Baixe o app para aproveitar ainda mais
Prévia do material em texto
ZZZ�MDQXVRQOLQH�SW � 2�7UDWDGR�GH�%UX[HODV�GH����� -RVp�&XWLOHLUR� -DQXV����� 2� 7UDWDGR� GH� &RODERUDomR� (FRQyPLFD�� 6RFLDO� H� &XOWXUDO� H� GH� 'HIHVD� &ROHFWLYD� DVVLQDGR�HP�%UX[HODV�D����GH�0DUoR�GH������SRU� UHSUHVHQWDQWHV�GD�)UDQoD�� GRV� WUrV�SDtVHV�GR�%HQHOX[��H�GR�5HLQR�8QLGR GD�*Um�%UHWDQKD�H�GD� ,UODQGD�GR�1RUWH�� FRQKHFLGR�SRU�7UDWDGR�GH�%UX[HODV�� WHYH�D�PDLRU� LPSRUWkQFLD�SDUD�D�VHJXUDQoD�GR� 2FLGHQWH�GXUDQWH�D�JXHUUD�IULD�� 1mR�SRU�WHU�YLQGR�D�HVWDU�QD�RULJHP�GD�8QLmR�GD�(XURSD�2FLGHQWDO��GXUDQWH�GpFDGDV� D�~QLFD�RUJDQL]DomR�HXURSHLD�GH�GHIHVD��FULDGD�HP�������GHSRLV�GH�R�7UDWDGR� WHU� VLGR�PRGLILFDGR�H�FRPSOHWDGR�SRU�XP�3URWRFROR�DVVLQDGR�HP�3DULV�D����GH�2XWXEUR� GHVVH�DQR� 2�IUDFDVVR�GD�&RPXQLGDGH�(XURSHLD�GH�'HIHVD������� $�FULDomR�GD�8(2�VXUJH�GHSRLV�GH�XPD�&RPXQLGDGH�(XURSHLD�GH�'HIHVD�DSURYDGD� SHORV�JRYHUQRV�GRV�TXDWUR�SDtVHV�FRQWLQHQWDLV�VLJQDWiULRV�GR�7UDWDGR�GH�%UX[HODV� �R�5HLQR�8QLGR�QmR�VH�OKHV�MXQWRX���GD�$OHPDQKD�H�GD�,WiOLD�WHU�VLGR�UHMHLWDGD�SHORV� GHSXWDGRV� j� $VVHPEOHLD� 1DFLRQDO� IUDQFHVD� D� �� GH� $JRVWR� GHVVH� DQR�� �6HULD� R� SULPHLUR� µQmR¶� IUDQFrV� DR� SURMHFWR� HXURSHX�� R� VHJXQGR�� GHFODUDGR� SRU� HOHLWRUHV� H� QmR�SRU�HOHLWRV��FKHJDULD�PHLR�VpFXOR�GHSRLV��QR�UHIHUHQGR�GH�0DLR�GH������VREUH�R� 7UDWDGR�&RQVWLWXFLRQDO��'H�*DXOOH��TXH�WLQKD�DV�PDLRUHV�G~YLGDV�VREUH�D�YLDELOLGDGH� GD DYHQWXUD� HXURSHLD�� GL]LD� TXH� DV� QDo}HV� HUDP� RYRV� FR]LGRV� H� TXH� FRP� RYRV� FR]LGRV� QmR� VH� ID]LDP� RPHOHWHV�� 3DUD� XPD�PDLRULD� GH� IUDQFHVHV�� QHP� HP� ����� QHP��SHORV�YLVWRV��PHLR�VpFXOR�GHSRLV�� $� DSDULomR� GD� 8QLmR� GD� (XURSD� 2FLGHQWDO� QD� FHQD� LQVWLWXFLRQDO� HXURSHLD� SDUD� SURFXUDU�DWHQXDU�DV�FRQVHTXrQFLDV�GD�PRUWH�j�QDVFHQoD�GD�&RPXQLGDGH�(XURSHLD� GH�'HIHVD�QmR�GHL[D�GH�FRQWHU�DOJXPD�LURQLD��FRPR�jV�YH]HV�D�KLVWyULD�SURSRUFLRQD�� $� &('� PRUUHUD� SRUTXH� XPD� PDLRULD� GH� GHSXWDGRV� IUDQFHVHV� YLUDP� QHOD� XPD� FREHUWXUD�HXURSHLD�SDUD�DXWRUL]DU�R�UHDUPDPHQWR�GD�$OHPDQKD�2FLGHQWDO��TXH�HUD� LQHYLWiYHO�PDV�D�TXH�HOHV�HUDP�KRVWLV�± H�WHQWDU�ID]r�OD�SDVVDU�VRE�HVVD�FREHUWXUD� IRUD� HVWUDWDJHPD� FRQFHELGR� SRU� -HDQ�0RQQHW� H� DGRSWDGR� HQWXVLDVWLFDPHQWH� SHOR� SULPHLUR�PLQLVWUR�IUDQFrV�5HQp�3OpYHQ��2V�JRYHUQRV�GDV�SDUWHV�DVVLQDUDP�R�WUDWDGR� HP�������HP�������TXDQGR�D�$VVHPEOHLD�VH�YHLR�D�SURQXQFLDU��R�JRYHUQR�GH�3DULV� WLQKD� PXGDGR� H� HUD� FKHILDGR� DJRUD� SRU� 3LHUUH� 0HQGqV�)UDQFH�� TXH� QmR� WLQKD� SRVLomR�GHILQLGD�TXDQWR�j�&('�H�GLULJLD�XP�JRYHUQR�TXH�HVWDYD�GLYLGLGR�VREUH�HOD�H� IRUD� LQFDSD]� GH� VDQDU� HVVD� GLYLVmR�� $� RSRVLomR� DR� WUDWDGR� WLQKD� GRLV� JUXSRV� SURWDJRQLVWDV�SULQFLSDLV��RV�JDXOLVWDV��TXH�YLDP�QHOH�XPD�DIURQWD�j� LQGHSHQGrQFLD� QDFLRQDO�� H� RV� FRPXQLVWDV� TXH� YLDP� QHOH� XPD� WHQWDWLYD� GH� IRUWDOHFHU� D� (XURSD� FRQWUD�D�8QLmR�6RYLpWLFD��2UD�D�YLWyULD�FRQYLQFHQWH�GRV�RSRVLWRUHV�± ����FRQWUD����� ± WHYH�HIHLWR�SHUYHUVR�TXDQWR�DRV� LQWHUHVVHV�GH�DPERV��DWLURX�GH�YH]�D�$OHPDQKD� SDUD�RV�EUDoRV�GD�$OLDQoD�$WOkQWLFD��UHIRUoDQGR�DVVLP�R�2FLGHQWH�FRQWUD�D�8566�H� FRQILUPDQGR�D�2UJDQL]DomR�GR�7UDWDGR�GR�$WOkQWLFR�1RUWH�FRPR�SHGUD�DQJXODU�GD� GHIHVD� FROHFWLYD� GD� (XURSD� RFLGHQWDO�� GHVGH� HVVH� GLD� DWp� DR� FRODSVR� GD� 8QLmR� ZZZ�MDQXVRQOLQH�SW � 6RYLpWLFD�� HP� ������ RV� FRPXQLVWDV� QXQFD� FRQVHJXLULDP� HQIUDTXHFHU� D� IUHQWH� RFLGHQWDO���2V�JDXOLVWDV�WHQWDUDP�YiULDV�YH]HV�JHVWLFXODU�FRQWUD�D�KHJHPRQLD�QRUWH� DPHULFDQD� � ± HP� ����� GH� *DXOOH� UHWLUDULD� PHVPR� D� )UDQoD� GD� HVWUXWXUD� PLOLWDU� LQWHJUDGD�GD�27$1�± PDV�� QR� IXQGR��QDV� FULVHV� UHDOPHQWH� LPSRUWDQWHV�GD�JXHUUD� IULD�� LQFOXLQGR� D� FULVH� GH� ����� VREUH� RV� PtVVHLV� VRYLpWLFRV� HP� &XED�� D� )UDQoD� PRVWURX�VH� XP� DOLDGR� ILUPH� GRV� (VWDGRV� 8QLGRV�� �2� GHVHQWHQGLPHQWR� VREUH� R� ,UDTXH�DFRQWHFHX� GHSRLV�GR� ILP�GD�JXHUUD� IULD�� MXOJR�VHU� OHJtWLPR� LPDJLQDU�TXH�VH� HVWD��j�pSRFD��FRQWLQXDVVH�DLQGD��3DULV�QmR�VH�WHULD�RSRVWR�D�:DVKLQJWRQ�� $V� SDL[}HV� TXH� OHYDUDP� j� UHMHLomR� GR� 7UDWDGR� SDUHFHULDP� GHPDVLDGR� IRUWHV� VH� IRVVHP�DYDOLDGDV�FRQWUD�D�SDFDWH]�HXURSHLD�GHVWH�FRPHoR�GR�VpFXOR�;;,��TXDQGR� H[LVWHP�D�8QLmR�(XURSHLD��D�DPL]DGH�IUDQFR�DOHPm��R�HXUR��D�5~VVLD�QR�*����0DV� DTXHOHV�WHPSRV�HUDP