{"id":8773,"date":"2025-08-06T19:18:27","date_gmt":"2025-08-06T22:18:27","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=8773"},"modified":"2025-08-06T19:18:29","modified_gmt":"2025-08-06T22:18:29","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c08%ec%9b%94-06%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=8773","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(08\uc6d4 06\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. IMF \ucc28\uad00\uacfc \uc911\uc559\uc740\ud589\uc758 \uc0c8\ub85c\uc6b4 \uc870\uce58 \uc774\ud6c4 \ub2ec\ub7ec \ud658\uc728 \uc57d\uc138
    \uc815\ubd80\ud658\uc728\uc740 \ud654\uc694\uc77c 3\uac70\ub798\uc77c \uc5f0\uc18d \ud558\ub77d\ud574 1,338.50 \ud398\uc18c\uac00 \ub418\uc5c8\ub2e4.
    \uc804\ub0a0\ubcf4\ub2e4 21.50 \ud398\uc18c\uac00 \ub5a8\uc5b4\uc9c4 \uac83\uc73c\ub85c 1,340 \ud398\uc18c \uc544\ub798\ub85c \ub0b4\ub824\uac14\ub2e4.
    \uc774\ub294 \ud55c\ub2ec \ubc18 \ub9cc\uc5d0 \uac00\uc7a5 \ud070 \ud3ed\uc758 \ud558\ub77d\uc774\ub2e4.
    \ud658\uc728 \ud558\ub77d\uc740 IMF\uc758 20\uc5b5 \ub2ec\ub7ec \ucc28\uad00\uacfc \uae08\uc694\uc77c \uc740\ud589 \uc900\ube44\uc728\uc744 40%\ub85c \uc62c\ub9b0 \ud1b5\ud654 \uc815\ucc45 \ub54c\ubb38\uc774\ub2e4.
    \ub450 \uc694\uc778\uc740 \ud658\uc728\uc744 \uc7a0\uc2dc \uc548\uc815\uc2dc\ud0a4\ub294\ub370 \ub3c4\uc6c0\uc774 \ub418\uc5c8\uc9c0\ub9cc, \uc120\uac70\ub97c \uc55e\ub454 \uc0c1\ud669\uc5d0\uc11c\ub294 \uc548\uc815\uc138 \uc720\uc9c0\ub97c \uc704\ud55c \ub178\ub825\uc774 \uc9c0\uc18d\ub418\uc5b4\uc57c \ud55c\ub2e4.
    \uae08\uc735\ud658\uc728\ub3c4 \ud558\ub77d\ud574, MEP \ud658\uc728\uc740 1,344.27 \ud398\uc18c, CCL \ud658\uc728\uc740 1,348.66 \ud398\uc18c\ub85c \ub9c8\uac10\ud588\ub2e4.
    \uc120\ubb3c\ud658\uc728\ub3c4 8\uc6d4 \ub9d0 1,364.50 \ud398\uc18c, 12\uc6d4 \ub9d0\uc740 1,495 \ud398\uc18c\ub85c \ub5a8\uc5b4\uc84c\ub2e4.
    \ud658\uc728\uc758 \uae09\ub4f1\uc740 \ub300\uc678\ubb34\uc5ed \uacbd\uc7c1\ub825\uc744 \ub192\uc5ec\uc8fc\uc9c0\ub9cc \uc704\ud5d8\uc740 \uc9c0\uc18d\ub41c\ub2e4.
    7\uc6d4 \ud55c\ub2ec\ub3d9\uc548 \uc815\ubd80\ud658\uc728\uc774 \uae09\uaca9\ud788 \uc870\uc815\ub41c \ud6c4, \uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c\uc758 \uacbd\uc7c1\ub825\uc744 \uce21\uc815\ud558\ub294 \ud575\uc2ec \uc9c0\ud45c\uc778 \ub2e4\uc790\uac04 \uc2e4\uc9c8\ud658\uc728 (TCRM) \uc0c1\uc2b9\uc73c\ub85c \uc774\uc5b4\uc84c\ub2e4.
    \ud658\uc728 \uc0c1\uc2b9\uc73c\ub85c \uad00\uad11\uc744 \uc704\ud55c \uc678\ud654 \uc720\ucd9c\uc774 \uc904\uc5b4\ub4e4\uace0, \uacbd\uc0c1\uc218\uc9c0\uac00 \uc545\ud654\ub418\uc5c8\ub358 \uc5ec\ub984\uc758 \ub204\uc801 \ubd88\uade0\ud615\uc744 \ubc14\ub85c\uc7a1\ub294\ub370 \ub3c4\uc6c0\uc774 \ub418\uc5c8\ub2e4.
