DV UHDo}HV IyELFDVGHVHQFDGHLDP PHGRV TXH UHDWLYDP DSUqVFRXS VLWXDo}HV WUDXPiWLFDV DQWHULRUHV VHPSRVVLELOLGDGHLPHGLDWDRXDSDUHQWHGHHQFRQWUDURVHORV8PDIHWRSRGHHVWDUIDOVDPHQWHFRQHFWDGR HP UHODomR D XPD UHSUHVHQWDomR TXH VHULD VHX FRUUHODWR LQWHQFLRQDO VHQGRHVWD QD YHUGDGH XPD GDV LGpLDV RQGH VH IXQGDP RV DOLFHUFHV GR WUDWDPHQWRSVLFDQDOtWLFR$ UHODomRDIHWR UHSUHVHQWDomRH R GHVWLQR GRDIHWR HVWmRHP MRJRQHVWDSUREOHPiWLFD

    $&OLQLFDIDOD

    $FOtQLFDSRGHDMXGDUDFRPSUHHQGHUPHOKRUHVWDTXHVWmR8PSDFLHQWHVHQWLDSkQLFRHPGHWHUPLQDGDV VLWXDo}HV TXDQGR SHJDYD D HVWUDGD 6HP VDEHU SRU TXH Mi VRIUHUDVLWXDo}HV GHPHGR D SRQWR GH VHU REULJDGR D SDUDU QR DFRVWDPHQWR j QRLWH H ILFDU DOLSDUDOLVDGR FRPR VH HVWLYHVVH SUHVR D XP PHGR LQFRPHQVXUiYHO IUHQWH DR TXDO QmRFRQVHJXLDUHDJLU,VWRDFDEDYDSRUVXEPHWrORDXPDVLWXDomRGHPDLRUSHULJRXPDYH]TXHFRUULDR ULVFRGHVHUDVVDOWDGRRXDWURSHODGR$OpPGLVWR SHOR IDWRGDVXDHVSRVDQmRGLULJLUHUDQHFHVViULRFKDPDUDOJXpPSDUDTXHRVIRVVHEXVFDU6HXVRIULPHQWRHUDJUDQGH WHPLD WDQWR D DSDULomR GHVVD VLWXDomR TXDQWR D DQJ~VWLD TXH OKH SURGX]LD RVPHGRV(QWUHWDQWRQmRHUDVHPSUHTXHYLDMDYDTXHLVWRRFRUULDDSDUHQWHPHQWHQmRHUDSRVVtYHO GHWHFWDU D FDXVD GHVWH SkQLFR 0DV R PHGR VXUJLD WDPEpP HP RXWUDVVLWXDo}HVSRUH[HPSORQXPFLQHPDRXQXPDIHVWD

    $SyV GHWHUPLQDGR WHPSR GH WUDWDPHQWR D SDUWLU GH VLWXDo}HV TXH DSDUHQWHPHQWH HPQDGD VH UHODFLRQDYDP FRP DV YLDJHQV R SDFLHQWH VH OHPEURX GH FHUWDV DQJ~VWLDV HVXRUHVIULRVTXHVHQWLDQDLQIkQFLDTXDQGRVHXVSDLVVDtDPjQRLWHHRGHL[DUDPSUHVRHP FDVD $ SDODYUD SUHVR PH FKDPRX D DWHQomR SRU TXH SUHVR H QmR VR]LQKR RXWULVWH"3RUTXHDVDtGDGHVHXVSDLV OKHFULDYDDLGpLDGHSULVmR"1DVHTrQFLDGHXPDVpULHGHDVVRFLDo}HVUHIHULXVHDRIDWRGHTXHHPDOJXQVPRPHQWRVTXDQGRYLDMDYDHRIOX[RGHFDUURVDXPHQWDYDDSDUHFLDXPDVHQVDomRVHPHOKDQWHjGHVXDLQIkQFLD7XGRIXQFLRQDYDEHPPDVUHSHQWLQDPHQWHDSDUHFLDDDQJ~VWLDGHTXHRWUkQVLWRILFDVVHPDLVOHQWRHWHPLDILFDUSUHVRHPXPSHGiJLRRXHQJDUUDIDPHQWRWHPLDVHUDVVDOWDGRHVHPWHUSDUDRQGH IXJLU$SHUJXQWDHUDDVVDOWDGRSRUTXr"3RU LGpLDV"SRU IDQWDVPDV"SRUUHSUHVHQWDo}HV" SRU DIHWRV" 5HOHPEUD DLQGD TXH QD VXD LQIkQFLD WLQKD PHGR GHODGU}HV5HFRUGRX WDPEpPTXHSURIHULD XPD VpULH GHPDOGLo}HV H LQVXOWDYD VHXV SDLVIXQGDPHQWDOPHQWH VHX SDL TXH OKH URXEDYD D PmH SDUD VDLU H GLYHUWLUVH 'XUDQWH RWUDWDPHQWR OHPEUDVHTXH WHPLDTXH WDLVSUDJDVVHYROWDVVHPFRQWUDHOHHTXHQXPDPLVWXUDGHFXOSDHFDVWLJRSXGHVVHVHUSUHVRHPDOWUDWDGReLQWHUHVVDQWHGHVWDFDUTXHHUDP MXVWDPHQWHRVSDODYU}HVTXHGL]LDTXDQGRR WUkQVLWRFRPHoDYDDDXPHQWDUTXHRFRORFDYDPHPFRQWDWRFRPR LQIDQWLO UHSULPLGR2SDODYUmRHYRFDYDXPDUHSUHVHQWDomRTXHSRUVXDYH]RUHOLJDYDDXPDIHWRHILFD]PHQWHGHVOLJDGR$UHSUHVHQWDomRDIDVWDGDUHDSDUHFLD OLJDGD SHUGHQGR R HIHLWR GD UHSUHVVmR $VVLP FRPR XP SDODYUmR TXHHVFXWDYD QR FLQHPD RX QXPD IHVWD LVWR GHVHQFDGHDYD XP SURFHVVR TXH SRGHULD

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    DVVDOWiORHRGHL[DYDSUHVR DR WHPLGR VXDH[FLWDomR VHXGHVHMRGHPDWDU R SDL H DDQJXVWLD GH FDVWUDomR RSHUDQGR FRPR SDQR GH IXQGR TXH DUWLFXOD R (GLSR FRP DVH[XDOLGDGH LQIDQWLO$ LPSRVVLELOLGDGHGHIXJLUHDDSDULomRGHWRGDVDVUHSUHVHQWDo}HVVHFXQGiULDVHUDPDRULJHPGRVXUJLPHQWRGDDQJ~VWLD