RXWURV��2�7UDWDGR�GH�%UX[HODV�IRUD�DVVLQDGR�WUrV�DQRV�GHSRLV� GR� ILP�GD�JXHUUD� �GD�6HJXQGD�*XHUUD�0XQGLDO�� QD�(XURSD�4XDQGR�RV�GHSXWDGRV� IUDQFHVHV� YRWDUDP�FRQWUD�D�&('� WLQKDP�Vy� SDVVDGR�QRYH�DQRV� VREUH� D� UHQGLomR� LQFRQGLFLRQDO�GD�$OHPDQKD��1mR�WLQKD�DLQGD�KDYLGR�D�FULVH�GR�6XH]��QHP�R�UHODWyULR� VHFUHWR�GH�1LNLWD�.UXWFKHY�DR�����FRQJUHVVR�GR�3DUWLGR�&RPXQLVWD�VRYLpWLFR��VREUH� RV�FULPHV�GH�(VWDOLQH�� 0DV�D�8QLmR�6RYLpWLFD��SURVpOLWD�H�H[SDQVLRQLVWD��DILUPDYD�VH�Mi�VHQKRUD�LQWROHUDQWH� GH� WRGD�D�(XURSD�TXH� OKH FRXEHUD�QD�SDUWLOKD�GR�FRQWLQHQWH�HQWUH�GXDV�HVIHUDV�GH� LQIOXrQFLD� QR� SRVW�JXHUUD�� UHJDWHDGD� HP� ,DOWD� SRU� &KXUFKLOO�� 5RRVHYHOW� H� (VWDOLQH�� 2� JROSH� GH� 3UDJD�� FRP� D� GHIHQHVWUDomR� SHORV� UXVVRV�� GLVIDUoDGD� GH� VXLFtGLR�� GR� PLQLVWUR�GRV�1HJyFLRV�(VWDQJHLURV�FKHFRHVORYDFR��-DQ�0D]DU\N��Gi�VH�HP�������e� WDPEpP�HP������TXH�FRPHoD�R�EORTXHLR�GH�%HUOLP��&RP�H[FHSomR�GD�-XJRVOiYLD� GH� 7LWR� ± TXH� VDL� GHVDYLQGD� GR�&RPLQWHUQ� H[DFWDPHQWH� HP� ����� ± QHQKXP� SDtV� YHOKR� RX� QRYR� GHVVD� SDUWH� GR�PXQGR� HVFDSDYD� DR� GRPtQLR� GH� 0RVFRYR�� RV� WUrV� (VWDGRV� EiOWLFRV� WLQKDP�PHVPR� SHUGLGR� DV� VXDV� LQGHSHQGrQFLDV� H� VLGR� FHUFDGRV� SHODV� IURQWHLUDV� GD� 8QLmR� GDV� 5HS~EOLFDV� 6RFLDOLVWDV� 6RYLpWLFDV�� 2V� HXURSHXV� RFLGHQWDLV�± RV�EULWkQLFRV�DQWHV�GH�WRGRV�RV�RXWURV�± WLQKDP�SHUFHELGR�TXH�XP�SRGHU� PRQVWUXRVR��SURVpOLWR�H�LPSODFiYHO�VH�HVWDEHOHFHUD�QD�VXD�IURQWHLUD�OHVWH�H�TXH�HUD� SULRULWiULR�GHIHQGHUHP�VH�GHOH� 7LQKDP� SHUFHELGR� WDPEpP�� XQV� PHOKRU� GR� TXH� RXWURV�� TXH�� PHVPR� SDUD� RV� YHQFHGRUHV�HXURSHXV�GD�*XHUUD�GH������������SULQFLSDLV�DOLDGRV�GRV�DPHULFDQRV��D� )UDQoD��VDOYD�GH�FDtU�HQWUH�RV�GHUURWDGRV�SHOD�DFomR�UHEHOGH�GH�GH�*DXOOH�H��D�SDUWLU� GH�������GHSRLV�GH�+LWOHU�WHU�LQYDGLGR�D�8QLmR�6RYLpWLFD��GRV�FRPXQLVWDV��EHP�FRPR�� PDLV�IRUWH�H�FRQYLQFHQWH�QD�JXHUUD�H�QD�YLWyULD��D�*Um�%UHWDQKD��R�SRGHU�TXH�WLQKDP� DJRUD�QD�(XURSD�H�QR�PXQGR�QmR�VH�FRPSDUDYD�FRP�R�SRGHU�TXH�WLQKDP�WLGR�DQWHV� GD� JXHUUD�� (� HUD� WDPEpP� FODUR� TXH�� GHYLGR� j� SUHVVmR� SRVWD� D� IDYRU� GD� LQGHSHQGrQFLD� GH� SRYRV� FRORQLDLV� SHOD� 