{"id":12486,"date":"2026-04-28T17:02:39","date_gmt":"2026-04-28T20:02:39","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12486"},"modified":"2026-04-28T17:02:41","modified_gmt":"2026-04-28T20:02:41","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c04%ec%9b%94-28%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12486","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(04\uc6d4 28\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uc7ac\ubb34\uccad, 7\uc870 9\ucc9c\uc5b5 \ud398\uc18c \ub9cc\uae30 \ucc28\ud658 \ubc0f \uae30\uac04 \uc5f0\uc7a5 \ucd94\uc9c4
    Federico Furiase\uac00 \uc774\ub044\ub294 \uc7ac\ubb34\uccad\uc740 \uc624\ub298 7\uc870 9\ucc9c\uc5b5 \ud398\uc18c \uaddc\ubaa8\uc758 \ucc44\ubb34 \ub9cc\uae30\ub97c \ub9de\uc544 \uc911\uc694\ud55c \uacfc\uc81c\uc5d0 \uc9c1\uba74\ud574 \uc788\ub2e4. \uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc744 \ud655\ubcf4\ud558\uae30 \uc704\ud574 \uacbd\uc81c\ubd80\ub294 \uacbd\uc7c1\ub825 \uc788\ub294 \uc218\uc775\ub960\uc744 \uc81c\uc2dc\ud558\uace0 \uad6d\ucc44\uc758 \ub9cc\uae30 \uad6c\uc870\ub97c \uc5f0\uc7a5\ud558\ub294 \uc804\ub7b5\uc744 \uc124\uacc4\ud588\ub2e4. \uc774\ubc88 \uc785\ucc30\uc5d0\ub294 \ub2e8\uae30 Lecap \ucc44\uad8c\ubd80\ud130 2028\ub144 \ub9cc\uae30\uc758 CER (\ubb3c\uac00 \uc5f0\ub3d9) \ucc44\uad8c \ubc0f \ub2ec\ub7ec \uc5f0\ub3d9 \ucc44\uad8c\uae4c\uc9c0 \ub2e4\uc591\ud55c \uae08\uc735\uc0c1\ud488\uc774 \ud3ec\ud568\ub418\uc5b4 \uc788\ub2e4. \ub610\ud55c \ud604\uc7ac\uc758 \uc218\uc775\ub960 \uace1\uc120\uc758 \uc548\uc815\uc131\uc744 \ud65c\uc6a9\ud558\uae30 \uc704\ud574 2029\ub144 \ub9cc\uae30\uc758 \uc2e0\uaddc \ubcf4\ub108\uc2a4 \ub4c0\uc5bc \ucc44\uad8c\ub3c4 \uc81c\uc2dc\ub418\uc5c8\ub2e4. \ub3d9\uc2dc\uc5d0 \uc815\ubd80\ub294 Bonar \ucc44\uad8c \uc785\ucc30\uc744 \ud1b5\ud574 \uc678\ud654 \uc870\ub2ec\uc744 \ud655\ub300\ud558\ub294 \ub370 \uc8fc\ub825\ud558\uace0 \uc788\ub2e4. \ub2e4\uc591\ud55c \uc120\ud0dd\uc9c0\ub97c \ud1b5\ud574 \ud48d\ubd80\ud55c \uc720\ub3d9\uc131\uc744 \uac00\uc9c4 \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc744 \uc720\uce58\ud558\ub824\ub294 \ubaa9\uc801\uc774\ub2e4. \uc7ac\ubb34\uccad\uc740 \uba87 \ub2ec \uc804\ubd80\ud130 \uc2dc\uc791\ub41c \ucc44\uad8c \ub9cc\uae30 \uc5f0\uc7a5 \uc804\ub7b5\uc744 \uac15\ud654\ud558\ub824 \ud558\uace0 \uc788\ub2e4. \uacf5\uc2dd \uc785\ucc30 \uaddc\ubaa8\ub294 1\ucc28\uc5d0\uc11c 3\uc5b5 5\ucc9c\ub9cc \ub2ec\ub7ec\ub85c \uc124\uc815\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \uae30\uc874 \ubaa9\ud45c\ubcf4\ub2e4 5\ucc9c\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud55c \uc218\uce58\ub2e4.
    \uc774\uc640\uad00\ub828 La Naci\u00f3n \uc9c0\uc5d0 \uac8c\uc7ac\ub41c \ubcf4\ub3c4\uc5d0\uc11c \ub2e4\uc74c\uacfc \uac19\uc774 \uc124\uba85\ud588\ub2e4.