    4XDQGR VDtD SDUD VH GLYHUWLU HP XPD YLDJHP HVSHFLDOPHQWH VH HVWD WLQKD DOJXPDSHUVSHFWLYD LQWHUHVVDQWH DSDUHFLD R SkQLFR $ DQJ~VWLD GH FDVWUDomR H D VLWXDomRHGtSLFD QmRUHVROYLGD HUDP UHLQYHVWLGDV SRU XPD VLWXDomR GR SUHVHQWH 2 SkQLFRDSDUHQWHPHQWH VHP H[SOLFDomRHUD GHWRQDGR SRU DOJR TXH HVWDYD UHVLJQLILFDQGR DVLWXDomRGD VH[XDOLGDGH LQIDQWLO RVSDODYU}HV(UDDTXL RQGHHOH VH LGHQWLILFDYD FRPRSDL QR SHULJR GH VHU DWDFDGR H WHPHQGR VHU DVVDOWDGR4XHPSRGHULD DVVDOWiOR HUD RSDLSHORGHVHMRTXHWHULDGHILFDUFRPDPmHGHVHMDYDDWDFDURSDLHWHPLDVHUDWDFDGRSRUHOH$RPHVPRWHPSRVH WULXQIDVVHHPVHXGHVHMRSHUGHULDRSDLHVHHQFRQWUDULDHPIDFHDRGHVDPSDURLQIDQWLO2SDLHUDRGLDGRPDVWDPEpPWLQKDXPFDUiWHUSURWHWRU(VWDV GXDV IRUoDV RSRVWDV RULJLQDP XP YHUGDGHLUR FRQIOLWR FRP D FRUUHVSRQGHQWHHPHUJrQFLDGDDQJ~VWLD$SDUDOLVLDVXUJHFRPRVLQWRPDHDIXJDFRPRIRUPDGHHYLWiOD $QWH R GHVHMR WXD PRUWH DSDUHFH R VH YRFr PRUUHU ILFDUHL GHVSURWHJLGR SDUDVHPSUH (VWH FRQIURQWR HQTXDGUDYD XPD VpULH GH UHDo}HV ItVLFDV GHFRUUHQWHV GRVLVWHPD QHUYRVR DXW{QRPR SURYRFDGDV SHOD WUDQVIRUPDomR GD DQJ~VWLD TXH RSHUDYDGHVOLJDGDGDVUHSUHVHQWDo}HV

    2FRUSRHDPHQWHH[SHULrQFLD~QLFD

    $ OLQKD PDLV RUJDQLFLVWD GD SVLTXLDWULD WHQGH D GL]HU TXH DLQGD TXH LVWR QmR VHMDWRWDOPHQWH FRPSURYDGR R TXH GHVHQFDGHLD D FULVH VmR FDXVDV GH RUGHP ELROyJLFDSURYRFDGDVSHODGHVFDUJDGHPHGLDGRUHVTXtPLFRV3RGHUVHLDFRQVLGHUDUTXHDFDXVDp ELROyJLFD" ([LVWHP UD]}HV GH RUGHP FRQJrQLWD TXHPRGLILFDP D HVWUXWXUD RUJkQLFD"4XDLV VmR DV EDVHV QHXURILVLROyJLFDV H QHXURTXtPLFDV GD DQVLHGDGH" $OJXQV DXWRUHVFRQVLGHUDP VHU D GHVFDUJD QRUDGUHQDOtQLFD SDUWLQGR GR HVWtPXOR GR /RFXV &HUXOHXVDTXLOR TXH RULJLQD D FULVH RXWURV DXWRUHV FRPR &DUU H 6KHHKDQ DGHUHP j WHVHVELRORJLFLVWDGHHUURVPHWDEyOLFRV2XWRUJRXVHXPLPSRUWDQWHSDSHOWDPEpPDVHURWRQLQD+71XWWH/DZVRQ+HUEHUW&KDSDGL]DUHVSHLWRGDVFRQVLGHUDo}HVELROyJLFDVTXH H[LVWHPP~OWLSORVPRGHORV H[SOLFDWLYRV QmR VHPSUH FRQFRUGDQWHVPDLV HP JHUDOWHPXPDWHQGrQFLDDLQYDOLGDUDLGpLDGHTXHH[LVWDXP~QLFRWUDQVPLVVRUFRPSURPHWLGR3DUD -RKQVRQ H FRODERUDGRUHV D VtQGURPH GR SkQLFR SRGHULD VHU XPD HQWLGDGHELRORJLFDPHQWHKHWHURJrQHDQDTXDOH[LVWDPDOWHUDo}HVGHFRUUHQWHVGDSUHVHQoDGHGRLVRX PDLV QHXURWUDVPLVVRUHV $ SVLFDQiOLVH EXVFD DWUDYpV GH SURFHVVRV SVtTXLFRV DH[SOLFDomR GR TXH S}H HP MRJR D GHVFDUJD GRV QHXURWUDVPLVRUHV ([LVWH XPD FHUWDFRQYHUJrQFLD HQWUH D SVLFDQiOLVH H DOJXPDV HVFRODV SVLTXLiWULFDV D WHUDSrXWLFDFRPELQDGDDOLYLDDVIDVHVDJXGDVGRWUDQVWRUQRDOpPGHDMXGDURRUJDQLVPRDHQFRQWUDURXWUDVYLDVGHGHVFDUJDTXHQmRFRPSURPHWDPRFRUSReQRQtYHOGDHODERUDomRHGDVXEVWLWXLomRGHUHSUHVHQWDo}HVTXHVHSRGHUiFKHJDUjRULJHPGRFRQIOLWR

    1DH[SHULrQFLDGDFOtQLFDSVLFDQDOtWLFDDLQFOXVmRGDPHGLFDomRSHUPLWHTXHRSDFLHQWHHQFRQWUH XP HVSDoR PDLV FRQIRUWiYHO SDUD GHVHQYROYHU R SURFHVVR GD DQiOLVH (VWDPHGLFDomRQmRVHUiDGPLQLVWUDGDSRUpPSHORSVLFDQDOLVWDXPDYH]TXH LVWRDFDEDULDSRU LQWHUIHULU QD WUDQVIHUrQFLD 2 GHVDSDUHFLPHQWR GR VLQWRPD QD SVLFDQiOLVH VHUiFRQVHTrQFLD GH XP PLQXFLRVR WUDEDOKR GH LQYHVWLJDomR TXH SHUPLWD DR SDFLHQWHGHVFRQVWUXLU D FRQVWHODomR IDQWDVPiWLFD SDWyJHQD H VH UHKLVWRUL]DU DWUDYpV GH QRYDVVLPEROL]Do}HVTXHOKHSHUPLWDPH[SOLFDUVXDH[LVWrQFLDFRPPHQRVVRIULPHQWR

    1HVWHSURFHVVR RV VLQWRPDVVHGHVHVWUXWXUDPHPGHFRUUrQFLDGDDQiOLVH DWUDYpVGHXPDPXGDQoDTXHFRPSURPHWH WRGDDVXEMHWLYLGDGH3DUDDSVLFDQiOLVHXPVLQWRPDpPXLWR PDLV TXH XPD VLWXDomR FRQIOLWLYD SRVWR TXH DSDUHFH VHPSUH HP XPD HVWUXWXUDQHXUyWLFDTXHGHYHVHUDQDOLVDGDQDVXDWRWDOLGDGH

    $V WHUDSLDV FRJQLWLYDV WUDEDOKDP H[FOXVLYDPHQWH QR QtYHO GR VLQWRPD R TXH VHJXQGRQRVVDFRPSUHHQVmRHQYROYHR ULVFRGHTXHHVWHGHVDSDUHoD UHDSDUHFHQGRSRUpPHPRXWUR OXJDU8PDFULDQoDTXHWHPPHGRGHVHUVHSDUDGDGHVXDPmHHILFDUVR]LQKDQDHVFROD SRGH VHU FRQGLFLRQDGD RX SUHVVLRQDGD SDUD FRQVHJXLU LVWR SRGHQGR LQFOXVLYHFRORFDUHPDomRVXDYRQWDGHGHID]rOR7RGDYLDQmRQRVVXUSUHHQGHUHPRVVHGHSRLVGH FHUWR WHPSR VXUJLUHP SUREOHPDV GH DSUHQGL]DJHP RX XPD HQXUHVH UHYHODQGR DGLILFXOGDGH GHVWD FULDQoD GH FUHVFHU H VHX GHVHMR GH SHUPDQHFHU LQIDQWLO e SUHFLVRUHFRQKHFHUTXHiVYH]HVpFRQYHQLHQWHSRVVLELOLWDURGHVORFDPHQWRGHXPVLQWRPDJUDYHFRPR XPD DQRUH[LD RX WULFRWLORPDQLDFRPSXOVmR D DUUDQFDU RV FDEHORV TXH SURYRFDP