    \uc911\uc559\uc740\ud589 \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74 7\uc6d4\uc758 TCRM\uc740 98 \ud3ec\uc778\ud2b8\ub85c \uc774\ub294 1\ub144\uc5ec \ub9cc\uc5d0 \uac00\uc7a5 \ub192\uc740 \uac12\uc774\uba70, 2015\ub144 12\uc6d4 \uae30\uc900\uc810 100 \ud3ec\uc778\ud2b8\uc5d0 \uadfc\uc811\ud55c \uc218\uce58\uc774\ub2e4.
    \uc774 \uc218\uc900\uc740 \uc678\uad6d\uacfc\uc758 \ubb34\uc5ed \ubc0f \uc11c\ube44\uc2a4 \ubd80\ubb38 \ubd88\uade0\ud615\uc744 \ubc14\ub85c\uc7a1\ub294 \ud575\uc2ec\uc774\ub2e4.
    TCRM\uc758 \ubc18\ub4f1\uc740 \ub300\uc678 \uacbd\uc7c1\ub825\uc744 \ud5a5\uc0c1\uc2dc\ucf1c \uc218\ucd9c\uc774 \ub298\uc5b4\ub098\uace0 \uc218\uc785\uc740 \uac10\uc18c\ud55c\ub2e4.
    4\uc6d4 8\uc77c \ud658\uc728 \uaddc\uc81c \ud574\uc81c \uc774\ud6c4 TCRM\uc740 25.1% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub7ec\ud55c \uc9c0\uc218 \ud68c\ubcf5\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uacbd\uc81c \ubd84\uc11d\uac00\ub4e4\uc740 \uc5ec\uc804\ud788 \ucde8\uc57d\ud55c \uc694\uc778\uc774 \uc788\ub2e4\uace0 \uacbd\uace0\ud55c\ub2e4.
    \uc678\ud658 \uc218\uc694\ub294 \uc120\uac70 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc9c0\uc18d\ub418\uba70, \ud658\uc728 \uade0\ud615\uc740 \ud5a5\ud6c4 \uba87\ub2ec\ub3d9\uc548\uc758 \uac70\uc2dc\uacbd\uc81c \uc131\uc7a5\uc5d0 \ub2ec\ub824\uc788\ub2e4.<\/li>\n\n\n\n
  2. \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\uc5d0 \ub300\ud55c \ub3c4\uc804
    \ucd5c\uadfc IMF\uc758 20\uc5b5 \ub2ec\ub7ec \ucc28\uad00\uc73c\ub85c \uc6d4\uc694\uc77c \uc911\uc559\uc740\ud589\uc758 \uc678\ud658\ubcf4\uc720\uc561\uc740 430\uc5b5 2300\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud574, 2023\ub144 1\uc6d4 \uc774\ud6c4 \ucd5c\uace0\uce58\ub97c \uae30\ub85d\ud588\uc9c0\ub9cc, \uc5b4\uc81c\ub294 427\uc5b5 1700\ub9cc \ub2ec\ub7ec\ub85c \ub5a8\uc5b4\uc84c\ub2e4.
    \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00 \ubaa9\ud45c \uc644\ud654\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, IMF\uc640 \ud569\uc758\ud55c \ubcf4\uc720\uc561 \uc99d\uac00 \ubaa9\ud45c\ub294 \uc5ec\uc804\ud55c \uc694\uad6c \uc0ac\ud56d\uc774\ub2e4.
    \uc218\uc815\ub41c \ud558\ud5a5 \uc870\uc815\uc5d0\ub3c4 \uc911\uc559\uc740\ud589\uc740 \uc5f0\ub9d0 \uc804\uc5d0 50\uc5b5 \ub2ec\ub7ec\uc758 \ubcf4\uc720\uc561\uc744 \ucd94\uac00\ud574\uc57c \ud55c\ub2e4.
    \uc774 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud558\uae30 \uc704\ud574, \uc815\ubd80\ub294 \uc678\uad6d\uc740\ud589\ub4e4\uacfc \uc0c8\ub85c\uc6b4 REPO (\ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c) \uac70\ub798\ub97c \uc9c4\ud589\ud558\uace0, Bonte 2030 \ucc44\uad8c\uc744 \uacc4\uc18d \ubc1c\ud589\ud558\uace0, \uc7ac\ubb34\uccad\uc774 \ub2ec\ub7ec \ub9e4\uc785\uc744 \ub298\ub9ac\uac70\ub098, \ub2ec\ub7ec \ucc44\uad8c\uc744 \ubc1c\ud589\ud558\ub294 \ub4f1 \ub2e4\uc591\ud55c \ubc29\ubc95\uc744 \uace0\ub824\ud558\uace0 \uc788\ub2e4.