    \u201c\uc774\ubc88 \uc785\ucc30\uc744 \ud1b5\ud574 \uc815\ubd80\ub294 \ubd80\ucc44\ub97c \ubcf4\ub2e4 \uc7a5\uae30 \uad6c\uc870\ub85c \uc804\ud658\ud558\ub824\ub294 \uc758\uc9c0\ub97c \uc7ac\ud655\uc778\ud558\uace0 \uc788\ub2e4.\u201d<\/li>\n\n\n\n
  2. \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728, 1,400\ud398\uc18c \ub3cc\ud30c
    \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uae08\uc735\uc2dc\uc7a5\uc740 \uc774\ubc88 \uc6d4\uc694\uc77c \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc774 \ud06c\uac8c \uc0c1\uc2b9\ud558\uba70 1,417\ud398\uc18c\ub85c \ub9c8\uac10\ud588\uace0, \ud558\ub8e8 \uc0c1\uc2b9\ub960\uc740 1.3%\ub97c \uae30\ub85d\ud588\ub2e4. 17.5\ud398\uc18c \uc0c1\uc2b9\uc740 \uc9c0\ub09c 3\uc6d4 \uc774\ud6c4 \ud558\ub8e8 \uae30\uc900 \uac00\uc7a5 \ud070 \uc0c1\uc2b9\ud3ed\uc774\ub2e4. \uc774\ub85c \uc778\ud574 \ud658\uc728\uc740 7\uac70\ub798\uc77c \ub9cc\uc5d0 4.4% \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub7ec\ud55c \uac00\uc18d\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uae08\uc735 \uc548\uc815\uc131\uc774 \ubb34\ub108\uc84c\ub2e4\uace0 \ubcf4\uae30\ub294 \uc5b4\ub835\ub2e4. \ud604\uc7ac \ud658\uc728\uc740 \uc911\uc559\uc740\ud589\uc774 \uc124\uc815\ud55c \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\ubcf4\ub2e4 19.5% \ub0ae\uc740 \uc218\uc900\uc774\ub2e4. \uc774\ubc88 \uc0c1\uc2b9\uc740 \uacc4\uc808\uc801 \uc694\uc778\uacfc \uae30\uc220\uc801 \uc694\uc778\uc774 \ubcf5\ud569\uc801\uc73c\ub85c \uc791\uc6a9\ud55c \uacb0\uacfc\ub2e4. \uc6d4\ub9d0 \ud3ec\uc9c0\uc158 \uc815\ub9ac\uc640 \ud5e4\uc9c0 \uc218\uc694 \uc99d\uac00\uac00 \ubbfc\uac04 \ubd80\ubb38\uc758 \ub2ec\ub7ec \uc218\uc694\ub97c \ud655\ub300\uc2dc\ucf30\ub2e4. \ub610\ud55c \uae30\ud6c4 \uc601\ud5a5\uc73c\ub85c \ub300\ub450 \uc218\ud655\uc774 \uc9c0\uc5f0\ub418\uba74\uc11c \ub18d\uc0b0\ubb3c \uc218\ucd9c \ubd80\ubb38\uc758 \uc678\ud654 \uc720\uc785\uc774 \uc81c\ud55c\ub418\uc5c8\ub2e4. \ubcd1\ud589 \uc2dc\uc7a5\uc5d0\uc11c\ub294 MEP \ud658\uc728\uc774 1,461\ud398\uc18c, CCL \ud658\uc728\uc740 1,519\ud398\uc18c \uc218\uc900\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4. \ud1b5\ud654\ub2f9\uad6d\uc740 \uc774\ub97c \ud65c\uc6a9\ud574 \uc678\ud658\ubcf4\uc720\uace0 \ucd95\uc801 \uc804\ub7b5\uc744 \uc774\uc5b4\uac00\uace0 \uc788\ub2e4. \uc2dc\uc7a5 \ucc38\uac00\uc790\ub4e4\uc740 \uc774\ubc88 \uc6c0\uc9c1\uc784\uc774 \uad6c\uc870\uc801 \ubcc0\ud654\uac00 \uc544\ub2c8\ub77c \uae30\uc220\uc801 \uc870\uc815\uc5d0 \uac00\uae5d\ub2e4\uace0 \ubcf4\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  3. \uae08\uacfc \uc678\ucc44 \uc0c1\ud658\uc774 \uc911\uc559\uc740\ud589 \ub9e4\uc785 \ud6a8\uacfc \uc0c1\uc1c4