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    FRQVHTrQFLDV GHYDVWDGRUDV SRU RXWURV VLQWRPDVPDLV VXSRUWiYHLV TXH QRV SHUPLWHPHQFRQWUDURWHPSRGHTXHSUHFLVDPRVSDUDTXHDDQiOLVHDFRQWHoD

    2XWUDTXHVWmRVREUHDTXDOGHYHPRVQRVGHWHUVHUHIHUHj UHODomRHQWUHDDQJ~VWLDHDFULVH FRPR DV GHILQHP WDQWR D SVLFDQiOLVH FRPR DV HVFRODV SVLTXLiWULFDV TXHFDUDFWHUL]DPHVWDVtQGURPHFRPRXPDHQWLGDGHDXW{QRPD

    8PDGDVFDUDFWHUtVWLFDVGRVFULWpULRVSDUDGLDJQRVWLFDURWUDQVWRUQRGRSkQLFRVHJXQGRR'60,9HD LQTXLHWXGH IUHQWHDRVPHGRVGH UHSHWLomRGDVFULVHV2PHGRGDSUySLDFULVHVpXPIDWRUGLDJQyVWLFRHVWHIHQ{PHQRHFRQKHFLGRFRPRPHGRDRPHGR

    2 SDFLHQWH TXH QXQFD WLYHUD FRQWDWR FRP RPHGR SDVVD HQWmR D VHQWLU WHPRUHV (VWDVLWXDomR SRUpP GHYHULD VHU FDUDFWHUL]DGD LQYHUVDPHQWH QmR p D VLWXDomR WUDXPiWLFDDWXDO D TXH RULJLQD R PHGR PDV PHGRV SUpH[LVWHQWHV UHSULPLGRV TXH HPHUJHP DRVHUHPHYRFDGRVSRUHVWDVLWXDomR3RGHPRVGL]HUTXHDR WHUHVWDVFULVHVRSDFLHQWHVHQWH D DQJ~VWLD GH TXH HVWDV YROWHP D VH UHSHWLU SRUpP WDO FULVH QmR GHYH VHUHQWHQGLGDFRPRFDXVDGRPHGRHVLPFRPRFRQVHTrQFLDGHVWHeQDVSHUVRQDOLGDGHVIyELFDV FRPHVWUXWXUDVQHXUyWLFDVSUpYLDV TXHRSkQLFRSRGHDSDUHFHU FRPRVLWXDomRDJXGD (VWH FDVR p GLIHUHQWH GRV TXH LPSOLFDP VLWXDo}HV GH SHULJR UHDO D5HDODQJVWIUHXGLDQD2PHGRTXHDSDUHFHQDVVLWXDo}HVGHDPHDoDjSUySULDYLGDRXGHGHVDVWUHFRPR UHVSRVWD D XPD FDXVD UHDO H[WHUQD QmR WHP QHFHVVDULDPHQWH D YHU FRP XPDHVWUXWXUDQHXUyWLFDHQTXDQWRRSkQLFROLJDGRDFULVHVIyELFDVGHSUHVV}HVKLSRFRQGULDVDOFRROLVPRHDXWRGHSUHFLDomRVmRWUDQVWRUQRVSUySULRVGRFRQIOLWRQHXUyWLFR

    3iQLFRVH)RELDV

    3DVVDUHPRV DJRUD j FDUDFWHUL]DomR GDV IRELDV GR SRQWR GH YLVWD SVLFDQDOtWLFR SDUDFRPSUHHQGHUPHOKRUVXDUHODomRFRPRSkQLFR3DUD LVWRpQHFHVViULRVLWXDUDLQGDTXHEUHYHPHQWHRVFRQFHLWRVGHDQJ~VWLDPHGRHGHSkQLFRRXVXVWR1DREUD IUHXGLDQDpSRVVtYHO HQFRQWUDU WUrV WHUPRV TXH HVWmR DVVRFLDGRV D HVWD SUREOHPiWLFD 6FKHUFNWUDGX]LGRFRPRVXVWR$QJVWFRPRDQJ~VWLDH)XUFKWFRPRPHGR

    1DV&RQIHUrQFLDV,QWURGXWyULDV)UHXGVHUHIHUHjDQJ~VWLDFRPRXPHVWDGRQRTXDOVH DEVWUDL R REMHWR HQTXDQWR R PHGR VH HQFRQWUD OLJDGR D HVWH 3RU VXVWR )UHXGGHVLJQDVHDDomRGHXPSHULJRSDUDRTXDODSHVVRDQmRVHHVWDYDSUHSDUDGDSRUXPHVWDGRGHDQJ~VWLDSUpYLR)UHXGGLUiTXHRKRPHPVHGHIHQGHGRPHGRFRPDDQJ~VWLDVHQGR SRUpP IUHTHQWH R GHVOL]DPHQWR HQWUH HVWDV IRUPDV 1mR VHUi FRQVHUYDGDQHVWHQRVVRWUDEDOKRXPDUtJLGDGLIHUHQFLDomRHQWUHHVWHVWHUPRVMiTXHPXLWDVYH]HVp R DSDUHFLPHQWR GD DQJ~VWLDVLQDO R TXH SURPRYH R PHGR H IUHQWH D XPWUDQVERUGDPHQWRGRPHVPRSHQVDQGRQXPHQIRTXHHFRQ{PLFRVHSURGX]XPDVLWXDomRGHSkQLFR$GLIHUHQFLDomRTXHWRPDFRPRHL[RRREMHWRWDPEpPpIUiJLODDQJ~VWLDHVWiLQWLPDPHQWH OLJDGD j UHSUHVVmR H DR GHVOLJDPHQWR GD UHSUHVHQWDomR GR REMHWRWHPLGR0DV HVWH GHVOLJDPHQWR VRIUH WDQWRV GHVOL]DPHQWRV TXH HP JHUDO VH SHUGH DUHODomR HQWUH R REMHWR H D DQJ~VWLD $ UHSUHVVmR GD UHSUHVHQWDomR ID] FRP TXH DDQJ~VWLDDSDUHoDVHPDUHIHUrQFLDTXHRULJLQDRPHGR

    /DSODQFKHQRV GLUi TXHD UHODomR FRPRREMHWR p DERUGDGDGH IRUPD LQGLUHWD TXHHVWHQmRpXPFRQFHLWRFHQWUDOpTXDVHXPFRUROiULR6XSRQGRTXHRVXVWRpSURGXWRGHXPHIHLWRVXUSUHVD H GH QmRSUHSDUDomR GHYHPRV FRQVLGHUDU TXH HVWH QmR WHP REMHWRFRQKHFLGRDDQJ~VWLDSRGHVHSURGX]LUWDQWRFRPRSUHSDUDomRSDUDXPSHULJRFRQKHFLGRTXDQWR SDUD XP SHULJR YDJR 1HVWH VHQWLGR SRGHUVHLD GL]HU TXH D SUHSDUDomR QmRSURYpPGRFRQKHFLPHQWRGHXPREMHWRHPHVSHFLDO

    3RVWHULRUPHQWH HP ,QLELomR 6LQWRPD H $QJ~VWLD R WHUPR VXVWR DLQGD TXHFRQVHUYDQGRVHXOXJDUDSDJDVHSDUDGDURULJHPDXPDFHUWDRVFLODomRGHVGREUDQGRRFRQFHLWRGHDQJ~VWLDVLQDOHPGRLVSyORVXPpRGDSUHSDUDomRTXHVXEVWLWXLDDQJ~VWLDVLQDOHQRRXWURDDQJ~VWLDSDVVDDWHUDFRQRWDomRTXHDQWHULRUPHQWHGL]LDUHVSHLWRDRVXVWR 7UDWDUVHLD GH XPDDQJ~VWLD TXH SURYHPGH XPHVWDGR GH QmRSUHSDUDomR TXH)UHXG FKDPDUi GH DQJ~VWLD DXWRPiWLFD H TXH DSDUHFH FRPR UHDomR IUHQWH D XPDVLWXDomR WUDXPiWLFD /DSODQFKH UHIRUoDUi D LGpLD GH TXH R WHUPR PHGR SRGH VHUFRQVLGHUDGR PDUJLQDO QD WHRULD IUHXGLDQD e DPEtJXR SRUTXH )UHXG UHODFLRQD R PHGRFRPXP WHPRU SXUDPHQWH UHDOLVWD FRQWXGR QDPDLRULD GDV YH]HV H[LVWHPQR KRPHPSRU WUiV GR PHGR H VXEMDFHQWH D HOH HOHPHQWRV GH DQJ~VWLD H VXVWR TXH SURYRFDPUHDo}HVLQDGDSWDGDVjUHDOLGDGH3RGHUtDPRVWDOYH]SHQVDUXPDUHODomRGHGLIHUHQoDVHFRQVLGHUDUPRV SULRULWiULR R HQIRTXH HFRQ{PLFR QR TXDO D DQJ~VWLD DSDUHFHULD FRPR RPDLVYDJRHRSkQLFRFRPRRPDLVYLROHQWR

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    7DQWRDDQJ~VWLDTXDQWRRPHGRWrPVLGRFDUDFWHUL]DGRVQDOLWHUDWXUDSVLFDQDOtWLFDFRPRGRLV PRPHQWRV GD SURGXomR GH XPD IRELD 1R 9RFDEXODLUH /DSODQFKH GHILQH DVKLVWHULDV GH DQJ~VWLD FRPR GHVLJQDomR LQWURGX]LGD SRU )UHXG SDUD LVRODU XPD QHXURVHFXMRVLQWRPDFHQWUDOpDIRELDHSDUDVXEOLQKDUVXDVHPHOKDQoDHVWUXWXUDOFRPDKLVWHULDGH FRQYHUVmR 3RGHUVHLD GL]HU TXH D KLVWHULD GH DQJ~VWLD p XPD IRELD QD TXDO DDQJ~VWLDDLQGDQmR IRL OLJDGDDXPREMHWRTXHSHODVXDFRQGLomRGHGHVSHUWDURPHGRSHUPLWD HYLWiOD 1DV IRELDV DV UHSUHVHQWDo}HV DQJXVWLDQWHV Mi HVWmR DPDUUDGDV DGHWHUPLQDGRVREMHWRVDIDVWDGRVGRRULJLQDO

    $OJXQV DXWRUHV FRQVLGHUDP RV VLQWRPDV IyELFRV FRPR SDVVtYHLV GH VHPDQLIHVWDU HPRXWURVTXDGURVTXHUVHMDQDQHXURVHSRUH[HPSORDREVHVVLYDTXHUQDSVLFRVHVREDIRUPDGHHVTXL]RIUHQLDV

    (VWD IRUPDGHQHXURVH FRPRVDEHPRV IRLHVWXGDGDQRFDVRGR3HTXHQR+DQV QRTXDO R HIHLWR GD UHSUHVVmR VHSDUD R DIHWR GD UHSUHVHQWDomR $R VH FRQVWUXLU D IRELD DDQJ~VWLD GD FDVWUDomR VH GLULJH SDUD XP REMHWR VXEVWLWXWR TXH SRGH VHU HYLWDGR 1DKLVWHULD GH DQJ~VWLD D OLELGR TXH VH GHVOLJRX GHYLGR j UHSUHVVmR DR LQYpV GH VHUFRQYHUWLGDFRPRDFRQWHFHQDVKLVWHULDVGHFRQYHUVmRIRL OLEHUWDGDFRPRDQJ~VWLD,VWRQRVSHUPLWHLGHQWLILFDUDVVHPHOKDQoDVQDHVWUXWXUDGRVGRLVTXDGURVVHQGRDGLIHUHQoDSULPRUGLDORGHVWLQRGDDQJ~VWLD$IRUPDomRGRVLQWRPDIyELFRHPVLPHVPDMiLPSOLFDXP WUDEDOKR SVtTXLFR GH GHVORFDPHQWR H GH HYLWDomR TXH DR ODGR GD UHSUHVVmRFRQVWLWXHPVHFRPRRVPHFDQLVPRVGHIHQVLYRVSRUH[FHOrQFLDGDIRELD

    $WUDQVIRUPDomRGHDQJ~VWLDHPIRELDpSRUVXDYH]XPUHFXUVRGHIHQVLYRTXHSHUPLWHHYLWDURFRQIOLWRHDDQJ~VWLDPDLVRULJLQDDGRHQoDQHXUyWLFD2HVWDGRGHSkQLFRVHULDUHVXOWDGRGHVVH IUDFDVVRGHIHQVLYRDDSDULomRDEUXSWDH WUDQVERUGDGDGDDQJ~VWLDTXHLQYDGHR(XRTXHSURYRFDWRGDXPDVpULHGHVLQWRPDVFRUSRUDLV eSRVVtYHO WDPEpPHQFRQWUDU HVWHV VLQWRPDV HP VXMHLWRV TXH QmR DSUHVHQWDP XPD QHXURVH HVWUXWXUDGDFRPRWDO1HVWHFDVRDDQJ~VWLDp IUXWRGRGHVHQFDGHDPHQWRGH IDWRUHVH[WHUQRV WDLVFRPR H[DPHV VLWXDo}HV GH SURYD FRQIURQWR FRP DXWRULGDGHV H[SRVLomR HP S~EOLFRHWF $ VXGRUHVH R DXPHQWR GRV EDWLPHQWRV FDUGtDFRV H DV GRUHV DEGRPLQDLV DFDEDPSRUVHUGHVWDPDQHLUDWUDQVIRUPDGRVHPVLQDLVFRUSRUDLVGDDSDULomRGDDQJ~VWLD

