numéro 3 .pdf



Nom original: numéro 3.pdfTitre: page 1.pdfAuteur: Laurent

Ce document au format PDF 1.4 a été généré par PDFCreator Version 0.9.8 / GPL Ghostscript 8.64, et a été envoyé sur fichier-pdf.fr le 16/10/2015 à 19:14, depuis l'adresse IP 83.55.x.x. La présente page de téléchargement du fichier a été vue 276 fois.
Taille du document: 13.2 Mo (12 pages).
Confidentialité: fichier public


Aperçu du document


0DL 1XPpUR

/·(&80( '(6 0276
/·(&80( '(6 0276
-RXUQDO GH O¶pFROH IUDQoDLVH GH 7HQHULIH

7RXV XQLV

$X GHOj GX VORJDQ XQ UDSSHO j O¶RUGUH 8QH XOWLPH QpFHVVLWp FHOOH GH O¶KXPDQLWp 8Q SOXV XQ pJDO GHX[ (W GH GHX[
RQW IDLW XQ (OpPHQWDLUH VDOXWDLUH FHUWDLQHPHQW j SDUIDLUH 6L -XOHV 9HUQH GHYDLW VH QRPPHU FH VHUDLW j FRXS V€U
GDQV O¶XQLWp GDQV XQH VRPPH G¶LQGLYLGXDOLWpV DX VHUYLFH G¶XQH FROOHFWLYLWp -XOHV 9HUQH F¶HVW XQ SHX FH JUDQG QDYL
UH VRUWL GX SRUW OHV YRLOHV JRQIOpHV G¶DYHQLU OD FRTXH UHPSOLH G¶HVSRLU ,O VXLW VD URXWH LQYHQWH VRQ VLOODJH SRXU
IHQG OD YDJXH 9DVWH EDOOHW RFpDQLTXH 3RXU OH FDS LO V¶HQ UHPHW ± ELHQ V€U ± j VD ERQQH pWRLOH PDLV pJDOHPHQW HW
VXUWRXW j XQ pTXLSDJH GpYRXp HW SDWLHQW &H QDYLUH HVW KHXUHX[ HW ILHU DXMRXUG¶KXL GH MHWHU VD WURLVLqPH ERXWHLOOH j OD
PHU FH SpULRGLTXH HQ HVSpUDQW TXH YRXV VHUH] HQFRUH QRPEUHX[ j OD UpFXSpUHU SRXU YRXV HQLYUHU GH VRQ FRQWHQX
VDQV PRGpUDWLRQ

7RGRV XQLGRV

0iV DOOi GHO HVORJDQ XQD OODPDGD DO RUGHQ 8QD ~OWLPD QHFHVLGDG OD GH OD KXPDQLGDG 8QR PiV XQR LJXDO GRV <
GH GRV VH KDFH XQR (OHPHQWDO VDOXGDEOH VLQ GXGD PHMRUDEOH 6L KXELHUD TXH QRPEUDU D -XOLR 9HUQH VHUtD VHJXUR
HQ OD XQLGDG HQ XQD VXPD GH LQGLYLGXDOLGDGHV DO VHUYLFLR GH XQD FROHFWLYLGDG -XOLR 9HUQH HV XQ SRFR HVH JUDQ
QDYtR VDOLGR GHO SXHUWR FRQ ODV YHODV LQIODGDV GH IXWXUR HO FDVFR OOHQR GH HVSHUDQ]D 6LJXH VX UXWD LQYHQWD VX
HVWHOD VXUFD OD ROD 9DVWR EDOOHW RFHiQLFR 3DUD HO UXPER VH DPSDUD SRU VXSXHVWR HQ VX EXHQD HVWUHOOD SHUR
WDPELpQ \ VREUH WRGR HQ XQD WULSXODFLyQ DEQHJDGD \ SDFLHQWH (VWH QDYtR HVWi KR\ FRQWHQWR \ RUJXOORVR GH ODQ]DU
VX WHUFHUD ERWHOOD DO PDU HVWH SHULyGLFR HVSHUDQGR TXH PXFKRV GH XVWHGHV VLJDQ GLVSXHVWRV D UHFXSHUDUOD SDUD
HPEULDJDUVH GH VX FRQWHQLGR VLQ PRGHUDFLyQ

(FROH -XOHV 9HUQH GH 7HQHULIH ZZZ HFROHMXOHVYHUQHWHQHULIH RUJ
&RQWDFW MRXUQDO OHFXPHGHVPRWV#\DKRR HV

'HV UDFLQHV HW GHV DLOHV 5DtFHV \ DODV

'¶XQ F{Wp O¶RFpDQ GH O¶DXWUH XQ YHUVDQW -XVWH pTXLOLEUH HQWUH ODUJH HW FLPHV 8QH EULVH YLHQW HIIOHXUHU VD IDoD
GH VREUH HW LPSRVDQWH j OD WHLQWH G¶DOEkWUH j OD WRLWXUH RFUH %LHQYHQX j -XOHV 9HUQH /H FROOqJH IUDQoDLV GH
7HQHULIH %HOOH EkWLVVH SOHLQH GH YLH OLHX G¶H[SUHVVLRQ HW G¶LPSUpJQDWLRQ HVWDPSLOOp GX VFHDX GH O¶HQIDQFH GH
QRV pOqYHV GH YRV FKpUXELQV 8Q OLHX FKDUJp G¶KLVWRLUH V HW G¶DYHQLU j O¶H[LVWHQFH PDUTXpH j MDPDLV GH O¶DS
SXL DPLFDO HW IUDWHUQHO GHV &DQDULHV XQ OLHX DX SRWHQWLHO TXL ODLVVH UrYHXU XQ OLHX LQYHVWL DYHF IRUFH HW YRORQWD
ULVPH SDU OD POI 9RLFL GRQF YHQX OH HU OLIWLQJ GH -XOHV 9HUQH HIIHFWXp DX FRXUV GH FHV GHX[ SUHPLHUV WULPHV
WUHV XQ OLIWLQJ SURIRQG SRXU GH SURIRQGHV DPELWLRQV 4XL GH PLHX[ SODFp TXH OH GLUHFWHXU 'RPLQLTXH +HQUL
(MDUTXH FKDQJp HQ FKLUXUJLHQ OH WHPSV G¶XQ FRXS GH ELVWRXUL SRXU QRXV FRQWHU O¶RSpUDWLRQ "

© &RPPH DX &KLOL LO \ D TXHOTXHV DQQpHV DXMRXUG¶KXL j 7pQpULIH MH GRLV DLGHU QRWUH FROOqJH HQ SOHLQH H[SDQ
VLRQ j PXWHU (W FHOD SDVVH ELHQ V€U SDU SOXVLHXUV pWDSHV /HV WUDYDX[ V¶HQFKDvQHQW GH PRLV HQ PRLV DSUqV O¶LQ
VRQRULVDWLRQ GX UpIHFWRLUH O¶KDELOLWDWLRQ GH OD FRXU GHV SHWLWHV VHFWLRQV OH UDYDOHPHQW GHV IDoDGHV SULQFLSDOHV
O¶LQVWDOODWLRQ SURJUHVVLYH GH QRV FODVVHV GX VHFRQGDLUH DX VHFRQG pWDJH QRXV QRXV SUHQRQV PDLQWHQDQW j UrYHU
GH OD FRQVWUXFWLRQ IXWXUH G¶XQH QRXYHOOH PDWHUQHOOH « ª
3RU XQ ODGR HO RFpDQR SRU HO RWUR OD PRQWDxD (O HTXLOLEULR SHUIHFWR HQWUH OD ODGHUD \ OD FLPD 8QD EULVD
DFDULFLD VX VREULD H LPSRQHQWH IDFKDGD SLQWDGD GH EODQFR URWR VX RFUH WHMDGR %LHQYHQLGR D -XOHV 9HUQHV (O
FROHJLR IUDQFpV GH 7HQHULIH %HOOR HGLILFLR OOHQR GH YLGD OXJDU GH H[SUHVLyQ PDUFDGR FRQ HO VHOOR GH OD
LQIDQFLD GH QXHVWURV DOXPQRV GH VXV TXpUXELQHV 8Q OXJDU LPSUHJQDGR GH KLVWRULD \ GH IXWXUR XQD H[LVWHQFLD
PDUFDGD SRU HO HWHUQR DSR\R DPLVWRVR \ IUDWHUQDO GH &DQDULDV XQ OXJDU SURPHWHGRU TXH QRV KDFH VRxDU XQ
OXJDU FUHDGR FRQ IXHU]D \ YROXQWDG SRU OD POI (K DTXt HO SULPHU OLIWLQJ GHO -XOHV 9HUQH TXH KD VLGR OOHYDGR
DFDER GXUDQWH HVWRV GRV SULPHURV WULPHVWUHV XQ SURIXQGR OLIWLQJ FRQ SURIXQGDV DPELFLRQHV ¢ < TXLpQ PHMRU
TXH HO GLUHFWRU 'RPLQLTXH +HQUL (MDUTXH FRQYHUWLGR HQ FLUXMDQR DO WLHPSR GH XQ FRUWH GH ELVWXUt SDUD
FRQWDUQRV OD RSHUFLyQ"

© &RPR HQ &KLOH KDFH DOJXQRV DxRV KR\ HQ 7HQHULIH GHER D\XGDU D QXHVWUR LQVWLWXWR HQ SOHQD H[SDQVLyQ D
PXWDU < WRGR HVWR SDVD FODUR HVWi SRU YDULDV HWDSDV /RV WUDEDMRV VH HQFDGHQDQ PHV D PHV OD LQVRQRUL]DFLyQ
GHO FRPHGRU HO DFRQGLFLRQDPLHQWR GHO SDWLR GH ODV SHWLWHV VHFWLRQV HO DUUHJOR GH ODV IDFKDGDV SULQFLSDOHV OD
LQVWDODFLyQ SURJUHVLYD GH QXHVWUDV FODVHV GH VHFXQGDULD HQ HO VHJXQGR SLVR DKRUD SRGHPRV HPSH]DU D VRxDU
FRQ OD IXWXUD FRQVWUXFFLyQ GH XQD QXHYD LQIDQWLO«´

PHPEUH
9HQH] GHYHQH] PHPEUH
$VVRFLDWLRQ GH %LHQIDLVDQFH )UDQFR (VSDJQROH GH 7HQHULIH
$JHQFH FRQVXODLUH GH )UDQFH
& 3XQWD GH OD YLVWD ž &XHYDV %ODQFDV
6DQWD &UX] GH 7HQHULIH
7HO
&RXUULHO LQIR#DEIHW FRP

/DV IRWRV TXH KDEODQ

(QWUDGD GHO SDWLR GH 0DWHUQHOOH

(O QXHYR SDWLR GH ORV © PDWHUQHOOHV ª FHUUDGR
FRQ XQ VXHOR HVSHFLDO SDUD ORV SHTXHxRV

(QWUDGD
GH ORV © SHWLWHV VHFWLRQV ª
/D VHFUHWDUtD FRQ 6HUJLR 5HFKH

(O WHUFHUR SLVR FRQ
GRV FODVHV

(O FRPHGRU LQVRQRUL]DGR

6DOD GH HVSHUD GHO GLUHFWRU


(O WHMDGLOOR GHO SDWLR

(O DXOD GH UHXQLRQHV

(O VHJXQGR UHFUHR DEDMR

/HV *6 j O¶KHXUH FKLQRLVH /RV *6 D OD KRUD FKLQD

(W OD WHUUH WRXUQH &¶HVW XQ IDLW 8QH pYLGHQFH 8QH GpSHQGDQFH FHUWDLQH 8QH FHUWDLQH
LYUHVVH GX WHPSV FRPSWp (W ELHQ 1LFRODV 1RWUH 1LFRODV GH *6 DYHF SDQDFKH VDQV YHU
JRJQH O¶LGpH KDXWH HW ILqUH QRXV O¶D FRQWp $ QRXV $ VHV SHWLWV &H WHPSV TXL SDVVH PDU
TXH OD FKDLU WLVVH O¶XQLYHUV 8Q WHPSV IULSRQ DX[ UHFRLQV LQFHUWDLQV DX GpELW LPSODFDEOH
j OD VRXUFH LQVDLVLVVDEOH /HV *6 HXUHQW OH ORLVLU ± HW OH WRXSHW ± GH FpOpEUHU OD QRXYHOOH
DQQpH OH PDUGL « MDQYLHU 8QH KpUpVLH " 1RQ XQH HXSKRULH ,OV DFFRPSDJQqUHQW O¶DO
OpJUHVVH G¶XQ PLOOLDUG G¶kPHV OHV SLHGV HQ SOHLQ OH QRXYHO DQ FKLQRLV OD WrWH SOHLQH G¶L
GpRJUDPPHV 'H FHW pYpQHPHQW LOV ILUHQW XQH H[SRVLWLRQ RXYHUWH DX[ SDUHQWV R O¶RQ
SRXYDLW \ GpFRXYULU OH SUpQRP GH FKDTXH HQIDQW pFULW SDU OXL PrPH HQ 0DQGDULQ GHV FKD
SHDX[ FRQIHFWLRQQpV HQ FDUWRQ HW GHV FRQVWUXFWLRQV HQ SDSLHU (Q FODVVH OHV HQIDQWV V¶HV
VD\qUHQW DX[ RPEUHV FKLQRLVHV HW V¶LPSUpJQqUHQW GH FRQWHV /D FRQVWUXFWLRQ G¶XQ GUDJRQ
© JpDQW ª HVW HQ SURMHW 8QH FRUUHVSRQGDQFH SKRWRJUDSKLTXH YD SURORQJHU OD GpFRXYHUWH HW OH SODLVLU DYHF XQH 06
GH 7DwZDQ :DRXK O¶LGpH pWDQW GH SDUWDJHU OHV XV HW FRXWXPHV GH FKDTXH SD\V '¶DLOOHXUV VDYLH] YRXV TX¶RQ
pWDLW GDQV O¶DQQpH GX ERHXI "
< OD WLHUUD JLUD (V XQ KHFKR 8QD HYLGHQFLD 8QD GHSHQGHQFLD FLHUWD 8QD FLHUWD HPEULDJXH] GHO WLHPSR FRQWDGR
3XHV ELHQ 1LFROiV 1XHVWUR 1LFROiV GH *6 FRQ EULOODQWH] VLQ SXGRU FRQ DOWLYH] \ RUJXOOR QRV OR KD FRQWDGR $
QRVRWURV $ VXV SHTXHxRV (VH WLHPSR TXH SDVD PDUFD OD FDUQH WHMH HO XQLYHUVR 8Q WLHPSR EULEyQ FRQ ULQFRQHV
GXGRVRV FRQ XQ FDXGDO LPSODFDEOH FRQ XQD IXHQWH LPSHUFHSWLEOH /RV *6 WXYLHURQ HO SODFHU ±\ OD FDUD GH FHOHEUDU
HO DxR QXHYR HO PDUWHV« £ GH HQHUR ¢8QD KHUHMtD" 1R XQD HXIRULD $FRPSDxDURQ OD DOHJUtD GH PLOORQHV GH
DOPDV PHWLGRV HQ SOHQR DxR QXHYR FKLQR FRQ OD FDEH]D OOHQD GH LGHRJUDPDV 'H HVWH DFRQWHFLPLHQWR KLFLHURQ XQD
H[SRVLFLyQ DELHUWD D ORV SDGUHV GRQGH SRGtDPRV GHVFXEULU HO QRPEUH GH FDGD QLxR HVFULWR SRU HOORV PLVPRV HQ
PDQGDUtQ VRPEUHURV FRQIHFFLRQDGRV HQ FDUWyQ \ FRQVWUXFFLRQHV GH SDSHO (Q FODVH ORV QLxRV HQVD\DURQ VRPEUDV
FKLQHVFDV \ VH LPSUHJQDURQ GH FXHQWRV +D\ XQ SUR\HFWR SDUD OD FRQVWUXFFLyQ GH XQ GUDJyQ ³JLJDQWH´ 8QD
FRUUHVSRQGHQFLD IRWRJUiILFD YD D SURORQJDU HO GHVFXEULPLHQWR \ HO SODFHU FRQ XQD FODVH GH 06 GH 7DLZiQ £*XDX
FRQ OD LGHD GH FRPSDUWLU ORV XVRV \ FRVWXPEUHV GH FDGD SDtV 3RU RWUD SDUWH ¢VDEtDQ TXH HVWDPRV HQ HO DxR GHO
EXH\"
6HPDLQH GH OD SDXVH «(W VL 6HPDQD GH GHVFDQVR « £< VL

/HV PRWV XQLVVHQW OHV KRPPHV /D SRpVLH XQLW OHV kPHV 1L SOXV QL PRLQV 8QH PLVH
HQ IRUPH G¶XQ WDV GH OHWWUHV SRXU XQH PLVH HQ IOHXU GH WRXW XQ rWUH $X GHOj GX PHVVD
JH XQH HPSUHLQWH pWHUQHOOH G¶XQ SDVVDJH pSKpPqUH &¶HVW O¶pWRLOH ILJpH GDQV OD SDJH
OH WHPSV GpVDJUpJp GDQV OHV UHSOLV GX SDSLHU &HWWH pWHUQLWp GXUH O¶HVSDFH G¶XQH VHPDL
QH HW VH YLW HQ )UDQFH 1RXV O¶DYRQV WUDQVSRUWpH SRXU OHV FLUFRQVWDQFHV DX[ &DQDULHV
MXVTXH GDQV O¶HQFHLQWH PrPH GH O¶pFROH -XOHV 9HUQH &KDFXQ V¶HVVD\D j O¶LPPHQVpPHQW JUDQG GDQV O¶LQWHQVpPHQW
SHWLW XQH JRXWWH G¶HQFUH 8QH JULIIH ODLVVpH GDQV OH WHPSV 'H FHWWH RXYHUWXUH EpDQWH GDQV O¶XQLYHUV QDTXLW XQ FRU
GHO VXLWH GH SRpVLHV VXVSHQGXHV j XQ JLJDQWHVTXH ILO TXL WUDYHUVD GH SDUW HQ SDUW O¶pFROH 7RXW j FKDFXQ SXW OLUH j
ORLVLU DX SODLVLU DX KDVDUG GX UHJDUG XQ SRqPH XQ IUDJPHQW GH SKUDVH XQ HPEU\RQ GH PRW 9DVWH EUDVLHU G¶LGpHV
(QILQ GH UHWRXU VXU 7HUUH RQ pOLW ODXUpDWV SDU FODVVH MXU\ FRPSRVp HVVHQWLHOOHPHQW G¶HQIDQWV &DU VL OH YHUEH
FRQWLHQW O¶kPH YDJDERQGH OD UDLVRQ HQ GpWLHQW OHV PRWV
/DV SDODEUDV XQHQ D ORV KRPEUHV /D SRHVtD XQH ODV DOPDV 1L PiV QL PHQRV 8QD SXHVWD HQ IRUPD GH XQ PRQWyQ
GH OHWUDV SDUD XQD SXHVWD HQ IORU GH WRGR XQ VHU 0iV DOOi GHO PHQVDMH XQD KXHOOD HWHUQD GH XQ SDVR HItPHUR (V OD
HVWUHOOD JUDEDGD HQ OD KRMD HO WLHPSR GLVJUHJDGR HQ ORV SOLHJXHV GHO SDSHO (VWD HWHUQLGDG GXUD XQD VHPDQD \ VH
YLYH HQ )UDQFLD 1RVRWURV OD KHPRV WUDQVSRUWDGR D &DQDULDV KDVWD HO FROHJLR -XOLR 9HUQH &DGD XQR SUREy OR
LQPHQVDPHQWH JUDQGH HQ HO LQWHQVDPHQWH SHTXHxR XQD JRWD GH WLQWD 8QD U~EULFD GHMDGD HQ HO WLHPSR 'H HVWD
JUDQ DSHUWXUD HQ HO XQLYHUVR VH KL]R XQ FRUGHO VHJXLGR GH SRHVtDV VXVSHQGLGDV GH XQ KLOR JLJDQWHVFR TXH WUDVSDVy
GH XQ ODGR D RWUR HO FROHJLR 7RGRV \ FDGD XQR SXGR OHHU FRQ WLHPSR FRQ JXVWR DO D]DU GH OD PLUDGD XQ SRHPD XQ
IUDJPHQWR GH IUDVH XQ HPEULyQ GH SDODEUD $PSOLD KRJXHUD GH LGHDV )LQDOPHQWH GH UHJUHVR D OD 7LHUUD VH
HOLJLHURQ XQ JDODUGRQDGR HQ FDGD FODVH MXUDGR FRPSXHVWR SULQFLSDOPHQWH GH QLxRV 3RUTXH VL HO YHUER FRQWLHQH HO
DOPD YDJDEXQGD OD UD]yQ JXDUGD ODV SDODEUDV

&DUQDYDO

8Q LPPHQVH IODVK 6RQRUH HW HQ FRXOHXUV 8QH pQRUPH ILqYUH &ROOHFWLYH HW IHVWLYH 8Q DEDQGRQ (Q FDUHVVHV HW
GRXFHXU /H FDUQDYDO GH 7HQHULIH XQH GpPHVXUH j VD PHVXUH XQ GpERUGHPHQW GH OD UDLVRQ 6DQV UDLVRQ $SSD
UHQWH 8QH OLHVVH LQLQWHUURPSXH GHV LQVWDQWV EDWWXV HW URPSXV DX[ U\WKPHV G¶XQ VXUSOXV GH YLH 8QH vOH SRXU
VFqQH XQ PRQW SRXU WRLOH XQ RFpDQ SRXU WpPRLQ /D WUDGLWLRQ ± HW IRUFpPHQW OD UpSpWLWLRQ ± YHXW SRXU RXYHUWX
UH j FHWWH DYDODQFKH GH MRLH XQH © FDEDOJDWD ª XQ GpILOp KDXW HQ FRXOHXU IRUW HQ WHQHXU SURJUDPPp XQ YHQGUH
GL VRLU DVVpFKp GH SUpIpUHQFH 3RXUWDQW O¶KLVWRLUH FRPPHQFH XQ FKRXLD DYDQW j TXHOTXHV HQFDEOXUHV GX FHQWUH
QpYUDOJLTXH j O¶pFROH IUDQoDLVH 4XHOTXHV KHXUHV DXSDUDYDQW HQIDQWV HW HQVHLJQDQWV V¶HQYHORSSHQW G¶XQH DX
WUH HQYHORSSH H[SUHVVLRQ ILJXUDWLYH G¶XQ LQFRQVFLHQW SUpVHQW 8Q GpILOp WRXW HQ PXVLTXH SOXV PHVXUp SOXV
GRXFHUHX[ V¶pODQFH ILHU GH FHV F°XUV EDWWDQWV GH FHV kPHV HQ GHYHQLU FDU F¶HVW GDQV OD MRLH HW OH SOL
GX VRXULUH TXH VH QDvW O¶DYHQLU
8Q LQPHQVR HVWDOOLGR 6RQLGR \ FRORUHV 8QD ILHEUH DOWD &ROHFWLYD \ IHVWLYD 8Q DEDQGRQR &RQ PLPRV \
FDULFLDV (O FDUQDYDO GH 7HQHULIH XQD GHVPHGLGD D VX PHGLGD XQ GHVERUGDPLHQWR GH OD UD]yQ 8QD VLQUD]yQ
$SDUHQWH 8QD OLDQD LQLQWHUUXPSLGD LQVWDQWHV EDWLGRV \ URWRV DO ULWPR GH XQ H[FHGHQWH GH YLGD 8QD LVOD FRPR
HVFHQDULR XQ PRQWH FRPR HVWUHOOD XQ RFpDQR FRPR WHVWLJR /D WUDGLFLyQ ± \ IRU]RVDPHQWH OD UHSHWLFLyQ ± WLHQH
FRPR LQLFLR GH HVWD DYDODQFKD GH DOHJUtD XQD © FDEDOJDWD ª XQ GHVILOH OOHQR GH FRORUHV SRWHQWH SURJUDPDGR
SDUD XQ YLHUQHV SUHIHULEOHPHQWH VHFR 6LQ HPEDUJR OD KLVWRULD FRPLHQ]D XQ SRTXLWR DQWHV D SRFD GLVWDQFLD GHO
FHQWUR QHXUiOJLFR HQ HO FROHJLR IUDQFpV $OJXQDV KRUDV DQWHV DOXPQRV \ SURIHVRUHV VH HQYXHOYHQ FRQ RWUD
HQYROWXUD H[SUHVLyQ ILJXUDWLYD GH XQ LQFRQVFLHQWH SUHVHQWH 8Q GHVILOH HQYXHOWR HQ P~VLFD PiV PHGLGR PDV
GXOFLILFDGR DYDQ]D RUJXOORVR GH HVRV FRUD]RQHV ODWHQWHV GH HVDV DOPDV HQ GHYHQLU \D TXH HV HQ OD
DOHJUtD \ HQ HO SOLHJXH GH XQD VRQULVD TXH QDFH HO SRUYHQLU

/HV YLJLODQWV ³/RV FXLGDGRUHV´

,QWHUPLWWHQFH LQWHUYDOOH TXL VpSDUH GHX[ DFFqV GH ILqYUH (W OD ILqYUH RQ
FRQQDvW &DU DSSUHQGUH F¶HVW DYRLU OD ILqYUH« (W OD GRPLQHU $SSUHQGUH
F¶HVW G¶DERUG SK\VLTXH DYDQW PrPH G¶rWUH LQWHOOHFWXHO (W GH FHWWH ILqYUH LO
IDXW V¶pSRQJHU VH UHVVRXUFHU &RPPH OH VSRUWLI ,O IDXW UHSUHQGUH GHV IRUFHV
VH YLGHU OD WrWH SRXU PLHX[ VH OD UHPSOLU IDLUH XQ EUHDN FRPPH GLUDLW O¶DX
WUH 9RLOj FH TXH VRQW OHV VXUYHLOODQWV GHV © YLJLODQWV ª OHV JDUGLHQV GX
WHPSV GH FH WHPSV XQ WHPSV HQWUH GHX[ DFFqV GH FKDOHXU HQWUH GHX[ H[FqV GH ODEHXU ,OV VRQW OH OLHQ QpFHVVDLUH
HW LQGLVSHQVDEOH O¶j SHLQH YLVLEOH PDLV HVVHQWLHO &DU XQH pFROH F¶HVW XQH VRPPH GH PRPHQWV GH SDVVDWLRQV HW
GH SDVVLRQV ULHQ QL SHUVRQQH Q¶HQ WLHQW XQ ERXW HQFRUH PRLQV OH ERXW &¶HVW XQH JUDQGH FKDLQH R OD IRUFH WLHQW
GDQV FKDTXH PDLOORQ 7RXWH OD IRUFH $ORUV PHUFL GH YRWUH ELHQYHLOODQFH GH YRWUH YLJLODQFH HW GH YRWUH SDWLHQFH
$ 'DLV\ -DYLHU /DO\ $OLQH &DUROLQD 0DJGDOHQD
,QWHUPLWHQFLD LQWHUYDOR TXH VHSDUD GRV DFFHVRV GH ILHEUH < OD ILHEUH OD FRQRFHPRV 3RUTXH DSUHQGHU HV WHQHU
ILHEUH « < GRPLQDUOD $SUHQGHU HV SULPHUR ItVLFR DQWHV LQFOXVR TXH VHU LQWHOHFWXDO < GH HVWD ILHEUH KDFH
IDOWD HPSDSDUVH SURYHHUVH &RPR HQ HO GHSRUWH +DFH IDOWD UHWRPDU IXHU]DV YDFLDU OD FDEH]D SDUD OOHQDUOD
PHMRU £WRPDU XQ UHVSLUR FRPR GLUtD HO RWUR (VWR HV OR TXH VRQ ORV FXLGDGRUHV ³YLJLODQWHV´ JXDUGLDQHV GHO
WLHPSR GH HVWH WLHPSR XQ WLHPSR HQWUH GRV DFFHVRV GH FDORU HQWUH GRV DFFHVRV GH WUDEDMR (OORV VRQ HO YtQFXOR
QHFHVDULR H LQGLVSHQVDEOH DSHQDV YLVLEOH SHUR HVHQFLDO 3RUTXH XQ FROHJLR HV XQD VXPD GH PRPHQWRV GH
HQWUHJDV \ GH SDVLyQ QDGD QL QDGLH REWLHQH XQ ILQ PHQRV D~Q HO ILQ (V XQD JUDQ FDGHQD GRQGH OD IXHU]D UHVLGH
HQ FDGD HVODEyQ $Vt SXHV JUDFLDV SRU YXHVWUD DPDELOLGDG SRU YXHVWUD YLJLODQFLD \ SRU YXHVWUD SDFLHQFLD $
'DLV\ -DYLHU /DO\ $OLQH &DUROLQD 0DJGDOHQD




&
0


36 $

&
,
1
4
8
,
Ê
0
(

*6 $

&
0


&(

*6 %
&3

(FKR ORLQWDLQ²(FR OHMDQR
4XDQW LO V¶DJLW G¶HQVHLJQHPHQW pSLQHX[ VXMHW RQ SDUOH VRXYHQW GX V\VWqPH IUDQoDLV 'H O¶pFR
OH IUDQoDLVH 'H OD ODwFLWp IUDQoDLVH $ OD IUDQoDLVH " 0DLV O¶pFROH IUDQoDLVH j O¶pWUDQJHU " 4X¶HQ
HVW LO " 4X¶HVW FH H[DFWHPHQW " 6DQV DXFXQ GRXWH XQ VDFUp GpIL XQH DXGDFH VLQJXOLqUH PDLV VXU
WRXW XQ UpVHDX TXL PDUFKH XQH ODQJXH IUDQoDLVH HQFRUH ELHQ SUpVHQWH DFWULFH G¶XQ PRQGH HQ
PRXYHPHQW &HWWH ODQJXH YLYDQWH HW DLPDQWH V¶H[SULPH GDQV SOXV GH pWDEOLVVHPHQWV KRPR
ORJXpV SDU O¶pGXFDWLRQ QDWLRQDOH VRLW SD\V EDLJQpV GH pOqYHV
3OXVLHXUV SURIHVVHXUV GH O¶pFROH GH 7HQHULIH YRXV FRQWHQW O¶pFROH IUDQoDLVH G¶DLOOHXUV

&XDQGR VH WUDWD GH HQVHxDQ]D TXp HVSLQRVR WHPD VH KDEOD D PHQXGR GHO VLVWHPD IUDQFpV 'HO FROHJLR IUDQFpV 'H OD
ODLFLGDG IUDQFHVD 3HUR ¢XQ FROHJLR IUDQFpV HQ HO H[WUDQMHUR" ¢4Xp HV" ¢'H TXp WUDWD H[DFWDPHQWH" 6LQ QLQJXQD GXGD XQ
HQRUPH UHWR XQD RVDGtD VLQJXODU SHUR VREUH WRGR XQ HQWUDPDGR TXH IXQFLRQD XQD OHQJXD IUDQFHVD DGHPiV PX\ SUHVHQWH
DFWUL] GH XQ PXQGR HQ PRYLPLHQWR (VWD OHQJXD YLYD \ DPDQWH VH H[SUHVD HQ PiV GH FHQWURV KRPRORJDGRV SRU OD
HGXFDFLyQ QDFLRQDO HV GHFLU SDtVHV OR TXH UHSUHVHQWD DOXPQRV
+H DTXt YDULRV SURIHVRUHV GHO FROHJLR GH 7HQHULIH TXH RV FXHQWDQ HO FROHJLR IUDQFpV GH RWUR OXJD

*QWUVQP (Q SOHLQ OH 7H[DV /HV (WDWV 8QLV GDQV OHV (WDWV 8QLV /¶$PpULTXH WDWRXpH j PrPH OD SHDX $ IOHXU GH SHDX
$X F°XU GX YHUW GROODU HW GH O¶RU QRLU VH GUHVVH XQ EkWLPHQW RQ SHXW \ OLUH © $ZW\ pFROH ELOLQJXH IUDQFR DPpULFDLQH ª
&¶HVW LFL GH O¶DXWUH F{Wp GH O¶$WODQWLTXH TX¶RIILFLD &OpPHQFH *XLGRQ GXUDQW DQV DFWXHOOHPHQW PDvWUHVVH GHV SV /¶pFROH
YD GH OD PDWHUQHOOH MXVTX¶DX EDFFDODXUpDW HW FRPSWH SDV PRLQV GH pOqYHV /H SULPDLUH HVW FRPSRVp GH FODVVHV 'HX[
VHFWLRQV VH IRQW IDFH IUDQoDLVH HW DPpULFDLQH &KDFXQH DSSOLTXH OHV SURJUDPPHV GH VRQ SD\V GDQV VD ODQJXH QDWDOH KHXUH
SDU MRXU HVW GpGLpH j O¶DQJODLV SRXU OHV IUDQoDLV HW DX IUDQoDLV RX j O¶HVSDJQRO SRXU OHV DPpULFDLQV /HV GHX[ VHFWLRQV VRQW
PpODQJpHV SRXU OH VSRUW O¶DUW YLVXHO HW O¶LQIRUPDWLTXH /HV FRXUV GpEXWHQW j K HW VH WHUPLQHQW j K /HV UHSDV VRQW OLYUpV HW
GpJXVWpV « HQ FODVVH « DYHF OH SURIHVVHXU TXHO ERQKHXU PLQXWHV HQ WRXW HW SRXU WRXW VXLYL GH PLQXWHV GH UpFUpD
WLRQ (W SXLV oD UHSDUW
&OpPHQFH HVW HQFKDQWpH SDU OH PpODQJH FXOWXUHO TXH O¶RQ WURXYH j $ZW\ DXVVL ELHQ FKH] OHV pOqYHV TXH OHV SURIHVVHXUV RQ \
YLHQW GX PRQGH HQWLHU /LEDQ %HOJLTXH $PpULTXH GX VXG «
&HWWH GLYHUVLWp HVW OH SLOLHU IRUW GH O¶pWDEOLVVHPHQW XQH VRUWH G¶HPEOqPH GH YDOHXU V€UH GH SDUL VXU O¶DYHQLU &KDTXH DQQpH
HVW RUJDQLVpH OD MRXUQpH LQWHUQDWLRQDOH R WRXWH O¶pFROH PHW HQ DYDQW OHV XV HW FRXWXPHV GHV GLIIpUHQWHV FXOWXUHV TXL FRKDEL
WHQW 'DQV FHW HVSULW GH SDUWDJH HW GH WUDQVPLVVLRQ GHV FROOpJLHQV YLHQQHQW UpJXOLqUHPHQW LQWHUYHQLU HQ SULPDLUH SRXU pSDXOHU
OHV HQVHLJQDQWV F¶HVW OH 7UDYDLO G¶,QWpUrW *pQpUDO GpPDUFKH WUqV YDORULVpH GDQV O¶pWDEOLVVHPHQW HW TXL © SRVLWLYH ª OH FXUVXV
GH O¶pOqYH
&OpPHQFH pWDLW HQ FKDUJH GX FS HOOH V¶DWWHOD GRQF j O¶DSSUHQWLVVDJH GH OD OHFWXUH HW GH O¶pFULWXUH « HQ IUDQoDLV ELHQ V€U &KR
VH VXUSUHQDQWH SRXU QRXV IUDQoDLV OHV HQIDQWV SRVVqGHQW OH FRGDJH DPpULFDLQ GqV DQV (Q HIIHW RQ DSSUHQG j OLUH HW j pFUL
UH HQ DQJODLV HQ «JV 'H SOXV HQ PDUWHUQHOOH XQ MRXU GH FODVVH HVW XQ IUDQoDLV O¶DXWUH HQ DQJODLV (OOH GRLW GRQF HIIHFWXHU XQ
GpWDFKHPHQW GH OD ODQJXH QDWDOH SRXU Up RULHQWHU OHV DSSUHQWLVVDJHV YHUV OD ODQJXH G¶+XJR 7UDYDLO GH KDXWH YROpH
0DLQWHQDQW TXDQG GH 3XHUWR 'H /D &UX] QRXV UHJDUGHURQV O¶KRUL]RQ LO HVW FHUWDLQ TX¶XQH SHQVpH DPLFDOH WUDYHUVHUD O¶RFpDQ

*QWUVQP (Q SOHQR 7H[DV /RV (VWDGRV 8QLGRV HQ /RV (VWDGRV 8QLGRV $PpULFD WDWXDGD GLUHFWDPHQWH HQ OD SLHO $
IORU GH SLHO (Q HO FRUD]yQ GHO YHUGH GyODU \ GHO RUR QHJUR VH OHYDQWD XQ HGLILFLR GRQGH VH SXHGH OHHU ³$ZW\ pFROH ELOLQ
JXH IUDQFR DPpULFDLQH´ (V DTXt DO RWUR ODGR GHO $WOiQWLFR GRQGH WUDEDMy &OpPHQFH *XLGRQ GXUDQWH WUHV DxRV DFWXDOPHQWH
SURIHVRUD GH XQD FODVH GH 36 /D HVFXHOD DEDUFD GHVGH LQIDQWLO KDVWD EDFKLOOHUDWR \ QR FXHQWD FRQ PHQRV GH DOXPQRV
QDFLRQDOLGDGHV /D SULPDULD OD FRPSRQHQ JUXSRV /DV FODVHV VH LPSDUWHQ HQ GRV VLVWHPDV GH HQVHxDQ]D GLVWLQWRV
IUDQFpV \ DPHULFDQR &DGD XQR DSOLFD ORV SURJUDPDV GH VX SDtV HQ VX LGLRPD QDWDO 8QD KRUD DO GtD GHGLFDQ ORV IUDQFHVHV DO
LQJOpV XQD KRUD GH IUDQFpV \ RWUD GH HVSDxRO SDUD ORV DPHULFDQRV /RV DOXPQRV FRPSDUWHQ HO GHSRUWH HO DUWH SOiVWLFR \ OD
LQIRUPiWLFD /DV FODVHV HPSLH]DQ D ODV \ DFDEDQ D ODV KRUDV /D FRPLGD VH UHSDUWH \ VH FRPH « HQ FODVH« FRQ HO
SURIHVRU £TXp DOHJUtD PLQXWRV HQ WRWDO VHJXLGR GH PLQXWRV GH UHFUHR \ YXHOYHQ D HPSH]DU
$ &OpPHQFH OH HQFDQWD HVWD PH]FOD FXOWXUDO TXH VH HQFXHQWUD HQ $ZW\ WDQWR HQ ORV DOXPQRV FRPR HQ ORV SURIHVRUHV DOOt VH
YLHQH GHVGH WRGRV ORV OXJDUHV GHO PXQGR /tEDQR %pOJLFD $PpULFD GHO 6XU« (VWD GLYHUVLGDG HV HO SLODU IXHUWH GHO
HVWDEOHFLPLHQWR XQD HVSHFLH GH HPEOHPD GH YDORU VHJXUR GH DSXHVWD SDUD HO IXWXUR &DGD DxR RUJDQL]DQ HO GtD
LQWHUQDFLRQDO GXUDQWH HO FXDO WRGR HO FROHJLR SRQH GH PDQLILHVWR ORV XVRV \ FRVWXPEUHV GH ODV GLIHUHQWHV FXOWXUDV TXH
FRQYLYHQ &RQ HVWH DIiQ GH FRPSDUWLU \ WUDQVPLWLU XQRV DOXPQRV GH VHJXQGDULD LQWHUYLHQHQ UHJXODUPHQWH HQ ODV FODVHV GH
SULPDULD SDUD UHVSDOGDU D ORV GRFHQWHV HV HO ³7UDEDMR GH ,QWHUpV *HQHUDO´ DFFLyQ PX\ YDORUDGD HQ OD HVFXHOD \ TXH PHMRUD
HO FXUUtFXOR GHO DOXPQR
&OpPHQFH WHQtD D VX FDUJR HO &3 VH DSOLFy SXHV HQ OD HQVHxDQ]D GH OD OHFWXUD \ GH OD HVFULWXUD « HQ IUDQFpV SRU VXSXHVWR
+HFKR VRUSUHQGHQWH SDUD QRVRWURV ORV IUDQFHVHV ORV QLxRV \D SRVHHQ GHVGH ORV VHLV DxRV HO FyGLJR DPHULFDQR (Q
HIHFWR DSUHQGHQ D OHHU \ D HVFULELU HQ LQJOpV GXUDQWH HO ~OWLPR DxR GH LQIDQWLO $GHPiV HQ ORV FXUVRV GH LQIDQWLO XQ GtD GH
FODVH VH GD HQ IUDQFpV HO GtD VLJXLHQWH HQ LQJOpV (QWRQFHV WLHQH TXH DOHMDU D VXV DOXPQRV SRFR D SRFR GH VX LGLRPD QDWDO
SDUD OOHYDUOHV KDFLD XQ DSUHQGL]DMH HQ HO LGLRPD GH 9LFWRU +XJR 7UDEDMR GH DOWRV YXHORV $KRUD FXDQGR GHVGH HO 3XHUWR
GH OD &UX] PLUHPRV HO KRUL]RQWH XQ SHQVDPLHQWR DPLVWRVR FUX]DUi HO $WOiQWLFR

© 1RWUH XQLRQ IDLW QRWUH IRUFH ª
© 1XHVWUD XQLzQ KDFH QXHVWUD IXHU]D ª

/H FROOqJH -XOHV 9HUQH D HX O¶KRQQHXU G¶DFFXHLOOLU SHQGDQW
MRXUV OHV HW PDUV WRXV OHV FKHIV G¶pWDEOLVVHPHQW HW
OHXUV JHVWLRQQDLUHV GX 5pVHDX 0/) (VSDJQH &HV UpXQLRQV
RQW SRXU EXW G¶KDUPRQLVHU HW GH PXWXDOLVHU OHV SUDWLTXHV
SpGDJRJLTXHV pGXFDWLYHV HW ILQDQFLqUHV GH QRV pFROHV VXU
O¶HQVHPEOH GH OD SpQLQVXOH &KDTXH pWDEOLVVHPHQW V¶HQULFKLW
GH O¶DSSRUW GX 5pVHDX FH TXL SHUPHW GH PDLQWHQLU OD TXDOLWp
GDQV OHV GRPDLQHV GH OD IRUPDWLRQ DX[ SURIHVVHXUV GDQV OD WHQXH G¶pYpQHPHQWV FRPPXQV WHOV TXH OHV
© 5HQFRQWUHV 7KpkWUDOHV HW 0XVLFDOHV 0pGLWHUUDQpHQQHV ª OHV © -HX[ VSRUWLIV DQQXHOV ª RX ELHQ HQFRUH © OD
VHPDLQH GH OD &LWR\HQQHWp ª &HWWH PLVH HQ FRPPXQ GH QRV H[SpULHQFHV SURIHVVLRQQHOOHV HW SHUVRQQHOOHV UHSUp
VHQWH WDQW SRXU OHV DGXOWHV TXH SRXU OHV pOqYHV XQ JUDQG LQWpUrW FHOXL GH QRXV UpXQLU DXWRXU GHV YDOHXUV GH SDU
WDJH HW GH FLWR\HQQHWp YDOHXUV IRQGDWULFHV GH OD 0LVVLRQ /DwTXH )UDQoDLVH
(O FROHJLR -XOHV 9HUQH WXYR HO KRQRU GH DFRJHU GXUDQWH GuDV ORV \ GH PDU]R D WRGRV ORV MHIHV GH
HVWDEOHFLPLHQWR \ D VXV JHVWRUHV GH OD 5HG 0/) (VSDxD (VDV UHXQLRQHV WLHQHQ FRPR REMHWLYR GH DUPRQL]DU \
GH SRQHU HQ FRPQ ODV SUjFWLFDV SHGDJRJLFDV HGXFDWLYDV \ ILQDQFLHUDV GH QXHVWUDV HVFXHODV HQ WRGD OD
SHQuQVXOD &DGD HVWDEOHFLPLHQWR VH HQULTXHFH GH OD DSRUWDFLzQ GH OD 5HG OR TXH SHUPLWH PDQWHQHU OD FDOLGDG HQ
ORV FDPSRV GH OD IRUPDFLzQ D ORV SURIHVRUHV HQ OD SDUWLFLSDFLzQ HQ DFRQWHFLPLHQWRV FRPXQHV WDOHV FRPR ORV
© (QFXHQWURV WHDWUDOHV \ 0XVLFDOHV 0HGLWHUUjQHRV ª ORV © MXHJRV GHSRUWLYRV DQXDOHV ª R WDPELqQ © OD VHPDQD
GH OD &XLGDGDQLD ª (VD SXHVWD HQ FRPQ GH QXHVWUDV H[SHULHQFLDV SURIHVLRQDOHV \ SHUVRQDOHV UHSUHVHQWD WDQWR
SDUD ORV DGXOWRV FRPR SDUD ORV DOXPQRV XQ JUDQ LQWHUqV pO GH UHXQLUQRV HQ WRUQR D ORV YDORUHV GH FRPSDUWLU \
GH FLXGDGDQLD YDORUHV IXQGDGRUHV GH /D 0LVLzQ /DwFD )UDQFHVD

1RWUH JUDLQ GH VDEOH

4X¶HVW FH TX¶LO \ D DX ORLQ j O¶RXHVW MXVWH GHUULqUH O¶KRUL]RQ FRLQFp HQWUH FLHO
HW PHU SDUIRLV DPHQp HQ SDUWLFXOHV OpJqUHV MXVTX¶DX[ ULYHV FDQDULHQQHV " /H
6pQpJDO 8Q SDUIXP QRLU DX[ IUDJUDQFHV DIULFDLQHV XQ SDUIXP SKDUH TXL YLQW
HPEDXPHU -XOHV 9HUQH 9RLFL O¶KLVWRLUH G¶XQH DYHQWXUH WRXW HQ FRXOHXUV SOHLQH
GH VDYHXUV 7RXW FRPPHQFH SDU XQ +RPPH F¶HVW WRXMRXUV DLQVL (OR\ &XDGUD
pFULYDLQ HW SqUH G¶pOqYH TXL GHSXLV ORQJWHPSV V¶LPSOLTXH SDU HW GDQV VHV pFULWV 0DPDGRX %DOGH
j OD FDXVH DIULFDLQH 'H VRQ ILOV HW G¶XQ SD\V QDTXLW O¶LGpH G¶XQ SRQW GH VROLGDULWp
HQWUH O¶pFROH IUDQoDLVH GH 7HQHULIH HW GHV pFROHV 6pQpJDODLVHV &¶HVW DYHF O¶DVVRFLDWLRQ %DOGH 0DUILO GH 0DPD
GRX %DOGH TXH O¶HQWUHSULVH VH FRQFUpWLVD *UkFH j O¶DSSXL GH &DUROD *RQ]DOH] $UULJRUULDJD VDQV TXL ULHQ Q¶DX
UDLW pWp SRVVLEOH SLOLHU PDMHXU HW GH SDUHQWV G¶pOqYHV LOV © UpFROWqUHQW ª XQ YDVWH IRQG VRXV IRUPH GH GRQ 0X
QLV GH FHW DUJHQW LOV DFKHWqUHQW GX PDWpULHO VFRODLUH j SUL[ FR€WDQW DXSUqV G¶DXWUHV SDUHQWV G¶pOqYHV GpWHQDQW
XQH SDSHWHULH (Q SDUDOOqOH XQH FRUUHVSRQGDQFH V¶pWDEOLW HQWUH -XOHV 9HUQH HW XQH pFROH GX 6pQpJDO JUkFH j
1LFRODV PDvWUH GH JV TXL IXW OH ILO G¶$ULDQH OH FKHI G¶RUFKHVWUH HQWUH O¶pFROH HW O¶DVVRFLDWLRQ
(QILQ 0DPDGRX V¶HVW UHQGX SK\VLTXHPHQW Oj EDV SRXU UHPHWWUH OHV FRXUULHUV HW GHV PpGLFDPHQWV 3DU OD VXLWH
WRXV QRV pOqYHV SXUHQW YLVLRQQHU OH ILOP GH VRQ VpMRXU HW UHQFRQWUHU DLQVL © YLUWXHOOHPHQW ª OHXUV FDPDUDGHV
DIULFDLQV ORUV G¶XQH FRQIpUHQFH GH 0DPDGRX DX VHLQ GH QRWUH pWDEOLVVHPHQW (W FRPPH OH ERQ DSSRUWH OH ERQ
XQH PqUH G¶pOqYH FKLUXUJLHQQH GHQWDLUH VH SURSRVH GH WUDQVSRUWHU VRQ FDELQHW GDQV XQH pFROH SRXU HIIHFWXHU OHV
VRLQV GH SUHPLqUH QpFHVVLWp &¶HVW © 1RWUH JUDLQ GH VDEOH ª GLW VDJHPHQW (OR\ $ORUV VHPRQV HQ G¶DXWUHV
8Q WUDYDLO G¶pTXLSH
1XHVWUR JUDQR GH DUHQD

¢4Xp KD\ D OR OHMRV DO RHVWH MXVWR GHWUiV GHO KRUL]RQWH HQWUH HO FLHOR \ HO
PDU D YHFHV OOHJDQGR HQ IRUPD GH FDOLPD KDVWD OD FRVWD FDQDULD" 6HQHJDO 8Q
SHUIXPH QHJUR FRQ IUDJDQFLDV DIULFDQDV XQ SHUIXPH TXH YLQR D SHUIXPDU D
-XOLR 9HUQH (VWD HV OD KLVWRULD GH XQD DYHQWXUD GH FRORUHV OOHQD GH VDERUHV
7RGR HPSLH]D SRU XQ +RPEUH VLHPSUH HV DVt (OR\ &XDGUD ± HVFULWRU \
SDGUH GH DOXPQR ± TXH VH LPSOLFD GHVGH KDFH PXFKR WLHPSR SRU \ D WUDYpV GH
VXV HVFULWRV FRQ OD UD]yQ DIULFDQD 'H VX KLMR \ GH XQ SDtV QDFLy OD LGHD GHO SXHQWH GH VROLGDULGDG HQWUH HO
FROHJLR IUDQFpV GH 7HQHULIH \ XQDV HVFXHODV VHQHJDOHVDV (VWi HPSUHVD VH FRQFUHWL]y FRQ OD IXQGDFLyQ %DOGH
0DUILO GH 0DPDGRX %DOGH &RQ HO DSR\R GH &DUROD *RQ]DOH] $UULJRUULDJD VLQ HOOD QR KXELHUD VLGR SRVLEOH
SLODU PD\RU \ GH RWURV SDGUHV GH DOXPQRV UHFROHFWDURQ XQ JUDQ IRQGR HQ IRUPD GH GRQDFLyQ &RQ HVWH GLQHUR
FRPSUDURQ PDWHULDOHV HVFRODUHV D SUHFLR GH FRVWR FRQ RWURV SDGUHV TXH WLHQHQ XQD SDSHOHUtD 3DUDOHODPHQWH XQ
LQWHUFDPELR GH FDUWDV VH HVWDEOHFH HQWUH -XOLR 9HUQH \ XQD HVFXHOD GH 6HQHJDO JUDFLDV D 1LFRODV SURIHVRU GH
*6 TXH KD VLGR HO KLOR GH $ULDGQD GLUHFWRU GH RUTXHVWD HQWUH HO FROHJLR \ OD IXQGDFLyQ
3RU ILQ 0DPDGRX KD LGR GLUHFWDPHQWH DOOt SDUD HQWUHJDU HO FRUUHR \ ODV PHGLFLQDV 'HVSXpV WRGRV QXHVWURV
DOXPQRV SXGLHURQ YHU XQ YLGHR GH VX HVWDQFLD \ FRQRFHU ³YLUWXDOPHQWH´ D VXV FRPSDxHURV DIULFDQRV GXUDQWH
XQD FRQIHUHQFLD GH 0DPDGRX HQ QXHVWUR FHQWUR < FRPR HO EXHQR WUDH HO EXHQR XQD PDGUH GH DOXPQR
FLUXMDQD GHQWDO VH SURSRQH OOHYDU D VX JDELQHWH D XQD HVFXHOD SDUD HIHFWXDU ORV FXLGDGRV GH SULPHUDV QHFHVLGDG
(V ³QXHVWUR JUDQR GH DUHQD´ GLFH (OR\ (QWRQFHV VLJDPRV DSRUWDQGR QXHVWUR JUDQLWR

6DELQ %HUWKHORW 0DUVHOOD 6DQWD &UX] GH 7HQHULIH

1DWXUDOLVWD H KLVWRULDGRU IUDQFpV TXH GHVDUUROOy XQD DFWLYD ODERU LQYHVWLJDGRUD HQ &DQDULDV
H LQWHUYLQR ORV SULQFLSDOHV HYHQWRV FXOWXUDOHV \ FLHQWtILFRV H LQFOXVR HFRQyPLFRV GH ODV
,VODV VLHQGR GHFODUDGR +LMR $GRSWLYR GH 6DQWD &UX] GH 7HQHULIH HQ (Q
VH HVWDEOHFLy HQ /D 2URWDYD IXH GLUHFWRU GHO -DUGtQ GH $FOLPDWDFLyQ \ SURIHVRU GHO /LFHR
PL[WR TXH IXQGy HQ GLFKD YLOOD (O FHQWUR FHUUy SURQWR SRU OD RSRVLFLyQ D VXV UHQRYDGRUHV
PpWRGRV HGXFDWLYRV 'HVGH FRODERUy FRQ HO QDWXUDOLVWD LQJOpV 3KLOLS %DUNHU :HEE
FRQ TXLHQ SXEOLFy OD +LVWRLUH 1DWXUHOOH GHV ,OHV &DQDULHV 7DPELpQ FRODERUy
HQ GLIHUHQWHV REUDV VREUH OD JHRORJtD JHRJUDItD \ ERWiQLFD GH ODV ,VODV $GHPiV GH VXV
LPSRUWDQWHV FRQWULEXFLRQHV D OD KLVWRULD QDWXUDO GH &DQDULDV HVWXGLy OD SUHKLVWRULD LQVXODU \ HV FRQVLGHUDGR
FRPR XQR GH VXV SUHFXUVRUHV 6XV WUDEDMRV VLQWHWL]DQ OD SURFHGHQFLD QRUWHDIULFDQD GH ORV SULPHURV SREODGRUHV
GH ODV ,VODV OD SOXUDOLGDG UDFLDO \ pWQLFD GH HVWDV SREODFLRQHV \ OD SHUYLYHQFLD GH FRPSRQHQWHV UDFLDOHV
DERUtJHQHV HQ OD SREODFLyQ PRGHUQD 6XV WUDEDMRV DERUGDURQ OD RUJDQL]DFLyQ VRFLRSROtWLFD OD HFRQRPtD OD
UHOLJLyQ \ OD FXOWXUD GH ORV DERUtJHQHV 7DPELpQ KD\ TXH GHVWDFDU VXV LQYHVWLJDFLRQHV OLQJXtVWLFDV VREUH ORV
GLIHUHQWHV GLDOHFWRV DERUtJHQHV \ VX FRPSDUDFLyQ FRQ OD OHQJXD EHUEHU (Q ORJUy HO QRPEUDPLHQWR GH
DJHQWH FRQVXODU LQWHULQR HQ 6DQWD &UX] GH 7HQHULIH DOFDQ]DQGR HO HPSOHR GH FyQVXO GH SULPHUD HQ (Q OD
DFWXDOLGDG YDULDV FDOOHV FHQWURV HVFRODUHV SODQWDV \ DQLPDOHV OOHYDQ VX QRPEUH

1DWXUDOLVWH HW KLVWRULHQ IUDQoDLV TXL D GpYHORSSp XQ YDVWH WUDYDLO G¶LQYHVWLJDWLRQ DX[ &DQD
ULHV HW TXL D FRQWULEXp j O¶pSDQRXLVVHPHQW GHV pYpQHPHQWV FXOWXUHOV VFLHQWLILTXHV DLQVL
TX¶pFRQRPLTXHV GHV VHSW ,OHV ,O IXW GpFODUp )LOV DGRSWLI GH 6DQWD &UX] GH 7HQHULIH HQ
(Q LO V¶pWDEOLW j /D 2URWDYD HW GHYLHQW GLUHFWHXU GX -DUGLQ G¶DFFOLPDWDWLRQ HW SUR
IHVVHXU GX O\FpH PL[WH TX¶LO IRQGH GDQV FHWWH YLOOH /H FHQWUH GHYUD IHUPHU SUpFLSLWDPPHQW
VHV SRUWHV VXLWH j GHV RSSRVLWLRQV IDFH j VHV PpWKRGHV pGXFDWLYHV UpQRYDWULFHV
(Q LO FROODERUH DYHF O¶DQJODLV 3KLOLS %DUNHU :HEE j OD SXEOLFDWLRQ GH O¶+LVWRLUH 1DWX
UHOOH GHV ,OHV &DQDULHV ,O SDUWLFLSH pJDOHPHQW j GLIIpUHQWHV °XYUHV VXU OD JpR
ORJLH OD JpRJUDSKLH HW OD ERWDQLTXH GHV vOHV (Q SOXV GH VHV FRQWULEXWLRQV PDMHXUHV j O¶KLVWRL
UH QDWXUHOOH GHV ,OHV &DQDULHV LO pWXGLH OD SUpKLVWRLUH LQVXODLUH ,O HVW FRQVLGpUp FRPPH O¶XQ
GH VHV SUpFXUVHXUV 6HV WUDYDX[ V\QWKpWLVHQW O¶RULJLQH QRUG DIULFDLQH GHV SUHPLHUV KDELWDQWV GHV vOHV OD SOXUDOLWp
UDFLDOH HW HWKQLTXH GH FHV SRSXODWLRQV HW OD VXUYLYDQFH GH FRPSRVDQWV HWKQLTXHV DERULJqQHV GDQV OD SRSXODWLRQ
PRGHUQH 6HV WUDYDX[ RQW DERUGp O¶RUJDQLVDWLRQ VRFLRSROLWLTXH O¶pFRQRPLH OD UHOLJLRQ HW OD FXOWXUH GHV DERUL
JqQHV ,O IDXW DXVVL VRXOLJQHU VHV UHFKHUFKHV OLQJXLVWLTXHV VXU OHV GLIIpUHQWV GLDOHFWHV GHV DERULJqQHV HW VD FRP
SDUDLVRQ DYHF OD ODQJXH EHUEqUH (Q LO REWLHQW OD QRPLQDWLRQ G¶DJHQW FRQVXODLUH WHPSRUDLUH j 6DQWD &UX]
HW OH SRVWH GH &RQVXO GH SUHPLqUH $XMRXUG¶KXL GLIIpUHQWHV UXHV FHQWUHV VFRODLUHV SODQWHV HW DQLPDX[
SRUWHQW VRQ QRP



$OJR WLHPEOD 8QD RQGD
D IORU GH DJXD 8Q ERUGH
HQIUHQWH 8QD PLUDGD
VREUH HVWH PLFURPXQGR
HQ HEXOOLFLyQ 2MR DWHQWR
PDQR VDOYDGRUD $TXt OR
EHOOR VH XQH D OR EXHQR
FXDQGR OR JUDQGH VH ILUPD HQ HO YDSRU 'DQWHVFR ,QPHQVR IUHVFR
JXVWDWLYR FRQ UHVRQDQFLDV KXPDQLVWDV (PEULDJXH] 3XHV SUREDU D
0DUWtQ %HUDVDWHJXL HV DEDQGRQDU HO WLHPSR XQ LQVWDQWH 6DERUHDU OD
YLGD GH XQ ERFDGR GHVDSDUHFHU HQ XQD IUDJDQFLD EXFDO UHIXJLDUVH HQ
XQD WLHUUD DQFHVWUDO 'H D\HU SDUD PDxDQD QR KD\ TXH URPSHU HO OD]R
0DUWtQ PXFKR PiV DOOi GH HVWH PXQGR EXVFD OD FRQWLQXLGDG HQ HO
PDQMDU 3DROR &DVDJUDQGH HV HVH KLOR FRQGXFWRU GHO PiV DOOi GH XQ
GHVSXpV PHMRU 3DUD VLHPSUH 3XHVWD DO GtD GH GRV JUDQGHV WLSRV
3DUD OHHU FRQ ODV SDSLODV HQ DOHUWD

&D IULVRQQH 8QH RQGH j IOHXU G¶HDX 8Q UHERUG HQ UHJDUG 8Q UHJDUG
VXU FH PLFUR PRQGH HQ pEXOOLWLRQ ¯LO DWWHQWLI PDLQ VDOYDWULFH ,FL OH
EHDX UHMRLQW OH ERQ TXDQW OH JUDQG VH VLJQH GDQV OD YDSHXU 'DQWHV
TXH 9DVWH IUHVTXH JXVWDWLYH DX[ UpVRQQDQFHV KXPDQLVWHV ,YUHVVHV
&DU JR€WHU 0DUWtQ %HUDVDWHJXL F¶HVW GpODLVVHU OH WHPSV XQ LQVWDQW
6DYRXUHU OD YLH G¶XQH ERXFKpH V¶HQIXLU G¶XQH IUDJUDQFH EXFFDOH
V¶HQIRXLU G¶XQ WHUURLU DQFHVWUDO '¶KLHU j GHPDLQ LO QH IDXW FDVVHU OH
OLHQ 0DUWtQ ELHQ DX GHOj GH O¶LFL EDV FKHUFKH OD FRQWLQXLWp GDQV OH
PHW 3DROR &DVDJUDQGH HVW FH ILO FRQGXFWHXU G¶XQ DLOOHXUV G¶XQ
DSUqV PHLOOHXU 3RXU WRXMRXUV 0LVH j MRXU GH GHX[ JUDQGV ERQKRP
PHV $ OLUH OHV SDSLOOHV HQ DOHUWH

4X¶HVW FH TXL YRXV LQVSLUH SRXU FXLVLQHU"
0RL VXUWRXW FH TXL P¶LQVSLUH F¶HVW PD WHUUH /D FXLVLQH G¶DXMRXUG
¶KXL Q¶D SOXV GH IURQWLqUHV SRXUWDQW FKDFXQ SDUW GH OD FXLVLQH GH VHV
UDFLQHV GH VD SURSUH SHUVRQQDOLWp HW GH VD VLQFpULWp &H Q¶HVW TX¶j
SDUWLU GH FHOD TXH O¶RQ SHXW ODLVVHU OLEUH FRXUV j VRQ LPDJLQDWLRQ VXU
¢4Xp OH LQVSLUD SDUD FRFLQDU"
GHV EDVHV VROLGHV HW XQH H[SpULPHQWDWLRQ RULHQWpH (W FH Q¶HVW SDV SDU
$ Pt PH LQVSLUD VREUH WRGR PL WLHUUD /D FRFLQD GH KR\ \D QR WLHQH
KDVDUG TX¶LFL RQ FXLVLQH DXVVL ELHQ SDUFH TXH OD TXDOLWp HW OD TXDQWLWp
IURQWHUDV VLQ HPEDUJR FDGD XQR SDUWH GH OD FRFLQD GH VXV UDtFHV GH
GHV SURGXLWV GX WHUURLU VRQW FHOOHV TXL QRXV SHUPHWWHQW GH SRXYRLU
VX SURSLD SHUVRQDOLGDG \ GH VX VLQFHULGDG 6yOR D SDUWLU GH HVR VH
IDLUH XQH FXLVLQH FRPPH OD Q{WUH
SXHGH GDU ULHQGD VXHOWD D OD LPDJLQDFLyQ VREUH XQDV EDVHV VyOLGDV \

XQD H[SHULPHQWDFLyQ RULHQWDGD < QR HV FDVXDO TXH DTXt VH FRFLQH DVt 4XHOOH D pWp YRWUH SOXV JUDQGH VDWLVIDFWLRQ "
GH ELHQ SRUTXH OD FDOLGDG \ FDQWLGDG GH ORV SURGXFWRV GH OD WLHUUD VRQ +HXUHXVHPHQW WRXW DX ORQJ GH PD FDUULqUH M¶DL HX XQH PXOWLWXGH GH
ORV TXH SHUPLWHQ TXH SRGDPRV KDFHU XQD FRFLQD FRPR OD QXHVWUD
VDWLVIDFWLRQV &RPPH MH GLV WRXMRXUV TXDQG RQ P¶D DWWULEXp OD WURL

VLqPH pWRLOH 0LFKHOLQ FH IXW O¶XQ GHV PRPHQWV OHV SOXV LPSRUWDQWV HW
¢&XiO KD VLGR VX PD\RU VDWLVIDFFLyQ"
LQWHQVHV GH PD YLH 3HUVRQQHOOHPHQW O¶DXWUH IXW TXDQG RQ PH UHPLW OH
$IRUWXQDGDPHQWH D OR ODUJR GH PL FDUUHUD KH WHQLGR PXOWLWXG GH
7DPERXU G¶2U GH PD YLOOH 6DQ 6pEDVWLHQ rWUH SURSKqWH HQ VRQ
VDWLVIDFFLRQHV 6LHPSUH VXHOR GHFLU TXH FXDQGR PH RWRUJDURQ OD
SD\V HVW OD SOXV JUDQGH FKRVH DX PRQGH
WHUFHUD HVWUHOOD 0LFKHOtQ IXH XQR GH ORV PRPHQWRV PiV LPSRUWDQWHV \
SOHQRV GH PL YLGD 3HUVRQDOPHQWH RWUR GH ORV PRPHQWRV PiV IHOLFHV
4XHO REMHFWLI YRXV rWHV YRXV GRQQp WRXW DX ORQJ GH YRWUH FDUULqUH
IXH FXDQGR PH FRQFHGLHURQ HO 7DPERU GH 2UR GH PL FLXGDG 6DQ
SURIHVVLRQQHOOH "
6HEDVWLiQ VHU SURIHWD HQ WX SURSLD WLHUUD HV OR PiV JUDQGH GHO PXQGR 0rPH VL RQ QH YLW SDV GHV PRPHQWV IDFLOHV MH VXLV FHUWDLQ TXH MH YDLV

FRQWLQXHU DYHF OD UHVSRQVDELOLWp G¶RIIULU OD PHLOOHXUH TXDOLWp ÇWUH DX
¢4Xp REMHWLYR VH KD WUD]DGR D OR ODUJR GH VX FDUUHUD SURIHVLRQDO" VRPPHW HW \ UHVWHU HVW GpMj HQ VRLW XQ GXU HW DPELWLHX[ SURMHW G¶DYH
$ SHVDU GH TXH QR YLYLPRV PRPHQWRV IiFLOHV OR TXH WHQJR PX\ FODUR QLU 'H SOXV MH PH VHQV ILHU GH SRXYRLU FRQWLQXHU j DSSRUWHU PHV
HV TXH YR\ D VHJXLU FRQ OD UHVSRQVDELOLGDG GH RIUHFHU OD PHMRU
FRQQDLVVDQFHV HW OHV SHDXILQHU DYHF G¶DXWUHV UHVWDXUDQWV FRPPH OH
FDOLGDG (VWDU HQ OR PiV DOWR \ SHUPDQHFHU DKt \D GH SRU Vt HV XQ
0 % j O¶K{WHO $EDPD DLQVL TX¶DYHF OHV GLIIpUHQWV UHVSRQVDEOHV GH
GXUR \ DPELFLRVR SUR\HFWR GH IXWXUR
O¶LQGXVWULH GH O¶DOLPHQWDWLRQ DYHF OHVTXHOV MH FROODERUH &¶HVW XQH
0H VLHQWR RUJXOORVR DGHPiV GH SRGHU VHJXLU DSRUWDQGR PLV
JUDQGH VDWLVIDFWLRQ GH VDYRLU TXH PRQ FULWqUH GH TXDOLWp SHXW V¶DSSOL
FRQRFLPLHQWRV \ FRPSOHPHQWDUORV FRQ RWURV UHVWDXUDQWHV FRPR HO
TXHU DX[ SURGXLWV TXL DUULYHQW HQWUH OHV PDLQV GH PHV FRQFLWR\HQV
0 % HQ $EDPD \ FRQ ORV GLVWLQWRV UHVSRQVDEOHV GH OD LQGXVWULD GH OD
$YHF OD QRXUULWXUH RQ QH SHXW SDV MRXHU HW 'LHX PHUFL MH WUDYDLOOH
DOLPHQWDFLyQ FRQ ORV TXH FRODERUR (V XQD JUDQ VDWLVIDFFLyQ VDEHU
FKDTXH MRXU SRXU UHQGUH SOXV VDOXWDLUH HW SODLVDQW O¶DSUqV UHSDV GHV
TXH PL FULWHULR GH FDOLGDG VH SXHGH DSOLFDU D ORV SURGXFWRV TXH OOHJDQ FRQYLYHV
D ODV PDQRV GH PLV FRQFLXGDGDQRV &RQ OD FRPLGD QR SRGHPRV MXJDU
\ JUDFLDV D 'LRV WUDEDMR GLDULDPHQWH HQ KDFHU PiV VDOXGDEOH \
pWRLOHV 0LFKHOLQ FRPPHQW DYH] YRXV UHoX FHWWH GLVWLQFWLRQ"
SODFHQWHUD OD VREUHPHVD GH OD JHQWH
&RPPH MH O¶DL GpMj PHQWLRQQp DYDQW SURIHVVLRQQHOOHPHQW FHOD D pWp

XQ GHV JUDQGV pYqQHPHQWV GH PD FDUULqUH &¶HVW XQH UHFRQQDLVVDQFH
HVWUHOODV 0LFKHOLQ ¢FyPR KD DFRJLGR HVWD GLVWLQFLyQ "
WUqV LPSRUWDQWH G¶XQ WUDYDLO FRQVWDQW HW FRQVFLHQFLHX[ GH WRXWH XQH
<D OR KH GLFKR DQWHV SURIHVLRQDOPHQWH KD VLGR XQR GH ORV JUDQGHV
pTXLSH -H GRLV EHDXFRXS j FHV pWRLOHV TXL ILJXUHQW j F{Wp GH PRQ
KLWRV GH PL FDUUHUD (V XQ UHFRQRFLPLHQWR PX\ LPSRUWDQWH D XQD
QRP RQ GRLW OH UHFRQQDvWUH ,O IDXW DXVVL WHQLU FRPSWH TXH F¶HVW SHXW
ODERU GH WRGR XQ HTXLSR FRQVWDQWH \ FRQFLHQ]XGD 'HER PXFKR D
rWUH HQFRUH SOXV GLIILFLOH GH OHV JDUGHU MRXU DSUqV MRXU TXH GH OHV
HVDV HVWUHOODV TXH ILJXUDQ DO ODGR GH PL QRPEUH ODV FRVDV FRPR VRQ
REWHQLU 1RXV FRQWLQXRQV j WUDYDLOOHU VDQV UHOkFKH WRXV OHV MRXUV SRXU
+D\ TXH WHQHU HQ FXHQWD WDPELpQ TXH WDQWR R PiV TXH FRQVHJXLUODV
TXH FH VRLW DLQVL
FXHVWD PXFKR PDQWHQHUVH FRQ HOODV HQ HO GtD D GtD 1RVRWURV

VHJXLPRV WUDEDMDQGR VLQ GHVFDQVR WRGRV ORV GtDV SDUD TXH DVt VHD
4XHOOH HVW YRWUH UHODWLRQ GH WUDYDLO DYHF 3DROR &DVDJUDQGH"

3DROR HVW XQ FXLVLQLHU IDQWDVWLTXH XQ WUqV JUDQG SURIHVVLRQQHO 2Q D
¢&yPR HV VX UHODFLyQ GH WUDEDMR FRQ 3DROR &DVDJUDQGH"
XQH WUqV ERQQH UHODWLRQ -H PH UHQGV DVVH] IUpTXHPPHQW j O¶K{WHO
3DROR HV XQ FRFLQHUR IDQWiVWLFR XQ SURIHVLRQDO FRPR OD FRSD GH XQ
$EDPD HW F¶HVW Oj TXH O¶RQ FUpH OD FDUWH GX 0 % QRXV IDLVRQV OHV
SLQR 7HQHPRV PX\ EXHQD UHODFLyQ 6XHOR YLDMDU FRQ EDVWDQWH
HVVDLV QpFHVVDLUHV HW MH P¶LQWpUHVVH DX[ SURGXLWV DXWRFKWRQHV SRXU
IUHFXHQFLD DO $EDPD \ DOOt LGHDPRV OD FDUWD GH 0 % KDFHPRV ODV
SUXHEDV QHFHVDULDV \ PH LQWHUHVR SRU HO SURGXFWR DXWyFWRQR SDUD TXH TXH OHV SODWV HQ SOXV G¶DYRLU PRQ HPSUHLQWH DLHQW DXVVL OHXU SURSUH
ORV SODWRV DGHPiV GH WHQHU PL LPSURQWD WHQJDQ WDPELpQ VX SURSLD
SHUVRQQDOLWp 3DROR HW PRL QRXV QRXV HQWHQGRQV j PHUYHLOOH F¶HVW
SHUVRQDOLGDG 3DROR \ \R QRV HQWHQGHPRV D ODV PLO PDUDYLOODV HV XQD XQH UHODWLRQ WUqV IOXLGH
UHODFLyQ PX\ IOXLGD
'. / $ %'44#4 '0 ,7.+1
'. / $ %'44#4 '0 ,7.+1

'LUHFWHXU GH SXEOLFDWLRQ 'RPLQLTXH +HQUL (MDUTXH
5pGDFWHXU HQ FKHI HW FRQFHSWLRQ JUDSKLTXH /DXUHQW )RXUQLHU
7UDGXFWLRQ HVSDJQROH 'H /HRQ 7RUUHV 0DULH (VSRQGHUD 'H /D )XHQWH 0DULH -RVH %RWDQD 0DULDGHO&DUPHO $XEHUWLQ /DHWLWLD .DYLWD
.DNX .DNX 0LULDP 0HOLDQ 1HJULQ (OLVD 0DUWLQ <RODQGD &RUGHQWH 0DUWLQH] 6\OYLH 3URXVW (OHQD HW 1LFRODV 0DUUHDX
0LVVLRQ /DwTXH )UDQoDLVH UXH +XPEORW ) 3DULV :HE ZZZ POIPRQGH RUJ


numéro 3.pdf - page 1/12
 
numéro 3.pdf - page 2/12
numéro 3.pdf - page 3/12
numéro 3.pdf - page 4/12
numéro 3.pdf - page 5/12
numéro 3.pdf - page 6/12
 




Télécharger le fichier (PDF)


numéro 3.pdf (PDF, 13.2 Mo)

Télécharger
Formats alternatifs: ZIP



Documents similaires


numero 3
bochalema mitos y leyendas
journal 13 dec 2010
roure presskit french
journal 6 jui 2011
198

Sur le même sujet..