    \uc911\uc559\uc740\ud589\uc774 \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \ub9e4\uc218 \uae30\uc870\ub97c \uc720\uc9c0\ud588\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ucd1d\uc678\ud658\ubcf4\uc720\uc561\uc740 \ud654\uc694\uc77c 9,600\ub9cc \ub2ec\ub7ec \uac10\uc18c\ud588\ub2e4. \ud1b5\ud654\ub2f9\uad6d\uc740 \uc790\uc720\uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c 5,400\ub9cc \ub2ec\ub7ec\ub97c \ud655\ubcf4\ud588\uc9c0\ub9cc, \uc678\ubd80 \uc694\uc778\uacfc \uc0c1\ud658\uc561\uc744 \uc0c1\uc1c4\ud558\uae30\uc5d0\ub294 \ubd80\uc871\ud588\ub2e4. \uc678\ud658\ubcf4\uc720\uc561\uc740 \ucd1d 460\uc5b5 8,800\ub9cc \ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\uc73c\uba70, \uc8fc\uc694 \uac10\uc18c \uc6d0\uc778\uc740 \uae08 \uac00\uaca9 \ud558\ub77d\uc774\uc5c8\ub2e4. \uae08 \uac00\uaca9\uc740 \uc628\uc2a4\ub2f9 4,695\ub2ec\ub7ec\ub85c 1% \ud558\ub77d\ud588\uc73c\uba70, \uc774\ub294 \uc57d 7,000\ub9cc \ub2ec\ub7ec\uc758 \ud3c9\uac00\uc190\uc2e4\ub85c \uc774\uc5b4\uc84c\ub2e4. \uc5ec\uae30\uc5d0 \uad6d\uc81c\uae30\uad6c\uc5d0 \ub300\ud55c 3,000\ub9cc \ub2ec\ub7ec \uc9c0\uae09\ub3c4 \ucd94\uac00\ub418\uc5c8\ub2e4. \ud558\ub8e8 \uac10\uc18c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 4\uc6d4 \ub9d0\uae4c\uc9c0\uc758 \ub2e8\uae30 \uc804\ub9dd\uc740 \ub099\uad00\uc801\uc774\ub2e4. \uc678\ud654 \uc720\uc785\uc740 \uae30\ub85d\uc801\uc778 \uc625\uc218\uc218 \uc218\ud655\uacfc \uae30\uc5c5 \uc790\uae08 \uc870\ub2ec \uc99d\uac00\uc5d0 \uae30\ubc18\ud558\uace0 \uc788\ub2e4. \uc774\ubc88 \ud558\ub77d\uc740 \uad6c\uc870\uc801 \uc57d\ud654\uac00 \uc544\ub2c8\ub77c \uc790\uc0b0 \uac00\uaca9\uc758 \uae30\uc220\uc801 \ubcc0\ub3d9\uc131\uc5d0 \ub530\ub978 \uac83\uc73c\ub85c \ubd84\uc11d\ub41c\ub2e4. \ub2ec\ub7ec \uacf5\uae09\uc740 \uc218\ucd9c \uc99d\uac00\uc640 \uc8fc\uc815\ubd80 \ucc44\uad8c \ubc1c\ud589 \ub355\ubd84\uc5d0 \uacc4\uc18d \uc720\uc785\ub418\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  4. \uad6d\uac00\uc704\ud5d8\uc9c0\uc218 \uc0c1\uc2b9, \uc6d4\uac00 \ucc44\uad8c \ub9e4\ub3c4 \uc601\ud5a5
    \uae00\ub85c\ubc8c \ub9ac\uc2a4\ud06c \ud68c\ud53c \uc2ec\ub9ac\uac00 \uac15\ud654\ub418\uba74\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\uc774 \ud070 \ud0c0\uaca9\uc744 \ubc1b\uc558\ub2e4. \uc5d0\ub108\uc9c0 \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824\uc640 \uc11d\uc720 \uacf5\uae09 \uc81c\uc57d\uc774 \uc2e0\ud765\uc2dc\uc7a5 \uc804\ubc18\uc5d0 \ubd80\uc815\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4. \uc774\ub85c \uc778\ud574 \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 \ud3c9\uade0 0.8% \ud558\ub77d\ud588\ub2e4. JP Morgan\uc774 \uc0b0\ucd9c\ud558\ub294 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 24bp \uc0c1\uc2b9\ud574 582bp\ub97c \uae30\ub85d\ud558\uba70 4\uc6d4 \ucd08 \uc774\ud6c4 \ucd5c\uace0\uce58\ub97c \ub098\ud0c0\ub0c8\ub2e4. \uad6d\ub0b4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 S&P Merval \uc9c0\uc218\uac00 \ud398\uc18c \uae30\uc900 0.9% \uc0c1\uc2b9\ud558\uba70 \uc0c1\ub300\uc801\uc73c\ub85c \uc120\ubc29\ud588\ub2e4. \ubc18\uba74 \ub274\uc695\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc740 \ud63c\uc870\uc138\ub97c \ubcf4\uc600\uc73c\uba70 \uc77c\ubd80\ub294 1.5% \uc0c1\uc2b9, \uc77c\ubd80\ub294 \ucd5c\ub300 3.4% \ud558\ub77d\ud588\ub2e4. \uc0b0\uc5c5 \ube44\uc6a9 \uc0c1\uc2b9\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \ud22c\uc790 \uc2ec\ub9ac\ub97c \uc704\ucd95\uc2dc\ud0a4\uace0 \uc788\ub2e4. \uc774\ub0a0 \uc2dc\uc7a5\uc740 \ubcc0\ub3d9\uc131\uacfc \uc548\uc804\uc790\uc0b0 \uc120\ud638 \ud750\ub984\uc774 \ub450\ub4dc\ub7ec\uc9c4 \ud558\ub8e8\uc600\ub2e4.<\/li>\n\n\n\n
  5. \ud638\ub974\ubb34\uc988 \ud574\ud611 \uae34\uc7a5 \uace0\uc870, \uc720\uac00 \uae09\ub4f1 \ubc0f \uc6d4\uac00 \uc2e0\uc911 \ubaa8\ub4dc
    \uc774\ub780 \uad00\ub828 \uae34\uc7a5 \uace0\uc870\ub85c \uae00\ub85c\ubc8c \uc2dc\uc7a5\uc758 \ubd88\ud655\uc2e4\uc131\uc774 \ud655\ub300\ub418\uace0 \uc788\ub2e4. \uc6d4\uac00 \uc8fc\uc694 \uc9c0\uc218\ub294 \uc57d\uc138\ub85c \ucd9c\ubc1c\ud588\uc73c\uba70 \uae30\uc220\uc8fc \uc911\uc2ec\uc73c\ub85c \ud558\ub77d\uc138\uac00 \ub098\ud0c0\ub0ac\ub2e4. \ub098\uc2a4\ub2e5\uc740 1.15% \ud558\ub77d\ud588\uace0 S&P 500\uc740 0.58% \ud558\ub77d\ud588\ub2e4. \ubc18\uba74 \ub2e4\uc6b0\uc874\uc2a4\ub294 0.22% \uc18c\ud3ed \uc0c1\uc2b9\ud588\ub2e4. \uc2dc\uc7a5\uc758 \ucd08\uc810\uc740 \ud638\ub974\ubb34\uc988 \ud574\ud611 \ubd09\uc1c4 \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \ubbf8\uad6d \uc815\ubd80\uc758 \ub300\uc751\uc774\ub2e4. \uc911\uc7ac \uc2dc\ub3c4\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\ub294 \uc774\ub780 \ud575 \ud504\ub85c\uadf8\ub7a8\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc744 \uc774\uc720\ub85c \ubd88\ub9cc\uc744 \ud45c\uba85\ud588\ub2e4. \uc678\uad50\uc801 \uad50\ucc29 \uc0c1\ud0dc\ub294 \uc720\uac00 \uc0c1\uc2b9\uc744 \ucd09\ubc1c\ud588\ub2e4. \ube0c\ub80c\ud2b8\uc720\ub294 \ub7f0\ub358 \uc2dc\uc7a5\uc5d0\uc11c \ubc30\ub7f4\ub2f9 110\ub2ec\ub7ec\ub97c \ub3cc\ud30c\ud588\uace0, WTI\ub294 4.5% \uc0c1\uc2b9\ud574 100.9\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4. \uc5d0\ub108\uc9c0 \uac00\uaca9 \ubcc0\ub3d9\uc131\uc740 \uc99d\uc2dc\uc5d0 \ubd80\ub2f4\uc744 \uc8fc\uace0 \uc788\uc73c\uba70, \uc2dc\uc7a5\uc740 \ud5a5\ud6c4 \ubbf8\uad6d\uc758 \uc804\ub7b5\uc801 \ub300\uc751\uc744 \uc8fc\uc2dc\ud558\uace0 \uc788\ub2e4. \uc8fc\uc694 \uad00\uac74\uc740 \uae00\ub85c\ubc8c \uad50\uc5ed \uacbd\ub85c\uc758 \uc815\uc0c1\ud654 \uc5ec\ubd80\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":12487,"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-12486","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\/12486","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=12486"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12486\/revisions"}],"predecessor-version":[{"id":12488,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12486\/revisions\/12488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/12487"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}