{"id":11386,"date":"2026-02-06T16:15:50","date_gmt":"2026-02-06T19:15:50","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11386"},"modified":"2026-02-06T16:15:51","modified_gmt":"2026-02-06T19:15:51","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c02%ec%9b%94-06%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11386","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(02\uc6d4 06\uc77c)"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"275\" height=\"183\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/02\/download-17.jpg\" alt=\"\" class=\"wp-image-11387\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\ubbf8\uad6d\uacfc\uc758 \ubb34\uc5ed \ud611\uc815<br>\uc774 \ud611\uc815\uc740 \uc591\uad6d \uac04 \uc0c1\ud488\uacfc \uc11c\ube44\uc2a4 \uad50\uc5ed\uc744 \ucd09\uc9c4\ud558\uace0 \uad00\uc138 \uc7a5\ubcbd\uc744 \uc81c\uac70\ud558\uac70\ub098 \ucd95\uc18c\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud558\uba70, \uc57d 10\uc5b5 1,300\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc218\ucd9c \ud68c\ubcf5 \uac00\ub2a5\uc131\uacfc \uad6d\ub0b4 \uc81c\ud488\uc744 \uc704\ud55c \ucd94\uac00 \uc2dc\uc7a5 \uac1c\ubc29 \ud6a8\uacfc\uac00 \uae30\ub300\ub41c\ub2e4.<br>\uc18c\uace0\uae30 \uc0b0\uc5c5\uc774 \uc8fc\uc694 \uc218\ud61c \ubd84\uc57c\ub85c \ubd80\uc0c1\ud558\uace0 \uc788\uc73c\uba70, \ubbf8\uad6d \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc804\ub840 \uc5c6\ub294 \uc218\uc900\uc758 \uc811\uadfc \ud655\ub300\uc640 \ucd5c\ub300 10\ub9cc \ud1a4 \uc218\ucd9c \uac00\ub2a5\uc131\uc774 \uac15\uc870\ub418\uace0 \uc788\ub2e4. \uc774\ub294 \uc57d 8\uc5b5 \ub2ec\ub7ec\uc758 \ub9e4\ucd9c \uc99d\uac00\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4.<br>\ub610\ud55c \uc544\ub974\ud5e8\ud2f0\ub098\ub294 \ub808\ubaac \uc5d0\uc13c\uc15c \uc624\uc77c \ub4f1 \ub2e4\ub978 \uc81c\ud488\uc5d0\uc11c\ub3c4 \ud61c\ud0dd\uc744 \ubc1b\uac8c \ub418\uba70, \uc5ec\ub7ec \uc0dd\uc0b0 \ubd80\ubb38\uc5d0 \uac78\uccd0 1,675\uac1c \uad00\uc138 \ud56d\ubaa9\uc758 \uad00\uc138 \ucca0\ud3d0\uac00 \uc774\ub8e8\uc5b4\uc9c8 \uc608\uc815\uc774\ub2e4.<br>\uadf8\ub7ec\ub098 \uc774 \ud611\uc815\uc740 \uc640\uc778, \uc790\ub3d9\ucc28 \ubd80\ud488 \ub4f1 \uc77c\ubd80 \uad6d\ub0b4 \uc0b0\uc5c5\uc5d0 \uc911\uc694\ud55c \uc704\ud5d8\ub3c4 \uc81c\uae30\ud55c\ub2e4. \uc218\uc785 \uac1c\ubc29\uacfc \uc138\uae08 \ucca0\ud3d0\ub85c \uc778\ud574 \uad6d\ub0b4 \uacbd\uc7c1\uc774 \uc2ec\ud654\ub418\uace0 \uc0dd\uc0b0 \uad6c\uc870 \uc870\uc815\uc774 \ud544\uc694\ud574\uc9c8 \uc218 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4.<br>\uc774 \ud611\uc815\uc740 \uc2b9\uc778\uc744 \uc704\ud574 \uc758\ud68c\ub85c \uc81c\ucd9c\ub420 \uc608\uc815\uc774\uba70, \uc81c\uc57d \ub4f1 \uc77c\ubd80 \uc0b0\uc5c5 \ub2e8\uccb4\ub4e4\uc740 \uadf8 \uc601\ud5a5\uc5d0 \ub300\ud55c \ubcf4\ub2e4 \uc0c1\uc138\ud55c \ubd84\uc11d\uc744 \uae30\ub2e4\ub9ac\uace0 \uc788\ub2e4.<br><\/li>\n\n\n\n<li>\uae08\uc735\uc2dc\uc7a5 \uae34\uc7a5 \uc9c0\uc18d<br>\uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc2dc\uc7a5\uc740 \ucc44\uad8c\uacfc \uc8fc\uc2dd\uc5d0\uc11c \uacc4\uc18d \uae34\uc7a5 \uc0c1\ud0dc\ub97c \ubcf4\uc774\uace0 \uc788\ub2e4. ADR\uc774 \uc6d4\uac00\uc5d0\uc11c \ud558\ub77d\ud3ed\uc744 \ud655\ub300\ud558\uba74\uc11c \uc774\uc804 \uac70\ub798\uc77c\uc758 \ubd80\uc815\uc801 \ud750\ub984\uc774 \uc774\uc5b4\uc9c0\uace0 \ud68c\ubcf5\uc774 \uc5b4\ub824\uc6cc\uc9c0\uace0 \uc788\ub2e4.<br>\uc774\uc640 \uac19\uc740 \uc0c1\ud669\uc5d0\uc11c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 500bp\ub97c \ub118\ub294 \uc218\uc900\uc744 \uc720\uc9c0\ud588\uace0, \ucd5c\uadfc \uac70\ub798\uc5d0\uc11c\ub294 516bp\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub294 \uc774\uc804\uc5d0 \uc218\ub144 \ub9cc\uc5d0 \ucc98\uc74c\uc73c\ub85c 500bp \uc544\ub798\ub85c \ub0b4\ub824\uac14\ub358 \ubc18\ub4f1 \uc774\ud6c4 \ub2e4\uc2dc \uc0c1\uc2b9\ud55c \uac83\uc774\ub2e4.<br>\ub3d9\uc2dc\uc5d0 S&amp;P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ub2ec\ub7ec \uae30\uc900 \uc57d \u20133.38% \ud558\ub77d\ud588\uc73c\uba70, \uc774\ub294 \uc9c0\uc18d\uc801\uc778 \ubcc0\ub3d9\uc131 \uc18d\uc5d0\uc11c \ud22c\uc790\uc790\ub4e4\uc774 \uae00\ub85c\ubc8c \ubc0f \uad6d\ub0b4 \uc704\ud5d8\uc744 \ud68c\ud53c\ud558\uace0 \uc788\uc74c\uc744 \ubc18\uc601\ud55c\ub2e4. \uc774\ub85c \uc778\ud574 \ud22c\uc790 \ud658\uacbd\uacfc \ub300\uc678 \uc790\uae08 \uc870\ub2ec \uc804\ub9dd\uc5d0 \ub300\ud55c \uacbd\uacc4\uac00 \uacc4\uc18d\ub418\uace0 \uc788\ub2e4.<br>\uad6d\ub0b4 \uc694\uc778 \uc678\uc5d0\ub3c4 IPC (\uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218) \uc0b0\uc815 \ubc29\uc2dd \ubcc0\uacbd\uc774 \uc7a1\uc74c\uc744 \uc77c\uc73c\ucf30\uace0, \uac1c\ud601 \uc9c4\uc804 \uc5ec\ubd80\uc5d0 \ub300\ud55c \uae30\ub300\ub3c4 \ud070 \uc0c1\ud669\uc774\ub2e4. \ub2e4\ub9cc \ubbf8\uad6d\uacfc\uc758 \ud611\uc815 \uccb4\uacb0 \uc18c\uc2dd\uc73c\ub85c \uad6d\uc81c\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \uc77c\ubd80 \uc644\ud654\ub418\uace0 \uc0c8\ub85c\uc6b4 \uc804\ub9dd\uc774 \uc5f4\ub9b4 \uac00\ub2a5\uc131\ub3c4 \uc81c\uae30\ub418\uace0 \uc788\ub2e4.<br><\/li>\n\n\n\n<li>REM (\uc2dc\uc7a5\uae30\ub300\uc9c0\uc218)\uc5d0 \ub530\ub978 \uc62c\ud574\uc758 \ud658\uc728, \ubb3c\uac00, \uae08\ub9ac \uc804\ub9dd<br>\uc8fc\uc694 \uc2dc\uc7a5 \ubd84\uc11d\uac00\ub4e4\uc740 \uacf5\uc2dd \ud658\uc728\uc774 2\uc6d4\uacfc 2026\ub144 \ub3d9\uc548 \uc644\ub9cc\ud558\uac8c \uc0c1\uc2b9\ud560 \uac83\uc73c\ub85c \ubcf4\uace0 \uc788\ub2e4. \uc804\ub9dd\uc5d0 \ub530\ub974\uba74 2\uc6d4 \ub9d0 \ub3c4\ub9e4 \ud658\uc728\uc740 \uc57d 1,475\ud398\uc18c, 6\uc6d4\uc5d0\ub294 \uc57d 1,577\ud398\uc18c \uc218\uc900\uae4c\uc9c0 \uc0c1\uc2b9\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.