8QLmR� 6RYLpWLFD� H� SHORV� (VWDGRV� 8QLGRV�� PHQRV�SRGHU�YLULDP�D�WHU�DLQGD�QXP�IXWXUR�PXLWR�SUy[LPR��(PERUD�HP������R�WtWXOR� GH�(UQHVW�%HYLQ�IRVVH�PLQLVWUR�GRV�1HJyFLRV�(VWUDQJHLURV�H�,PSHULDLV��)RUHLJQ�DQG� ,PSHULDO�6HFUHWDU\�± DVVLP�DSDUHFH�QD�DFWD�GH�DVVLQDWXUD�GR�7UDWDGR�GH�%UX[HODV��R� VRO�TXH�FLQTXHQWD�DQRV�DQWHV�QXQFD�VH�SXQKD�QR�,PSpULR�%ULWkQLFR�SDVVDUD�D�VHU�XP� VRO� SRHQWH�� (P� ������ D� ËQGLD� H� R� 3DTXLVWmR� WLQKDP� GHFODUDGR� DV� VXDV� LQGHSHQGrQFLDV�H�R�UHVWR�± QD�ÈIULFD��QD�ÈVLD��QDV�$PpULFDV��QD�(XURSD��&KLSUH��± HVERURRX�VH��TXDVH�VHPSUH�RUGHLUDPHQWH��HP�SRXFRV�DQRV�� $V� DQWLJDV� JUDQGHV� SRWrQFLDV� HXURSHLDV� GR� VpFXOR�;,;�� LQFOXLQGR� R� TXH� UHVWDYD� D� RFLGHQWH� GD� $OHPDQKD�� DFDEDUDP� SRU� SHUFHEHU� TXH�� SDUD� VH� GHIHQGHUHP� GH� ZZZ�MDQXVRQOLQH�SW � HYHQWXDLV�DWDTXHV�VRYLpWLFRV�RX��PHOKRU�DLQGD��SDUD�GHVHQFRUDMDUHP�0RVFRYR�GH�RV� GHVHQFDGHDU�� SUHFLVDYDP� GH� DVVRFLDomR� JDUDQWLGD� FRP� RV� (VWDGRV� 8QLGRV�� TXH� IRVVH�FRQVWDQWH��LQVWLWXFLRQDOL]DGD�H�DSRLDGD�QXP�DSDUHOKR�PLOLWDU�RSHUDFLRQDO� )RL�QHVWD�YHLD�TXH�RV�DUTXLWHFWRV�GR�7UDWDGR�GH������TXLVHUDP�DVVLQi�OR��VREUHWXGR� SRU�TXHUHUHP�GDU�DRV�DPHULFDQRV�SURYD�GH�TXH�RV HXURSHXV�HUDP�FDSD]HV�GH�VH� RUJDQL]DUHP�HQWUH�VL�VREUH�TXHVW}HV�GD�VXD�GHIHVD�H�HVWDULDP�DVVLP�SURQWRV�D�XP� DUUDQMR� WUDQVDWOkQWLFR� TXH� UHIRUoDULD� HVWD�� 7RGRV� RV� VLJQDWiULRV� WLQKDP� HVVH� ILWR�� PDV� DTXHOH� TXH� PDLV� GHSUHVVD� VH� DSHUFHEHUD� GD� QHFHVVLGDGH� GH� XP� HOR� WUDQVDWOkQWLFR� UREXVWR� H� IRL� DMXGDQGR� PHOKRU� D� FRQYHQFHU� :DVKLQJWRQ� �QmR� Vy� D� SDUWH�GH�:DVKLQJWRQ� LVRODFLRQLVWD�H�GHVFRQILDGD�GH�FRPSURPLVVRV�FRP�HXURSHXV�� PDV�WDPEpP�DTXHOHV�SROtWLFRV�DPHULFDQRV�TXH�GHVHMDYDP�YHU�XPD�(XURSD�XQLGD��GDV� YDQWDJHQV�� WDPEpP� SDUD� RV� (VWDGRV� 8QLGRV�� HP� HVWDEHOHFHU� HVVH� HOR�� IRL�� %HYLQ�� OHLWHLUR� GH� %ULVWRO� TXH� D� DFomR� VLQGLFDO� SULPHLUR� H� D� DFomR� SROtWLFD� GHSRLV� KDYLDP� JXLQGDGR� DR� JRYHUQR� GD� *Um�%UHWDQKD�� FRPR� PLQLVWUR� GR� 7UDEDOKR� QD� FROLJDomR� GH� XQLGDGH� QDFLRQDO� LPSRVWD� SHOD� JXHUUD� H� SUHVLGLGD� SRU�&KXUFKLOO� H�� D� VHJXLU� j� YLWyULD� HOHLWRUDO� GH� ������ FRPR� PLQLVWUR� GRV� (VWUDQJHLURV� GR� JRYHUQR� WUDEDOKLVWD� GR� 5HLQR� 8QLGR� SUHVLGLGR� SRU� &OHPHQW� $WWOHH�� 3HUFHEHUD� FHGR� TXH�� GHUURWDGR� R� QD]LVPR�� R� SUREOHPD� TXH� VH� SHUILODYD� GLDQWH� GDV� GHPRFUDFLDV� HXURSHLDV�QmR�HUD�R�GH� ULVFRV�FDXVDGRV�SRU�HYHQWXDO� UHDUPDPHQWR�DOHPmR�± GRV� WHUPRV�H�FRQWUROH�GR�TXDO�D�8(2��GH�UHVWR��VH�YLULD�D�RFXSDU�± PDV�R�H[SDQVLRQLVPR� DJUHVVLYR� VRYLpWLFR�� %HYLQ� SDUWLOKDYD� FRP� RXWURV� WUDEDOKLVWDV� LQJOHVHV� XPD� GHGLFDomR�DRV LQWHUHVVHV�GD�FODVVH�RSHUiULD�TXH�GLIHULD�GDTXHOD�VHQWLGD�H�H[SUHVVD� SHOD� PDLRULD� GRV� VHXV� KRPyORJRV� GR� FRQWLQHQWH� HXURSHX�� SRU� LQFOXLU� UHS~GLR� GHFODUDGR�GR�FRPXQLVPR�H�KRVWLOLGDGH�j�8QLmR�6RYLpWLFD� 'R�7UDWDGR�GH�%UX[HODV��������DR�7UDWDGR�GH�:DVKLQJWRQ 2V�ODERUHV�GH�%HYLQ�H�GRV�VHXV�FROHJDV�REWLYHUDP�R�HIHLWR�GHVHMDGR��(P�$EULO�GH� ����� RV� (VWDGRV�8QLGRV�� R�&DQDGi�� R� 5HLQR�8QLGR�� D� )UDQoD�� RV� WUrV� SDtVHV� GR� %HQHOX[�� D� 'LQDPDUFD�� D� 1RUXHJD�� D� ,VOkQGLD�� D� ,WiOLD� H� 3RUWXJDO� DVVLQDUDP� HP� :DVKLQJWRQ� R� 7UDWDGR� GR� $WOkQWLFR� 1RUWH� �GH� TXH�� HP� ������ � IRL� FULDGD� D� RUJDQL]DomR� TXH� DLQGD� KRMH� H[LVWH�� D� 27$1��� (QWUHWDQWR� D� 7XUTXLD� H� D� *UpFLD� MXQWDUDP�VH�OKH�HP�������D�$OHPDQKD�2FLGHQWDO�HP�������TXDQGR�GD�UHXQLILFDomR� DOHPm��HP�������D�$OHPDQKD�GH�/HVWH�SDVVRX�D�ID]HU�SDUWH�GH�XP�SDtV�PHPEUR�GR� 7UDWDGR�HP�YH]�GH��FRPR�DOJXQV�WLQKDP�MXOJDGR�LQHYLWiYHO��D�$OHPDQKD�UHXQLGD�WHU� SDVVDGR� D� VHU� QHXWUD��� D� (VSDQKD� HP� ������ D�+XQJULD�� D� 3ROyQLD� H� D�5HS~EOLFD� &KHFD�HP�������D�(VORYpQLD��D�(VORYiTXLD��D�5RPpQLD��D�%XOJiULD�H�RV�WUrV�SDtVHV� EiOWLFRV�HP������� 9HUEHUDGD� H� SRVWD� HP� G~YLGD� QR�2FLGHQWH� SRU� SDFLILVWDV� H� FRPXQLVWDV� GH� YiULDV� WHQGrQFLDV�GXUDQWH�RV�DQRV�GD�JXHUUD�IULD��D�27$1�VREUHYLYHX�D�PXLWDV�YLFLVVLWXGHV� ± D�FULVH�GR�6XH]��D�VDtGD�GD�)UDQoD�GD�HVWUXWXUD�PLOLWDU� LQWHJUDGD��FRP�PXGDQoD� GH�HQGHUHoR�HXURSHX�GH�3DULV�H�0DQWH�/D�-ROLH�SDUD�%UX[HODV�H�0RQV��QD�%pOJLFD��� D�FRORFDomR�GH�PtVVHLV� LQWHUPpGLRV�QD�(XURSD��R�SUySULR� ILP�GD�JXHUUD� IULD�± VHP� GHL[DU�GH�VHU��DWp�KRMH��R�LQVWUXPHQWR�GH�GHIHVD�FROHFWLYD�PDLV�LPSRUWDQWH�H�HILFD]�j� GLVSRVLomR� GRV� (VWDGRV� 8QLGRV� H� GRV� HXURSHXV�� $OpP� GLVVR�� D� SDUWLU� GD� VXD� FRORFDomR�QD�%yVQLD�+HU]HJRYLQD�HP�������SDVVRX�WDPEpP�D�RFXSDU�VH�GH�JHVWmR� GH� FULVHV� HP� SDUWHV� DJLWDGDV� GR�PXQGR� RQGH� LQWHUHVVHV� HXURSHXV� H� DPHULFDQRV� ZZZ�MDQXVRQOLQH�SW � WHQKDP� VLGR� RX� SRVVDP VHU� EHOLVFDGRV�� 7DO� REULJRX� D� RUJDQL]DomR� D� GRWDU�VH� GH� QRYRV�FRQFHLWRV�HVWUDWpJLFRV�H�GH�QRYDV�WiFWLFDV��FRP�JUDQGHV�PXGDQoDV�SUiWLFDV�� SRUTXH�D�SUHSDUDomR�QHFHVViULD�j�GHIHVD�SUySULD�p�PXLWR�GLIHUHQWH�GD�SUHSDUDomR� QHFHVViULD�j�LQWHUYHQomR�EHP�VXFHGLGD�HP�]DUDJDWDV�GH�RXWURV� $�27$1�p�FRQVHTXrQFLD��REOtTXD�WDOYH]�PDV�GH�LPSRUWkQFLD�FUXFLDO��GR�7UDWDGR�GH� %UX[HODV�GH�������TXHU�HQTXDQWR�LQVWUXPHQWR�GH�GHIHVD�HXUR�DWOkQWLFD��SDUD�R�TXH� GHU� H� YLHU�� TXHU� HQTXDQWR� IHUUDPHQWD� GH� JHVWmR� GH� FULVHV� QDOJXQV� GRV� FDQWRV� SUREOHPiWLFRV�GR�JORER�± .RVRYR�H�$IHJDQLVWmR�VmR�RV�GRLV�WHDWURV�GH�RSHUDo}HV� PDLV�FRQKHFLGRV�� 2XWUD� FRQVHTXrQFLD� GR� 7UDWDGR�� GH� LPSRUWkQFLD� PHQRV� FUXFLDO� SDUD� D� QRVVD� VREUHYLYrQFLD�GXUDQWH�TXDVH�PHLR�VpFXOR�GH�FRQIURQWDomR�QXFOHDU��PDV�GH�JUDQGH� XWLOLGDGH�H�DOFDQFH�SDUD�FRQIRUWR�GD�SRVLomR�GD�(XURSD�QR�PXQGR�GH�KRMH�± R�PXQGR� SRVW�JXHUUD�IULD�H�SRVW������± p�D�3ROtWLFD�GH�6HJXUDQoD�H�'HIHVD�GD�8QLmR�(XURSHLD�� $�DVFHQGrQFLD�GD�3(6'�DWp�DR�WUDWDGR�DVVLQDGR�HP�0DUoR�GH������HP�%UX[HODV�p� PHQRV�REOtTXD�GR�TXH�D�DVFHQGrQFLD�GD�27$1��PDV�WDPEpP�SUHFLVD�GH�FLFHURQH� $�8QLmR�(XURSHLD�2FLGHQWDO������� $�8QLmR�GD�(XURSD�2FLGHQWDO��FULDGD�HP������H�GRWDGD�GH�FRPSHWrQFLDV�GH�GHIHVD� FROHFWLYD��HQGRVVRX�ORJR�HVWDV�j�27$1��SRUTXH�QmR�IDULD�VHQWLGR�SROtWLFR��HVWUDWpJLFR� RX�ILQDQFHLUR�TXH�R�QmR�IL]HVVH��$�RUJDQL]DomR�RFXSRX�VH�SRU�XP�WHPSR�GD�TXHVWmR� GD� UHLQWHJUDomR� GR� 6DUUH� QD� $OHPDQKD�� PDQWHYH� SDSHO� IRUPDO� GH� YLJLODQWH� GR� UHDUPDPHQWR� DOHPmR� PDV�� DWp� DR� FRPHoR� GRV� DQRV� ���� YHJHWRX� VHP� TXDOTXHU� LQWHUYHQomR�VLJQLILFDWLYD�HP�SUREOHPDV�GH�GHIHVD�H�VHJXUDQoD�HXURSHXV��$�VXD�VHGH� HP� /RQGUHV� SDUHFHX� D� XP� GLSORPDWD� GR� FRQWLQHQWH� XP� KRWHO� GHFUpSLWR� HP� %RXUQHPRXWK��JHULGR�SHOD�ILOKD�GH�GRQR�TXH�Mi�WLYHVVH�PRUULGR� (QWUHWDQWR�� RXWURV� SURSyVLWRV� GR� 7UDWDGR� WLQKDP� HQFRQWUDGR� H[SUHVV}HV� LQVWLWXFLRQDLV� GLYHUVDV�� 2� &RQVHOKR� GD� (XURSD�� FULDGR� HP� ������ RFXSDYD�VH� GH� GHPRFUDFLD�� GLUHLWRV� GR� KRPHP� H� TXHVW}HV� VRFLDLV� H� FXOWXUDLV�� 2� TXH� FRPHoDUD� FRPR�D�&RPXQLGDGH�(XURSHLD�GR�&DUYmR�H�GR�$oR� WUDQVIRUPDUD�VH�QXP�SURFHVVR� PDLV�DPELFLRVR�GH�FRRSHUDomR�HFRQyPLFD�HP�PXLWRV�GRPtQLRV��HQFHWDUD�VH�D�ORQJD� H�WULXQIDQWH�PDUFKD�GH�DSURIXQGDPHQWRV�H�DODUJDPHQWRV�DWp�DR�TXH�p�KRMH�D�8QLmR� (XURSHLD� 1R� FRPHoR� GRV� DQRV� RLWHQWD�� D� 8(2� FRPHoD� D� VDtU� GD� VXD� OHWDUJLD�� HVWLPXODGD� VREUHWXGR�SHOD�)UDQoD��TXH�JRVWDULD�GH�YHU�PDLRU�FRRSHUDomR�HQWUH�RV�HXURSHXV�QD� 27$1� H� HQWHQGLD� VHU� D� 8(2� R� TXDGUR� RQGH� D� SURPRYHU�� (�� D� VHJXLU� DR� HQWHQGLPHQWR�HQWUH�5HDJDQ�H�*RUEDWFKRY�TXH�DEUDQGRX�DV�WHQV}HV�QXFOHDUHV�HQWUH� RV�GRLV�EORFRV��RV�HXURSHXV��PDLV�XPD�YH]�FRP�D�)UDQoD�j�IUHQWH��YLUDP�IXWXUDU�VH� XP� SDQRUDPD� HVWUDWpJLFR� HP� TXH� RV� VHXV� LQWHUHVVH� H� RV� GRV� QRUWH� DPHULFDQRV� HVWDULDP� PHQRV� VROGDGRV� HQWUH� VL� GR� TXH� TXDQGR� WLQKDP� HQIUHQWDGR� MXQWRV� D� DPHDoD�QXFOHDU� $� SDUWLU� GHVVD� DOWXUD�� D� 8(2� p� UHRULHQWDGD� H� GHVHQYROYLGD� FRPR� LQVWUXPHQWR� GH� JHVWmR� GH� FULVHV� TXH� DIHFWDVVHP� LQWHUHVVHV� HXURSHXV�� 6H� LQWHUHVVHV� DPHULFDQRV� HVWLYHVVHP�WDPEpP�HP� MRJR��R� LQVWUXPHQWR�GH�DFomR�FROHFWLYD�FRQWLQXDULD�D�VHU�D� 27$1�� 7UDEDOKDQGR� FRP� D� &RPXQLGDGH� �GHSRLV� 8QLmR�� (XURSHLD� H� D� $OLDQoD� $WOkQWLFD�� D� VHGH� GD� 8(2� p� WUDQVIHULGD� SDUD� MXQWR� GH� DPEDV�� HP� %UX[HODV�� 6mR� QHJRFLDGRV�DFRUGRV�FRP�D�27$1�TXH�DXWRUL]DP�R�XVR�GH�PHLRV�PLOLWDUHV�GHVWD�HP� ZZZ�MDQXVRQOLQH�SW � RSHUDo}HV�HXURSHLDV��$�SRVLomR�FKDUQHLUD�GD�8(2�HUD� FRQVHTXrQFLD�GH�RSRVLomR� EULWkQLFD�D�TXDOTXHU�SDSHO�PLOLWDU�GD�SUySULD�8QLmR�(XURSHLD��(P�������SRUpP��7RQ\� %ODLU� GHFLGH� DFDEDU� FRP� HVVD� LQWHUGLomR� KLVWyULFD� H� D� 8QLmR� KHUGD� R� SDWULPyQLR� SROtWLFR�PLOLWDU�GD�8(2��LQFOXLQGR�RV�DFRUGRV�GH�FRRSHUDomR�FRP�D�27$1��FRQGLomR� VLQH�TXD�QRQ SDUD�PLVV}HV�PLOLWDUHV�HXURSHLDV�GH�DOJXPD�HQYHUJDGXUD�� +RMH� Ki� IRUoDV� GD� 8QLmR� FRORFDGDV� QD� %yVQLD�+HU]HJRYLQD�� RQGH� DQWHV� KDYLDP� HVWDGR� FRORFDGDV� IRUoDV� GD�27$1�� HVWmR� HP� FXUVR� XPD� G~]LD� GH� RXWUDV�PLVV}HV� PDLV� SHTXHQDV� DWUDYpV�GDV� TXDLV� D� SUHVHQoD�HXURSHLD� HP�SDUWHV� FRQWXUEDGDV� GR� PXQGR� VH� ID]� VHQWLU�'H� Ki� TXDVH�GH]� DQRV� SDUD� Fi� YrHP�VH�KRPHQV� H�PXOKHUHV� IDUGDGRV� QR� 5RQG� 3RLQW� 6FKXPDQQ�� FRUDomR� XUEDQR� GD� %UX[HODV� FRPXQLWiULD�� DYHVVD�GXUDQWH�TXDVH�PHLR�VpFXOR�D�XQLIRUPHV�PLOLWDUHV� &RQYpP� OHPEUDU�TXH�QmR�VH� WUDWD�GH�GHIHVD�FROHFWLYD��D�TXDO�FRQWLQXD�D�VHU�HXUR� DWOkQWLFD�H�D�HVWDU�LQYHVWLGD�QD�27$1�FRPR�VHPSUH�HVWHYH�GHVGH�R�HVWDEHOHFLPHQWR� GHVWD��Mi�Oi�YmR�TXDVH�VHLV�GpFDGDV��0DV�D�HVWUXWXUD�SROtWLFR�PLOLWDU�H�DV�WDUHIDV�TXH� OKH�FDEHP�WRUQDUDP�VH�SDUWH� LQWHJUDQWH�GD�8QLmR�H�HOHPHQWR�YDOLRVR�GD�VXD�DFomR� H[WHUQD� &RPR�HVWUXWXUD�H�WDUHIDV�IRUDP�WUDQVIHULGDV�GD�8(2�RX�GHFDOFDGDV��FRP�RV�DMXVWHV� PtQLPRV� QHFHVViULRV�� GR� TXH� QDTXHOD� KDYLD� VLGR� FULDGR�� HPERUD� D� 8(2� WHQKD� SUDWLFDPHQWH� GHVDSDUHFLGR� �UHVWDP� XP� VHFUHWDULDGR� YHVWLJLDO� HP� %UX[HODV� H� XPD� $VVHPEOHLD� 3DUODPHQWDU� HP� 3DULV��� D� PDUFD� GR� 7UDWDGR� GH� %UX[HODV� GH� ����� FRQWLQXD�D�ID]HU�VH�VHQWLU�QR�SDQRUDPD�LQVWLWXFLRQDO�H�SROtWLFR�GD�GHIHVD�H�VHJXUDQoD�HXURSHLDV� SRLV�� FRPR� YLPRV�� HVWHYH� QD� RULJHP� GDV� VROLGDULHGDGHV� TXHU� HXUR� DWOkQWLFD� TXHU� LQWUD�HXURSHLD� TXH� QRV� DMXGDUDP�D� DWUDYHVVDU� LQFyOXPHV� D� VHJXQGD� PHWDGH�GR�VpFXOR�;;� �-RVp�&XWLOHLUR 'LSORPDGR�H�'RXWRUDGR�SHOD�8QLYHUVLGDGH�2[IRUG��/HFFLRQRX�HP�6W�$QWRQ\¶V�&ROOHJH��2[IRUG��QD� /RQGRQ�6FKRRO�RI�(FRQRPLFV�H��GHSRLV�GH����DQRV�SDVVDGRV�HP�GLSORPDFLD�H�LQVWLWXLo}HV� LQWHUQDFLRQDLV��IRL�3URIHVVRU�QR�,QVWLWXWH�IRU�$GYDQFHG�6WXG\��3ULQFHWRQ��(VFUHYH�VREUH�UHODo}HV� LQWHUQDFLRQDLV��e�&RQVHOKHLUR�(VSHFLDO�GR�3UHVLGHQWH�GD�&RPLVVmR�(XURSHLD
Compartilhar