    1R FDVR GDV IRELDV D FDXVD TXH GHVHQFDGHLD R VLQWRPD HVWi VHPSUH VLWXDGD QRSDVVDGR TXH VH UHDWLYD QR SUHVHQWH GHFRUUHQWH GH XP REMHWR UHDO RX VLPEyOLFR eLPSRUWDQWH UHVVDOWDU TXH HVWH REMHWR GHVHQFDGHDQWH SRGH SDVVDU GHVDSHUFHELGR WDQWRDRV ROKRV GR SDFLHQWH FRPR GR SURILVVLRQDO XPD YH] TXH R ODoR H[LVWHQWH HQWUH DUHDOLGDGH H D IDQWDVLD HVWi VRE R HIHLWR GD UHSUHVVmR H GR GHVORFDPHQWR FRQIRUPHH[HPSOLILFDPRVQRFDVRUHODWDGR4XDQGRRPHFDQLVPRIDOKDRFRUUHXPUHHQFRQWURFRPR REMHWR TXH GHVHQFDGHLD D DQJ~VWLD H p HQWmR TXH VXUJH D VtQGURPH GR SkQLFR5HVVDOWHVHTXHHVWDQmRDSDUHFHSRUWDQWRFRPRXPTXDGURLVRODGRHDXW{QRPR3DUD)UHXGXPDYH]FRQVWLWXtGRRVLQWRPDHOHJHUDXP LPSHGLPHQWRDWXDO UHDOHSUHVHQWHFULDQGR XP QRYD DQJ~VWLD TXH VH OLJD D HVWD UHSUHVHQWDomR (QWUHWDQWR HVWH HQODFH pFRQWLQJHQWH GLIHUHQFLDQGRVH DVVLP GR HQODFH RULJLQDO 3RU HVWD UD]mR PXLWDV YH]HVDSyVDDSDULomRGRSULPHLURDWDTXHWHPHPVHRVVHJXLQWHV

    1D WHRULD IUHXGLDQD DV IRELDV RULJLQDPVH HP UHODomR j DQJ~VWLD GD FDVWUDomR H DRVFRQIOLWRV WLSLFDPHQWH IiOLFRV FRPRV TXDLV D FULDQoD VH GHIURQWD QD HODERUDomR HGtSLFDWHQGRHPFRQWDDV IRUPDVHPTXHVHVLWXD IUHQWHD OHL1HVWHFRQWH[WRVmRSURGX]LGRVGHVORFDPHQWRV SHORV TXDLV VH FULDP REMHWRV IREtJHQRV VXILFLHQWHPHQWH DIDVWDGRV GDVUHSUHVHQWDo}HVRULJLQDLV IDQWDVPDVTXHRULJLQDPDDQJ~VWLDHTXH IXQFLRQDPVHJXLQGRDV OHLV GD FRQWLJLGDGH SRU VHPHOKDQoDV RX KRPRIRQLDV TXH SRGHP FRQWDPLQDU XPJUDQGH Q~PHUR GH VLWXDo}HV 2 WUDEDOKR TXH D WHUDSLD SVLFDQDOtWLFD QRV SURS}H pUHFRQVWUXLU RV VXFHVVLYRV GHVORFDPHQWR GRV DIHWRV H SHUFRUUHU RV FDPLQKRV TXHGHVWLQDPFHUWDVUHSUHVHQWDo}HVjUHSUHVVmRSDUDSURGX]LUQRYRVHQODFHVTXHOLEHUHPDRVXMHLWRGDVDPDUUDVTXHRGHL[DPSUHVRDUHSUHVVmR

    $ SVLFDQiOLVH VH SUHRFXSD HP FRPSUHHQGHU DV FDXVDV TXH SURGX]HP WDO HVWtPXOR QRVLVWHPD QHUYRVR FHQWUDO H QR VLVWHPD DXW{QRPR H SHQVD HP HVTXHPDV GH RUGHPKLVWyULFRH LQFRQVFLHQWHFRPRRVGHWHUPLQDQWHVGDSURGXomRGHPDQLIHVWDo}HVGRDIHWRHDQJXVWLDDQtYHOFRUSRUDOVHPGHL[DUGHFRQVLGHUDUTXHH[LVWHXPDFRQVWLWXLomRHXPDGLVSRVLomR SDUWLFXODU H VLQJXODU SDUD D LQVWDXUDomR GH XPDQHXURVHV2V VLQWRPDVTXHFRPSURPHWHP R FRUSR DV GHVFDUJDV QHXURYHJHWDWLYDV DV VXGRUHVHV DV SDOSLWDo}HVSRGHPVHUGHVHQFDGHDGDVSRUXPDSDODYUDXPDOHPEUDQoDXPFKHLURXPDFRUOLJDGDDGHWHUPLQDGDVUHSUHVHQWDo}HVUHSULPLGDV

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    eLPSRUWDQWHUHOHPEUDUTXH)UHXGWUDEDOKDFRPGXDVWHRULDVGDDQJ~VWLD$SULPHLUDpDHODERUDGD HQWUH D VHX FDUiWHU PHWDSVLFROyJLFR q IXQGDPHQWDOPHQWHHFRQ{PLFR $ILUPD TXH D OLELGR HVWDQFDGD QmRHODERUDGD H IXQGDPHQWDOPHQWHGHVOLJDGD GH VXDV UHSUHVHQWDo}HV DFDED SRU VHU OLEHUDGD FRPR DQJ~VWLD (VWD WHRULDFRUUHVSRQGHULDPDLVjDQJ~VWLDGDVQHXURVHVDWXDLVQDVTXDLVRVVLQWRPDVVH IRUPDPFRPRGHFRUUrQFLDGD WUDQVIRUPDomRGLUHWDGDH[FLWDomRHPDQJ~VWLDVLWXDomRHVWDTXHGLILFXOWDDDQiOLVHGHYLGDjVIDOKDVQDUHSUHVHQWDomR

    $VHJXQGDWHRULDGHIRLIRUPXODGDDSyVDHODERUDomRGDVHJXQGDWHRULDWySLFDGRDSDUHOKRSVtTXLFR LQWHUHVVDQGRVHSRUWDQWRSHORV IHQ{PHQRVGR(X)UHXGVXVWHQWDDJRUDTXHDDQJ~VWLDIXQFLRQDFRPRXPDODUPHGR(XSDUDR(XUHODFLRQDGDjVLWXDomRSXOVLRQDOTXHDFRPSDQKDDDQJ~VWLDGHFDVWUDomReHPIXQomRGHVWDVHJXQGDWHRULDGH)UHXGTXHpFRQYHQLHQWH WUDEDOKDUDTXHVWmRGDV IRELDVeDSDUWLUGHVWHPRPHQWRTXHVHSULRUL]DDDQJ~VWLDSHUDQWHRPHGRGRDWDTXHGDSXOVmR

    $TXHVWmRGDKHUHGLWDULHGDGH

    ([LVWHPDLQGDRXWURVHOHPHQWRVFDSD]HVGHDMXGDUQDFRQVWLWXLomRGHXPDIRELDHFXMRVLQGtFLRV DSDUHFHP QD SUySULD REUD GH )UHXG 1HVWH FDVR IDoDPRV UHIHUrQFLD j3VLFRORJLDGDV0DVVDVHD$QiOLVHGR(XDTXLSRGHUHPRVHQFRQWUDURPRWLYRSDUDVH SHQVDU TXH SRGHULD KDYHU KHUHGLWDULHGDGH QHVWH FDPSR TXDQGR p DERUGDGD D LGpLDGRV VLQWRPDV SRU LGHQWLILFDomR 1HVWHV FDVRV D LGHQWLILFDomR VXEVWLWXL D HVFROKD GRREMHWRH)UHXGDILUPDUiTXHDHVFROKDGRREMHWR UHJUHGLXDWpD LGHQWLILFDomRSULPHLUDHPDLV RULJLQiULD GR ODoR DIHWLYR 6RE DV FRQVWHODo}HV GDV IRUPDo}HV GH VLQWRPD GDUHSUHVVmRHGRVPHFDQLVPRVLQFRQVFLHQWHVDHVFROKDGHREMHWRUHWRUQDjLGHQWLILFDomR2XVHMDR(XWRPDVREUHVLDVSURSULHGDGHVGRREMHWR