    \uadf8\ub7ec\ub098 \ub2ec\ub7ec \ucc44\uad8c \ubc1c\ud589\uc740 700bp \uc774\uc0c1\uc73c\ub85c \uc720\uc9c0\ub418\ub294 \ub192\uc740 \uad6d\uac00\uc704\ud5d8\ub3c4 \ub54c\ubb38\uc5d0 \uc5b4\ub824\uc6c0\uc5d0 \uc9c1\uba74\ud574 \uc788\ub2e4.
    \uc815\ubd80\uac00 6\uc6d4\uc5d0 \uc124\uc815\ub41c \ubaa9\ud45c\ub97c \ub3c4\ub2ec\ud558\uc9c0 \ubabb\ud588\uc9c0\ub9cc, IMF\ub294 \uacbd\uc81c\ubd80\uac00 \uc81c\uc2dc\ud55c \uc2dc\uc815 \ud504\ub85c\uadf8\ub7a8\uc744 \uc2b9\uc778\ud588\ub2e4.
    \uadf8\ub9ac\uace0 2025\ub144 12\uc6d4\uae4c\uc9c0 \uc678\ud658\ubcf4\uc720\uc561 \ubaa9\ud45c\ub97c \uc644\ud654\ud588\ub2e4.
    \uc6d0\ub798\ub294 \uc5f0\ub9d0\uae4c\uc9c0 24\uc5b5 \ub2ec\ub7ec \ud50c\ub7ec\uc2a4\ub97c \uc694\uad6c\ud588\uc9c0\ub9cc, 26\uc5b5 \ub2ec\ub7ec \ub9c8\uc774\ub108\uc2a4\ub85c \uc2b9\uc778\ud588\ub2e4.
    \ub610 \ud611\uc815\uc5d0 \ub300\ud55c \uac80\ud1a0\ub97c \ubd84\uae30\ubcc4\uc5d0\uc11c \ubc18\uae30\ubcc4\ub85c \ubc14\uafb8\uc5b4 \ucd94\uac00 \uc2dc\uac04\uc744 \uc8fc\uc5c8\ub2e4.
    IMF\ub294 \ubcf4\uace0\uc11c\uc5d0\uc11c \ud604\uc7ac\uc758 \uacbd\uc81c \uc815\ucc45\uc744 \ud3c9\uac00\ud558\ub294 \uac83 \uc774\uc678\uc5d0\ub3c4 \uc9c0\uc18d\uc801\uc778 \uc7ac\uc815 \uc870\uc815, \uad6c\uc870\uac1c\ud601, \ubcc0\ub3d9\uc131\uc744 \uc904\uc774\uace0 \uc548\uc815\uc131 \ubcf4\uc7a5\uc744 \uc704\ud55c \ud1b5\ud654 \uac15\ud654\ub97c \uc694\uad6c\ud588\ub2e4,\uace0 \ubc1d\ud614\ub2e4.<\/li>\n\n\n\n
  3. \uad6d\ub0b4\uc2dc\uc7a5\uc758 \ub099\uad00\ub860
    \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc2dc\uc7a5\uc740 \ud654\uc694\uc77c IMF\uc758 \uc815\ubd80 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8 \uc218\uc815\uc548 \uc2b9\uc778\uc5d0 \ud798\uc785\uc5b4 \uc0c1\uc2b9\ud588\ub2e4.
    Merval \uc9c0\uc218\ub294 \ud3c9\uade0 1.3%, \ucd5c\ub300 5.5%\uae4c\uc9c0 \uc0c1\uc2b9\ud588\uace0, \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc758 ADR\ub3c4 5.6% \ub6f0\uc5c8\ub2e4.
    \ub2ec\ub7ec \ucc44\uad8c\uc740 \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc744 \ubcf4\uc600\ub2e4.
    \ubbf8\uad6d\uc758 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \uc9c0\uc218\ub294 \uc11c\ube44\uc2a4 \ubd80\ubb38 \uc57d\uc138\uc640 \uc778\ud50c\ub808\uc774\uc158 \uc2e0\ud638\ub85c S&P 500\uc740 0.5%, \ub098\uc2a4\ub2e5 0.6%, \ub2e4\uc6b0\uc874\uc2a4 0.1%\uc529 \uac01\uac01 \ud558\ub77d\ud588\ub2e4.<\/li>\n\n\n\n
  4. YPF \ubc14\uae4c \ubb34\uc5d0\ub974\ub530 \uc9c0\uc5ed \ud655\uc7a5 \ud22c\uc790 \uacc4\ud68d
    YPF\ub294 \ubc14\uae4c \ubb34\uc5d0\ub974\ub530\uc5d0\uc11c \ub450 \ud575\uc2ec \uc9c0\uc5ed \uac1c\ubc1c\uad8c 45%\ub97c \uc18c\uc720\ud55c \ub610\ub538 \uc544\uc6b0\uc2a4\ub728\ub784 \ud68c\uc0ac \uc8fc\uc2dd 100%\ub97c \uc778\uc218\ud558\uae30\ub85c \ud569\uc758\ud588\ub2e4.
    \uc774 \uc778\uc218\ub97c \ud1b5\ud574 (\uc804\uc81c \uc870\uac74\uc744 \uc900\uc218\ud574\uc57c \ud568) YPF\ub294 \uc0dd\uc0b0 \ubd80\ubb38\uc5d0\uc11c \ub9ac\ub354\uc758 \uc9c0\uc704\uc640 \uc785\uc9c0\ub97c \uacf5\uace0\ud788 \ud560 \uc218 \uc788\ub2e4.
    \ub450 \ud575\uc2ec \uc9c0\uc5ed\uc758 \uc9c0\ubd84 \uad6c\uc870\ub294 \uc178 \uc544\ub974\ud5e8\ud2f0\ub098 \ud68c\uc0ac\uac00 45%, \ub178\uc774\ucf04 \ud68c\uc0ac\uac00 10%\ub97c \uac00\uc9c0\uace0\uc788\ub2e4.
    2051\ub144\uae4c\uc9c0 \uc9c4\ud589\ub418\ub294 \ud22c\uc790\ub294 \uc5d0\ub108\uc9c0 \uc0dd\uc0b0\uc744 \ub298\ub824, \uc218\ucd9c\uc744 \uac15\ud654\ud558\ub824\ub294 \ub9e5\ub77d\uc5d0\uc11c \uc774\ub904\uc9c4\ub2e4.
    YPF\uc758 \uc9c0\uc5ed\uc5d0 \ub300\ud55c \ucd94\uac00 \ud22c\uc790\ub3c4 \uc608\uc0c1\ub41c\ub2e4.<\/li>\n\n\n\n
  5. \ubbf8\uad6d, \ube0c\ub77c\uc9c8\uc5d0 50% \uc218\uc785 \uad00\uc138 \ubd80\uacfc
    \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\uac00 \ube0c\ub77c\uc9c8\uc5d0 \ubd80\uacfc\ud55c \uc0c8\ub85c\uc6b4 50% \uc218\uc785 \uad00\uc138\uac00 \uc218\uc694\uc77c\ubd80\ud130 \uc2dc\ud589\ub41c\ub2e4.
    \ube0c\ub77c\uc9c8 \uc815\ubd80\ub294 \uc774\ubc88 \uad00\uc138\uac00 \uc804\uccb4 \ub300\ubbf8 \uc218\ucd9c\uc758 36%\uc5d0 \uc601\ud5a5\uc744 \uc904\uac83\uc73c\ub85c \ubcf4\uace0\uc788\ub2e4.
    \uad00\uc138 \ubd80\uacfc \uc81c\ud488 \uc911\uc5d0\ub294 \ucee4\ud53c, \uc721\ub958, \uc124\ud0d5 \uac19\uc740 \ud575\uc2ec \uc81c\ud488\uc774 \ud3ec\ud568\ub418\uc5b4 \uc788\uc73c\uba70, \uc624\ub80c\uc9c0 \uc8fc\uc2a4, \ube44\ub8cc, \ubbfc\uac04 \ud56d\uacf5\uae30 \ubc0f \ubd80\ud488, \uadc0\uae08\uc18d, \ud384\ud504 \ub4f1 700\uac1c \uc774\uc0c1\uc758 \ud488\ubaa9\uc740 \uad00\uc138 \uba74\uc81c\ub97c \ubc1b\ub294\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":8774,"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-8773","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\/8773","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=8773"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/8773\/revisions"}],"predecessor-version":[{"id":8775,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/8773\/revisions\/8775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/8774"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}