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Ǹ ó ֱ Ƽ ƿ .ֱⰡ ƿ ֱⰡ ִ .. װ ȼ̿.. ============ ϴ .....ϴ ƿ Ƿ ..԰ û ..... ׷ ż... ֱ ϸ ˾Ҵٰ Ͻ .. ׷ ñ ° ƴ԰?..ϴ ͵ ־.. ° Ƴ... ޿ ιΰ?..ָΰ.. Ͽ ޿ ι ȸ ...... ϴ  ϰ ϵ ֵ 츮 Ҳ ?...... ۳ ܿ£ ׷ ƿ տ ñ ó ϴٰ ֱⰡ ϴ ̿.. ö ϰ ڻ ?.. ׷ ֵ ñ ȥ .. ֵ Ŀ ± ϲ.. ˰?........ƿ ° Ƴ......... ȸ ..׸ ȸٰ ϴ ģ ظ ִµ... ׷... ?.... װ ƴݿ... Ȥó ϴ ̿.. ׸ŭ ܿ ̽..׷ ̷ ϴ°ſ.. ȸ dzİ ... ϸ鼭 ص ֵ ֱ ߰ ֱ ϰ.. ޾Ҵٴ ̳ ó ްԽ÷... ű⼭ ū ֵ ֱ ƴ ֵ鵵 ... ũٰ ΰ ߰߸鸸 ִ ͵ ƴϰ...ڱⰡ ϲ... ĵ ƴ°.. ׷ غ ϴ° ߿Ѱ...׷ ׷Ű. ó ܿ£ μ ƿ տ ̷δ ... ֱ ׳ Ǵ°..... ¿... 󸶳 Ȳϰ.... ߵ ... ̷ Ѵٰ ... и ̷ ֱ ֱ ׷°Դϱ. ͵ ̷ ̷ ߷ ָ ..׷ ϴ ſ.. 󸶸 Ÿƽ ൿ ...ֱ ظ Ͱ Ƴ.. µ ϴÿ ̰ °͵ ƴϰ..  ѽθ 6,70 е ̷ ̿ٸ..... ...... ѱó ȸ ̶ֱ ϴ 츮 ϴ°Ŵ .. ׷ٰ ± п ں .. ̿ ..10 Ŀ λ̶° °Ŵϲ..  ׷ ϵ.. ΰ.. ΰ..ī.. ̷ ġ ?...Ͷ.. 3⸸ ӿ ޾.. ̿.. ׷ſ... ֱ ϰ.... 鵵 ì ִ° 翬ϰ ̽... ̷ ſ... ľ ׷ ɸγ ε ̶° ߵ ϴϲ.. ٵ ˰?.. ù Ȳ ׷ ׸ Ȳ м ϴ ܰ ̻ ǹ Ÿ.. Ⱑ ϸ ϳİ.....̹ Ҿ ģ dzε.. ٴڿ ׾ ںµ.. 9 ſ... ׷?.. ߿ .......׷ ػǷ Ȳ ν θ Ŵϲ.. <ۼ 2008 09 01> 08. ߵ ڸ޵.. ..Ⱑ .. 9 ġϱ....... ̴?....... ģ ͵̱.......... ȭ ϰ ִµ..  ̷͵ ѱ ?..... Ұ... չٴ ϴ ϴٴ.. ۻ ִ Ȳε... ȣ UŰ... ̳ ϴ Ҹ ߳ض... ɵ Ⱦ .. ð ׷ ϱ .. 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Ϻ Ӽ ȭؼ ڴٰ ٰ Ƽ ͼ 뱹 µ.. ѱ ̳. ׷...... ֵܱ Ѵٰ ............ . ؾ.....ϵ Ѵٸ?.......... ܱ Ź յ ... ѱ ͹ٸ ̾... ... ̾ ŷ......ũ............ ڱⰡ ƴ ...... ¦ΰ... ... ѹ ߾ ȭ ŸŸ .. ¥ .. ϻ ״ϱ.,. 16 Ϲ õε ݱ ޾Ƽ ״µ.. ̴밡 ȳ....... ᱹ ׸... .. ̰ų?... .. .... 丮 ä 1789 ̶ 2 ť ѱó ̷ õ å Ǹ  ϰ Ǵ ػ ְ ?.. .. ... õ å ĸ ̴..װ 簡 ִ ΰ .. <ۼ 2008 09 01> 19. 33% 1 ..=S. ڸ ϰ 33% Ѵ ε ٰ Ͻð =1.....=8õ ̶ Ҹ ....... ᱹ 츮 ü 1= ̴......... ׷ 1 ǻ翡  ޱ ׼ŵ?...... ׷ ̰ ᱹ 1 δ κ + ϶ Ҹ ۿ ᱹ ݾ?....... ............. õε ġ 鼭 ?........ ȩ 㰡 ƴ϶...... ........... ...... ....ѱ¿....Ϲ ε 89% ߼ұ ٳ............. ׸ 1﾿ ִ ߼ Ӵ.... 򿡴 Ĵ ص 1 ڿڵ õ ... ü ̷ ..... ø?..... ڿڵ 1 Ǵ ڿ 38% Ѵ´ٴϱ. ׷ϱ 2 ڿ Ͼ ٰ ..... 濡 ϰ θ Ĵ翡 ˹ ¥ л Ƶ Ų ηϱ..... Ƶ ...... ....̸ ôó 뵿 .......̸ оȭ.. װ͵ ΰǺ Ƴٰ.......׷ DZε .. Ǯ Դ Ҹ?.... ... Ҹ ϱ ڻߴٴ ̳ ٳ Ͷ.. ģ ...........ơ...... ̾Ƽ ָ....... õε ϶° ?.... ׷ Ŀ ˾ ̶ ؾ߰ڴ.. ... 뱹̶ Ⱦƾ...... <ۼ 2008 09 01> 20. ۳10 ̴뿡 ϲ Ͻ õε ϲ ֽô ̸ .... Ǿ°......... ۳ 10 濡 ̴뿡 ĺ ̴...... 鼭 .... "ϱ б ޾Ƽ ٴϸ ?.... ׷?........"........ ̷ ƮͳƮ Ҹ ϴ°̴.......... ״ Ʋ 1= ̶ ǰ ִ Ŀ ִ.. ׸..״ Ǿ............ ַַ .......... ӿ 19 ¥ û ϱ ڻߴ..... ϲ ̴ּٸ ׾ .... "ױ ׾?...ϱ б ޾Ƽ ϸ ?........."...... ׷ г밡 ̾ .... .. Į ٰ ڰ ƴϴ....... Ͼǻ ؿ ִ Ѹ õ ֵ ڻ 浿 ̾ ̴..... ׷ ̶ ó ޾Ҵٰ ̿ ϱ ..... 𸣰 Ǽ ٸ ó ⽺ ڽ ǵ ° Ǿ Ѵ.. ׷ 𸣰 ׷ ϵ ..... ӿ ̿ϰ гϰ ִ°ó..... ó ٰ ϴ ̿ ϰ ǰ ݰ ̷ θ β ϸ.. װ ݰ ..... ׷ ̿ .. ٲ Ǹ.. ֳĸ... ó ŭ.... ó ϱ...... װ ݰ .... ̿ 󸶳 ó ڽ ̱ .....óϰ .... ΰ.....» ö ڱ ǰ ڽſ ڱ ̴ ܰ ȭ Ұ ϱ... ġ...ҳ.... Ѿ鼭 ö  ġ  ൿ ȸ ϰ.....  ٽ ¾.... ============= ...... ............ 츮 γ ð.........70뿡 ........ 츮 δ ӾҴ .......... ׷ ڴ ϰ........... Ұϱ............ õε Ҹ ġ ...... <ۼ 2008 09 01> 21. [ Ʈ] 2008 ѱ..Ŵ 帧 ȭ... ." ѱ 9 ̴."..... ̰ ̰ ڸ ϰ ְ ġ..Ȥ ְ ſ뵵 ° ڵ ű° ΰ̴.. ׷..... ſ ſ뵵 ΰ?..... ̰ Ȥ °?.. ̱ ֵ ѱ öϰ ٸ ڷ .̰Űŵ... ׷ ſ ſ 򰡶° ް .. 2008 ƮƮ ſ뵵?.....s&p> ġ>>> 𽺴.... 𽺴 s&p ſ 򰡱̿. 2 ſ ޴ ȸ.. ̰ ƴ϶ Ѵٸ......... б ִ ֵ ̻ϰ ϰ װ ƴϴ.. 𽺴 ׷ ΰ...... ʷ ...s&p " ȸä "........ ſ =A- ------> (creditwatch negative)... CP ...׸ŭ ۷ι 2 ſ ִ ȸ簡 𽺶 Ҹ.. ű⿡ ȸ ġ ſ ɻ 뷮 ذ ġ.. ű⿡ 19% ϰ ִ ̴... ̷ Ȳ ȸ ũ ؼ ä äǽſ Ȥ ǻ ڳƼ ο Ը ǻ wsj ߷ ȸ.. ̷ ȸ翡 ̱ å е - ſ ..... ᱹ å ɰ ̱ ǻ Ҵ ũ ä Ϻ ֵ ȯ ڸ ƿ ϰ ִ.. ׷ ѱ å ä 켱 Baa ް D+ ǻ ũ Ÿ Ұ äDZ ջ ġ 370 ޷ + Ѽ 鼭 ٰ µ.. ۿ ð װ ƴϰŵ?... ű⿡ 9޸ ص ǰ Ŀ 缭 ٴ Ҹ ϰ ִ.. ɰ ôٹ Ǿ ִ.... ٸ ΰ... μ........... ᱹ ٸ ̽..... μ ó § ̴....... ġ...... ȯ ó... ̹ ̸ھ 2000 Ŀ õ BBK з ؼ ڷ .. װ Ż ̸= 21 ۷ι ν ɾ ....̸ 귯...... ̰ Ҿ 10 迵 ̷ ϳ OECD Կ ī ̸ ̱ dz ¹ ־ ⸦ ° ִ μ .... ̸ Ϻ 3 - ̾, ȣ, ް ũ  5 6ָ ڴٴ ó ó + + 츮 M&A ް ũ ̿.. ׷ ڵ ... ׶...ħ 귯 λ ä= -500 ޷ ź λ Ǵµ MB ̶ ij .. οȭ ̶° ϸ鼭 ̰ Ա ƴ»̿.. ٷ .......... Ź Դ.. μ ó ڱ °ɷ ϴµ.ǻ μ и μ...... DZ ξ ٰ Ʈ.. ̰ ۳ ̱ ߼κ ۵ ̿.. μ ڱ ó .. ̸ Ű + ڱݱ ڱ... ׷ ȭ ¼ 鼭 οȭ ų ȴ ?....... οȭ= Ϻ οȭ ÷̶ 80 ĺ Ϻ οȭ ÷ ijġ ̴.. ѱ  å ó м Ǵ Ϻ ̽..׷ 80% ̻ ° ȴ....... οȭ Ϻθ 巯 ̴..... ׸Ͽ Ϻ οȭ + μ====>>>ް ũ= ް ũ ӿ ϻ ---> οȭ ġ: ǻ ......... ̰ ̻ϰ ִ.ڰ..... ΰ ?...ƴϸ ؿ ִ ֵ ӿ?.... ܱ ̰ ʵ ִ.ѱ ް ũ â ̰ Ұ ó ƴϴ.׷ ȯ̳ ¿ ó ѽθ õ ԰ P 𸣴µ ִٴ° ̷ .. Ŵ ر׸ ´... ..̷ ȭ Ű Ű ڱ ÷ ¥ ξ..޷ ȹ ¥ ξ..------------->>> ׷ ȯ Ű ׷ ϰ θ κ ϴ װ̴.... 1.HSBC ȯ ڱ= μ.........׷ ޷ ڵ ų ִٴ ̴.. 2. ð Ѿ( 088 )= + 50% =10 ~ 12 ... 3. = "ѱ 9 ⼳ "...... ᱹ ¾ °̴...... μ 2010 ް ũ Ȯ ȹ...... ̰ ö ̷ 15 .. ű⿡ ׷ 2 ſ ̶ ̱ ѹ 𽺷 IMF ſ νϴ ǻ ȣ 𽺰....9 ⼳ ٴ 񽺱 ...... ű⿡ ̱ ̳ 1/3 ̻ غ ʿ ڻ ε. ű⼭ Ź ...... ٲ ް ̱ Ҹ ...... Ƽ ǻ ѱ 3 ڸ ް ũ ߽ ں 뵿ܰ......... Ȯ ǻ ü Ȯ......... ް ũ ߽ ݻ ù ȸ Ϻ 丮 ý ü Ȯ... ° Ҹ.....׷ ?...... Ͻ ִٰ ġ........ ¿ ݸ ߰ ̳ PF ν Ǽ ε ׷ 1ǰ 2 ν ...ȯ ... ̷ ʿ ȹ Ǽ+ ͳ + ѱ ü DTI ... δ 1~ 100 ε󿡸 8300.....1 ~300, 1 5õ.. ׷....װ Ҳ ?.. Ѹ ǵ 뼭 ԰.....ε굵 ԰...... ̳ ξ + ݸ Ϸ........... ߹ ݸ ܰ ̴..... ʹ .. ݱ .... .....̷ Nj ... ü 븸 8 Ѿ ̱ ε.. ģ ?. Ѵٰ ..... ԰ ͼ ϵ Ҹ Ͻñ淡 ̷ Nj° 帰 ϴ..... ǰ ȳٰ?. ׷ ҹϰ Ű...... ٰ  ......... ϰ Ŵϱ Ÿ ִ ׳ Ͻð..... κ ü .....׷ ׸ ..... 5.....10 İ .... ý ÷ °ž.. ... ƴ϶ ý ° .,.. 츮 õ ڱ Ǭ Ű浵 .. ֳĸ ý̶ Ʋ ü ٲٸ ױ η̴ ۺҷ ¥ 鼭 Ƶ ̰ŵ.... װ Ƽž...׷ ص ι̶°..... ȯ̳ ¿ ϴϱ ׷ Ǭ ڱ̶ ԰ ϰ ׳ .... 츮 .ʹ û...... ɸ ٴϱ......... ....¥.. մϴ........̿.... ڱ ڱ ƴ==========>>> ý Ȳݾ ں â ATM Ȯ......... ̰ . Ȯϰ ü ̴... 峭 ƴ ϱ.. 츮 ̸ ϰ ϴٰ?.......ϴٱ ٴ ʹ ġѰ.......... װ Ƽž......ϰ ̹ μ ξó ° ε.. ̷ ´ 츮 ϿԴ ׾߸ ϴ ....... ״ ϴ ϻ.. ǵ ȸ 1﾿ 鼭 ٴ϶ ְ ƴ϶ ̶ ڴ.... ....... 1400 ڻ ̰ ݵ ڱݵ ÷ν 327 ޷ °ŵ?............. 츮 ε ̰ ¼ Ⱑ ƴ϶ ٸ ִٴ° ¥ ̴..... .. ̷ .... =1?....... ػ̸ ü ε 84.3% ƹ õ + 鼭 ٳ Ų ϴµ.. Ƴ?..... 33.4% ?............ 1̶..... 8.90% . .........߼ұ 71% Ű սǷ ú Ǿ °Ű.. ̱.......... ƿϱ........... ¥..... õ̶ ̾ϴ.... ѱ = 1 ̿?.. 1̸ ̱ 10 ޷......... Ȯ..׳...... 峭 ƴ϶ ¥ ϸ ̹ غ ϴ° ̴... ϱ. ̷ ° ȭ ȴٸ ȭ ̰ ̰ Ŵϱ.. <ۼ 2008 09 02> 22. ڱ ߱... Ƴ......... ξ ֳ...... 1 ¼ڴٴ°ų?...... ....... PF νǷ Ǽ 50% ε ñ..... ȫ/ ̰ ܰ ݵ ֵ ħ غ..... ׷ ̱ ݵ尡 ν ħ ۷ι ʿ ߴµ ѱ ħ ֳ?...... ...ҳ........ ==============>>> 3 ΰ ǹ Ÿ 10 IMF 1 ȶ ϱ ߵ ƽð?....... Z,,,,,,, ϰ ߼ұ ٵ ں.... ݵ Ʈ ̿ ִ 4.50 ϴ .. .... ϴ Ÿ.................ơ... ö ....̷ ǿ ־ Ʈ . ̻ ް ۳ ߴ... .......... ƿ Ʈ ü ù 뱹 ϶ .. ...... ..... ǥ ϸ ȴٰ?..... õε Ҳ... ¼.................. ̿Ͽ뺸 Ƕ ȣ UŰ.. ̿Ͽ̴ ѽθ Ⱦ ԰ õȲ ϻ 30+ . ̰ ҷ ֽȸ η縶 ϰ ں... <ۼ 2008 09 02> 23. ȯ忡 ΰ Ը Ѵ. ˰ ִ..... 츮 ڰ.. ȯ 200 ޷ ۿ ŵ?. ѱ..ܰε Ҳ ̹ ٵ ġ .. ̻ 7ó Ը ׾ !!!!!!! ֳİ?...ʹ ... ŵ........ ȯ 2400 ޷?.. ߿ ̱ å ִ 370 ޷ ǻ ũ ŷ Ұ ä̴ϱ ̰.. 2õ ޷ ߿ ޶ ȯ 200 ޷ ۿ Ǵµ..... 9 ޿ 64 ޷ ص?.... Ϻζ Ⱦ ġŴ ó?...Ǭ̾?.. ġ ޷° Ĵϰ ....ص ߵ Ӵ. ̹ ѱ ݵ ñ̾. ݵ ս ̳ʽ Ųܷ ¿ ̰ ʿϴϱ.. .......... ٸ ȯ ߼ ׾ õε 뷮 л ϴ° ¾ٳ ׳ Ȯ ׾ ?..... Ż ̳?.... ƴ϶... ػǷ ߷ ϸ ظ ϴµ.... ذ ƴϰ Ƴ.. 3 11 ̷ ũ ǹ ġ...... ƿ ̸̿...ù........ <ۼ 2008 09 02> 24. ȯ 1134 ǹ... ȯ 1134 ǹ̴ ܼ ѱ д ġϴ° ƴϴ.. ǹ̴....... NDF ݵ ڱ ı 弼ٰ µ ̴. ú 327 ޷ ؿ + ȫ ʿ 귯 ڱ 54 ޷ ̰ NDF 忡 ߰ Ǽ ڱ ̴...... ڱ ϵ ź ϰ ϴ ε ־ ı ̶ ˻縦 ͸ мϴ ׷  ǵ帮 Ȯ ȿ Ǵ ̴... ڴ ǵ ڰ ߴ............̰ ŵ ı 巯 ִ.. 2 ...̸ " ξå" ̶°ɷ...ű⿡ ְ 1400 ϴµ 7õ Ѱ ھҴ.. ְ 1400 ƴϴ. ̴..... ̸ ʿ Ͱ ݵ己 ְ 1475 ξ ص Ѿ Ǹ 1400 ر Ǿ... ¿ 7õ ߴٴ° ǻ 1300 ǹ ϴ ̴.. ű⿡ 26 ξå ͱ ........ ̹ 53% ߻+ ٰ ϴµ ǻ ü 10%뿡 Ұ ҵ ߵǰ Ȳ.. ׳ 33% ߻+ ٴ 1 2 õ?... ̷ ̶ ״ ξå ı ȿ 6.49% Ұ ϴٴ Դ. ״ 7% ȿ ۿ ̷ å.. 絵 4% 1.5% پ .. μ 2007 38 1000 ̴. ̰ ü 971 ߿....3.9%.........ᱹ ε ȭ ȿ ü 3%~4% Ұ ̴.. ű⿡ Ӽ?.....Ӽ ü 0.7%......... ۳ 30 Ӽ 2õ 6 .... ߻ η̵ ش "0" ̹ ξ̶ ̴.. 2009.. ⸸ ص -8 ȴ...... ׷ ұ? .... ?...... ƴϴ.. ᱹ. ===> ȸ ҷ Ǹ ====> ҵ Ÿ ġ鼭 ü 1/3 Ÿ ް ȴ.... ȸ : ο Ҹ ο ؼ 30 ҵ ִٴ ؼ ҵ ̶° 谨ߴ.. ?......10% 谨 ħ ϴ޷ 䱸 ׼: 6730 ====>>>5900 ٿ.. ܿ 37 Ѿ ̱ ȹ ̰ Ϲ ù 꿡 ̵ ..̸ ֺο ҵ ִٴ ؼ λ ݾ ٰŸ ո ٰŸ  §. ?........ ߻+ õε ȸ Ҵ........ =========================== *ƮŬ ٿ(Trickle down: ȿ) : ̸ ϰ Ǹ ȸ ı ȿ Ȯ Ǿ ٴ ̷... mb ϴ 鸮 ̷ ٷ ׶ ̰ ̴.. ̰ ̹ ̱ 뵵 80 ̷ Ӵ..̸ ؼ ̸ ̷ ƮŬ ٿ ȿ ð ؼ ݵ ̶° µ.. ̸...ȸ ̶° ־ ϴٴ ̴..... ̰ ̹ ȸ ȸ Ȯ ̱ ߱⿡ 80⿡ Դٰ 뵵 ⸦ ص Ͽ..ѱ?.װ ƴϴ..ݵ ߻+ ȸ 䱸 Ѵ... . MB ͽ ̷д ̰ ϸ ε.... Ǹ?.......... ȭ . °.... ======================== ѱ 9 ⼳ ٰ äǸ + PF ν ä ٽε... 41 Ǽ 24 Ǽ ߿ 42 м ݱ ڿ ä 200% ̻ Ѿ ǻ Ʈ 21.. 300 ݾ Ѿ=105.. PF 73.. ݱ 70 Ǽ...38 ߰ Ǽü...145 Ǽü ε ó.... 52% ........ û ü ε ջ ......... ̷ Ƹ ڿü ٵ..Ϲݱ ε ġ......... ùķ̼ 2009 1/4 б ڱ = Ǽ ü 53% 09 1/4 б ε ó..... ࿡ DZ. ...ƹ ̰ ξ ׷. ְڳİ.... ?... ֿ...ڿ......ѽ...δ Ѱ .. ʿ䵵 ... α׷ ڼ ׷ ü ְ ..... ȣ--λ --STX--泲--.. . Ȳ ̷ Ȳ̶ .. ű⿡ м ڷ 簳- Ȱȭ å ᱹ 5 Ǽܿ ȿ ζ 翡... Ǽ .ä ̷ DZ ޷ ڸ شٰ ص ä ڵ鵵 ƴٰ DZ̸.. .... ======================== ̿ ѱ ε ǰ ..... ܱ ֿ ϰ Ÿ..Ϳ Ƽ ȿ .... NDF ݵ ڱ ........ ξ ȿ= ҷ ǹ ..... ǥ ׷ ϰ ġ ߴµ.....⸸ ̷....... ǻ....... ¥ ִ .. 2010 ڵ µ.. 2011 ... ´. ߵ ڽ ........ ...... ᱹ 9 1...2 ȯ ũ...ܰ ֵ Žħ ž ̶ ͸ ƽñ⸦ ٷ... ״. ˰ Ͱ ........ ....... ¥ ̷ ϱ ..........̹ ѱ ݵ ݱ ....... ϴ ˰ ñ ٶϴ........ ׿ Ҿ ξ ȿ ڸ â ȿ 7% ı İ ġ ɷ Ȳ .... Һ ..... ڿ е ɰϰ ̳.... ڻ ܰ迡 ٰ ϴ.... ̹ ̱ å.̷ ξå.......... ̹ ̷ ξå ߴ ȿ ϴ°͵ Ӵ..ȯ ¿ ÷̼ǿ ڻ Ÿ ñǿ  ... .......... ؿ..츮 ϲ õ å......... 2 ?.......... ϱ.... Ÿ ϴ.....  ϴ..... Ż..............ФФФФФФФФФ õ ڱ ..... Ѽ ű밡 ɷ...... Ƕ⿡ Ȱ ..... ̸ ӽ ........Ȥ 뿹 ں Ⱦ........ ں ü ϰ 뿹 ƴ϶.......... ν ϱ.. и ȸ ˰ 𸣰 и鼭 ؼ ä ϴµ... ... Ÿ ϱ Ⱦ.......... ̿....... ں 뿹 ü簡 ƴ ΰ ں ׷ .... ̻ ̷ õ Ż ü Ͽ ٴ Ͼ Ǵ ̷ ü Ͽ ........ 19 ¥ ϱ ڻ ߴٴ л..... ¼ ʹ ̸ ̿ ̷ ȸ Ʈ ݰ ο ׷ 𸣰ڱ..ФФФФ ᱹ DTI ɷ ֽϴ....׷ 3~ 6 ȿ ÷̼+ ± ÷̼ Ȳ °... ̹ ùķ̼ Ȳ̰ŵ?.... ׷ ׷ Ҹ ġ Ⱦ ġ Դ ....... ״ Ŵϱ...... ñ 09 2/4 б ķ ִµ......... ~~~~ ʹ ̶ ....... ⵵ ̾ ...... ױ Ⱦ.... ѱ ּҴ........ ..... ȯ شٰ Һ ۵ Ӵ..... Һ 74% ̻ ҵ 5 м. 20% 3ܰ ߻+ + õε Һ ִ°ǵ........ ׷..ڶ ʻ ?......װ ƴ............. ѱ غ ׷챺 ϳ Ŭ ............... ..¥ .......Ǹ ձ........ ̸Ͽ 9 ⼳... װ... 9 ° ƴ϶.. 9 ̶ Դϴ. ... Ǿϴ........... û ϰ ִ 9 ä 100% ȴ ε..... װ ƴ........... 25% Ϻθ Ű ǵ Ȳ û ȯ ȯ ũ =======>>>> Ÿ ޴ Դϴ..... ä ũ=====>>>ȯ Ÿ===========>>>ǹ Ÿ ̾ ... ׷ ٰ ȴٴ ̴ϴ. Ϲݱ.. ̶-̽ ޷ ε ̱ 峻 LBO.... ̱ ſ ī ũ ź dz ӿ  ǹ ڻ ġ ǵ ȭ ִ Դϴ.. ᱹ ִ ȯ, , + ߵ ===========>>> ÷̼  = ڻ + ε ϶....... ׷ ּ սǷ Ҿ ̶ .. ̰ ȯ ٽ ö ȯ ߱ ü ĿԴϴ.... <ۼ 2008 09 02> 25. 9 ⼳ ?????? 9 ⼳ ........ ̹ 9 ̱ ̴.. 9 ⼳ Ѹ 2008 2...... ̱ ƮƮ IB ̸ 2008 ѱ Ʈ ŸƲ ѱ ڿ ܱ Ȱ ڷν dz 鼭 Ʈ+ ڷ ջ Ǿ Ʈ ¥ ϴ dz ̴.. 9 Ⱑ 7 ϴ 67 ޷ ߿ 99ϰ 10Ͽ ü 83% 5 7õ ִ.. ä ŷǿ Ұŷ Ư 9 ⼳ ȭ ɼ ̸ 95Ϻ λϰ ȴ.. ܱ ϴ ڱ ٰ ģٸ 5 / 8Ͽ ҽ= ޷ ȭ ٲٴ ŷ ؾ Ѵ.... ܱ ä = 8~9 ä ż/ ŵ Ȯ .. ҽ ؼ ޷ ȭ ٲ㼭 ȯũ ä ݸ ս Ұ ...׸ ִ ᱹ ȯ̴.. Ѹ ؼ ̹ 9 ⼳ ä ũ ִ ٽ ȯ ̴...׸ ص 3 ִ 6췯 ̸ ܱ ä 3 Һ̽ý 200bp ΰ ֵܱ ̴̰.. ... ü ä 100% ʴ´.... ׸ ȯ ̳ Ȥ .......׸ ڸ Ѵٰ ǻ Ͱŷ 3 ܱ ä Կ ᱹ 2009 1/4 б⳻ ũ л ȿ Ҿ й ۿѴ.. 95Ϻ Ÿ ̸ 98Ͽ ̴.. ȯ1048= 17% äǸŰ.. 1053=23% Ű 1058=31%Ű .......... Ÿ ̸ ܺ λ 30% ̻ ̴. ᱹ 20%~ 30% ̸ ڰ Ǵ 3 ܱ äǿ 70% ̻ ̴...... ̰ ׳ ̶ ........ =================== ű ޷ ż 1 ߴ... ȯ ŵߴ ޷ ٽ ŵ ִ°ν޷ ȯż 䰡 ߻ ȯ ߰ ̴.. ݷ ؼ ߰ 27 30 ߰ й ̴.. ȯ ̻ Ѹ ѷ ڽƮ Ÿ · 10 ȯ ķδ ִ NDF ȯ ɼ Ÿ ִ ݵ ڱݾ ۳ 10 08 1/4 б 170 ޷ ̳ 3/4 б ü ڱ Ǵ Ȳ 󸶳 ִ 𸥴.. ٸ ڱݸ Ȯ ɻ.. ȯ 1160 ü ߼ ߼ 42%...峭 ƴ϶ ¥ ε ñſ  ִ.. Ȳ ϴ μ ߴϰ ޸ġ ̱ å ũ ȭ Ҵ ä ¿ ȯ 缳 ؼ Ǽ ְ ׼ ø ̸ Ϲݱ ÷̼ ش λ ڸ Ų Ŀ Ѱ Ŀ Ǽ ξ ̵ ̵ 쿡 ״ ̴... Ȳ · ÷̼ ...... 10 0.25% ̻ ݸ λ Ұ ȴ.. ̷ Ȳ ࿡ ξå̶..... ξå 쿡 ڱ 𸣴 ̷ ñ⿡ ڱ ̶° .... ׷... Ųܷ?....... ֱ Ѱų?... ̰ Ѹ ǵ ȿ...... Ѹ...9 ä Ⱑ DZ ȴ. ִ ȯ ..... ߼ ٸ..ȯ /ܿ ݵ ż ȸ ..ű⿡ ܿ 1160 ؼ 30 40 ߸ 62% Ȯ ´.. ű⿡ ݵ ڱ ݱ 1/4 б⿡ 170 ޷ ̻.. ȯ ̻ ޵===========>>>>>>>> ߼ 繫 Ÿ 1060= 42% .=========>>>>̰ · ̾ ·= º ȯ º · 4 Ÿ ..... ű⿡ ѱ ħü ϸ鼭 ݸ λ 10 . 2009~2010⿡ ļ ڻ ġ 27% ̻ ȭ Ǹ ̺о 15~20 ִ Ȳ 2 ǿ ̸ ũ · ȭ ǰ ִ.. PF ü ݰ з¿ ҾȽɸ Ȯ 繫 ȭ====>>> 1 + 40% Ȳ 1 νǷ ̾ .......̰ ٽ ä ݸ ̾=======>>> ȸä ݸ ڱ й ߰ ġ ް ȴ..... ................... ִ........ ű⿡ 9̳ 10 ߿ ߰ ϵ 50 α ε ó ȭ ǰ ִ»Ȳ.¥ ε ..... ̶.. ǿ ÿ ȸ ġ  ٺϴ.... ֳĸ 70 Ѿ DZ ݵ Ȳ ȹ ޴µ... / 翬 Ȥ ߴ ġ ̴.. Ȳ ״ õ Ϻθ ھƼ ξϰ ִ DZ Ȯ ̸ ׷ ְ ̹ ̴...... ̰͵ ְ  뷮 ݵ己 ξ .. ű⿡..... ä 640?...... ̷Ȳ....... ҵ 10%... ڰ ߻+ ؼҵ = 1 2õ 缭 33% ޴´ٴ ξå ¥ ° 鼭.... ̰ Ǽ ä Ű ׷ ¥.... Ų ϴ° 鼭.. ¥ ¼ ߸ ٰ...ǵ ü ѱ ſ ũ+ Ⱑ ĥ ʹ DZ̴..... ================== ý Ѿ Ѵ.........׸ ÷̼Ǻ ======>>>ȯ ؿ IR ȭ ſ ũ ҽź ־ ... ׷ װ Ǿ ִ .. ¥ ¥ ƴϴ.......ʹ Ʋ ѻ ¥ٰ ذ ǰ ϴ ƴϾ.. ɰϴܰ... ̷ Ȳ ڻ öϰ Ʈ ¥ ÷ Ѵ.. ٰ?........ ´ Ȱ ϴ ؾ....... ........ ݰ===>>> ݺ ֽ ϶ ̰<<<=========ǻ ϶ sos.......===========>>>> = 翡 ̹ ̳ʽ ͷ...... ȿ μ ε ̹ 븸 ȫ μ 2001 2006 23%~ 15% ȿ μ ߾µ ٸ鼭 5% Ѵٰ ̶ ġ... ̶ ̶ ܿ ͼ 鼭 ٽ Ͽ... ѱ 3%. ü η 15%~25% ٲٰ ˹ٸ ־ η ϴµ 2.7% ں.. ... ظϸ ػ =̶ ҷ ũ ũ ɟ Դ½ ƹ ٰ ҷ ص... ׷ ᱹ........10 ó Ҹ Ƴ?....... ׷?.... ¼°ž...ù.....̰ ............ ̰ ⼳̾... ̱.. ̴µ ƴ϶ ӿ ϳ..̿.... ˰ Ӿ ޶ ̳?.....ƹ Ȳ ü ʿ ϰ װ غ ϴ° ̶ Ϲ ϶ ... ..... ٲٵ ؾ........ .....ơ...... ̷ Ȳ ֱ 쳪 Ƕ̷ ۿ δ...... ׷ ϵ .. ̶ּ° ְ ߳ ϶ ̸̾...˰ڴ?... ̷ ¥ Ƕ⿡ õε鸸 ǹ . ° Ǵ Ҹ?????>>>>>>> ׸ ̱ å ä ȯ ƴϷ?........... Ұ Ȯ Ǵ ǻ ũ 尡 ̳İ...... ..... ϵ 峭 ϴ?.... ̰͵ Ű FRB ޷ ȭ Ʋ 嶯 ˾.. ...Ѹ. ü 9 ⼳ ä װ ޶ ϳ?....9 ⼳ ѱ ȯ Ŭ ı ± ÷̼+ ÷̼ ü鰣 ڻ ġ ϶ ȿ ¥°Ŵ.. Ҹ̾.,...ѱ ܼ η ϳ 鼭 ä Ǵϱ ٸ ̰ 嶯 Ǵ Ƴ?.. ѱ ԰ڳ.......  ̷ ̵鸸 öϰ ?... 綼 ƴ϶ ť 150 ¥ ȷη ٲ ŵ?....97 .. ͵.. ..... ϵ .,..˰ڴ?... ٵ ѱ ξ Ͻö........ƽð ?... Ÿ ϴϱ..ϵ鵷 ϵ α׸ ؼ ѱ 츮... Ϲ ü ϶󸶶 Ҹ .... ϴϱ.. <ۼ 2008 09 03> 26. ְ ´......... ֽĽ Nj ְ ´..... ξ ø .... ٴΰ ܿ öٰ ϴ ϶.. ְ ɷ ̴?... ű⿡ ȯ?....... ° Ե . ߴ........... ̸ ........ ڷ ؼ ű⿡ ϰ ɾ.ڱ Ϻó  깰 ŷ ֵ Ű ޾Ƽ ް .. ׷ ̿DZ ......ڱ ý ݻȸ ۳ 11 . ̵ ϴµ........ ڱ ý µ ؾ߰ڴ.. õε ƾ....... ״ ̸ ȭ°  ǿ ̿ϰŵ........... ȭ 4 Ͽ ǻͷ ȭ Ϸ ȣ ؼ ϰ ΰ .. ȭ ϴ ұԸ .. ̹ Ϻ Ȳ⿡ ̿.. Ǵ ȭ Ȯϰ... ׷ ŷڼ Ǵ ȲϿ Ѽ л ְ ȭ ޾Ƽ Ӹ .... ް ȭ ........ Ұ迡 50% ȭ ȭ.... ȣ ڱ ý ... ȭ= ȯ ±ȯ 25% .. Ѵ޿ ι... δ °͵ ϰ.... ¦¦.. 츮 ״ ݵ °͵  ݿ ϰ Ϻδ ȭ Ȱ ϴ ý... ϱ.. ̵.............߿ ݵ ͷ ¬©ϰ ... ü .. ̱.........û ô ϰ ִ ͵ 鱸....... 츮 ׳ ..¼ڳ........... ϴ 50% ȭ ϰ ȯ ϰ ִµ ׷Զ õε ƾ.. <ۼ 2008 09 03> 27. ȭ =IMF 2 Ǿ... ɷ¿ Ȯ ӿ ڽ ڻ ġ ظ ּ Ʋ ° ȭ Һ.. Դϴ...... ϴ... ȭ ׿ Űڰ Ҷ ó ȭ .... ׷ ̼ ȭ ʿϰ Ǿ غ ߽ . ۳11... ȭ ٿ 1989 ij ڸ 븮 Ǿϴ...ڸ 븮 ħ ü Ǿ 18% ¸ ϰ ˴ϴ.. ׷ ̸ " ޷" ̸ ȭ°  񽺿 ȭ ȣ ȯ ϰ Ǵµ.. ̰ ִ ڸ ؼ Ư ڳ ̸ ڻ ڸ â ΰġ â ϴٴ ̿ϴ.. ׸Ͽ ȭ 1990 ͼ 5鿩..ȣ, .,.Ż.Ϻ. ״. ƽþ 뷫 ȭ Ǽ 1ǿ ̸ ں ΰġ â ο Ʈ ϰ Ǹ Ұ Ϻ ȭ ʰ Ұ Դϴ.. ׷ ϴ ȭ 쿡 Ϸ ȣ ǻ α׷ ̿ؼ 8ڸ ȣ ؼ ȭ ǥ ΰ  ȭ ſ뵵 մϴ...ֳϸ ȭ =ſ ⺻ ̱ .. Ŀ ϴ ұԸ ȸ ߽ ؼ ȯ ɷ ݵ ° ؼ ǻ ſ ȭ ̶°  ǰ ߽ϴ.. ̷ν ȭ ǹ ڻ ȯ ķ Ŀ ȸ鳢 Ű ߽ϴ.. ǻ Ȩ  ش ȭ 񽺰 ȸ ο Ŀ.... , . а . įǻ . 丮, 伥̳ ϷƮƮ , 䰡. ġ.. ߽ īŻα׸ ȸ û ޵ ϰ ȸ ߻ ׸ ÷鼭 ȭ ع ... ܼ 뵿.. 83 Ȯ Ǿµ ȸ Խ Ա ް ȭ ȯ ָ鼭 װ ݵ 迡 ϸ鼭 ȭ ä ŷ ָ鼭 Ȯ븦 մϴ.. Ŀ ȯ Ѿ Ȯ븦 ϰԵǾµ.. ް Ǵ ǰ ..Ұ ä.... α ۳ Ը Ʈ ŷ ϰų ˼ ݴϴ.. ŷ ó Ͻ ڱ ģ ð̶鼭 ŷ ϸ ڳİ ȸ Ͻ ε..α ۿ ϴϱ ָӴϰ ȸ ̶ ؼ ȭ ϰ Һ ؼ äҿ 깰 ߰ ܰ踦 ϰ ׽ϴ.. ٸ ñ ذϱ ؼ Ѵ޿ 򰡶° Ǵµ ߻ϸ ǰ߼ ŷó ϰų Ʈ ߴϴ. ̷ ..Ĵ...߱.. ؼ ŷ 50% ȭ 簡 ϸ 100% ҵ ̰ ȭ ȯ ƴ Ͽ ŵϴ.. Ŀ 100% ȭ= ȯ ϸ ִ 25~ 30% ܰ ȯ ǰ 100% Ͻúҷ ȯ 3%... ϰ Ͻúҷ ȯ ָ鼭 ǿ ο ϰ Ǿϴ.. ׷ ؼ ġ Ѱ ϱ Ҿư ־µ ΰ ؼ ϴ л ȸ 鿩 α׷ ... ߻ 50% ν ֹ氣 - Ͽϴ.. Ƿ 񽺺 .. ׸ 8 ̸... Ҿư ġ Ƿ 񽺰 Ȳ Դϴ.. ׿ Ҿ ǻ Ǿ 2.30 ֵ α׷ α׷... ׸ ִ α׷,,,,üɺ ǽ о..Ϻ ߱... ȸȭ ׸񿡼 ̰ ֽϴ.. ׿ Ҿ ߰ п ȸ ϴµ... ǾƳ п Ѱ ǻ п ....׸ Ʊ 񽺸 Ͻô Ʊ 񽺷 â Ͻ б â ȿ ̷鼭 Ѵ ̴.. ī޷α״... 丮,, ... .. 츲 .. ౹... コ.. / о߰ ̰.... ǿ ˾ ִµ ̰ Ͱ о ̶ Դϴ.. =============== ̰ ..... ٸ ׿ ʹ ٸ ϰ ȭ Ű ɷ ˰ ֽϴ.. ű⿡ ȭ° ǻ ä̳ ä= ȭ ȭ ܺ ظ ּȭ ϰ ֽϴ. ᱹ...................̰ͻΰ .......ٸ ȵ ... 񽺿 ȭ ,.,, ǻ 깰 ߰ 72% Ѿ 󿡼  Ȯ ε.... ʽÿ....... õε ƾ........... 뵿° ԰ â ȿ Ӹ ƴ϶ Ȳ Ѵٰ õ ֵ ͵ ƴ .. ű⿡ 뷮 Ǿ ߻ ȭ ϴ Ȳ 4.50 ..,,ܸ 鼭 ° °Ű.. ̷ ȯ ƾ..... ׷ϱ?......... ̰ ּ ̶ ֽϴ.........¿ ... õ ... ̸ ý 籸 ۿ........... ....... ̷ ı ϸ..̷ ȸ ... Կ 츮 ϴ Ȳ.... ܼ 뵿̶ α׷ ƴϸ..... ȸ © ֵ ٴڿ . ..... ۻ Ȳ IMF ͵..̷ ܺ ý۸ ᱹ Ϲ õε ִ ̴.. ȸе鵵 ó ǽ ߴµ... ϴ ȭ Ǵ ä ǰ... ηº ư ؼ .....츸ؿ.. Ʈ̶ ֵ ֵ... ܸ..ȥ 츮ż ̷ 񽺸 ϼż ڱϰ.. ֵ鵵 ڽŰ ٰ .... ֵ ̷¼ 100 4 Ҵٴ ֵ ִ.. ̰ ᱹ ̶ ̰........ Ž ֱ е ̷ ó鼭 Ͻð.... ȭ ִ ܺ ּȭ..װ ִ ... ᱹ..... 񽺴 âǰ Ǵϱ..׷ ſ.. <ۼ 2008 09 03> 28. Ѹ ̳.... ¥...ϷϷ Ǹ ӿ. ܰ ֵ ѱ Ҹ ̳..... 20 ޷ ?.....ᱹ ֵܱ.. ¥ ѽθ ҷ ϴ.. ƴϸ ϰ ϰ ϰ ͼ 뱹 ܰ ؼ ݵ带 ӽ÷  簡.. ߸ϴٰ ڻ쳪ڴ.. ϵ ׷ ڽ־?...... ڰ..׸ ݸ λ ¼ Ӵ Ÿ?.... ~~~~~~....... OB ִ ƻ ȷ ... ѽ¼ ؼ 9 ?. ׳ ..... ü ü ̴..... ׸ ѱ ݰ б γ?..... ְ ° PF ν ü ϵ ó?..... ̳.. 70 ô?... 㿡 ְ ׷ ϰ?.. ׸. ģ ް ?.. ϵ ̾?... UŰ?..... ̵ ŭ Ծ.. ׾ ...... ̴.̰ ϵ ֱϴ ̾......ٵ ܼ ¥ ƾ 3.40뿡 . ... ƿ.. .. .. <ۼ 2008 09 03> 29. ó ..Ƿ οȭ?.. .. .ҳ....... .. Ƿ οȭ... б.. 귯 μ.... ŵ ߰ Ǽ...... ¥ Ʋ ¾ ........ .... ϴٴ ۿ... ø ߰ .. ٽ½ Ҳ ϳ..... ѱ JFK...װ ̳?.... ֵ ϰ ִ ?.. ....... ġ ̰ Ƿ ҳ.. <ۼ 2008 09 03> 30. ׳ ̳׿.. ׳.... ʴ°... Ҹ ... Ⱦ .. ؼ 뿡 °ŵ?.. ġ ?...¶  ε.. ̷ ҵ ȭ ... ܿ ϰ ԰ ϴ ƿ... ű⿡ ź Ͽ콺 κе... .. Z̳ 㰡 ̸ ϳİ... 90%...ڿڱ ϸ 94% ֱε.. Ʊ ٰ ϱ ϳ ݾҾ... ε ܸ â 鼭 ٰ ȭ ȣ ٿ .. .... ¡ĵ عٴں Ÿ ۵ ݰ... 谡 ... .. ...¼ڴ°..... ġ Ǻη ԰ ݾƿ..׷  ġ ...... ƴ϶... 2,30 ... ̰ ̰... ǿ ̳ ڰ ϳ .. ߿ ڿ ... ƴ ̶.߿ ̷Ŷ ¥ ü.. ͼ ..ƴϸ ȣε..... ... Ǹ ε.... Ƶ Ű Ű ֵ ¥ Ҹ ƺ ̿..... ϴ Ҹ ϸ ƺ ϴ.... 񽺷 ϳ ִ... ׷ ̸ ̾?..ϴϱ ԰ ֳĴµ ݾƿ.. е ߴµ 2 8 Ǿµ Ǿµ.. ̰͵ Ż մԵ鵵  ȭ ؼ ְ Ż ÷ ִ°ſ.. ϸ Ǹ Ż ÷ ֱ...ٵ װ͵ Ϸ Ʋ̿... ܸ 鼭 λ .. <ۼ 2008 09 03> 31. ޷ ȯ ° 翬ϴ?...... ...... ޷ ȯ ° ߼ 繫 Ŀ ͺϽ .. Ϲ ߼ ü鿡 ȸ ӿ Ǵ 긮 ֽϴ.. ׸ ȸ Ļϰ ϰ ϸ鼭 ϴ ȸ ... ܸ 빫 ͼ 3 ̱ ݼ ó 빫 ǥǽ̶ ʿ ߳ ΰ ٴ Ҹ.. 츮 ̸ ϲ ~~ ̶ ٽ ̶ ̸ ð... 20 ޷?....̰ ݵ ֵ ׳ ........ ϱ 5ϱ Ե ߱  ȯ ٿ Ѿ 67 .. Ǵϱ ׷ ġ.. 67 ޷ ɸ ũٴ° ..ᱹ.... ݸ ɸ д ״ϱ. ......... ϰ λ ߿ õ ¾ õ ...... ¥ ϴ°..... ø̶ ϱ.... 츮 㰡 °Ű..... Ͽ ..¥.. ø̳ ٽ ......... ó.. ̱ IMF ó 2 ° ٵ ƽ?.... ̱ ſ ī ĵ....... ƴϸ ȿ ε..... ٵ ϼ.... ޷ 츮 ູ....ȯ ȿ ƴ.... ̹ ̱ ö ִٴµ Ҹ Һ ҿ ȭ ȣϱ... .. Ŀ Ƹ޸ĭ ͽ ... ڻ ΰ..ٵ ˰ ?.... ѱ 2 ī ȭ ̴ϴ... ī ġ ... ű⿡ UBS.. 6ȿ 1300 ٰ ȣ Njε.......̱.........Ӹ.. ܸ UBS ϰ Ÿ ...ȥ.....̳ټ Ÿ..... ˷ 븸 ص ʾ ޷ Ҽε...... о ϰ .. .. ޷ ȭ ÷ ȯ ø.... ޷ ߼ ϱ 翬ϴ?. .......... ϱ ֳ......... <ۼ 2008 09 04> 32. WSJ..."ѱ.. Ұ..".. ..... WSJ..... ϴ±.... Ѹ ؼ ִ° ƴ϶..... 2 ȿ οȭ ȴٴ Ͽ Ű.. ѱ 籹 ̸ ְڴ........ ̰ п FT ֵ ΰ 50% ְ °Ŷ鼭 ִٰ .... ׷..... 25% ݾ 60 ޷........ 30 ޷ ؿ Ծ ϴٴ Ҹ. ¥ ....30 ޷ ִ° ̸ ƴϰ. ̱ ֵ鵵 ϴ° ް ũ ڴٰ Ű鼭 ȭ ȹ ٴ... Ȥ...̰........"21 ҳ"..... ó Ƴ?........ .......̳....... ̰ ó ʹ ´´ٰ ؾ ϴ°ž.ƴϸ ī и ų ҷ ȭ ϴ°ž?.. ä ݸ Ʋ ...... ű⿡ 10 ݸ λ ǿ... 㺸 ݸ 10% Ĵ Ҹ ... ...... ¥ Ŀ ?..... ű⿡ ΰ.. ΰ Ѱ µ... 濵 ?.... ذ ???... ̰ ° Ƴ?...... ׷?...̰ ̶ ֵ߱ ֵ ֽô ƿ ŵ鶰 ٴµ. ѱֵ ̾?...... ..... ϵ ̷ ٽ ī ġ ϳ?...??? 츮 BBK ġŲ Ƿ Ű ֵ BBK 2 ü ⸦ ϽǷ??? ׳. ׿..׿..... ȣ UŰ.. ̱ ¥ ϰ ڽٰ̿ ̿.. ¥ ǰ ... <ۼ 2008 09 04> 33. .... 9 ä ƴϴ..... Ѹ ߿ ɰ ڱ й ٵ ̻ ε ִ.. 帧 ̳ʽ ǻ ε ñ ǿ 46% ϴ ǻ ̳ʽ Ȳ ܱ ڱ йڿ Ƽ 9 Ȳ ̷ Ȳ ̱/Ϻ м.. ̱ S&P 500 = 339= 3 Ϻ 225= 191 =21 (11%) 帧 ̳ʽν ޼ ڱ й ް ִ Ȳ̸.. Ǽ 帧 й 3~6 ε ñ μ=54.3%.. ű⿡ 1⳻ ǹ ȯ ä߿ ϰ ִ ݼ ڻ = 17.2% Ұ ν ڱ ̳ ̴ ּ 47% ε ȭ ǰ ִ Ȳ̴.. ================ Űڷ ߼ 繫 ȭ 2 ߽ 2 Ȯ ȭ ִ Ȳ .. 1120= 1 3480 1130=1 4450 1140=1 5416 1150=1 6300.... ݾ 9 1~3ϳ 214 簡 Ļ ..Ȥ ǻ Ļ 巯 ̰ ұԸ ü ߽ ߰ Ȯ Ϸο ִ. ================== 2008 Ϲݱ⸦ Ը Ǵ ġ ũ ؼ ް ȹ ؼ Ǽ Ϸο ׷ ű ߼ 34% 䵵 ⿡ ű ü Ȯ ߿ ڱ üȮ ߱ Ѿ 8 47........... ⿡ ڱ ߺ ڶ ߰ ߴ Ϳ ݹϰ ִ.. 2008 ȿ 37%....... 2009 ݱ 52% պ ġ Ը ϰ ׷ Ҵ̴.. ================================= ̷ ߼.... 9 ä Ⱑ ƴ϶.... 98 1 IMF 2008~2010⿡ ļ 2 Ը Ұ Ȳ ׷ ö ε ġ Ǵ ü 32%~ 42% ̷ Ǿ ° ä ٸ ¿ ȸä ݸ з ߰ δ ȭ .. ڱ ּ 80~120 2010 Ұϴ.. ̷ 2009 2.4 б ӽ ű 12 5õ Ա ȭ Ȳ ..... ܰ Դٸ.... ġ ƴ ؿ ڶ ġ ϵ ۿ ... Ȳ Ȯ ׼ ̻ ī.......ܱ ̶ 鿩 ̸ ű â 13~15 ߰ â ű ִ ߼ Ը ȿ ٷ ü νǷ ̾ 2 ī ν Ÿ ٺϴ.. ᱹ Ȯ ä ݸ ̻ ޵ 10 ݸ йڰ ¹ ݸ ߰ ۿϸ. 10 0.25% ݸ λ= ݸ: 9.74%~ 12.3% ֱ н .. 9 7.25% ̻ ½..... 10 ݸ ߰ λ ɼ 83% ....... <ۼ 2008 09 04> 34. 9 ⼳ ϴ.... 츮 ̸ ϰ輭 9 ٰ Ͻôµ.. ׷..... 9 ° . ƮƮ "2008 ѱ " 9 ° ׸ 9 ä ° ִ°.. γ׾.. 9 ޿ IMF ó ....ϰ ?..... 9 б ּ 6 ѱ ڻ ٴ°?.. ű⿡ å α 1 2õ Ŀ ξ ̳?. ׷ ̱ó ǥ ֵ簡..ƿ...׷ ̶ ...Ȯ..... ξ ξ ȿ...?..6.7%???....7%?........ ξ̶ Ѵٸ ׳ .... ̴... ƴϸ б ʹ Ǽ 밡 ... ¥ ̳....... Ϻθ ä Ǵϱ 9 ?... Ҹ ...չٴ ظ .. ӿ .... 9 ȸ Ѵٸ?.. ϳ....... 9 ° 9 ̶°....9 IMF ٴ° ƴ϶...... ε 峭?...... ׸ η̰ 忡 ´ٰ.... ?... Ȳ ׼ ϴ???... װ ٷ ...... .... ϵ ϴ ֵ鵵 Ű ° ̰ ̰ Ƴ.... ζ ʼ 깰/ǰ ϴ° ϵ ϴ ̾... ǰ ȸ ?.׷ ٷ .... <ۼ 2008 09 04> 35. 2004⵵  . 2004⵵ 2004⵵ ѱ ߵ ѳ Ե ... а...... ż ϼ̴µ...... ׷... ī ź 500 ũ ġ ׷ ġڰ.... ׷ ڽϴ..... ..... 2008⵵ 9 ⼳ ° ϽǷ?. 100 Ѵٱ淡 Ʈ ϱ.. 100 ִ ?.. ׷ ⿬ ϳ ѱ ̾?... 濡 ٸ ġ鼭 2004⵵ ѱ Ա ̶ 庻ε.. ͼ 9 Ⱑ ٰŰ ٴ ٰŴ?.. 1. 2.̱ ħü. 3. 4.̺о ħü.. 5. ħü.. 6.ȯ.. ޷ ߼... ׿ Ҿ ذå 丮 .. ξ ȿ.. ε..... 2004⵵ Ⱑ ź ī 500 ġ ۿ ī ٸ.. 2008 9 ?.....̰͵ ī?.. ˱δ 2004⵵ ܽſ ѱ ٰ ó... Ÿ ..ȥ..CNN...̳ Ÿ.. ͼ ٸ ġ ѹ 𽺱 ؼ ſ ŵ Ÿ ɷ ƴµ ?.. ׷?.. и ......... ؼ .. õ 밡δ ü ذ ... ׷????.. 2004⵵  īٸ.. 2008 ¥ Ƴ?....... ڻ ġ + ÷̼ پ Ѿ ÷ Ÿ DZ .. MBC ̰ и ־ ϰ м ؼ ̾..... ġ ġ ŵ Ÿ° .. ϱ ¥...ݾ... ׷?.............. ϱ 2004⵵... Ʈ ε Ϸ ϵ ߺ ޾ƾ Ƴ???.. .... ڰ,,,,.. ׸. ܸ. ܸ Ը ź̶ ɷ µ?...... и ظ ־ ̾.... = ó ڶ½ ... ܸ ̾... ݶ˿ ݰ..... ϰ ܸ ǥ ݵ ѽζ ظ ֱ ٷ.. 2004⵵ó ֳ׵̴ϱ.. ׷ 2004 ⼳ ȸ簡 α Ƴ... ؿ û ϵ ҷ?.....ϵ õ 갡?.. ȸ ϳ Ű 2.30 ص ϴ° 2004 ϵ 濡 °ž... ׷ 2004 ⼳ ī ׾ ݴ.. ..̰ ݵ ¤ Ѿ ٷ... õ̶ ذ µ..ƴ..۳ 365 ѱ 㼳 鿪 Ǿٰ.. 2008⿡ ¥ λ ¥ Ⱑ ϱ ǥ ܸ ͳ ̷.. ̷ ǹڵ Ȳ .. = ?.......... ?????....... ׷?.. ؼ ޶ ̰ž... װ ú ɰڴ ° ƴ϶... ű⿡...̸ ū ޸Ʈ ?.. Ƴ..... ׷.... ɷ Ŀ ũ ɷµ ɷڶ..... ° Ƴ?.... ó Ҹ ̶ ۷ι Ĵٵ..... ϸ ϴٸ ó ſ ̶ ˾.. ܿ 忡...... Ǽ ûõ ģ ijġ ̵?.. ̰ ƴ........ ׷ Ұ ̰ž..... ű⿡ 3 ϰ 3 ũ...׷ ͼ ?..... ϶ ϴ° ̶ Ѵٸ.. ¥ ǽɽ ̶ ۿ... ̰ ϳ ڰ ݾ.......Ϳ ɸ Ͱ̰..ڿ ڰ̾???... <ۼ 2008 09 04> 36. 9 ⼳ ° ϱ ð .. ׷..9 ⼳ ְ ü ְ Ȯ ݹ̶ ̰ž.. ׷ 9 ⼳ ´ٰ ҷ ṵ̈ ̰ ϸ "...׷." ϰ ظ ϰ ϴ°.... .... " 9 ⼳ Ϳ..." ų..." ׳ ̰ Ҹ."....... ... ¥ .... ⼭ ̷ ϸ Ǵ ... ߿ з Դ Ǻη ... ̰ ڻ ̰ ʿ .. ̰ž...̸ ־ ȹ ü м Ʋ... ϰ..~~ Ե ǰ.. ̷ ƴ϶... ý Ʋ ӿ Ȳľ̶° ϰ ̰ ̶ ̰.. Ȱ ҽ ൵ Ȱ뵵 ü м 180 Ȯϰ ٸ .. ᱹ ̸ ׷ з θ°Ű.. ϰ ..ϴ ׷ ݾ?.... ᱹ ٽ װŰŵ.. װ ڴ° ƴ϶ ġ ٽɿ Ŷ .. ű⿡ ̷ ߿ λο å ȸǿ ׸̰ŵ.. ׷ ...󸶳 ϳİ.. Ǹ 翬 Ǵ°Űŵ..׷ϱ ġ ϴ° ٽ .. ̰ 3и ص °ž.. ...ܱ Ź .......ϴ Ϻ Ƽ񿡼 ü ͼ 4 ¥ ˸ ̹ ƴ DZ ѱ Ƕε.. ѱ ̷..... ¥ ϰ ... 9 Ⱑ °ġ ׷ ϸ....ϴ..... װ Ƽž..... "׷ ü 9 Ⱑ ´ٴ ̰ ü ٰŰ ?.... ֵܱ ѱ Ż ϱ... ä 100% ϴϱ.. ???.......". ̾.....׳ .............. Ƿ 糤  ̷Ա ȸ Ұ... ƴ..ػ ״ ϴ° ̷ ɰ ȭ Ǵ ...¥ ó ó???.......... ???..........̰ ü ڴ ̼???....... ׷ ϴٰ 10 Ǹ ü ǰ н ȿ° ΰ???....... κ 뷡 ϰ μ̶ ؿ Ұ Ǿ.. ״ źϽٰ ܸϰ 10 ̹ һҷ ó ó???...... ҷ ص...... ־.... ϶... Ÿ .... .....ѱ մϴ???............. ̰ ƴ....... 2 3 ߵ Ÿ ۻ쳪 ΰ ˰ ׷ Ͻó???.... ¥...ȴ....... ƴ϶...... ֵ......... ֵ ˳İ.... ׸ 빫 ֽ ؼ 15 ܸ ۳ Ծٰ ..ش Ѱų?.. Ե ϵ???........̰ ڸ޵ ͵ ƴϰ.... ܸ.... ֺ ̶ ̾???.. ̰ 6̰ 60̰ ƴ϶.. ׷ ....... ֵѸ ̿ ϴ°ž. װ Ƽž... ̷ ִ ?.... ƹ ģ ģ 赵 ̷ ؿ...... ֵ ⽺ .. ׷ شϱ ٹ ..׳.. Կ Ŵϱ.. ..... ̰ ƴ϶ ü Ʋ̶° 鼭 ߿Ѱž.. ̰ ҸӴϵ̳ ġֵ鵵 ҷ 󸶵 Ű.. Ϻ ... 鼭 ̰ ߿ ̾...̷ ڻ θ ִ° θ... ׷ å ӿ ִٰ ݾ???.......... ð Ƽ å Ű ???... ̷ Ʈ̵ ϶ ϸ õϰ ̴ϱ ׷ ϰ ؼ °.. ʸӸ ޾ƾ..... ׷???????,,,,, Ӵ̳ ....... ȭ ؼ ϸ ǰ °ž... ȭ ؼ ؾ ¥ ױ⽺.... ױ⽺ ϱ ī Ծ߰ڴ... ׸ ֵ å ٷ ֵ簡.. Ѱ Ѿµ..ġ´ ..... ̷ ִ ͵  ......... 鼭 ߴ 3 ϰ ... ȥ̳ ϶.. ׷ ƴѰɷ .. ׷..׷ ߵ ο ..ּ ִ Ǵ ???... ٸ ??...װ ƴ..װó å λ ϱ.. ᱹ ... öϰ ڽ ̰ŵ???... ϴ° ߿ϱ ̷ ϴ°ž..  9 η ̷ ߿ ɼ ־.. ?.....å ...... ð ⸦ ִ κ Ʈ̴ ϱ ٷ.. ׷  Ѵٰ ĵ........¥ ߿ Ǵ ɷ ̽ ִ°Űŵ.... ׸ ...ܸ........ ...... Ȳ ׸ Ȳ ƴϴϱ.... ׸ ð Ȯ .... ޾Ƽ α Ƴ.....  ׷ ȭ ؼ 뺸 ϳİ.. ڱ ࿡ Ѿ .. ڰ Ƴ?????..... ׸ ܸ...... ϰ ϼ..߿ Ұ ı ... Ƴ.... ͳε з ̰ŵ???... Ȱ 𵨿 ǵ ڰ@@@@@@@@@@@...... ڻ ľǵ Ǵ ϵ Ƽ ϴ ̾....... ̸.⺻ ư....... öϰ ⺻ ư......... ̰...... ʹ 翬 ⺻ Ƴ???... оߵ...̰..̳̰...... ..... ɰϰ ٷ.... <ۼ 2008 09 04> 37. а ¥ ߴ. ¥ а ̶....... ...̰ž.......... ƴ϶ ¥ а ֽ ѽθ ī б .. ٴ ϱ.. ξ翡 缺?...  ..Ⱑ .. ƴ.. ƴ϶ ֵ ġ° ???.. ϴ ε... ¥ .... б ϼ ä ؼ ض.. ܱ ī޷α ͳݿ ö° .. ̴...  ߴٰ л ϰڴ.. ϱ.. Ѹ ´... ƿ ͵ ¥ ؼ ߰ ض... ̰ ƴϴ...... б ͼ 4 ǹ Ǵٱ ӿ ܰ ֵ ׾ Ѵ.... ߶ ܱ ° ƴ϶ ... ̰  ̳... ƴ... ̷???....׷ ̳???... ̷ Ͻ ֵ ߿伺 ΰ ȴٴ Ҹ ° ???.......̰ž .. <ۼ 2008 09 05> 38. ƫ Ȱ Ƕ. ϰ ؼ 17 ƫ ϰ ƶ.. ڻ ġ DZ ʼ = ſε.. Ƕ ̱ IMF .. ׷ ۷ι ں + ſ ũ= ڻ ÷̼.. ׷ ؼ 󰡴 3޸ =29% ϰ Ÿڰ ̱ ſ ī ε..... ѱ̶ ְڳ.. 97 IMF ̶ Ե ....... ѱ ڻ Ʈ 89% εε... ſ =========>>>>>>> ڻ ÷ Ǵµ ѱ... ѱ ſ ġ 򰡰 ̳.. ̰ǵ...... ̷ Ȳ............ ȯ--->--->ݸ-->ǹ ڻ ---->ſũ.......... ..... ¥ ֵ̱ ſī ŭ 9ȸ 2 ƿ ó 츮 µ..... ̷ DZ ξ̶ð 33% ξ 1 2õ̶.. ....... ٳ Ҷ..... ѱ ڱ ...츰 ̳ .°ž... ƴ϶. ä η̰ ƴ϶... ٹ ̳ Ȯ ſ ũ .. = ȭ ũ ϴ Ȳε... ⼭ ð ı޿ 7%???.. Ÿ ..... ߿ 10 Ѻ ???.. ̶ ûʹ ݰ ֱ ž???.. Ȥ и ׷ Ȳ ݰ ???? ʿ DZ ʼ Ұ ſ ߵ Ÿ ü Ⱑ ߲ Ÿ ۿ.. 1 Ÿ ̰.. 2 Ÿ ε.... .. 3....... 4 ̳????? <ۼ 2008 09 05> 39. ¥ ο 1 ؾ߰ڳ.. ...¥... ٲٵ簡 ؾ... ڰڳ.. Ŀ ü °ųİ.. .. ּ ο 5õ£ 1 ־ ְ ϰڳ.. ̴.. ƴ.. Ǿ ޴ ֵ İ... ԰ ȸ © հ ϴ°ž?.... mbc w ͼ ϴ° ΰ ϱ ij ٴϰ θ... ѱ ׷ ݱ ?....... б ٴ å ѱ ô ƽþ ִ ¼ ϴϸ.. ij ķ ǰ̳ ָ ķ ¥ ¬© .. ~~~~~....... ִ Ʈ󽴰 Ҹ .... . ܰ ... ڸ ε .... V ȭ .... 3.40 ֱ ƺ ¾ٳ.. ⿡ Ű ݵ己 .. ɻġ ׷ ʴ Ƕ°... װ ¥ ٸ ɻġ ȣ µ...... ̶ ۿ.. <ۼ 2008 09 05> 40. ij ̹.... VJ Ư븦 ñ.. ѱ ٸ ı ...... ˹ η ϸ鼭 ۼ ϴ.. ó ؿ ̴.. ....15.. ġ..2.7%..... ...... . ij⵵ ٰ° ..... ¥ /޷ ....... ɰϰ ̴.. ѱ̶ ֱ ° ġ..... ̹ ѱ̶ ƴϸ .. ؿ Ż ...... ̹ ѱ̶ ..... ܱ ..ȭ ... ... ϱ⿡ 2,30 ֵ״ Ѿ ... װž... 鳯 η̰ Ƴ.. ѱ - ߻ 1 2õ̶ 󿡼 ξ ϴ ... Ŀ...5 Ŀ  ȸ Ʋ ƹ Ѵ.. ƴ϶ ϰ ִ°ž... ̱ 1̸ 10 ޷.... ̷ ̱ ġ ׼.. ˰.. 㱸帻 鳯 ̴ ݵ ð ׷ 10 Ȧ ߿ 40뿡 ġ ȸ ϱ .. 뿹 ý ȭ Ǿ Ŵ Ʋ ٶ.. ̰ ̳ ǰ ƴ϶ ο ü ȭ ̱ ϴ ̾.. ݸ ؼ ̾ϰ... ϵ ΰ ̶.. ð.. ̹ ѱ̶ ƴ 󿡼 ȸ ̶ 鿡 ̹ ص ް ִ Ȳ...... ̻ ı..... ϱ..װ!.......... ̴ 簣 ȭ Ǿ ٴ° ...... ̰ ƴ϶ Ѵٸ..װ ʹ 𸣴 Ű.. ̷ б ̳ ƹ ģ鵵 縮 ֱ Ȳ ͵̾... ͳ̴ϱ ػǷ ϰ ߸°.. .. .. ΰ....ܱ⼺ ...Ҹ Ǵ ڸ .. ׷ 20, 30 ȥ Ȱ Ʈ嵵 ̿ 缭 ̴... ݵ ̱ .. ô ȸ о . ״ϱ.. ̰ ֱ Ű ... ̶ֱ ൿ İ ̷ ô öϰ и ϱ.. ֱ ؼ ؼ α ڸ Ųٶ°.. ýۿ ϶ å ...... ¥ ϰ Ǽ ϴ ̾.. ̶ ̷ ǻ ̶° .... ʹ ġ  Ұ ɰ ̴ϱ.. õε̿... .......... ϰ ڽ ȸ ġ Ȯ ſ տ ...ڽŰ ȭ ض. ׷ Ŀ ... 10 Ŀ .. ںŽ Ҽ ϴ´.. ػǿ ̷ 踦 .. ΰ ϳ ... Ƿ Ǹ鼭 Ʋ Ǽ ΰ ǿ ѵ ε .. ؼ ϰ ȸ ̶° Ѵ.. 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Ϲ ùε ߰ 㺸 µ µ..... ̰ ߱ ũ 峭 Ƴ.. ǶⰡ ߱ ε ũ..Ϻ?... Ȳ .. ̱?.... ѵ ϰ ε ſī ź.... ׷..ѱ 08 GDP 43% ....װ ϳθ Ǵ 븸 ε..... ?......? .......????.. ̰ ¼ڴ Ƕ???????.. ݾ????.. ׷ ξå̶ ξ̳ ϰ ں .. Ǯ Ծ ϳ??.. ϱ ٱ ij ԰ ԰ ׷ݾ???... ׷ ߾ dz Һ ڱ....... ϱ ġ ó ڶ󳪴... űߴµ.... ̳ ij ..Ӹ ѷ Ű... ... ģ...Ƕ?...̰ Ѱ .. ± ÷̼ǿ 븸 ̸¡ =ѱ....̶ ĸ .... ̷ Ȳ д???????????........ ڸ........ڸ............. ó .. ׸... ĸ ѱ ε ŵ Ÿ鼭 ε ŵ ???......... ̰ ܰ ֵ ̹ ġ ٴ Ҹ??? ???..... .........ͳ......̳ ޸ġó ..޸ġ ... ִϱ ѱ ٰ ˾Ƽ ʳ. ͵ ġ ....Ȯ 𸣰ڴ ....... ϴµ... <ۼ 2008 09 06> 45. Ϸ簡 ִϰ ü Ѱ.. ¥... ߼ұ å ....... ܿ Ѱ Ż ׶ ̴ϴ........ Ϸ翡 2 ̻ ü ٴµ... ΰ ߼ұ ü 2 3 ö ý ε ٴ... ̷̶.. ״ ¥ ߹ ۿ ϴ.. ݵ 3 ̻ и ü 17%µ.. Ѱ.... ¥... 鸮 ȯ δ㿡 Űڷ Ÿ... ¥ ô߸ ο ѷ Ʈٰ .... ⿡ ߼ ⵵ ġ ̶µ...¼ ... Ѱ ??? Űڶ ġ θ Ե û .. ׷ ⿡ Ͼ 𸥴.. к ƴ϶... ȸ ε ѱ ļ Ÿ ðŶ ̸̿.. ȸ翡 ... ͼ ڰ ݰ ӿϰ ߼ Ư Ÿ ȸ ڱ ° 󸶳 Ǻη ˲... 9?....... ó Դ Ҹ ϰ ֳ... dz 䰡 ???....... ä η̴ ° ġ...̰ ¿.... ƴϸ α׸ ˹ ƴ϶ ̰ſ,??????....ù??? ű⿡ 츮 㰡 η ߼ұ 2õ Ѵٰ µ... ............. ̳......... ǻ ε ... ٸ ˼̶ ٷ 濡 ȭ Ѵٴ Ե ִµ... װ͵ ٰ ϵ絥.....ФФФФ. ¥ ѱ ¾ б ٴϴ .....¥ ̴.. .......... ߼ұ å ߱ ֵ鵵 ̷ ٸ Ⱑ ȸ ϴ ... г ұ????..... ̰ ̷ ڻϸ 3... ̷ Ư ° ???.. ƿ ڻ쵵 ϰ .. .... ̰  ۻ 𸣴ϱ Ȱ ġ .. ϸ ȭ Ŵ° Ϸ ϰ ......... Ѱ ̶ Ҹ ¡ ִ.... ϴ ü ٷ Ű ϴ ܴ..... <ۼ 2008 09 06> 46. ִ ̳.. ̷ ü ϴ°Ͱ ̴.... ٸ ٸ ̳.. ƴϸ ü ̳ ϻ.. =޷....Ʈ=ȭ...=/... ŷ=ݸ.... ؼ ΰ Ļ ġ ü ..׷ ̰ ں ߵ ؼ °̰.. ٸ ̴ Ȯ ..... ֽ Ƕ⳪ ǰ Ź ʴ Ȯ ùķ̼ 庥ó ̶ Ӵ ̶ .. Ѵٴ°.. ״ ʺ...¥ ڻ糪 Ÿ¥ Ȯ ϴ°̴..ٸ ...ǽ ϴ ϴ... 꿡 Ȯ̶ 鿡 ƶ.. ̱ .....μ ߴµ... å 2õ ޷ ۷ι ȣ???.. å 2õ ޷ ߴٰ ǥ ߴ.. ׷ å Ը ü ̱ ׼ 45% ش 5 2õ ޷̴....ű⿡ ߿ 켱ָ Ѵ ܼ ̶ پ.. 켱ָ 켱ֿ ؼ ǻ ȸ Ҵ ȴ. ֳĸ ģ ؼ ϴ ɷδ ̴.. ׷ٰ ؼ Ȱ ũ Ƽ 츣 ׸ ٴ° ޷ ߵ ̱ 忡 ǻ ڻ .. ǻ ѱ ä ǻ äν Ȯ Ǿ...̰ ѱ ν ū ִ Ȯ ̷ å ذå Ȯ ī带 Ȳ Ȳ ƴϴ.. ı Ĵ ٷ ´.. ...S&P 켱 ſ BBB- ==>>C ..𽺴 Baa3===>>Ca ߴ.. ̰ ̳.. 켱ָ A ǻ ũ( ä) з Ÿ ϰ н ȸ踦 .. Ȳ ǻ å Ͽ  쿡 ڴ ̹ ̸ ׷ Ͻ ſ ũ Ͻ ؼҿ ⿩Ҽ ̰ ǻ ==>> Ȯ ..Ѹ ....... ̷ 쿡 ſ ؼҶ ܱ ȣ ٴ ݴ ޺ΰ Ǹ ߱ ̴... 11 ʹ ̸鼭 ޷ ź 弼 dz ĥ ̴.. ׷ / ݵ ͷ ̹ ⸦ ؼ ̹ ġ ٵ ƽǰ̴.. ̹ ߵ 28% ׼ ߽ ̱ ֽϰ ִ... ̱ ޷ μⰡ ̻ ϶ 100 110޷ ÿ ġ  ޷  ̴.. 常 轺 140 ޷ٽ ̶ ߴµ 4/4/ ⳻ 100޷ ̴.. ּ 110޷~ 125 ޷ ڽ 弼 ݴ븦 ޷ ε ״ ̸ ǻ ħü ͼ 䰡 پ 70 ޷ 80޷ ٰ ϴµ 常 轺 ֵ ״ ߱ ּ 7%븦 ϰ ִ Ϲݺΰ ܿ ٰ ص ġ ̶- ̽ ٽü Ÿݿ ̽ Ǵ ¹ ġ 꿡 ũ ߰ ° ̸ֱ.. ű⿡ 忡 ǰ Dz 35% 濡 ϶ 뷫 17 ޷ ̴.. ׷....ߵ 100޷ ġ+ ̶-̽ ũ+ ĭ ġ 깮 ε... ϶ ұ???.. װ ƴ...... ϶+ ϶ ⿩ Ȳ Ұ ƴ ޷ ̰ŵ.. ű⿡ ھƼ ʹݿ Ȯϰ  ʹ 20 ۾+ ̱ ֵ ߳ ̵ ī ȴµ.. ̷ ܻ ְ Ź Ͻ ȯ ޶ ߼ ȯ ̴?.. ϰڰ.. ҷ ʴŸ ܱ ǿ Ƣ ҷ ...װ ƴϸ Ĵٵ ƾ Ѵ.. ű⿡ ξ ս ׼ ǻ εٰ..ű⿡ ¡ ϰ ξµ.. ̸ Ƽ 缭 ְ Ѵٰ ׷¸ε...̷ ..ǻ ص ̴.. ű⿡ ϴ 9 ä ⿡ ȯ ϶ 1080 90% ġ ̷ ̴.. ̴... Ⱑ ƴ ö 3 6 ܱ ä ν ̰ 3⼳̴.. 6 ⼳̴..󸶵 ũ ؾ ϸ.. ܱİ???.. ŷ 3 ܱ ä ̰ŵ.. ׷ ϱ ϵ.. ܱ Ŀ ̷ ´ٴ°.. äǽ忡 ɰ ϳ ִµ.. ä ۼ.. ä Ѿ 59% 迭̴...߿ =37%..=11%... =9%..̱=8%...̰=6%....̷ Ȳ äǰŷ ʴ ŷ Ȳ ޷ ڱ Ǵ ŷ ȯ 巯 ʴ ߰ ۿ ִ. ߼ ȯ̶ ٴ ܺ ο Ͻ ݵ ̶ ϸ.... 10~11 ߰ з ̴.. 7%  н 10濡 ݸ λ ̶ 9濡 ݸ λ ÷̼ Ȳ ̴.. ȯ 1070 ؿ ȴٸ ȯ ÷̼ ... ===>>> <<< ȯ x 2.7~3.0 ȯ ο ÷̼ ٴ ¿ ξ ǰ ݿ ġ ȯ Ұ ΰ ÿ 쿡 ̴... Ϲݱ λ ɼ Ȳ ȯ 1050 ~1075 ּ ʴ... ݸ ߰ λ 10 11 ϸ.. ̷ ݸ й ̴..... κ ̴.... ʹ 粼... ϵ Ǽ ߴ..  ػ= ظ ϰ ѱ 100ı 2050⿡ 2 ̴.. ⿡ ѵ װ ...ʹ ٺ,...Ͽ ư ǶⰡ ̷Ŷ ſ..... ѱ???.... ..ϸ........ ɰſ... ????????.... ... ....... ׸ õ ܰ ϴٰ а ϱ ɵ ϶ ſ.... ƴ϶... ִ ϰ ֱ ؾ.. õ  ֱ 2 ԰ ڻ ߴٵ絥... ֵ Ű ... ׸ ٽ ָ ...å 2õ ޷ Ƴ....̱ ޷ μ 谡 簡 ϱ ߴٴ° ٽ ߿ ٽ .. ֵó Ȳ ܰ عٴں óϴ ƴ϶.. ī ϱ.. ͽ ϰ « ̱ ֵ ޷ μ ° ..... ġ ....... 1  ° Ŵϱ ...... ø ϸ... ö ʴܱ ̶°.... ° Ƴ??????? ׷ ׷ ... Ƕ ޷ 1 ƴ϶ 2 ٰ ص Ȳ ܱ ¼ ´ٰ... ݵ öϰ ϼž ̾...̰ ѱ ϶ ų ְ ϶ 縦 ° ƴ϶....װ ̷ ں ̷ 󿡼 ̱ .. Ȱ Ű ܰ ... Ʈ µ ....ʹ ׸ ̳.. ̴ .... <ۼ 2008 09 08> 47. 11 ؾ ̱.. Ծ .... ..... ڵ ڷ... ٲٴ° ƹ 100 ڶ dzʼ ٲٴ° ƴϴ.. ڵ ̸ ʼ Ȱ 3 ̶ Ź⳪ .. ׷... Ǻη ° ΰ???....... ׷ ٷ Դ°.. Ծ ... ׷ ַ ķǰ 缭 Һϰ ԰..ۿ 縦 ̿ϸ鼭 ǽ ° Ѵ.. ̰ ̸ ä......... Һ ̶ Ҹ ͵ ̷ ϻ Ȱ Һ Ͽ ɸ ̶° ̻ ŷ ʿ䰡 °.. 8 12.3% ߴ... 7 12.5% 0.3% ϶ Ҷ...װ ᱹ 峭.... ᱹ ٽ ȯ ȴ... ڵ鸵 ϴ ٽ ϳ Ǿ ϶ε ȯ °ͱ ׷ ĵ .. ״ 10 ִ...ƽþ 忡 Ϸ ִ .. ̷ ɰ ı޵ȴ.. ̶ ǻ װ ƴϴ.. ϰ ؼ ޷ ̴... ׷ ,,,, ..ö.... ϶ δ.. ̰ ܱ FT Ÿӿ ޷ ۷ι ÷̼ ȭ ǥ ִ.. ѱ Ư ȯ ѱ ټ .. и ޷ ϶ 0.3% ϶====>>>׷ Һ ̰ ް ų .. ѱ Һ 깰 ġ.. 깰 벾 ġ ݻ ̷ ü: 100 .......4.36%......... ֿ ǰ ϴ ߼ 깰 ׷ ǰ ı ȿ ķǰ ѱ ü ---------> Һ 쿡 ߰ = 75%.......... ׷ϱ ɿ ¥ 150 ÷ȴٰ ص ǿ 2200...... ä 90.7%..ߴ 69%..ȣ 62%....̷ ... Ҽ ۿ.. ᱹ 3 ݿ ̶° ..... 11 ........ ְ ġ 0.3% ¼ ϴ 11 з¿ ߰ Ұ Ȳ.. ׷... ο , ÷̼ ڱ Ҹ ؼ ƿ ֽ п 귯 ʰ Ʋ ƾ µ?????? ϸ ⼼ λ .. ̷δ..........¥.......... ̳ ٲٰ ġ ֱ ϴ° ... õ 忡 ̷ ̶° ȵ... ݾ.. ű⿡ 11 ȱ׷ Ȳε.... ׷ ݸ մ ̱ Ŷ .. κ ..10 0.25% ÷ ׳ Ѿ 11 ź . 0.25% յ ٴϱ.. δ ???....װ 1 ġ ƴ϶ 丷 7 ޱ .. ׷ 11 ڸ ü 󸶸 ޶°ųİ.. ѱ ߿ ֵ ڱ ... 󸶳 dzİ.. dz õε..... ׷ ä ݸ Ϻ ε... λ ݸ λ й ݸ ö󰡸... õε Ѱ ... ǰ ݱ Ż ջ ġ ȴٰ ġ ... ű⿡ ϸ ް 20% ε ڻ µ.... .....300???...... ̱ó ѽθ ׷ ҷ ǥ ְ .. Һ ̷...ϵ ϸ.. ̱ ֵ 1 ѱϰ Ȱ شٰ 1680 ھƼ ξѴٰ ߴµ.. ... ڸ ؼ °.. 2 800 ڰ GM.. ε 500 ݳ.. ׷ ٽ ڻ °Űŵ???.. ѱ??????...ѱ ׷ Ҳ ???..... ü ¼.... ڴ° Ƴ... ϸ ƴݾ???.. ⵵ ij⵵ 2018⿡ ƾ ϴµ..̷̸.... ̶ ȶ°ž ... ׷ ̶ 缭 忡 ̶ ϶°... ġ ¥ ŵ???... ɵ 빫̴ ̴ ¼ °͵ ¥.. ٸ Ѱ Ѱ ִٸ...װ ϰ ȴٴ°....װ ϰ ͼ ̷ 忡 Ǵ 긱 ߴ.. = ̶ ̾.. ..... ....ű⿡ ̺о Ʈ ݵ  70% ٸ???.. ..ᱹ ׸ .. ᱹ ؼ о ֱ ϴ°...ֳİ???.. Ǽ κ ϴ° 峭 ƴϷ..ű⿡ ְ.. ڱ ¼ ¼ µ...׷ ܿ..ƴ ̸ ư ׸..Ѱ.. װ ϳ 鼭 Ǽ Ƽ ִµ.. ű⿡ ϵ 10 Ǽ ȸ ϳ ۻ ݾ.. ̷ .... ᱹ õε 忡 å ٴ°ž.. Ƽ ξѴٴ° ° ̹ ߷ ˰ °Ű... °ġ 깰 ̳ ..ƴϸ 깰̶ ߱Ƿ ؼ 2ܰ ٿ ֵ簡..... ȱ׷ ¼Ҹϱ.......¥ ׷...׺ ð̶ ̹ ߼ ð ŷ ԰Ÿ ̶ ϶°ž???....... .... ̹ ߼ ð ̶ ؾ ..... ϴ.... Դ°ͱ κ ˾Ƽ ؾ ϴ ... ӱ Ե Ѵٴ ô Ƕ 峭 .. ̻ ƹ͵ ƴϳ.. ׸ Ϻ ӱ ø Ӽ ٿ Ѵٴµ ѱ Ե 󿡼 ̳???....... ̰ ° Ƴ???.. ̰͵ ϵ ϴ Ž ???...ϵ̾ ..ǹ ؼ ڻ ϱ ÷̼ǿ ... ϴ ϱ " ö?...... ׷ Ӵ ø ?"........ ̾.. ϴ ¦̶.... ̷ γ׵ ϴ ѳ ֵ鵵 .. ׷ ӱ ٷڵ????... ??????.. ٻ µ??? ¥ ƹ ص..̷ ̷ ԰ ִ° ű ......̾....... ȣ̿  ķ .....Ŀ ߰.. .. ..μ ¼ھ.... ͳ ߶  ԰ ؾ... ڲ ̸鼭 ¼ ϴµ.... Ŵ ٲ ?....Ƽ ٲٰ??.. Ź ٰ ư ٰ ġ?????? Ʈ .. 4~5 ̾.... Ծ .... ķǰ ݸ ġ ..Ƹ ѱ Ͼ .. ġ° Ѿ ͵ Ѱ° ִ°...ƴϸ ƿ ǥ 簡.... ˰ Ӿ ִ° 󸶳 ˾??????? ѱ Ϻ δٸ ƴٰ ..... ƴ϶.. ֱ Ϻ Ϸ ƴ???.. ѱ ֱ ѹ Ϻ ι ʽ 縻 Ʈ ϱ °ž.......Һ Ϸ ° ƴ϶.... ׷鼭 Ƽ ϵ ........ ̷ ٷ ̶°ž.. ǹ ִ ..... ܸ ܱ ° ƴ϶ ξ Ǫϰ ° ϴϱ ϳ 쵷 ܱ ΰ װῡ ں Ű ϱ.. ϸ ׷ڳ.... Ű ° ƴ϶ .... ̾....... ׷ ϱ .... ... ö 𸣴 ͵ ̷ Ȱ ʼǰ 緯 ܱ ° Һ ¼ ϱ ؿ հ ϴ°.. Ÿ 𸣰 ̾. ̳ ڵ ° ƴ????... ǰ 90%... ǰ ϴ°͵......ֱ ǰ ͵... ѱ μ ΰ ȳ ͵.. װ͵ ƴ϶ γȸ 1 ڽ ü .... õ ״° ........ ϸ ۿ ֵ ¸ Ϻ ϴ° ΰ ڴٴ Ҹ ϰڳ.. ̷͵ ñ̶ Ž ƴ϶ ̶ ֵ .. ״ϱ.. 򿡴 ൵ ƴٴ... ..״ ͵ ״ ̴.. ̰ž 뿹 μ........̱.... ϸ Կ ѱ 뿹 ü ǰ ִٴ źı .. ¥ Ӹ ......... γ¿ Ѱ踦 DZε..... 濡 ڻ 浿 ..... ڴ????? ġ ̰......¥ ԰ڴٴ õ... <ۼ 2008 09 09> 48. λ .. 峭 ƴϳ..... 2008 8 31Ͽ KBS : γ , λ ̾߱ ɽð ְ ° ͳ ôµ.... ¥..... 峭 ƴϴ..... ̷ ζ ϱ ǻ ߷ °... ױ ö ׷ Ⱑ ˾Ҵ..װ͵ ƴѰ .... ޸µ ε ξ Ѵ ñ 鼭 ŷ 5 Ǽ縸 簳 츰ٰ ϴ° 鼭.. λ 󱼿 ͹  ߴ.... ....... ű⿡ 20-30 ڻ ִ..... ִ ڻ?????????... ϱ...... Ƶ 30뿡 1 2õ̶ ڻ 浿 ...... ̷ ̴µ ȯ ŵ ϰڱ..... ڻ ׸ ũ ȸ Ÿ ־µ.. ȥ ϰ ʳ ϰ ѱ ̴.. 2012⿡  ״ ʰȭ ȸ 2015 ~2018⿡ α ü α 20% ϰ ̴.. ǻ 踦 Ʋ ȭ Ǵ 20 30 ֵ ̸ ѽθ ȥ .. Ȥ 빰 뿡 .. ش ֱⰡ ϻ ó ڿ ȣ .........Ҹ ġ.. 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Ű ֵ ĥ ԰.... ְ..... .........ģ ۸̵ Ǫ .. ̶.... ¼ Ҹ ŹƼ ý .. ׷ ߿ ϸ...........׳ ĥ״ϱ......... ܿ ְڴ.. ɷµ ս ¼鼭 ֽ ä չ ġ.... ϵ Ÿ ϶ ˾????? ׸ ü ϰ и Ű ٳ Ų ֳ???.. ¥.. ....... ̶° ° ִ°ž... öǵ ƴϰ.. ε ٿ ܱ ŹƼ Ǽ ϳ  ޶ ̰ž.. .. ̷̶ ܿ ڸ Ÿ ̶ Ⱦƾ ..... . .. ̰ ̶ Ѵٸ.......¥ ð ô̱............. ̴ ̴ 鼭 ϰ 峭 ϰ ȿ 濡 Ҹ Ҹ Ŀ콺Ʈ Ѱ ִ ̷ Ȳ ϰ .. ̰ ̰ŵ??????????.... ڵ鵵 âζ Ÿ α׸ ȷ ????... ̶ Ϸ ް Ƕ ̾Ƽ Ⱦ?????..̱...... <ۼ 2008 09 09> 49. ........ ΰ...NH..... ........ ΰ....... .......... ġ ̿ 濡 ԰ ڻϴ .. ¥ ̴...... 10 ̶........ ׳ üض....... ...... ð ֱ ׳ ŵ ´.........׷ ϰ ° ϴ°Ŷ...... ϰ ϴ ׷ ֱ⸦ ........ ΰ ߼̳ ֱ ڰ....... ̶° ü ...... ̰ ̳İ.......... 鳢 Դ 缳 ü....... ̰ ???.......  ???????.......ݵ 츮 ̷ ִ. ̷ ..........̷ Ⱑ 10....... ¥ ̰ Ⱑ ......... .........Ϲ ͽǾ ġ.......... ƴ϶ ̹ 긮 .....θ Ƽ Ƽ ڸ޵ γ 鼭 Ÿ ̳ ġ° ƴ϶.. ڼϰ .. 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ϴ ׷ Դϴ. <ۼ 2008 09 10> 63. ߼ ڱݳ... ΰ... ........... ߼ұ ⿡  1 ............. Ʋ Ƽ ü ĸ ̷ ߾ϴ±.. ޵ Ǽ ߼ 1/3 Ȯ...... ٿ ......... ̰ž Ҹ..... ε - 3õ£ -5õ Ȯ ̰ ֽϴ.......... ̻ ࿡ ű ޱ ؼ ̴ϴ.... ܱ̳ ٸ Ϸ ű е ߼ Ը ġ ߴ ġ ϴ ۿ........ õε å ϴ...... ҿ ҷ ٲٰ ...ٽ Ķ ÷.... ð մϴ...... ٸ....... ° ġ ȸ ٱ ̸鼭 7õ Ѵٰ ο ...... ϼ ȸ 忡 ¼...... ϴ ͵ ƴϰ.......... ̷̶.................. ........װ ۿ ϴ........... Ʋ ߼ ȸ翡 系 ϴ ȸ簡 󸶳 ˴ϱ...... ϼ ȸ Ե........... Ѱ ٸ ̶ Ҹ............... ̰ ü 89% ϰ ִ ѱ ߼ 9 Դϴ...... ȸ翡 ׷ Ͻô Ե â ͼ ݰ ֽϴ.. ......... ɸ⸦ ϴ±............... ....... ȸ ڱ ֽϴ........ ġ .......... ѱ Դϴ..... ƴϸ ƿ ü 100% ö ÷̾ ȸ ǵ簡......... 80 ̾ ó 汸 Ĵ ʺ...... ϴٸ ּ Ͽ .. ϴ½δٰ....... ¼ھ...õε ׷Զ Կ ....... Ƹ.. ӱ üҵ ȸ鵵 ̴ϴ... ű⿡...... شٰ ϴµ... 55..........̰ ɸ±.....5 ƴϰ.....55???......... Ⱑ Ϻ ƴϰ... ִٰ 55 شٴ ................ ̳................ .....ƹ ص ̰ Ǵ Ҹ ϴ ̾...... ٴ ߴ ..... ٽ ٰ ϴ° ʹ ° µ... ϴٴ...... ȸ ε Ȱ Ⱦƾ ϳİ Ե............ 帱 ϴ..... Ż 㰡 ..... ˼ մϴ....... ҽθ Ϻ ڱ̳ ̱ ȸ 㺸 ڱ ۿ Ƴ ....... ɴϴ.................... ׸ ׿ Ҿ ߿ ġ Ʋ 鼭 ؿ ֽ ڷ սǾ 10 ޷ Ѿ µ ִ.. ̷ ǵ ־ ϴ°......װ͵ ֽð.... ̷ սǾ ϴ° ƴմϰ??????????.,. ¥ ƴٰ ۿ......... ź Ÿ̸ ư ߽ϴ. κ ȸ 渮 ȸ 񷯼 ȸ 繫 ѹ Ȯ ð ȸ ̷ ؼ ϰ Ͻñ ٶϴ... ׷ ڱ ε ũ ɸ Ȳ ֽϴ.... ̰ ܼ ƴϴϱ ϴ Դϴ.. <ۼ 2008 09 10> 64. ؼ ξ մϴ. ׷ϴ.... ... ¥ ϰ ؼ ........± и ׳ ġڽϴ.. ׷ϱ ؿ ֽ...ä ġ... ں Ǿ £ ؼ ζ ȯ Ű о߳ ƴϸ ڿ ..... RET о ȯ ϰ ö ƴ϶ Ѵٴ° ´ .. ѱ ö ߴٰ ׾ ׽ϴ........ں õ α׸..... ¥ 90% Ǵ 뿹 ŵ Ǵ° .. ϸ ϰ . ؿ Ż Դϴ.. ƴ϶.... ????????????.... ް ġڽϴ. 30 ĸ ̶???... ׷ ٿ ֵ 20 ̷ ؼ γ׵ ° ġ ƾ Ҳ ƴϳİ.. ........... © 濡 ϰ Ѵ .... ֵ ٸ μ Űܼ ָ ˴ .......... ׷ DZ 밡ٷ θ ϴٰ.......... ׽ϴ.................. ....... ƴ϶.. 忡 ɰ ̾............ ε ȸ 7.80%̾.......... 鵵 ƴ ..... Ѵ ȿ ֽ 򰡼ս -10 ޷ ýϴ........ ܰ....... ƴ϶ ¥ Դϴ................ δ .. ׳ ׾ °........... ......... Ϻ ....... ִ ֵ ¿ ???..... д???...... ....׳ ѱ ߴ°ž.......... Ǭ ....... ׷ ī°ž....... ű ,,,,,,,,,,,,װ Դϴ...... 2 ƸƼ ʰ 絵 ϴ ......... ڲ Ϻϰ ϸ鼭 Ϻ Ȳ ¼ ̴µ... ... Ϻϰ ѱϰ ϴ° ü ġ....... ڱ ȯ ........... ư Ŭ ۿ ..Ž ̰.....  ״ Ǽ ± ÷̼ ִ 2008 ѱ ǻ̾.. 20 ̷ Ѵٸ ׳ ɷ ״ϱ........ .............̶ .....¥.. ׷ δ ״´.... ߳ 鳯 .. ε̰ ... ̰........̹ ⿡ Ÿ ̹  ߵ ܰ ؾ ó.....̶°ž... ׷ 2~3 ĵ ƹ .. ƴ϶.. ================== .... ϰ ٵ ȸ ڻ쳻 ߿ 60 Ѿ Ÿ ԰ 淡???....... ƴϸ ̷ ϰ,,,̷ ϰ ߿ Ǹ ȸ ٽ ҷ........ ̻ ð .........ð ̶ پ.... ״.. ......... ׵簡..簡...... ϳ....... ̻ ̶ .. 2009 2/4 б ѷ å̳ ȭ ̷ ´ٸ... 峭 ƴ϶ Ϲ õε........ ڻ..ƴϸ ؿ Ż ......... ̶ .... ̻ ̷ ϱ..... ״. ѱ Ȳ..... ü..90%....Ѱ Ȳ............. ȴٰ ִ....... ׵簡.........ƴϸ 뿹 ǵ ...........ܰ ۿ... ̷ ش Ȳ ü .. ¿ ......¥.. ======================== ̰ ϴ ֵ.......... ῡ 60̳ ϱ ٶ..... ׳ ü ȸ ״ϱ ........ ڻ...........ƴϸ ؿ Ż̶ .. 󸶰 Ƴ....... ɰϴٴ°ž.. <ۼ 2008 09 10> 65. ѱ ܱ ǰ ȴ... ϰ ؼ... ͼ Ǻη ......... ѱ ܱ......Ư Ϲ ȸȭ о ġ ɷ Ǵ° ..  ϴ° ƴϴ....Ϻ..߱...... Ͼ...... ..... Ϲ õε ѱ  Ȱ ؼ Ż ؼ ԰ ..... ..... Ȱ ȸȭ ߽ ܱ ɷ ȸ ̳ ϶ ܱ ɰ ڴٴ ....... ׷...... ... 뿹 °......... ̴... .......߱..Ϻ ⺻ Ȱ ȸȭ 2 ֹ ߴ..׷ Ĺ ѱ ְ Ϻʹ ȭȭ ߽ 2 ȿ ⺻ ȸȭ ؼ ߰ڴ.. ¥....Ⱘ ........ ֵ 2~3 ⺻̶ ϴ.... ˰ ........ .. ....... ȸȭ ߽ Ѵٴ° ... Ȳ ̷̶..... Ȱ ۷ι Ĵٵ Ȯ ؼ ϴ ۿ .... ̰ õ 忡 ΰ ..ΰ ֵ .. ñ ο 鿡............. ... .......̰ ̳ 뿪糪 ҷ Ƴ... ֵ鵵 ̷¼ 鼭 Ÿɸ ϰ ƴ ... Ǹ. .........¼ھ...... ȱ׷???....̰ Ʋ ƴݾ...... Ȳ...... ׷ ˹ٳ ٸ ֱϰ 㱸峯 ̰ž.. ׷ ǰ ȴٰ ۿ..... .. Ȱ ؿܷ Ȯ Ѽ ԰ ϴ ۿ...... ϰ ؼ.. ̷ ..... ̰ 翬 ?????.. 忡 θ .... ظ ԰ ְ η Դ ̷ ǿ.... ϴ 忡 ο ħ뿡 ־ ̷ ̳ ߵ... Ե ̷ .... Ż .............. ýڿ Ʈ ..... ԰ ֱ ..... ѱ ״ ں ...... ׸ 뿹 ............ ......̰ ¥ ƴ϶ ............. Ƹ ڿ ̻ ڻ .. ׷.... ⿡ Ȳ η ġ... õ ֵ ... ԰ ...... ׳.. ٰ ׾ .... ܱ ƴϴ.... Ȱ ܱ ȸȭ............. װ ̾.. ̱...ȣ....Ʈ..븸..߱...Ϻ........ .........ɼ ̸ .....װ ̾....... ..... ̻ θ þ ܰ ٰ ...,.. ѱ õε鿡 ؿ Ż ؼ ã ̴... <ۼ 2008 09 10> 66. 60 и.. 鼭 ϰ κ ־ϴ.... Ƽ............. κ ׷......... Ȱ ô κе 80% Դ .... ƴ϶....... ,,, Ȱ ڱ .... ߼ ȸ ڱ ....... ̰͵ ..........¼°......... ϴ 󱼵 ... η ͷ ܸϴ κ... ֱ ϱ ηƴٰ ϴ.. Ͻô ƴ ....... ڿڽŵ..... ħ û Ͻð.... ῡ û ϸ鼭 ð.. е Ƽ ֽϴ........... ڸ ϴ° ƴ϶. Ȱ ϴ ..... ¥...Ⱘ Ǻη ±......... ϴ........ 󸶳 ٵ ƿ......... ̰ ̵ ġŲ .. ¦Դϴ..ġŲ ٵ ƽ ???... ϳ ....... ⼭.... .. ¦ ϴ... Ƹ 2~3 Ŀ ȥĵ ϰ ׳ Կ ϰ ε鵵 .. ׷ е鵵 õ...... ............ ¥ Ⱑ ̳׿.... ȥĵ ϰ ȥνŰ Կ Ź ̴..,, Ͻð Ȧ ȥ ϰ κε鵵 ϴ..... ̰ ̴.. ٸ Ĵ ̳ .. ʰ... ߼ұ Ϲ κе Ѱ........ <ۼ 2008 09 10> 67. ҵ漼 40% 3% о ֱ..... ѰԴϴ....... ҵ漼 40% 3% о شٴϿ... μ Ϲ ߼ 100 ȿ 123 ȿ.. Ӽ 98% 10 ̻ ڿ... 95% 1 ̻........ 7õ ޴° 13% Ʒ θ Ѿ ̳ʽ.... 34%... 36%..... ü ü 70% ̻ 鳢 Դ°̴ϴ..... 30% ξ Ѵٴ Ҹ...... ̰ɷ ξ ϰڴٴ°ųİ......... ű⿡ ҵ 20% -17 ...... ܰ... ̴ϴ.......... 20% 80% ȭ 뿹ó ........ФФФФФ ̷ ϸ鼭 ֱ Ƽ° Ǵ Ҹ ????????... ¥ ̳׿.... ݵ ĥ ֱ η̴ ϴ... ƴ϶.. ɰմϴ... ״ Ȳ̶° ȣȩ ް ٶ Ƕ⳪ ٸ °... ̴ ͵ ƴϰ.. ѱ ֵ麸 ο ָ ԰ ڴٰ ļ Ϻ Ŷϴ... ο µ ٴ̶µ մϱ... ..̰ ̳ Ǵ Ҹϱ???????? ü ¼ ڲ ̷ İ...ФФФФФ ҷ 鼭.....Ʒ ͵׸ д ϴٰ Դϴ........ ..... ׷ ̹ ٴڳ ֱɿ ֵ ӿ ű̶ ӿ ɰ ֽϴ... .. ϴٰ ۿ........¼ٰ ̷ ........ ФФФ ٲٰ ̳ к Ÿ ϴ° ƴմϴ... ּ Դ .........̰ Ļ Ѽ ü ԰ڴٴ ۿ ƹ ͵ ƴݾƿ...  ұ......׳ ¥ ڻ ش ̴ϱ?????.... ǿ 鲲 亯 ּ ھ.. ׳ õε ˾Ƽ Ȯ ׾ ???...........ФФФФФФФФ Ф..̰ ¥ ϵ ϴ°ų??? <ۼ 2008 09 11> 68. Z Ѵٴϱ??? Ʊ 11....... 70 ģ 2 ͼ Z Ѵ Ͻø鼭 󱼿 ͹ Ŵ.. ׷鼭 ¥ ѱ ¼ 淡... ȣ ϳ .. "..̰ ϳ ð....׷ в Z ٹ Ͻó ??...." " ƴ..." "׷ ٸ 㳪.. ٴϽó ???...." " ƴ.. ū Ƶ .... Ĵ....2 ߾..".. "׷ Z ֽ ñ.." "ƴ϶ϱ... ֽ .... װ ڲ ??" " ƴ.... ϽŰǰ ؼ...׷ Ƿ ߽ϴ.." ( ģ γ׵.... Z ڽ ٴϴ ͵ ƴϰ....Z ֽ ִ°͵ ƴϰ......ü ڸ 89% ߼ ........ Ϲ õε Z ٰ 󱼿 ͹ ̾..) ¥ ........̷ ϸ . Ѵٴ ¥ ´.. ҹϰ... ..... Ե ͵ 鼭...... ƹ ڰ PR ڸ.. ڸ ..... õε ..... ¥ ܿ ,,, .. ,, ..Ƴ.....ġ...ƴϸ......... ѱ α׸ ׾.... ܿ ѱ ü .. ߼ұ 15...20 Ʈ 3 ſ ȴٴ ܱ ̶ ϴ ְ ϴ .... ¥ ;.......ȷ.... ۿ ַַ µ.... ܰ ֵ ģ Ⱦ ġ 濡 Ҹ ±.... ٿ ȸ翡 ȸ Ź ϱ ٸ鼭 ſ Ŀ ͽ νƮ Ÿ ִ......... .............. 򿡴 Ե鵵 ۳ ⿡ ö 28ȣ ְ ̽ô...׷ е鵵 ش ϸ ڻ θ ׾ ...... ü ¼°ž???........... ̷ ִ °ų??.. ȸ 鵵 Ź ϵ ͼ ŷ ȴٴ..... Ⱑ ̷ ... ԰ڳ.. ׷ Ϻó ߹ ִ ̻ 񽺵 ٴ .. ϸ ̷ ڳ.. ð뿡 Ϲ ̻ 1.5迡 2 µ ȭ ַ... .. ¥..... ڱⰡ ߻̴ ¼ 󿡼  õ ....... ڱ ݰ Ѵ.. ȸ ǰ ӿ ٴ ... ׷ ֵ 󿡼 Ƽ Ÿ鼭 ´... ¥ Ʈ ƴ .. ϱ..׷ ......... <ۼ 2008 09 11> 69. ֽ ڸ ϴ 32 û... ¥.... ݱ ƴѵ......... ٴ .... Ʊ û 32ε..... 3200 .... ڷ ϰ ٴ..... ׷ ó ׷Ĵϱ....װ͵ ƴϷ... б ͼ ȸ簡 ݳ⸸ ε .. ʾƼ 밡ٷ... װ͵ ǽ ° ִµ.. ̰͵ ƹ ϴ° ƴ϶.... ¥ ٽ ڵ 3.4 ϰ...ڱ 10 ϴٰ..̰͵ ȸ簡 ߴ 3 ޿ ... θ ֽ ϰ..ϸ鼭 700 ܼ ϰ ִٴµ..... .......... ̷ Ȱ... Ȳ ϲ  ֵ ڸ .. ׷ ....ƹ ׷..ƿ ڰ 𸣰ڴµ... Ұ ڸ ° ʰڴ???.... ׷..ڱ⵵ ƴµ....޸ ı ............ ٰ...׷ٰ ֵ ƴϰ 嵵 ٳ ð Ҳ ְ ..... ¥.................2012⿡ 츮 ̵ մϱ???........ γ׵̾ ߿ . ׸̶........ ֵ ~~~~~ ƾ ϴµ?????.. ̰͵ 30% ڿ ˾Ƽ .. ǰ???.. ͷ þ............ۿ ϱ ϴ ̾... ֵ ¥ ƴ϶ ڴ° 뼼ŵ???... ̷ ڿ Ƕ̵ ýۿ . ̶.. 20 Ŀ 10⸸ α 300 ~500 پ .. ʵб ݿ 30̾.. ϴµ ִ ...׷.. °.. ǻ ¥ ̽׸ ... ƴ.. ...... ȸ ȸ .. ״ ڻ Ϲ õε ©... 뿹 ϰ ׾ ... ã.. ׷ Ȳ 뵿 Ȯ ؼ Ѹ..׷鼭 ̶ ° شٰ.. ű⿡ γ׵ 븦 .... ȿ ϶ ¼ θ .. ׷...̵ θ̾ ̶ ̰ž..׷.... ¥ ֵ Ű ϴ ڽ 忡...... ּ 20⿡ 30 Ű ְ ޹ٶ ϴµ..̷ ں 󿡼.... ݵ ڻ굵 ..ָ ?????.. ׷ ̳ ̱ó þƼ Ű ִ°Ŷ ֵ??????.. ƿ???........... ¥........Ⱑ ..... ƹ 뿹 ý̶ ..ּ װ ִ 뿹 ........ ׷ ָ ̴ DZ.. õ å̶ð ̿ Ʈó ֽ ԰ ̷ 󿡼...... ߵ ֱ⸦ ڴ... ȭ ..... չ ϰ ˱ ϴ½ ٰ.. ׸...ڲ 밡 밡..ϸ鼭 ϳİ ϴµ........ װ ϴ ̾..... ۳⿡ ǵ..... 밡ٵ ־ Դ° ƹ ϴ° Ƴ.. ׸ 밡ٰ ƴ϶........... ̶ ǥ ´ٰ ϴ ... ð ϴ ֵϰ ôµ.. 밡ٶ Ҹ Ѱ...ѱ ѵ... ǻ ũϼ .....ܼ ...׷ νδٰ ϴ° ܱ ֵε.. 밡??.....̰͵ ϴ° Ƴ........ ѱ 밡ٶ Ҹ Ѱ 忡 ܱ ֵ ... ѱ ֵ ڷ .. ׷ Ѵٴϱ.. ̷ ...... ְڳ?????????...... ׳ °.... <ۼ 2008 09 11> 70. 100 ڿ=32.7% 峭 ƴ϶.... ڿ ߿ 100 ڿ 32%.. ׷ ̰ 翬 Ͼ ۿ ..... 빫 2004⵵ ź̴ θ ģ ־ .. ٵ ϽDz,,,, ü ڿ 5% ̳ ٲ ޾Ұ ...... .,... 6..7 ̴........... ű⿡ Ʈ ܸ Ⱑ ־µ...ڱ Ƶ б ð ܱ Ҿƹ ѱ ̶ Ͻôµ... ͼ "... ̾???"......ϴ° 巡... 鼭 Ʈ ϰ Ǹ ⿡ ʹ µ.. .....ƴ........ ǻ ƴ϶ ........ ׷鼭 ʿ Ա ..ѹ Ÿɿ....... ƽ ؿ 뵿 ???......... ̷ ........ ׾ Ϻ 뿹 ý Ƴ???.......ѽ ׷ ٿ Ÿ ġ ̱ó ٹ ȸ ϵ ... ¥ Խø..... ̰ İ..... ݾ.........츮 峭鵵 ƴϰ ̾.. " ֱ ̴̴" - ī ϵ ........ ̷ 繵 𸣰ڴ... ŭ ̷  « ѹ ¼ 鼭 η ԰ ̿ Դ « Ÿɿ Ź ......... ¥ ..ܿ.... ϸ ֱ Ⱦ θ ȸ簡 İ.. ϰ ¥ 3.4Ⱓ Ϻ ؿ ġ ֱ û̿ ???... ׷ ϱ 󸶳 öϰ ӾҴ ͼ ϴ ֱ Ű ... 츮 û ȭ ̶µ........ йи Ʈ Ӵ ٿ ݳ ä 1 ״ ... ǻ ɾ ... ܸ λ 鼭 Ѽ... dzʱ Ƚ οٰ ٰ ͼ .....ű⿡ ڴ ٴڿ ι.. þ ...... õ... ԰ ο ..㿡 ھֵ ٹݻ翡... ..... ...????????.. 2⸸ ȭ Ƽ ī ˹ ¦ ڴ.. ߼ ȸ ϴ ְ ڱ ȸ 忡 80 Ҵ ..̷ ӿ ִ°ž... ... ȸؼ ϰ ¼Ĵµ..... ϳİ...... ѽθ ξ Ҷ ߼ 1 ̶ 100% ֵ簡....... ü 90% ߼ ޶ 100 ȿ???.. ̰ ׳ .°.... <ۼ 2008 09 11> 71. ׷ ̶̹ Ҹ ϴ°ű.. ׷.. ̶̹ Ҹ ϴ°ű........ ΰ ܸ ͼ Ӵ Ÿ鼭 ̹ ¼ ϸ鼭 淡 ׷͵ ֳ???. ߴµ..... ϱ.............. 󿡼 ԰ 츸 ö ۿ ....... ̹ ̶ Ҹ ԰...... λ.......뱸.......... ڻ Һ ÷ ٲ Ż ȭ ü 踷 α Ż ﵵ ״ 챸.... ........... 簡 ̱...... ϸ ȿ ̹ ٴ Ҹ ұ....ФФФФ.... Ƣ 縦 ϴ ־ ԰ 츸 ϴϱ ׷ Ű... ƾ..¼ڳ....... ѱ ۿ.. ̰ ̰....... ɺ ̴......򿡴 꿡 ٱ۰Ÿٴµ... ׷ ƶ̿........ФФФФФФ ״ ҵ Һ ģٰ ܸ ׷... .. ״ ϶  ٺ ̾ ž̿... ѱ ӿ ?....ѱ ȿ ̶???.................. ɰϰ ڴ...... Ͱŵ....... ̰... ׷ ̹ ָ ð ؼ ɰ ɾ 鼭 ڽ ִµ... ....... ͼ ϱ ̶̹ ϴ ͵ ... δ GNP ..???.........4 ޷???............ ...¥ ״ ġ ƴѰ????????........ ׻ dz... ü ̶ ...̰ ...........̶ .... ̰ ư ̰......̸ ġ ۿ........ ¥.... 峭 ƴ϶........ ν Ǿ ִ.... õε ,,,,,,,,,,,,, ǻ ϳ ȣȲ Ư .. ϵ .......̴..... 縦 ϴ ִ ȴٸ Ƹ ǿ ó ϲ, ߼ 꿡 ī޶ ;..... ¥ 峭 ġ ..... ǻ غ ؾ߰ڴ.. 4 ޷ Ķ̽............... .... <ۼ 2008 09 11> 72. ڶ...׷ ˰ ִ.. ׷..... ڶ ġڰ........ ϵ Դ ϴ° Ƴ.. ٵ ѱ ̳ʽ ............... ü ϶ ???.. ú ɷ ϴ° ƴ϶... ȶϽ е...... ҽ õ ִ ġ ˷ ּ.,... ׷ Ʈ ٲ㼭 ״ϱ... ϴ° ƴ϶............ ¥........ ˵ ٴϱ.. 峭 ƴ϶...... ͼ ڷ ¥ ó ̷ óΰ ...... 98 IMF ̷ ٴϱ..... ޿...... ƴ 2 ڻ߾... ׷ ¼....... ... ......... ׳ ϰ.. ġ ... ... ƴϸ...... 5õ ӿ 6.25 Ѱ ̶..ϴ ׷ Ȳ Ǯ Դ Ҹ .. ...??????....̰.......̷̶ .......... ŷ ¼ ¼ ϴ Ҹ .....ü ޶ ......̷ ڶ ī ġ Ÿ 氡 ڸ ٰ 1 Ӹ Ǯ Ҳ.. ̰ ü ???..... ü ڷ ٰ ߴµ..... ͼ ̻ ֱ⵵ ؿ... ׷ ػǶ ؼ α׸ ⵵ â ԰ ׷ µ.. ƴ϶... ü ޶ ̰ž............ 򰡻翡 ѱ ̾.... ׷ Ѱ Ƴ????.. ѱ IMF ٰߴٰ??...̰.... ݵ........ 翬 ھ δ ׷ ........ ѱ ִ 󸸵..........¥... Ⱑ ̴.. ׷ ˰ ƴϳİ... ״ ޶ ̴........... ģ .. ϱ..ó ƹ ͵ 𸣴 û ϰ 뿹ξ ָ η Ա ..ƹ ׷ ׷... ΰ ʹ ϴ ????????? ó Ӿ ְ Ƽ ̹ ̷ Ȳ غ ڰ?????.. ¥ .. ź ̴...... ٴ ۿ... <ۼ 2008 09 11> 73. ѹ ϰ ٷ ޶ ̶... ¥........ ̻ ī° ̶°Ŵ.......... Ѱ ۿ......... .. Ⱑ ̾........ ġ ŷ ϳ Ϻ ֵϰ Ȱ ....... ׷ ᱹ İ.......... ڸ Ƴ..ڸ.......̰................. ѱó ο 㸮 Ŷ ϸ ܱ ׷ ٴϱ... ƴ϶.. ¥ ʹ ̾... õ ̷ ...... ̳ ̷ ֱ .. ׳ ģ Ƕ ........ ¥.. ̷ °..... ⼭ ƴ϶ ¥ 100% ̶ϱ... ijٴ.. ְ 鼭 3,4 ٽ ޾ݾ.. ̷ İ....... ϱ.....׷ Ѱ.. ¥ е...... ........ ... ƿ ó öϰ ̱ ؼ ̷ ° ǽ ... ׷... ¥.... ׷ ϴ ѱ е̾... Ƹ ٸ ̳ Ͼ ?????... ...... ׷ γ ........ γµ Ѱ迡 ٸ ִٴ .. ??????... äǿ ???....TIPS???.. ...... ..¥.. ............. Ȯ . ...׳... Һ 1 ۳ 6800??? ........ ѱ 5 õ ڳ.. ü 󸶸 °ųİ...... ȯ ˾?......... ä ǻ ϴϱ NDF ܰ ֵ 峭 ϴϱ ѷ ڽ Ÿ ̶ °ž..... 濡 ȭ̾.......׷ 忡 ¼... ģ Ƕ .... ѹ Ϳ 밡 ط ϴ ι ̺귳 ġ ̹ .. Ӹ ...... <ۼ 2008 09 11> 74. ̷ ƿ ä Ѵٰ 簡... ü ̰ İ......... ....... ̰ ¿!!!......... ũ ݸ 䱸 ް ״ ݵ ܰ ڱؼ ŸϿ  ݾ...... ȴٰ öٰ........  Ϸ 24 Ѿ..... ο Ҹ ־ ġ ϴ° Ƴ.. ̰ صص ʹ ݾ.... ο ä ʿ ٴ Ҹ ġ ޷ ̱ ؼ ȯ øµ.... ........ ׷ ڻ쳭 Ҹ ̳ 10 ..... ȭ ٽ °...... ϸ ѱ ٽô ̶ ܵ ϰ ٰ Ǵٱϸ İ....... ⼳ İ İ???....... ѱ ⼳ Ĵ ѱ .. ̾...... ġ ָӴϿ ƾ ϴٰ ֵ ƹ ġؼ ϴ .. ñ ѱ ſ ũ Ŀ....... 븸 °...... ̷ Ƹ߾ ........ ִ ͵ Ѱ............ ̰ 󸶳 ġ̳İ ϸ ѽθ ݸ ְ 10 ϰ 簡... ƴϸ ļ 100 ޷ о 簡....... ε......̰..... Ѵٰ ǿٰ... ϳ ͼ Ѵٴ Ҹ..... ݸ ö ϱ... ???????. ̷ ...... ............ä ֵ θ ϴ ͵ ƴϰ.. ......... ̷ ٿ.......׳ ġ 5 ä Ե .....¥ ȷ װڴ......... ܱ ֵ ´....... ѱֵ ¥ ڸ޵......... ִ ڽ İ ֵ... ̶..... AMF ۿ ٴ ˾ƾ.......ű⼭ ڱ ߱...Ϻ ֵϰ ϴµ... ѱ...... ȯ Ѿ !!!!!!!!........... IMF .... ޷ ....... ¥.........̾............ ̶ ī ǵ װŶ ۿ ؼ Ǵ°ž..,...峭 ƴ϶.... <ۼ 2008 09 11> 75. ᰪ 1 2õ===>>2 4õ.. ??? ᰪ 100% ........ ׳...... ???........ ڰ ....... ü ̰ ¼ ſ???......... ׳....... ̳ Ű???????? ʹ .... ҳ .......... Ѱ......... ð񰡼 ............. !........ ð ȭ Ʈ........100 Ʈ Ʈ ൵ ޾Ƽ ȱ ñ ̴.... ȭ ..... .. 깰 ο ÷̼ ô Ʈ .... ߼ ȭ ٰ ɰ ɾ......... ð Ʈ ƴ϶ Ƶ Ҹ ϴ. 򿡴 డ 峲 ༼ ϴ ô........ ٰ 嶯 ô........ ô....... Ư ִ ........ ű⼭ ....... ¥ ƴ϶. .... зϾ ô뿡 = 峲̴ϱ... ð 츮 ٸ ȭⰡ ޾ Ե ǿ ˶ ֹ Ͻôϱ.. ʺ..... ȸ.... ڰ 峲... ׷ >> Ŭ Ȱ..... 峲 ô ...... ô밡 Դ..... ......... ɰϰ й... ¥δٰ... ǽ ĥ ϰ.. 򿡴 డ θ µ ϱ ...ڶ ° ƴ϶...... డ θ ì........ ô밡 ߴ........̸..... <ۼ 2008 09 11> 76. ѱ 10 ¥ ڴ... ̱ Ը 13 ޷ ... ߿ ư ϸ 45% شϴ 5 2õ ޷ ... ѱ п ѱ ä 370 ޷ ä ȯ ϴ Ǿٰ ڸ ġ 츮ʹ ٴ ó ֱ⸦ Ѵ.. ̵ ü ̱ Һڵ鿡 ϴ ƴϴ... Ϲ 鿡 Ŀ ̸ ǰ ä ǻ̴ ü.... ѱ 鿡 켱 ä ޾Ѵٰ ... ̴.. սǰ ں ̰ ִٴ ǽ ް ִ α ƴϴ.... 츮 .. ....Zȭ......ο..... 17 20 Ѵ ̱ äǿ ڸ ´.. ߿ ä ڸ ͵ ƴϴ... ֽ ڷε ԵǾ ִµٰ... ǥ ϴ ׼ 1/10 Ǿ ִ ̴.. ξ ɰϴ.. ۳ ִ 60޷ ֽ 2õ ޷ 밡 ٵ ƽô ü ֽ 80% ִ 1 ޷ 65Ʈ 80 Ʈ ְ ߴ.. ǻ ....ű⿡ ä 켱 äǵ.. ũ ä...ǻ ......... ս ݾ ϴ ؿ λ ڻ з Ǿ ǥ δ 鿡 ...ٸ Ĵ.....⿡ ĥ ̴... ׷ ׷ Դµ ұϰ äĿ ׼ ϴ ٽ ִ°̴.. ,...ε鵵 ˰ ִ.. ũ ũٴ° Ȳ... ״ ̷ ũ ϰ ü ں 30~40% ....̷ ܿ ս ó ........ ̴... ̻.. ο ġ...п ص... ѱ ս ƴ ΰ ս ¥ ̶ ϴ ֵ ٴڿ ִ ֵ ġ ƹ...........ٺ ƴ ̻........... ּ x 10 ....... ˰ Ӿ ִ ô ϴ 𸣼 ϴ ̴....̰ ׷ 90 Ϻ ִ... Ʋ ư° ǹ̴..... ϴ .... ϰ ִ° ̸ ſ ī ... ſ...... ̱ е ƽð ̱ Ǭ  ִ... ſ븸 ϸ ſī带 ġ ѱó 10̰ 20̰  ī Ⱑ ϴ... ſ ҷڰ ִ ִ.. ̷ ̶ ̴....... ̱ ö ִ... ̶???.. õ...̰ ɰ ̴.... ֵ̱ ...߱ .... ķ ѱ ư...... ѱ ִ ̱ ƴ϶ ̴߱...׷ ߱ ̸ ߽ ߱ ֿ ε ϰ ִ... Ϻ ... ε Ƿ ϰ Ϻ ȥ ̿ ֿ ϸ ε 忡 ڱ ̴.. Ϻ ε ȸ ۻ ִ ̴..߿ Ϻ 30߿ ؿ ĵ Ȩ ߽ 9 ε ֿ ȸ ڻ ¿ 2008 -45% ̴... ߱ ϸ ε ߽ ι dz ġ ִ.. ¿ ѱ ܶ ϴ .. Ϻó ֿ䵵ú Ƿ ġ Ȯϰ ̾Ƶ ǥ Ϻη Ѵ......̷ ǵ ǽɽ ̴... £ ࿡ غ ǵ ǿǽ Ƿ ... ٸ ͵ 󰡵 ߿ Ƿ 70% Ѿ .. ε ڴ 5 ...ģ Ÿ......... Ƹ 3 ϶ ɼ Ȳ ű⿡ ٿ 2008 9 Ȳ ״ 2003-2004 ⿡ ̾ 2 ڿ ܰ.. ̷ ߼ ּ2~ ִ 5̴....̷ ް ܺ ȯ ȭ Ⱓ մ Ȳ ǵ .. ѱ ִ ϳ߱ ε... ݱ 10.4%... ..Ȥ Ϲݱ⿡ 9% 8% 37% ö ִ Ȳ 8% ...ѱ Ը Ȯ Ұ ϴ.. ̷ 쿡 ̻ ȣ װ Ŀ ϴ ...... ̹ װ Ŀ ٴ .... ű⿡ 2 3 Ȳ..... ݴ Ȳ ̴.. PF ..... ν ä з ׼ 24....... ű⿡ ü ... 98⿡ ־ ...ƹ ƴٰ ص 20% ν Ͼ ִ .. Ȳ 1/10 2.3% ؿ ä Ը ִ...... ̷ ..........̷ Ȳ ξ ȿ Ȳ 2010 ʹ й̶° ް Ǿ ִ.. ű⿡ ѱ̳ ̱̳ · ϳ ߱ ǰ ̶ Ȳ ̻ ̴.. ׷ ߱ ̱ ħü ҿ ߱ ΰǺ ¿ з¿ ߱ ҷ ߱ ÷̼ ȭ ġ ѱ ߱ ¿ ÷ Ʋ ߱ ǰ Ǿ 忡 ÷ ħü ± ÷̼ ȭ ݻ ̷ν........... ٺϴ.... ׷ 2010̶ ̴.... ʹ Ʈ.... 9 ɼ Ѿ .........̷ Ȳ ͼ.... ij⿡ ٴ ٰŵ ͽ ó Դ Ҹ ϰ ִ Ȳ..... ........ ڻ ũ ̶ ° ٽ ѹ ̴..... ߳ ߿ Ǵ 긮 Ѵ........ ϱ 濡 ̳ Ѹµ.......,........ κ б ʹ Ծ.......... ϴ Ÿ........... ޶° ...... 100% ........ѱ е ŷڼ ǽɽ ̴ ... ٺ ǵ 綼 ̽ ϴ 찡 ......... ᱹ............ ڰ ºμ ᱹ ī.......... ѹ FTA................. װ ۿ ٴ°....... Ȳ ʹ иϴ........ ׷ ̱ 뼱 ⸸ ٸ ִ ̴........ ű⿡ 缱 Ǹ ݻ ÷ȭ.. ȸ ֵ ѹ FTA ݴ ϴ ִ....... ̰͵ ʴٴ Ǽ м Ȳ...... ̱ ̰ ϴٴ° ˰ ִ.. ű⿡ 3 ̳ ū ̱ ٽ ϳ ̱ ڵ ó .... ̹ 500 ޷  Ȳ................ о߸ FTA Ѵٰ Ȳ....... ۽........̰ ʹ ׸ δٰ ұ???........ ..Ծ... װ翡 Ƽ ........ õε õ Ͻ е ⿡ ô밡 °...... Ƹ 뼱 δ ؼ ε FTA ı ̴... ׷ ᱹ FTA + Ǽ ξ = ڻ ġ ϶  ¥ ǥ .. ű⿡ ̳ .... ...ᱹ....... ± ÷̼ ı= ѹ FTA..... ̰Ŷ °......Ƹ ̷ Ʋ ̴... 밡 ..̰.......... ֳĸ ¥ ٶ° ں ŵ....... ̷ Ȳ..... ȣؼ ֽ ڱ ׳ ͼ ̶ ...... ķ Ⱥ ܱ Ѿ  ޾Ҵ... ѱ.... ״ϱ........Ƹ ׾ ..̰; Ű.. <ۼ 2008 09 12> 77. õ ϴ .. ......õ ϴ ģ ѷ ±.... ѱ ֽ ְ ϱ ......... ʹ 30п ź Ѹ ..... и鼭 װ ְ ξ Ǵ°̴..... .... 鼭 9 ְöٰ ȭ ¼ ..... ¥ ߿ ε...... ¥ 𸣴 ....... ڸ ..... Ƹ..... ̷ Ծ.. ѱ̶ ....... оߵ ϴ ܶ° ...... 󸶳........... 1 ߰ڱ........ ٵ ¼... ȿ 鵵 µ..... ¥ ʹ մ....̰ ڸ޵ ¥ϳ.... 9 ...и ھ.. и ߱ ֱ .......... ...... 1000% ߳ ϰ ִٴ ΰ...... ΰ ........ Ӿ ֳ....... <ۼ 2008 09 12> 78. 缼.......... װ ¥ ֱ 游 ֱڵ ļ ֱ ϴ Դϴ... ׷ ̺о о ִ° θ 鼭 ֱ ¼ Ÿɿ » 뷡 θ° ֱ ϴ Դϴ..... ± 鼭 » ¼ ϸ鼭 ƴ ֵ ... ¥ ֱ е̶... о...... ϰ Ʈ .... װ ѱ ֱϴ Դϴ... ........... ݰ Ź 帳ϴ........ 缼..................... ϰ ٶô ֱ ݰǰ ƴմ ....... Ʈ 缭 ̺о о ִ° ֱ ϴ±Դϴ........ Ƹ ׷ ⿡ ϸ ϴ......̰ .. .......... ϴ ּ ߸ Ǯ ּ......׷ а ƴϳİ........ ׷???????..ϵ ...... ƴ........ϴ ϵ Ʈ 4~ 5ä ϸ......." ...... ׷.. ֱڵ̽ó.......".. ̷ µ.. ̰ Ǯ..... ä ϸ鼭 Ÿɿ » Ÿ..... ". . ......."..̷ .ڿ ° Ƴ?????? 缭 ֱ ض..ϵ........׷ Ƣ ƴ .... װڴ.......... <ۼ 2008 09 12> 79. ̿ ϱ ϸ ̴...... 𼱰 λ ־.. ŸƲ̿ɷ Ѵ.. 츮 ̿ ݴ´............. ̾ .......... ֿ Ӹ з ϱ ̽ ְ ׷...... ݰ ģٰ... 䱸Ʈ ϳ ش.. ׸ dz ϳ ̿ ΰ ڽ ٴϽô Ҹ а տ ο Ŵ.. ڱ ͹ٸ ħ ߴٰ......... äũ ݹ Ƽ ϳ ԰ شٰ Ʈ ٴϸ鼭 ô ϰ  ǵ ַ .... Ƽ ԰ ٴϸ ȴ.... 3 ̶ ° Ϸ.... ܸ ϳ ٸ 3 ݺ Ѵ... ٸ ڳʷ .. ϳ ޶ µ... ȴٰ ο̴.. κ 2 ᳪ ϳ ϳ 缭 ٸ Դ.. 濡 Ÿ ........Ĵ ȿ 鿩 .....׷ ðε ̴..... 迡 ߵ κη ִ...Ƽ񿡼 ڸ޵ ̺ Ƽ ϰ ư... ̶ Ѵ.... ׳ λ Ϸ Դٰ ġ Դ.. .........ٰ ó õ ɾ ô... 1 ε Ÿ ڵ κη ִ... ڵ鳢 ο......½ ̷ þ .. 2 ... ַϰ 谪 ø Ŷ鼭 ż ź ϸ鼭 ô... ˹ٰ ƴ϶ ϴ ̴.. ܰ̿µ ׷ϴ ֱ ϱ Ѵ... ٽ ƿͼ ڴϱ 2 ̴.... ....... ׸ δ. ........ ׷............ض߱ Ӵٰ.......׷ ¼......... Ŀ 9õ .... ̶ ..... ؼ ԰ ........׷ ׷..... ٶ İ...... ׷........ ٶ Ŵ.......׸ ں ...... <ۼ 2008 09 12> 80. ̸ Ͽ ñ ִ.. ؼ ī ֵ̳ ֺ ϱ 1⿡ 1 õ Ѿ.... δ ϸ û ؾ ٴ ....... ġŰ ƴ϶ и ۳⿡ 츮 Ͻ ̸ ϰ ֱ ϴ° Ƽ ͼ ֱ ɷ Ѵ... Ұ 1⵵ ֱ.. õε ׷ſ ص ΰؼ и Ѵ...... 纹 ԰ ͼ и ݰ ϱ̶ .. ׷ ׷ ܴ.......̰ o?????????? ==================================== ű⿡ Ʊ ϰ ̶ð ҷ ȸ ϼ 簡 Դٴ ־µ..  ϶ ΰ ֳİ???? = .....ֳĸ õ ϴ ʹ ġ° ŵ........ .. ============== ¼ µ..= 빫 빫... ̶???....׷ ڱ ٲٰ ñ ϶ Ŵ???.. ======================= ߿..ұ ϴ ..= ¥ ϰ ε ұ ȿ ä ڵ ū ġ ұ ƴ ..... ϵ Ƽ񿡼 ü ׷ ġ 3 ä ڳ ¾ ׷ ä .. ¥ ä ϴ ........ ׷ 500.. ============================ 󸶳 ... = ׷ ǵ ȸ ö ؾ߰ڳ.. ============================= ұ ϴ ˱ ؿ...= 츮 ϰ ұ ڶ ų ̳ 忡 ִ ƴϸ ׷... .ȯ... ¿ ұ̿??== ׷鼭 ڱ... տ ħ 긮鼭 㸮 90 Ǽ ϴ±.. ̳ ϸ...̷ .... ===================== ѱ ȭ̴.......... ׷ ڰ ׾ ٴ ¼ ȭ ϳ ̷ Ҷ ʴٴ ̴.. ߵ... .... ̱. ȸ Ǵ ̷ ǻ... ̰ Ǿ 500 Ե ȭ..ȸ ڻΰ ǿ...׷ ̷ ȭ п ƹ ұ..Ӵϴ ⵶ ڽĵ õֱ ڵ̶ ж ū ġ ׳ ± ε.. ģ Ƕ 6 .......... ü ⵶ ߾̴.... ¥ ó ô....... ȸ ϳ ȷ װڴٰ θ .......׸ ȸ ׸ Ѵ.. 2 13 .... 15 ٽ ȸ......׸ Ѵ... ⵶ ο...... ߳ .......... ......... .... ƴ Ե .... 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DZ ???...... 3 6 ߲ Ÿ ???????? ............׳..... ....°Ŵ.......̷...... ˰ Ӿ ֱⰡ ...9 ޹ó ȭ ͽ ó Դ Ҹ ϰ ִ.. ̶ Ƚ ...... ѱ̶ ڻ ƹ ̴ ׳ ̴...... ѱ 3% ¿ ϴ .........׷ ===>>. ȯ Ű ߷ α ƴϴ.. λο ̹ λ ڵ  ټ......... ̷ٰ Ʋ ̴........ ׷ϱ ϰ... λγ ȸ μ ֵϰ 䵵 鼭 ȸ ⵵ ....... ׷ ̴ϱ.... ƴ...ó̶ ϴ° ︮???................. <ۼ 2008 09 12> 82. 251 ޷.....īƮ ٿ... ޷ 251 ޷............̰ɷ ߾ ϴµ..... .......9~12 󸶳 ............ ű⿡ 뵿 Ȳ ѱ 80 07 뵿 ̽ ѱ Ư¡ ϴ Ȳ Ŭ ӱ 谨 Ȳ Ż ƴ η ܱ غ ɷ .. ......... Ȱ ý ƴ϶...... ¥ η ϴ° 9 °..... ̷.......... ڵ ֵ ϸ鼭 ӱ ø° ص ..... © ׸ε....... ֻ̳ ܳ .. ű⿡ 2.300 Ը ׾ ΰ ü ƴ οȭ ߾ Ź μ ȣ ϴ ѷ .. Z ϳ ..ű⿡ ߼ ε װ Ź ų ̺ ø° .. ̻ ü ڴ ǻ ϱ Ȳ Ŀ â о߿ ؿ ε ŸŸ ؼ â ̴...... ٸ ׻ Ǵ°..... ᱹ ߼ұ....... s&p ܱ ֵ ϴ ѱ ߼ ڱ ,,,,,,,,,,,, 󸶳 ƿ..... .......... 1/3 ñ ........... 9 ߼ Ը ű . ġ ε Ź ̴.... ׷ ᱹ ߿ Դ ִ....... ...ᱹ.... Ƽ ο............... ߰ڴ...........ξ ҷ ؾ.......... ׷,,,,,,,,,,,,,,,,,,, ø °ž........80 7޿ ں Ż Ը -96 ޷ ......... ״ 80 ִ Ը....... ....ݵü... ڵ̿ ؼ ϴ ۿ....... ٵ ¼........ ص ......... α׸ .... Ŷ ڱ???........ ° װ ۿ µ.............Ϻ ǰ Ŀ ҹ ؼ ȭ ٲ㼭 ??????????... ȵǸ ̶ ¿̳ õ ޷ ̶ ڽ ִµ. ¼ھ... 빮 ϱ ܱ ֵ 絥...... ޷  ϶...... õ Ⱦ .... Ŷ ...÷ ī ............ ͼ ϴ ....... ѽθ ҷ ̸̸ ......̳ ij⿡ Ѵٰ ٸ ĥ ٿ.. ̸̸ ù ü ..Ȥ ˾.......忡 ܵ ޷ γ׵ .. ǿܷ ȿ ׾ ؼ α ƴ϶ ϱ... 6.25 ϵ λ ϰ ż..  ø  ϸ鼭 ׷ ġ ø ߼ ϴ° ƴ϶... ޷ ̵ ° ֱ ϴ°Ŷϱ.. Ʈ ֵ ̺о Ʈ ִ° ֱ ϴ°Ű.........󸶳 Ǽ ... ѽθ ̸̸ غ ϰڴٴ°.... ġ װž ݻ ÷ȭ Ե ̶........ ..... ׷????.. ٷ.... ִٰ ƿ ֱ ޷  û̳ ׷Ŷ ϳ ״ϱ.. ׷ ؼ ؼ η ۱ ְ ¥ ׷ϱ ä 20 δٰ ä Ѱ ϳ ޶ ǰ.. ǻ ƴϳ????? .. ̱ 30 ¥ Ϻ 10 ̴...20 ǻ ൵ Ