{"id":11096,"date":"2026-01-14T08:59:32","date_gmt":"2026-01-14T11:59:32","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11096"},"modified":"2026-01-14T08:59:33","modified_gmt":"2026-01-14T11:59:33","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c01%ec%9b%94-13%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11096","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(01\uc6d4 13\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \uae08\ub9ac \ubcc0\ub3d9\uc131 \uc18d\uc5d0\uc11c 9\uc870 6\ucc9c\uc5b5 \ud398\uc18c \ucc44\uad8c \uc785\ucc30\uc5d0 \ub098\uc11c\ub294 \uc7ac\ubb34\uccad
    \uc7ac\ubb34\uccad\uc740 \ub0b4\uc77c \ubbfc\uac04 \ud22c\uc790\uc790\ub4e4\uc774 \ubcf4\uc720\ud55c \uad6d\ucc44 \ubc0f \ub2e8\uae30\ucc44 \ub9cc\uae30 \ubb3c\ub7c9 \uc57d 9\uc870 6\ucc9c\uc5b5 \ud398\uc18c \uc804\uc561\uc744 \uc7ac\ud761\uc218\ud558\ub824\ub294 \uc2dc\ub3c4\ub97c \ud560 \uc608\uc815\uc774\ub2e4. \uc774\ub294 \uae08\ub9ac\uc758 \ub192\uc740 \ubcc0\ub3d9\uc131\uacfc \ub2e8\uae30 \ub9cc\uae30 \uc9d1\uc911\uc774\ub77c\ub294 \ub3c4\uc804\uc801\uc778 \ud658\uacbd \uc18d\uc5d0\uc11c \uc9c4\ud589\ub41c\ub2e4.
    \uc774\ubc88 \uc785\ucc30\uc740 \uc62c\ud574 \uccab \uad6d\ucc44 \uc785\ucc30\ub85c, \uc6d4\ubcc4 \ub9cc\uae30 \uaddc\ubaa8\uac00 \uc57d 30\uc870 \ud398\uc18c\uc5d0 \ub2ec\ud558\ub294 \uc0c1\ud669\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc9c4\ub2e4. \uc774 \uc911 \uc57d \uc808\ubc18\uc774 \ubbfc\uac04 \ubd80\ubb38 \ubcf4\uc720\ubd84\uc774\uae30 \ub54c\ubb38\uc5d0, \uc7ac\ubb34\uccad\uc73c\ub85c\uc11c\ub294 \ub864\uc624\ubc84(\ucc28\ud658) \uc131\uacf5\ub960\uc5d0 \ub300\ud55c \ubd80\ub2f4\uc774 \ub354\uc6b1 \ucee4\uc9c4 \uc0c1\ud669\uc774\ub2e4.
    \uc774\ub7ec\ud55c \ubc30\uacbd \uc18d\uc5d0\uc11c \uc815\ubd80\ub294 \ud3ed\ub113\uace0 \ub2e4\ubcc0\ud654\ub41c \uae08\uc735\uc0c1\ud488 \uba54\ub274\ub97c \uc81c\uc2dc\ud588\ub2e4.
    \uc5ec\uae30\uc5d0\ub294 2026\ub144 2\uc6d4\ubd80\ud130 11\uc6d4\uae4c\uc9c0 \ub9cc\uae30\ub97c \uac00\uc9c4 LECAP \ubc0f BONCAP, \uadf8\ub9ac\uace0 2027\ub144 6\uc6d4\uc744 \ub9cc\uae30\ub85c \ud558\ub294 \uc2e0\uaddc \ucc44\uad8c\uc774 \ud3ec\ud568\ub41c\ub2e4.
    \ub610\ud55c LECER\uc640 BONCER(\ubb3c\uac00\uc5f0\ub3d9 \ucc44\uad8c)\ub3c4 \ud568\uaed8 \uc81c\uc2dc\ub418\uba70, \uc774\ub4e4 \uc0c1\ud488\uc740 \uc62c\ud574 5\uc6d4\uacfc 11\uc6d4 \ub9cc\uae30 \uc635\uc158\uc744 \ud3ec\ud568\ud558\uace0 \uc788\ub2e4. \uc5ec\uae30\uc5d0 \ub354\ud574 2028\ub144 6\uc6d4\uae4c\uc9c0 \ub9cc\uae30\uc778 \uc778\ud50c\ub808\uc774\uc158 \uc5f0\ub3d9 \ucc44\uad8c\ub3c4 \uc81c\uacf5\ub41c\ub2e4.
    \uc785\ucc30 \uba54\ub274\ub294 \uc5ec\uae30\uc11c \ub05d\ub098\uc9c0 \uc54a\ub294\ub2e4. 8\uc6d4 \ub9cc\uae30\uc758 TAMAR, \uadf8\ub9ac\uace0 2\uc6d4\u00b73\uc6d4 \ub9cc\uae30\uc758 \uc2e0\uaddc \ub2ec\ub7ec \uc5f0\ub3d9 \ucc44\uad8c(d\u00f3lar linked) \ub450 \uc885\ubaa9\ub3c4 \ud3ec\ud568\ub41c\ub2e4.
    \ud55c\ud3b8 \uc911\uc559\uc740\ud589\uc740 \uc810\uc9c4\uc801\uc73c\ub85c \uc678\ud658\ubcf4\uc720\uc561\uc744 \ud655\ucda9\ud558\ub824\ub294 \uc804\ub7b5\uc744 \ucd94\uc9c4 \uc911\uc774\uae30 \ub54c\ubb38\uc5d0, \uc7ac\ubb34\uccad\uc740 \uc2dc\uc7a5\uc5d0 \uacfc\ub3c4\ud55c \ud398\uc18c \uc720\ub3d9\uc131\uc774 \ud480\ub9ac\ub294 \uc0c1\ud669\uc744 \ud53c\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\ub2e4.
    \uc774\ub7ec\ud55c \ub9e5\ub77d\uc5d0\uc11c \uc774\ubc88 \uc785\ucc30\uc758 \uacf5\uc2dd \ubaa9\ud45c\ub294 100% \ub864\uc624\ubc84 \ub2ec\uc131\uc774\uc9c0\ub9cc, \uc774\ub97c \uc704\ud574\uc11c\ub294 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ub354 \ub9e4\ub825\uc801\uc778 \uc218\uc775\ub960\uc744 \uc81c\uc2dc\ud574\uc57c \ud560 \uac00\ub2a5\uc131\uc774 \uc81c\uae30\ub41c\ub2e4.
    <\/li>\n\n\n\n
  2. \uacf5\uc2dd \ub2ec\ub7ec \ud658\uc728 \ubc18\ub4f1
    \uacf5\uc2dd \ub2ec\ub7ec \ud658\uc728\uc740 \ud558\ub77d\uc138\uc600\ub358 \uc5f0\ucd08 \uccab \uc8fc \uc774\ud6c4 \ubc18\ub4f1\ud558\uba70 \uc18c\ud3ed \uc0c1\uc2b9 \ub9c8\uac10\ud588\ub2e4. \uc774\ub294 \uc911\uc559\uc740\ud589\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ub9e4\uc785 \uc7ac\uac1c\uc640 \ucc44\uad8c\uc790\ub4e4\uc5d0\uac8c 42\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ubd80\ucc44 \uc0c1\ud658\uc774 \uc774\ub904\uc9c4 \ub370 \ub530\ub978 \uacb0\uacfc\ub2e4.
    \uc774 \uacfc\uc815\uc5d0\uc11c \ub3c4\ub9e4\ud658\uc728\uc5d0 \uc801\uc6a9\ub418\ub294 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc740 \ub2e4\uc2dc 5% \uc218\uc900\uc73c\ub85c \uc62c\ub77c\uc130\ub2e4.
    \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc740 2.50\ud398\uc18c \uc0c1\uc2b9\ud574 1,467.50\ud398\uc18c, \uad6d\ub9bd\uc740\ud589(Banco Naci\u00f3n)\uc758 \uc18c\ub9e4 \ud658\uc728\uc740 1,482.33\ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4.
    \uae08\uc735 \ub2ec\ub7ec\ub294 \ube44\uad50\uc801 \uc81c\ud55c\uc801\uc778 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc600\ub2e4.
    MEP \ud658\uc728: 1,487.89\ud398\uc18c
    CCL \ud658\uc728: 1,528.37\ud398\uc18c
    \uc774\uc5d0 \ub530\ub77c \uacf5\uc2dd \ud658\uc728 \ub300\ube44 \uaca9\ucc28\ub294 \uac01\uac01 1.39%\uc640 4.15%\ub97c \ub098\ud0c0\ub0c8\ub2e4.
    <\/li>\n\n\n\n
  3. \uc911\uc559\uc740\ud589, 6\uac70\ub798\uc77c \uc5f0\uc18d \ub2ec\ub7ec \uc21c\ub9e4\uc218
    \uc911\uc559\uc740\ud589(BCRA)\uc740 \uacf5\uc2dd \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c 6\uac70\ub798\uc77c \uc5f0\uc18d \ub2ec\ub7ec\ub97c \uc21c\ub9e4\uc218\ud588\ub2e4\uace0 \ubc1d\ud614\ub2e4.
    1\uc6d4 5\uc77c\ubd80\ud130 \uc2dc\uc791\ub41c \uc678\ud658\ubcf4\uc720\uc561 \uac15\ud654 \ud504\ub85c\uadf8\ub7a8 \uc774\ud6c4 \ub204\uc801 \ub9e4\uc785 \uaddc\ubaa8\ub294 2\uc5b5 7,300\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud55c\ub2e4.
    \uc804\uc77c \uac70\ub798\uc5d0\uc11c \uc911\uc559\uc740\ud589\uc740 \uc790\uc720\uc678\ud658\uc2dc\uc7a5(MLC)\uc5d0\uc11c 5,500\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub2e4. \uadf8 \uacb0\uacfc \ucd1d\uc678\ud658\ubcf4\uc720\uc561\uc740 3\uc5b5 7,200\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud558\uc5ec 447\uc5b5 6,800\ub9cc \ub2ec\ub7ec\ub85c \ub9c8\uac10\ub410\ub2e4.
    \uc774 \uac19\uc740 \ub9e4\uc785\uc740 \ud658\uc728\uc774 \uc0c8\ub85c\uc6b4 \uc81c\ub3c4 \ud558\uc5d0\uc11c \uc124\uc815\ub41c \ubcc0\ub3d9 \ubc94\uc704 \ub0b4\uc5d0 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub418\ub294 \uc0c1\ud669\uc5d0\uc11c \uc774\ub904\uc9c0\uace0 \uc788\ub2e4.
    \uc62c\ud574\ubd80\ud130 \ud658\uc728 \ubc34\ub4dc\ub294 INDEC (\uad6d\uac00\ud1b5\uacc4\uccad)\uc774 \ubc1c\ud45c\ud558\ub294 \ucd5c\uc2e0 \uc778\ud50c\ub808\uc774\uc158 \uc9c0\ud45c\ub97c \uae30\uc900\uc73c\ub85c \uc790\ub3d9 \uc870\uc815\ub418\uba70, \uc774\uc5d0 \ub530\ub77c \uacf5\uc2dd \uac1c\uc785 \ud55c\uacc4\ub3c4 \uc7ac\uc124\uc815\ub41c\ub2e4.
    \uc774 \ud2c0 \uc18d\uc5d0\uc11c \uc911\uc559\uc740\ud589\uc740 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\ub97c \uc704\ud55c \uccb4\uacc4\uc801\uc778 \ub2ec\ub7ec \ub9e4\uc785 \uba54\ucee4\ub2c8\uc998\uc744 \uac00\ub3d9\ud588\ub2e4.
    \uacf5\uc2dd \uc804\ub9dd\uc5d0 \ub530\ub974\uba74 2026\ub144 \ud55c \ud574 \ub3d9\uc548 \ub2ec\ub7ec \ub9e4\uc785 \uaddc\ubaa8\ub294 100\uc5b5~170\uc5b5 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uc218 \uc788\uc73c\uba70, \uc774\ub294 \uacbd\uc81c\uc758 \uc7ac\ud654\ud3d0\ud654(remonetizaci\u00f3n) \uc218\uc900\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9c8 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.
    <\/li>\n\n\n\n
  4. 12\uc6d4 \ubb3c\uac00 2% \uc0c1\ud68c \uc804\ub9dd\u20262025\ub144 \uc778\ud50c\ub808\uc774\uc158 2017\ub144 \uc774\ud6c4 \ucd5c\uc800
    INDEC\uc740 \uc624\ub298 12\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(IPC)\ub97c \ubc1c\ud45c\ud560 \uc608\uc815\uc774\uba70, \ub2e4\uc2dc 2%\ub97c \uc0c1\ud68c\ud560 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4.
    \uc774 \uacbd\uc6b0 2025\ub144 \uc5f0\uac04 \uc778\ud50c\ub808\uc774\uc158\uc740 \uc57d 31%\ub85c \ub9c8\ubb34\ub9ac\ub418\uba70, \uc774\ub294 2017\ub144 \uc774\ud6c4 \uac00\uc7a5 \ub0ae\uc740 \uc218\uc900\uc774 \ub41c\ub2e4.
    \uc2dc\uc7a5\uc5d0\uc11c\ub294 2026\ub144 1\uc6d4\ubd80\ud130 \uc801\uc6a9\ub420 \ubb3c\uac00 \ud1b5\uacc4 \ubc29\ubc95\ub860 \ubcc0\uacbd\uacfc, \uc774\ub85c \uc778\ud574 \ub2ec\ub7ec \ud658\uc728 \ubc34\ub4dc\uc5d0 \ubbf8\uce60 \uc601\ud5a5\uc744 \uc8fc\uc758 \uae4a\uac8c \uc9c0\ucf1c\ubcf4\uace0 \uc788\ub2e4.
    \uc774 \uc804\ub9dd\uc774 \ud655\uc778\ub420 \uacbd\uc6b0, \uc5f0\uac04 \uc778\ud50c\ub808\uc774\uc158\uc740 2024\ub144\uc758 117.8%\uc5d0\uc11c 80%p \uc774\uc0c1 \uae09\ub77d\ud558\uac8c \ub418\uba70, \uc774\ub294 2017\ub144 \uae30\ub85d\ub41c 24.8% \uc774\ud6c4 8\ub144 \ub9cc\uc758 \ucd5c\uc800 \uc218\uc900\uc5d0 \uadfc\uc811\ud558\ub294 \uac83\uc774\ub2e4.
    \uc55e\uc11c \ubc1c\ud45c\ub41c \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4\uc2dc \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\ub294 12\uc6d4\uc5d0 2.7% \uc0c1\uc2b9\ud558\uba70 9\uc6d4\uacfc \ub3d9\uc77c\ud55c \uc218\uc900\uc744 \ubcf4\uc600\uace0, 2025\ub144 \ub204\uc801 \uc0c1\uc2b9\ub960\uc740 31.8%\ub97c \uae30\ub85d\ud588\ub2e4.
    Wise Capital \ud22c\uc790\ud68c\uc0ac\ub294 12\uc6d4 \ubb3c\uac00\uc5d0\uc11c \ubd84\uae30 \ub9d0 \uae30\uc900 \ub454\ud654 \uc870\uc9d0\uc774 \ub098\ud0c0\ub0ac\ub2e4\uace0 \ud3c9\uac00\ud588\ub2e4. \uc774\ub294 \ube44\uacc4\uc808\uc131 \uc2dd\uc74c\ub8cc \uac00\uaca9 \uc0c1\uc2b9\ub960\uc774 \ub0ae\uc544\uc9c4 \uc601\ud5a5\uc774 \ucef8\ub2e4. \ub2e4\ub9cc \uc721\ub958 \uac00\uaca9\uacfc \uaddc\uc81c \ud488\ubaa9\uc740 \uc5ec\uc804\ud788 \uc0c1\uc2b9 \uc555\ub825\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.
    IPC\ub97c \ud658\uc728 \ubc34\ub4dc\uc5d0 \ubc18\uc601\ud558\ub294 \ubc29\uc2dd\uc740 \ud658\uc728 \uc815\ucc45\uc758 \uc815\ubc00\ub3c4\ub97c \ub192\uc774\ub294 \uc5ed\ud560\uc744 \ud560 \uac83\uc73c\ub85c \ud3c9\uac00\ub41c\ub2e4. \uc774\ub7ec\ud55c \ud750\ub984 \uc18d\uc5d0\uc11c 12\uc6d4 \ubb3c\uac00\ub294 2.4% \uc218\uc900, \uc5f0\uac04 31%\ub85c \ub9c8\uac10\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.
    <\/li>\n\n\n\n
  5. \uae00\ub85c\ubc8c \uc545\uc7ac \uc18d \uc8fc\uac04 \ucd9c\ubc1c \u2018\ube68\uac04\ubd88\u2019
    \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc790\uc0b0\uc740 \ubd80\uc815\uc801\uc778 \uae00\ub85c\ubc8c \ud658\uacbd \uc18d\uc5d0\uc11c \ud558\ub77d\uc138\ub85c \ud55c \uc8fc\ub97c \uc2dc\uc791\ud588\ub2e4. \uc9c0\ub09c \uae08\uc694\uc77c 43\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ubd80\ucc44 \uc0c1\ud658\uc774 \uc774\ub8e8\uc5b4\uc84c\uace0, \uc77c\ubd80 \uad6d\ub0b4 \ucc44\uad8c\uc73c\ub85c\uc758 \uc7ac\ud22c\uc790 \uc2e0\ud638\uac00 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc2dc\uc7a5\uc740 \uc57d\uc138\ub97c \ubcf4\uc600\ub2e4.
    \ub2ec\ub7ec \uae30\uc900 S&P \uba54\ub974\ubc1c \uc9c0\uc218, \ub274\uc695 \uc0c1\uc7a5 ADR, \uadf8\ub9ac\uace0 \uc678\ud654 \ud45c\uc2dc \uad6d\ucc44 \ubaa8\ub450 \ud558\ub77d\uc138\ub85c \uac70\ub798\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \uc9c0\uc815\ud559\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \uc9c0\ubc30\ud558\ub294 \uad6d\uc81c \ud658\uacbd\uc744 \ubc18\uc601\ud55c \uacb0\uacfc\ub2e4.
    \uae00\ub85c\ubc8c \ucc28\uc6d0\uc5d0\uc11c\ub294 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\uac00 \uc8fc\ub3c4\ud558\ub294 \uc0c8\ub85c\uc6b4 \uc815\uce58\uc801 \uc2dc\ub098\ub9ac\uc624, \ud2b9\ud788 \ubca0\ub124\uc218\uc5d8\ub77c \uc0ac\uc548\uc5d0 \ub300\ud55c \uac1c\uc785 \uc774\ud6c4 \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac\uac00 \uac15\ud654\ub418\uba70 \uc2e0\ud765\uad6d \ucc44\uad8c\uc5d0 \ub300\ud55c \uc555\ubc15\uc774 \ucee4\uc84c\ub2e4.
    \uad6d\ub0b4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44 \uac00\uaca9\uc774 \ucd5c\ub300 0.9% \ud558\ub77d, \uc774\uc5d0 \ub530\ub77c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \ucd5c\ub300 577bp\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.<\/li>\n<\/ol>\n\n\n\n

    \ud55c\ud3b8, \uc6d4\uac00(Wall Street)\uc5d0\uc11c\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5\ub4e4\uc758 ADR(\ubbf8\uad6d\uc608\ud0c1\uc99d\uc11c) \uc774 \ucd5c\ub300 3.5%\uae4c\uc9c0 \uc804\ubc18\uc801\uc778 \ud558\ub77d\uc138\ub97c \ubcf4\uc600\ub2e4.
    \uc774\uc5d0 \ub354\ud574, \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc \uc5ed\uc2dc \ubd80\uc815\uc801\uc778 \ubd84\uc704\uae30\ub97c \ubc18\uc601\ud588\ub2e4. S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ud398\uc18c \uae30\uc900\uacfc \ub2ec\ub7ec \uae30\uc900 \ubaa8\ub450\uc5d0\uc11c 0.4% \ud558\ub77d\ud558\uba70, \ud22c\uc790\uc790\ub4e4\uc758 \uc2e0\uc911\ud55c \ud0dc\ub3c4\uac00 \uc9c0\ubc30\uc801\uc778 \ud55c \uc8fc\uc758 \uc2dc\uc791\uc744 \ud655\uace0\ud788 \ud588\ub2e4.<\/p>\n\n\n\n

      \n
    1. \uc5f0\uc900(Fed) \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131 \uba40\uc5b4\uc9c0\uace0, \ub0b4\ubd80\uc801 \uae34\uc7a5 \uace0\uc870
      \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uac00 \ub2e8\uae30\uc801\uc73c\ub85c \uae08\ub9ac\ub97c \uc778\ud558\ud560 \uac83\uc774\ub77c\ub294 \uae30\ub300\ub294 \uc57d\ud654\ub418\uace0 \uc788\ub2e4. \uc774\ub294 \uc6d4\uac00 \uc8fc\uc694 \uc740\ud589\ub4e4\uc758 \uc804\ub9dd\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4.
      \uc9c0\ub09c \uae08\uc694\uc77c \ubc1c\ud45c\ub41c \ud0c4\ud0c4\ud55c \uace0\uc6a9\uc2dc\uc7a5 \uc9c0\ud45c\ub294, \ubbf8\uad6d \uacbd\uc81c\uac00 \uae08\ub9ac \uc778\ud558\ub97c \uc815\ub2f9\ud654\ud560 \ub9cc\ud07c \ucda9\ubd84\ud55c \ub454\ud654\ub97c \ubcf4\uc774\uace0 \uc788\uc9c0 \uc54a\ub2e4\ub294 \uc778\uc2dd\uc744 \uac15\ud654\ud588\ub2e4.
      \uc774\ub7ec\ud55c \ub9e5\ub77d\uc5d0\uc11c \ubc14\ud074\ub808\uc774\uc988(Barclays), \uace8\ub4dc\ub9cc\uc0ad\uc2a4(Goldman Sachs), \ubaa8\uac74\uc2a4\ud0e0\ub9ac(Morgan Stanley) \ub294 \uae08\ub9ac \uc778\ud558 \uc2dc\uc810\uc5d0 \ub300\ud55c \uc804\ub9dd\uc744 2026\ub144 \uc911\ubc18 \uc774\ud6c4\ub85c \uc5f0\uae30\ud588\ub2e4.
      \uc2ec\uc9c0\uc5b4 JP\ubaa8\uac74(J.P. Morgan) \uc740 \uc5f0\uc900\uc758 \ub2e4\uc74c \uc870\uce58\uac00 \uae08\ub9ac \uc778\ud558\uac00 \uc544\ub2c8\ub77c, 2027\ub144 3\ubd84\uae30\uc5d0 25bp(0.25%p) \uae08\ub9ac \uc778\uc0c1\uc77c \uc218 \uc788\ub2e4\uace0 \uacbd\uace0\ud588\ub2e4.
      \uacfc\uac70\uc5d0\ub294 3\uc6d4\uacfc 6\uc6d4 \uae08\ub9ac \uc778\ud558\ub97c \uc608\uc0c1\ud588\ub358 \uace8\ub4dc\ub9cc\uc0ad\uc2a4\uc640 \ubc14\ud074\ub808\uc774\uc988 \uc5ed\uc2dc, \uc774\uc81c\ub294 9\uc6d4\uacfc 12\uc6d4\ub85c \uc778\ud558 \uc2dc\uc810\uc744 \ub2a6\ucdb0 \ubcf4\uace0 \uc788\ub2e4.
      \ubc18\uba74, \uc77c\ubd80 \uae30\uad00\ub4e4\uc740 \uae30\uc874 \uc804\ub9dd\uc744 \uc720\uc9c0\ud588\ub2e4.
      \uc6f0\uc2a4\ud30c\uace0(Wells Fargo) \uc640 \uc544\uba54\ub9ac\uce74\uc740\ud589 \uae00\ub85c\ubc8c \ub9ac\uc11c\uce58(Bank of America Global Research) \ub294 2026\ub144 \uc911 \ub450 \ucc28\ub840 \uae08\ub9ac \uc778\ud558\ub97c \uc5ec\uc804\ud788 \uc608\uc0c1\ud558\uace0 \uc788\ub2e4.
      \uc5ec\uae30\uc5d0 \ub354\ud574, \ubbf8 \ubc95\ubb34\ubd80\uac00 \uc5f0\uc900 \uc758\uc7a5 \uc81c\ub86c \ud30c\uc6d4\uc5d0 \ub300\ud574 \ud615\uc0ac \uc870\uc0ac\ub97c \uac1c\uc2dc\ud588\ub2e4\ub294 \uc0ac\uc2e4\uc774 \ud655\uc778\ub418\uba74\uc11c, \uc81c\ub3c4\uc801 \uae34\uc7a5\uc774 \ud55c\uce35 \ub354 \uace0\uc870\ub410\ub2e4.
      \uc774\ub294 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uacfc\uc758 \uac08\ub4f1 \uc18d\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uac83\uc73c\ub85c, \uc5f0\uc900\uc758 \ub3c5\ub9bd\uc131\uc5d0 \ub300\ud55c \ub17c\uc7c1\uc744 \ub2e4\uc2dc \ubd88\ub7ec\uc77c\uc73c\ud0a4\uace0 \uc788\ub2e4.
      \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \uacbd\uc81c \uc804\ubb38\uc9c0 \u00c1mbito Financiero \uc9c0\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \ubcf4\ub3c4\ud588\ub2e4.
      \u201c\ud30c\uc6d4 \uce21\uadfc\ub4e4\uc740 \uc774\ubc88 \uacf5\uc138\uac00 \ubc31\uc545\uad00\uc758 \uc815\uce58\uc801 \uc120\ud638\uc5d0 \ub530\ub77c \uae08\ub9ac\ub97c \uc870\uc815\ud558\ub77c\ub294 \uc694\uad6c\ub97c \uc5f0\uc900\uc774 \uac70\ubd80\ud55c \ub370 \ub300\ud55c \ubcf4\ubcf5\uc774\ub77c\uace0 \uc9c0\uc801\ud588\ub2e4.\u201d
      \uc6cc\uc2f1\ud134\uc758 \uac15\uacbd\ud55c \ubc1c\uc5b8 \uae30\uc870\uc640 \ub354\ubd88\uc5b4, \uc911\ub3d9\uacfc \ub77c\ud2f4\uc544\uba54\ub9ac\uce74\uc5d0\uc11c \uc0c8\ub85c\uc6b4 \uac08\ub4f1\uc758 \ubd88\uc528\uac00 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4.
      \uc774\ub7ec\ud55c \ubcf5\ud569\uc801 \uc694\uc778\uc740 \uc804 \uc138\uacc4\uc801\uc778 \uc704\ud5d8 \ud68c\ud53c \uc2ec\ub9ac\ub97c \uac15\ud654\ud558\uba70, \ud22c\uc790\uc790\ub4e4\ub85c \ud558\uc5ec\uae08 \ub2ec\ub7ec \ud45c\uc2dc \uc790\uc0b0\uc744 \ubcf4\uc720\ud558\uae30 \uc704\ud55c \ub354 \ub192\uc740 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc694\uad6c\ud558\uac8c \ub9cc\ub4e0\ub2e4.
      <\/li>\n\n\n\n
    2. \ud2b8\ub7fc\ud504, \uc774\ub780\uc5d0 \uac15\uacbd \ub178\uc120 \uac15\ud654\u2026 \uc804 \uc138\uacc4\uc801 \uc2e0\uaddc \uad00\uc138 \uc704\ud611
      \ubbf8\uad6d \ub300\ud1b5\ub839 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\ub294 \uc774\ub780\uacfc \ubb34\uc5ed \uad00\uacc4\ub97c \uc720\uc9c0\ud558\ub294 \ubaa8\ub4e0 \uad6d\uac00\uc5d0 \ub300\ud574 25% \uad00\uc138\ub97c \ubd80\uacfc\ud558\uaca0\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4. \uc774\ub294 \ud14c\ud5e4\ub780 \uc815\uad8c\uc5d0 \ub300\ud55c \uc555\ubc15\uc744 \ud55c\uce35 \uac15\ud654\ud558\ub294 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\ub2e4.
      \uc774 \uc870\uce58\ub294 \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc774 \u201c\ub9e4\uc6b0 \uad6c\uccb4\uc801\uc778 \uad70\uc0ac\uc801 \ud589\ub3d9\uc744 \uac80\ud1a0\ud558\uace0 \uc788\ub2e4\u201d\uace0 \ubc1c\uc5b8\ud55c \uc9c0 \ubd88\uacfc \uba87 \uc2dc\uac04 \ud6c4\uc5d0 \ubc1c\ud45c\ub410\ub2e4.
      \ub2f9\uc2dc \uc774\ub780 \ub0b4\ubd80\uc5d0\uc11c\ub294 \ud1b5\ud654 \ud3c9\uac00\uc808\ud558\uc640 \uc778\ud50c\ub808\uc774\uc158\uc73c\ub85c \ucd09\ubc1c\ub41c \ub300\uaddc\ubaa8 \uc2dc\uc704\uc5d0 \ub300\ud574 \uc815\ubd80\uac00 \uac15\uacbd \uc9c4\uc555\uc5d0 \ub098\uc120 \uc0c1\ud669\uc774\uc5c8\ub2e4.
      \ud2b8\ub7fc\ud504\ub294 \uc55e\uc11c, \uc774\ub780 \ub2f9\uad6d\uc774 \uc2dc\uc704\uc5d0 \ud3ed\ub825\uc801\uc73c\ub85c \ub300\uc751\ud560 \uacbd\uc6b0, \uc6cc\uc2f1\ud134\uc774 \ub354\uc6b1 \uac15\ub825\ud55c \uc81c\uc7ac\ub97c \uac00\ud560 \uc218 \uc788\ub2e4\uace0 \uacbd\uace0\ud55c \ubc14 \uc788\ub2e4.
      \uc774\ubc88 \uc870\uce58\ub294 \uc774\ub780\uc744 \uacbd\uc81c\uc801\uc73c\ub85c \uace0\ub9bd\uc2dc\ud0a4\ub294 \uc804\ub7b5\uc744 \ub354\uc6b1 \uacf5\uace0\ud788 \ud558\uace0, \uc911\ub3d9 \uc9c0\uc5ed\uc758 \uc9c0\uc815\ud559\uc801 \uae34\uc7a5\uc744 \uace0\uc870\uc2dc\ud0a4\ub294 \ud6a8\uacfc\ub97c \ub0b3\uace0 \uc788\ub2e4.
      \ud55c\ud3b8, \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc740 \uad6d\ub0b4 \uc815\uce58 \ucc28\uc6d0\uc5d0\uc11c\ub3c4 \uc911\ub300\ud55c \ud310\uacb0\uc744 \uc55e\ub450\uace0 \uc788\ub2e4.
      \ubbf8\uad6d \uc5f0\ubc29\ub300\ubc95\uc6d0\uc740 \uc774\ubc88 \uc8fc, \uad6d\uc81c\ube44\uc0c1\uacbd\uc81c\uad8c\ud55c\ubc95\uc744 \uadfc\uac70\ub85c \ub300\ud1b5\ub839\uc774 \uc77c\ubc29\uc801\uc73c\ub85c \uad50\uc5ed \uc0c1\ub300\uad6d\uc5d0 \uad00\uc138\ub97c \ubd80\uacfc\ud560 \uc218 \uc788\ub294\uc9c0\uc758 \ud569\ubc95\uc131\uc5d0 \ub300\ud574 \ud310\uacb0\uc744 \ub0b4\ub824\uc57c \ud55c\ub2e4.
      \uc774\ubbf8 \ud558\uae09\uc2ec \ubc95\uc6d0\ub4e4\uc740 \ud589\uc815\ubd80\uc758 \uc190\uc744 \ub4e4\uc5b4\uc8fc\uc9c0 \uc54a\uc558\uc73c\uba70, \ub300\ud1b5\ub839\uc774 \uad8c\ud55c\uc744 \ucd08\uacfc\ud588\ub2e4\uace0 \ud310\ub2e8\ud55c \ubc14 \uc788\ub2e4.
      \uc774 \ud310\ub840\ub294 \ubc31\uc545\uad00\uc5d0 \uc815\uce58\uc801\u00b7\uacbd\uc81c\uc801\uc73c\ub85c \uc0c1\ub2f9\ud55c \ud30c\uae09 \ud6a8\uacfc\ub97c \ubbf8\uce60 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      \uc624\ub298\uc758 \uacbd\uc81c \ud55c\ud3b8, \uc6d4\uac00(Wall Street)\uc5d0\uc11c\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5\ub4e4\uc758 ADR(\ubbf8\uad6d\uc608\ud0c1\uc99d\uc11c) \uc774 \ucd5c\ub300 3.5%\uae4c\uc9c0 \uc804\ubc18\uc801\uc778 \ud558\ub77d\uc138\ub97c \ubcf4\uc600\ub2e4.\uc774\uc5d0 \ub354\ud574, \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc \uc5ed\uc2dc \ubd80\uc815\uc801\uc778 \ubd84\uc704\uae30\ub97c \ubc18\uc601\ud588\ub2e4. S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ud398\uc18c \uae30\uc900\uacfc \ub2ec\ub7ec \uae30\uc900 \ubaa8\ub450\uc5d0\uc11c 0.4% \ud558\ub77d\ud558\uba70, \ud22c\uc790\uc790\ub4e4\uc758 \uc2e0\uc911\ud55c \ud0dc\ub3c4\uac00 \uc9c0\ubc30\uc801\uc778 \ud55c \uc8fc\uc758 \uc2dc\uc791\uc744 \ud655\uace0\ud788 \ud588\ub2e4.<\/p>\n","protected":false},"author":6,"featured_media":11097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11096"}],"version-history":[{"count":0,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11097"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}