    $ LGHQWLILFDomRGHVHPSHQKDXP LPSRUWDQWH SDSHO WDQWR QDSUpKLVWyULD GR&RPSOH[RGHeGLSRFRPRQDVXDUHVROXomR$FULDQoDSRGHVHLGHQWLILFDUFRPVHXSDLFRPRXPLGHDOH MXQWDPHQWHFRPHOHjVVXDVFDUDFWHUtVWLFDV IyELFDVTXHQHVWHVFDVRVSRGHPHVWDULGHDOL]DGDV 8PD FULDQoD GL]LD RUJXOKRVD QD VXD SULPHLUD HQWUHYLVWD (X VRX FRPR RPHXSDLQmRJRVWRGHVDLUGHFDVDQHPIDORFRPHVWUDQKRV(VWDHUDFODUDPHQWHVXDLGHQWLILFDomRPDVFXOLQDXPDYH]TXHSDUDHOH DVPXOKHUHVVmR IRIRTXHLUDVHJRVWDPGH DQGDU SHODV UXDV1D UHDOLGDGH R SDL GHVWD FULDQoD QmR FRQVHJXLD VDLU D SRQWR GHSUHFLVDUTXHRWHUDSHXWDRDWHQGHVVHHPVXDFDVDXPDYH]TXHGHL[iODOKHSURYRFDYDGHVPDLRV

    2XWUD PRGDOLGDGH LGHQWLILFDWyULD GHVFULWD SRU )UHXG p D LGHQWLILFDomR TXH SUHVFLQGH GDUHODomR GH REMHWR D LGHQWLILFDomR VH ID] QD EDVH GH SRGHU RX TXHUHU FRORFDUVH QDPHVPDVLWXDomRGRVXMHLWRFRPRTXDOVHHVWiLGHQWLILFDQGR

    &RP IUHTrQFLD HQFRQWUDPRV WDQWR HP FDVRV GH FULDQoDV FRPR GH DGXOWRVDQWHFHGHQWHV IyELFRV IDPLOLDUHV LVWR p R TXH VH FRQIXQGH SRU YH]HV FRP DKHUHGLWDULHGDGH$VPmHVWUDQVPLWHPVHXVWHPRUHVSDUDRVILOKRVDOpPGHVHUFRPXPRSDFLHQWH UHFRUGDUVH GH TXH VXD PmH XWLOL]DYD REMHWRV SURWHWRUHV SDUD GHIHQGrOR GRVSHULJRVeLPSRUWDQWHOHPEUDUTXHPXLWRVSDLVRXPmHVXWLOL]DPVHXVILOKRVFRPRREMHWRVDFRPSDQKDQWHVSDUDVHGHIHQGHUGHVHXVPHGRV IDFLOLWDQGRDVVLPQHOHVDHPHUJrQFLDGHHVWUXWXUDVFRQWUDIyELFDV1HVWHVFDVRVRPHGRVHWUDQVIRUPDHPYDORUWRUQDQGRVHXPDIRUPDRQLSRWHQWHGHHQIUHQWDUDDQJ~VWLD2SUySULRPHGRDFDEDSRUVHWUDQVIRUPDUHPFRUDJHP SHOR IDWRGHD FULDQoD WHU VLGR FRORFDGDSRU VHXVSDLVQXPDVLWXDomRGHRQLSRWrQFLD

    8PH[HPSOR LQWHUHVVDQWHGHFRQWUDIRELDHUDDGHXPSiUDTXHGLVWDTXHHVFXWHLGXUDQWHDOJXP WHPSR (OH VRIULD GH IUHTHQWHV YHUWLJHQV TXDQGR HP WHUUD HVWLYHVVH SHUWR GHXPD MDQHOD 3DUD FRQWURODU VHXV LQWHQVRVPHGRV SURFXUDYD HQIUHQWDU R REMHWR WHPLGRHYLWDQGRSRUWDQWRDDQJ~VWLDGDHVSHUD6HXPHGRGDDOWXUDRREULJDYDDHQIUHQWiODSDUDSRGHU FRQWUROiOD1DYHUGDGHRTXHRSURYRFDYDDQJ~VWLDHUDSRU VXDYH]RGHVHMRGHMRJDUVH'HVFRQKHFLDDRULJHPGRVHXVLQWRPDPDVQDPHGLGDHPTXHFRPRUHVXOWDGRGHVXDVDVVRFLDo}HVHVWHLDVHHQODoDQGRFRPUHSUHVHQWDo}HVPDVWXUEDWyULDVLQIDQWLVD YHUWLJHP IRL VH WUDQVIRUPDQGR HP DQJ~VWLD H D QHFHVVLGDGH GH VH FRORFDU HPVLWXDo}HV GH DOWR ULVFR GLPLQXLX 9HPRV DTXL R FDPLQKR LQYHUVR GR VLQWRPD ItVLFRYHUWLJHPDDQJ~VWLDFRPRHQODoDGDDXPDUHSUHVHQWDomR

    2XWURSDFLHQWHTXHGXUDQWHVXDYLGDDGXOWDVRIUHXPDVpULHGHOLPLWDo}HVHPIXQomRGHVHXVPHGRV UHFRUGDFRPRHUDYDOHQWHGXUDQWHDVXD LQIkQFLD&RORFDYDVHFRPRPDLVFRUDMRVR GR TXH D PpGLD FDSD] GH UHDOL]DU DV IDoDQKDV PDLV SHULJRVDV H[SRQGRVH

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    IUHTHQWHPHQWHDRSHULJR(VWDpDRXWUDIDFHGDPHVPDPRHGD$FRQWUDIRELDDSDUHFHFRPR D WUDQVIRUPDomR QR FRQWUiULR GH XP WUDoR IyELFR H DVVXPH SRUWDQWR R PHVPRYDORU

    $R LQFRUSRUDU FHUWR WUDoRV IDPLOLDUHV D FULDQoD FRVWXPD VHQWLUVH PDLV DPDGD EHPFRPR TXDQGR UHVSRQGH D FHUWRV GHVHMRV SDUHQWDLV TXH D QRPHLDP DWULEXLQGROKH XPOXJDU GHWHUPLQDGR WDO FRPR (OH QDVFHX SDUD ILFDU MXQWR D QyV (VWD HUD D IRUPDXWLOL]DGD SHORV SDLV DR VH UHIHULUHP D XPD FULDQoD TXH FRVWXPDYD WHU JUDYHVPDQLIHVWDo}HV GH SkQLFR VHPSUH TXH WLQKD GH LU D XP DQLYHUViULR 3DUD 3LHUD$XODJQLHU R (X IXQFLRQD DSHQDV VH IRU FDSD] GH JDUDQWLU FRQMXQWDPHQWH DHVWDELOLGDGHGDVGXDVUHIHUrQFLDVSHORVHXUHFRQKHFLPHQWRHSHORUHFRQKHFLPHQWRGHVLPHVPRDWUDYpVGRROKDUGRVRXWURV'HYHVHVHU LJXDOj LPDJHPTXHpDGPLUDGDSHORVRXWURVRXDLQGDVHULJXDOjLPDJHPDGPLUDGDSHORROKKDUTXHR(XDGPLUD(VWDVVmRDVGXDV IRUPDo}HVTXHRGHVHMRQDUFtVLFRDGRWDQRFDPSRGDV LGHQWLILFDo}HV2GLVFXUVRIDPLOLDU WHP XP JUDQGH SHVR VREUH D IRUPDomR GD LGHQWLGDGH HPXLWDV p HVWH WLSR GHSURGXomRVLQWRPDOTXHQRVID]SHQVDUQDKHUHGLWDULHGDGH

    $QWHVGH WHUPLQDUHVWDEUHYHUHIHUrQFLDjV IRELDVQD OLWHUDWXUDSVLFDQDOtWLFDJRVWDULDGHDOXGLU D RXWURV UHIHUHQFLDLV WHyULFRV GH JUDQGH LPSRUWkQFLD TXH FRORFDP DOJXPDVGLIHUHQoDVFRPUHODomRjIRUPXODomRIUHXGLDQDDVTXDLVGHL[DUHLDSHQDVLQGLFDGDVSDUDVHUHP DSURIXQGDGDV HP RXWURPRPHQWR )DUHL UHIHUrQFLD HP SULPHLUR OXJDU D0HODQLH.OHLQTXHUHYLVDDH[SOLFDomRIUHXGLDQDFXMRQ~FOHRFHQWUDOpRFRPSOH[RGHFDVWUDomRSDUD HQIDWL]DU D LPSRUWkQFLD GDV IDVHVGHPi[LPR VDGLVPRHPTXH YLYHPDV FULDQoDVGXUDQWH VHX SULPHLUR DQR GH YLGD e QD IDVH HVTXL]RSDUDQyLGH TXH HOD HQFRQWUDUi DRULJHP GDV IRELDV 9r IUHTHQWHPHQWH DVVRFLDGRV RV PHGRV FRP D DQJ~VWLD GHDQLTXLODPHQWR GR (JR HP FULDQoDV SHTXHQDV R TXH QRV OHYDULD D GL]HU TXH VmR RVPHFDQLVPRVHVTXL]yLGHVRVTXHVXEMD]HPjVHVWUXWXUDVIyELFDV7DLVHVWUXWXUDVVHULDPRSURGXWR GH XPD UHJUHVVmR EDVHDGD IXQGDPHQWDOPHQWH QD GHVLQWHJUDomR GR HX H QRVDWDTXHVLQWHUQRVGDSXOVmRGHPRUWH$RVHUSURMHWDGDHVWDVHLGHQWLILFDFRPRVREMHWRVTXHVHYROWDPFRQWUDR(XFRPRREMHWRVDPHDoDGRUHVHGHL[DPDVVLPFDUUHJDGDVDVIDQWDVLDVGHREMHWRVUHWDOLDGRUHV

    $ H[LVWrQFLD GH XP VXSHUHJR ViGLFR GHVGH RV SULPyUGLRV FRQVWLWXL D FRQVWHODomRQHFHVViULD SDUD D DSDULomR GRV WHPRUHV $V IDOKDV QDV GHIHVDV RQLSRWrQFLDLGHDOL]DomR QHJDomR VLPEROL]DomR H GLVVRFLDomR WtSLFDV GHVWD SRVLomR ID]HP FRPTXH R (X VXFXPED IUHQWH j DQJ~VWLD 1D IRUPDomR GH XPD IRELD R VXMHLWR HYLWDVLWXDo}HV FDWDVWUyILFDV SURGX]LGDV SHOD SXOVmR TXH R DWDFD GH GHQWUR DR SURMHWiOD RVXMHLWR D GHSRVLWD HP XP REMHWR H[WHUQR TXH SRGH VHU HYLWDGR 1RV FDVRV HP TXH RREMHWR DWDFDQWH H R SURWHWRU IXQFLRQDP H[WHUQDPHQWH R DFRPSDQKDQWH IyELFR VHLGHQWLILFD FRP R REMHWR ERP QR HQWDQWR R REMHWR PDX HVWi LGHQWLILFDGR FRP R REMHWRWHPLGR3RGHUtDPRVGL]HUSRUWDQWRTXHRVHQWLPHQWRGH LQYHMDDSXOVmRGHPRUWHHRIUDFDVVRGRVPHFDQLVPRVGHIHQVLYRVVmRQHVWDWHRULDRSLY{GDIRELD1DSVLFRSDWRORJLDNOHLQLDQDDDSDULomRGHTXDGURVQHXUyWLFRVSUHYLQHHHYLWDDIRUPDomRGHXPDSVLFRVH

    2VDSRUWHV ODFDQLDQRVRIHUHFHP WDPEpPXPDDPSODH[SOLFDomRSDUDHVWHTXDGUR6mRGHWHUPLQDQWHVQHVWDWHRULDReGLSRHDFDVWUDomRHQWUHWDQWRGLIHUHDIRUPDHPTXHHVWHVHQWUDPHPMRJR1RFDVRGR3HTXHQR+DQV)UHXGGL]TXHRPHQLQRWHPHVHUVHSDUDGRGH VXDPmH SRU RXWUR ODGR D WHRULD ODFDQLDQD VLWXD D DQJ~VWLD FRPR RPHGR GH ILFDUSUHVRQDFpOXODQDUFtVLFDLQFHVWXRVDSHODLPSRVVLELOLGDGHGHTXHVHH[HUoDDOHLSDWHUQDTXHHQXQFLDDGXSODSURLELomR QmR UHLQWHJUDUiVR WHXSURGXWRQHPGRUPLUiVFRPD WXDPmH2FDYDORQRFDVRGR3HTXHQR+DQVWUDQVIRUPDVHQXPREMHWRFDVWUDGRUTXHVHDSUHVHQWD QR FRQWH[WR GR LPDJLQiULR SDUD FREULU D IDOWD GH XP SDL UHDO TXH DWXH QRVLPEyOLFR FRPR REMHWR FDVWUDGRU /DFDQ GLUi TXH p QD IDOWD GR SrQLV PDWHUQR TXH VHUHYHODDQDWXUH]DGR IDOR2VXMHLWRVHGLYLGH YHQGRGLDQWHGHVLDDEHUWXUDGRDELVPRFRQWUD R TXDO VH SURWHJH HP XPD IRELD SRGHQGR DSDUHFHU HP VHX OXJDU XP REMHWRIHWLFKHTXHUHFREULUiDH[LVWrQFLDGDIDOWDGRSrQLVFRPRGHVORFDGD

    /DFDQSURS}HQR6HPLQiULRGD5HODomRGH2EMHWRTXHDDQJ~VWLDQmRpRPHGRGHXPREMHWRPDVVLPRHQIUHQWDPHQWRGRVXMHLWRFRPDIDOWDGRREMHWRXPDIDOWDGHVHUTXHRWRPDQDTXDOVHSHUGHHDQWHDTXDOpSUHIHUtYHODWpIRUPDURPDLVHVWUDQKRGRVREMHWRVQR FDVR XPD IRELD 9HPRV SRUWDQWR TXH D DQJ~VWLD GH FDVWUDomR UHPHWH j UHODomR GRVXMHLWRFRPRRXWURDRPHVPRWHPSRFRQVWLWXLQGRRFRPRVXMHLWRHRDOLHQDQGR

    5HFRUGHPRV TXH QD WHRULD ODFDQLDQD D DQJ~VWLD GH FDVWUDomR p HQWHQGLGD HP XPDGLPHQVmRVLPEyOLFDFRPRFDVWUDomRGRVXMHLWRHWRGDDDQJ~VWLDDFDEDVHQGRDQJ~VWLDGHFDVWUDomRXPDYH]TXHHODGHWHUPLQDDSUySULDUHODomRFRPDSRVVLELOLGDGHGHWRUQDU

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    VHVXMHLWRGHVHMDQWH(P/DFDQDFRQGLomRGHREMHWRWRWDORXSDUFLDOGHFRUUHGDSRVLomRTXH R VXMHLWR RFXSD QD HVWUXWXUD LVWR p VH HOH VH FRORFD FRPRFDSD] GH SUHHQFKHU DIDOWDQDPmHRXFRPRSDUWHGDTXHOHVTXHSRGHPVDWLVID]HUVHXVGHVHMRV

    2MRJRGHLQWHUHVVHV

    5HWRPDQGR R SUREOHPD GD HWLRORJLD DSyV WHU H[SRVWR D FRQWULEXLomR GD SVLFDQiOLVHSDUHFHPHLPSRUWDQWHOHPEUDUTXHQDGLVFXVVmRGHVWDVTXHVW}HVH[LVWHPHOHPHQWRVTXHHVWmR SDUD DOpP GH XPD SROrPLFD FLHQWtILFD H TXH OHYDQWDP D TXHVWmR GR SDSHO GDFLrQFLD H R FRQKHFLPHQWR QD HVWUXWXUD VRFLDO 7DQWR R FRQKHFLPHQWR TXDQWR R VDEHUHVWmR LQWLPDPHQWH OLJDGRV DR SRGHU p MXVWDPHQWH R SRGHU R TXH RULJLQD XP GLVFXUVRFLHQWtILFRTXHGHWHUPLQDRV OXJDUHVGHKLHUDUTXLDHGRPLQDomR2GLVFXUVRpSRGHUHpOXWD SHOR SRGHU LQVWLWXtGR R TXH QRV VLWXD QXPDRUGHP VRFLDO GHWHUPLQDGD$GRWDU XPDH[SOLFDomR~QLFDGDHWLRORJLDGRWUDQVWRUQRSVtTXLFRQRVFRORFDQR OXJDUGHSRVVXLGRUHVGDYHUGDGHHSRUWDQWRFRPRRV~QLFRVDJHQWHVTXHWrPRGLUHLWRGHDGPLQLVWUDUDFXUD(VWD SULRULGDGH QmR Vy IXQFLRQD QR VHQWLGR GR SUHVWtJLR PDV WDPEpP GHWHUPLQD DSRVVLELOLGDGHGHPRQRSROL]DURPHUFDGRGHWUDEDOKRHDDSOLFDomRGDVYHUEDVGHVWLQDGDVjSHVTXLVD

    $SDUWLUGLVWRpSRVVtYHOGHGX]LUTXHQmRpVyREHQHItFLRGRVSDFLHQWHVRTXHHVWiHPMRJR QHVWD GLVFXVVmR HWLROyJLFD H QRVRJUiILFD D UHVSHLWR GD VtQGURPH GR SkQLFR H GDIRELD6mRWDPEpPIRUWHV LQWHUHVVHVFRUSRUDWLYLVWDVTXHUHJHPXPPHUFDGRGHWUDEDOKRFDGD YH] PDLV FRPSHWLWLYR 5HIOH[R GHVWD VLWXDomR VmR DV PXGDQoDV VRIULGDV SHOR0DQXDO GH 'LDJQyVWLFR H (VWDWtVWLFD GRV 'LVW~UELRV 0HQWDLV '60 GD $VVRFLDomR3VLTXLiWULFD$PHULFDQDTXHUHIOHWHPFDGDYH]PDLVDDVFHQVmRGHSVLTXLDWULDELROyJLFDH GD SVLFRIDUPDFRORJLD FRP D FRQVHTHQWH SUROLIHUDomR GH GURJDV SVLFRDWLYDV FRPDOYRV HVSHFtILFRV 2EVHUYDPRV TXH R FDPLQKR YDL FDGD YH] PDLV QD GLUHomR GHFODVVLILFDU GHVFULWLYDPHQWH RV GLVW~UELRV HQIDWL]DQGR RV WUDQVWRUQRV VLQWRPiWLFRV HGHL[DQGRVHDVVLPGHODGRDFRPSUHHQVmRPDLVFRPSOH[DTXHLQFOXLRVIDWRUHVVRFLDLVHGLQkPLFRV 1mR GHYHPRV HVTXHFHU TXH WDQWR R '60 ,,, TXDQWR R '60 ,9 UHJHP DGLVWULEXLomRGRGLQKHLURGHVWLQDGRjVGLIHUHQWHVOLQKDVGHLQYHVWLJDomR

    6H p SRVVtYHO SHQVDU XP FDPSR RQGH R RUJkQLFR H R SVLFROyJLFR VH UHXQDP WHFHQGRXPD WUDPD HVWDUHPRVDMXGDQGRD URPSHU FRPRV IHXGRV FLHQWtILFRV(VWDUHPRVHQWmRVXSHUDQGRXPLPDJLQiULRQDUFtVLFRTXHQRVID]SHQVDUTXHQRVVDYLVmRpD~QLFDHTXHVRPRVRVGHWHQWRUHVGDYHUGDGH

    1RWDV

    '&DHWDQR&RPR(QIUHQWDUR3kQLFR6mR3DXOR,FRQo9ROWD

    '%&DUU'9 6KHHKDQ 3DQLF$Q[LHW\ D QHZELRORJLFDOPRGHO-RXUQDO RI&OLQLFDO3V\FKLDWU\9ROWD

    '1XWW&K/DZVRQ3DQLF$WWDFNV$QHXURFKHPLFDO2YHUYLHZRI0RGHOVDQG0HFKDQLVPV %ULW - 3V\FKLDW DSXG &KDSD 3iQLFR \$JDURIRELDV%XHQRV$LUHV(G6DOHUQRS9ROWD

    +&KDSD3iQLFR\$JDURIRELDV%XHQRV$LUHV(G6DOHUQR9ROWD

    05-RKQVRQ5%/\GLDUG-&%DOOHQJHU3DQLFGLVRUGHU3DWKRSK\VLRORJ\DQGGUXJWUHDWPHQW'UXJVDSXG&KDSDRSFLW9ROWD

    6 )UHXG &RQIHUrQFLDV ,QWURGXFWyULDV FRQI LQ2EUD&RPSOHWDV YRO ;9,%XHQRV$LUHV$PRUURUWX(GLWRUHV9ROWD

    -/DSODQFKH9RFDEXOiULRGH3VLFDQiOLVH6mR3DXOR0DUWLQV)RQWHV9ROWD

    6)UHXG$QiOLVLVGHOD)RELDGHXP1LxRGH&LQFR$xRV LQ2EUDV&RPSOHWDVYRO;%XHQRV$LUHV$PRUURUWX(GLWRUHV9ROWD

  • 5HYLVWD3HUFXUVR

    KWWSZZZXROFRPEUSHUFXUVRPDLQSFVDUWLJRKWP

    BBBBBBB1HXURSVLFRVLVGH'HIHQVDLQ2EUDV&RPSOHWDVYRO,,,%XHQRV$LUHV$PRUURUWX(GLWRUHV9ROWD

    BBBBBB ,QKLELFLyQ6LQWRPD \$QJ~VWOD LQ2EUDV&RPSOHWDV YRO ;; %XHQRV$LUHV$PRUURUWX(GLWRUHV9ROWD

    BBBBBB 3VLFRORJLD GH ODV 0DVDV \ $QiOLVLV GH