<br>\uc778\ud50c\ub808\uc774\uc158\uc758 \uacbd\uc6b0 1\uc6d4 \ubb3c\uac00 \uc0c1\uc2b9\ub960\uc740 \uc57d 2.4%, 2\uc6d4\uc740 \uc57d 2.1% \uc218\uc900\uc73c\ub85c \ucd94\uc815\ub418\uba70, 2026\ub144 \uc5f0\uac04 \uc804\ub9dd\uce58\ub294 \uc57d 22.4%\ub85c \uc81c\uc2dc\ub418\uace0 \uc788\ub2e4.<br>\uae08\ub9ac\uc5d0 \ub300\ud574\uc11c\ub294 2\uc6d4\uc5d0 \uba85\ubaa9\uc5f0\uc774\uc728(TNA) \uc57d 31.8%\uac00 \uc608\uc0c1\ub418\uba70, 3\uc6d4\uc5d0\ub294 \uc57d 30.14%\uae4c\uc9c0 \ud558\ub77d\ud558\uace0, \uc774\ud6c4 7\uc6d4\uc5d0\ub294 25% \uc218\uc900\uae4c\uc9c0 \uacc4\uc18d \ub0ae\uc544\uc9c8 \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4. \uc774\ub294 \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654\uc640 \uae08\uc735 \ubcc0\uc218\uc5d0 \ub300\ud55c \uc555\ub825\uc774 \uac10\uc18c\ud558\ub294 \ud658\uacbd\uc744 \ubc18\uc601\ud55c \uac83\uc774\ub2e4.<br><\/li>\n\n\n\n<li>YPF\uc758 \uba54\ud2b8\ub85c\uac00\uc2a4 \uc9c0\ubd84 \ub9e4\uac01<br>\uad6d\uc601 \uc11d\uc720\uae30\uc5c5 YPF\ub294 \uad6d\ub0b4 \ucd5c\ub300 \ucc9c\uc5f0\uac00\uc2a4 \ubc30\uae09\ud68c\uc0ac\uc778 \uba54\ud2b8\ub85c\uac00\uc2a4\uc758 \uc9c0\ubc30 \uc9c0\ubd84 \ub9e4\uac01 \uc808\ucc28\ub97c \uacf5\uc2dd\uc801\uc73c\ub85c \uc2dc\uc791\ud588\ub2e4. \uc528\ud2f0\uadf8\ub8f9 \uc740\ud589\uc774 \uc7a0\uc7ac\uc801 \ub9e4\uc218\uc790 \uc811\ucd09\uc744 \uc2b9\uc778\ubc1b\uc558\uc73c\uba70, \uc57d 70% \uc9c0\ubd84 \ub9e4\uac01\uc73c\ub85c 7\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc744 \uc870\ub2ec\ud558\ub294 \uac83\uc774 \ubaa9\ud45c\ub2e4.<br>\uc774 \uacc4\ud68d\uc740 2025\u20132030\ub144 \uc694\uae08 \uc7ac\uc870\uc815 5\uac1c\ub144 \uacc4\ud68d\uc5d0 \uae30\ubc18\ud558\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uc694\uae08 \uc9c0\uc5f0\uacfc \ud658\uc728 \uc704\uae30 \uc774\ud6c4 \ud68c\uc0ac\uc758 \uc7ac\ubb34 \uad6c\uc870\ub97c \ud68c\ubcf5\uc2dc\ud0a4\ub294 \ub0b4\uc6a9\uc744 \ud3ec\ud568\ud55c\ub2e4.<br>\uba54\ud2b8\ub85c\uac00\uc2a4\ub294 \ub9e4\ucd9c 8\uc5b5 \ub2ec\ub7ec \uc774\uc0c1, EBITDA \uc57d 1\uc5b5 5\ucc9c\ub9cc \ub2ec\ub7ec \uc218\uc900\uc744 \uae30\ub85d\ud558\uace0 \uc788\uc73c\uba70, 240\ub9cc \uba85 \uc774\uc0c1\uc758 \uace0\uac1d\uc744 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4. \uc774\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uac70\uc6a9 \uac00\uc2a4 \ubc30\uae09 \uc2dc\uc7a5\uc758 \uc57d 20%\uc5d0 \ud574\ub2f9\ud55c\ub2e4. \uc2dc\uac00\ucd1d\uc561\uc740 \uc57d 11\uc5b5 \ub2ec\ub7ec\ub85c \ucd94\uc815\ub41c\ub2e4.<br>\ub9e4\uac01\uc744 \uc131\uc0ac\uc2dc\ud0a4\uae30 \uc704\ud55c \ud575\uc2ec \uacfc\uc81c \uc911 \ud558\ub098\ub294 \uba54\ud2b8\ub85c\uac00\uc2a4\uc758 \uc0ac\uc5c5\uad8c\uc744 2047\ub144\uae4c\uc9c0 \uc5f0\uc7a5\ud558\ub294 \uac83\uc73c\ub85c, \uc774\ub294 \uc2e0\uaddc \uc8fc\uc8fc\uc5d0\uac8c \uc0ac\uc5c5\uc758 \uc608\uce21 \uac00\ub2a5\uc131\uc744 \uc81c\uacf5\ud558\uace0 \uac00\uc2a4 \uc0b0\uc5c5\uc758 \uc218\uc9c1 \ud1b5\ud569 \uae08\uc9c0\uc640 \uad00\ub828\ub41c \uaddc\uc81c \ubb38\uc81c\ub97c \uc644\ud654\ud558\ub294 \ud6a8\uacfc\uac00 \uc788\ub2e4.<br>\uc774 \uac70\ub798\ub294 \uaddc\uc81c \uc0b0\uc5c5 \uc790\uc0b0\uc5d0 \ub300\ud55c \ud22c\uc790\uc790 \uad00\uc2ec\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uc2e0\ud638\ub85c\uc11c \uc2dc\uc7a5\uc758 \uc8fc\ubaa9\uc744 \ubc1b\uc744 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.<br>|<\/li>\n\n\n\n<li>IMF, \ud611\uc815 \uac80\ud1a0\ub97c \uc704\ud574 \uc544\ub974\ud5e8\ud2f0\ub098 \ubc29\ubb38<br>\uad6d\uc81c\ud1b5\ud654\uae30\uae08(IMF) \uae30\uc220 \uc0ac\uc808\ub2e8\uc774 \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4\uc5d0 \ub3c4\ucc29\ud588\uc73c\uba70, \uc7ac\uc815, \ubc95\ub960, \uae08\uc735\uc2dc\uc7a5, \uc804\ub7b5 \ubd84\uc57c \uc804\ubb38\uac00\ub4e4\uc774 \ud3ec\ud568\ub41c \ub354 \ud070 \uaddc\ubaa8\uc758 \ud300\uc774 \uae08\uc694\uc77c\uc5d0 \ud569\ub958\ud560 \uc608\uc815\uc774\ub2e4.<br>\ub300\ud45c\ub2e8\uc740 \uc11c\ubc18\uad6c \ub2f4\ub2f9 \ubd80\uad6d\uc7a5 \ub8e8\uc774\uc2a4 \ucfe0\ube44\ub450\uc640 \ubbf8\uc158 \ucc45\uc784\uc790 \ube44\uce74\uc2a4 \uc870\uc2dc\uac00 \uc774\ub04c\uba70, 2025\ub144 \uc2b9\uc778\ub41c 200\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8 \ud655\ub300\uc2e0\uc6a9\ud611\uc815\uc758 \ub450 \ubc88\uc9f8 \uac80\ud1a0\ub97c \uc9c4\ud589\ud558\ub294 \uac83\uc774 \ubaa9\uc801\uc774\ub2e4.<br>\ud5a5\ud6c4 \uba87 \uc8fc \ub3d9\uc548 \ub300\ud45c\ub2e8\uc740 \uacbd\uc81c\ubd80\uc640 \uc911\uc559\uc740\ud589(BCRA) \uad00\uacc4\uc790\ub4e4\uacfc \ud68c\uc758\ub97c \uac16\uace0 \ud504\ub85c\uadf8\ub7a8 \ubaa9\ud45c \uc900\uc218 \uc5ec\ubd80, \uc678\ud658\ubcf4\uc720\uc561 \uc0c1\ud669, \ub2e4\uc74c \uc790\uae08 \uc9d1\ud589 \uac00\ub2a5\uc131, \uadf8\ub9ac\uace0 IMF\uc640 \ud569\uc758\ub41c \uacbd\uc81c \uacc4\ud68d\uc758 \uc9c4\ud589 \uc0c1\ud669\uc744 \uc810\uac80\ud560 \uc608\uc815\uc774\ub2e4.<br>\uc911\uc559\uc740\ud589\uc740 \uc2dc\uc7a5\uc5d0\uc11c \ub2ec\ub7ec\ub97c \uacc4\uc18d \ub9e4\uc785\ud558\uba70 \uc678\ud658\ubcf4\uc720\uc561\uc744 \uc99d\uac00\ud558\uace0 \uc788\uc73c\uba70, \uc62c\ud574 \ub4e4\uc5b4 \uc57d 14\uc5b5 2,300\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud55c \uc0c1\ud0dc\ub2e4. \uc774\ubc88 \uac80\ud1a0 \uacb0\uacfc\ub294 \uc7ac\uc815, \ud1b5\ud654, \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \ud504\ub85c\uadf8\ub7a8\uc758 \uc9c0\uc18d \uc5ec\ubd80\uc640 \uc870\uc815 \ubc29\ud5a5\uc5d0 \uc601\ud5a5\uc744 \uc904 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11386","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\/11386","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=11386"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11386\/revisions"}],"predecessor-version":[{"id":11388,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11386\/revisions\/11388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11387"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}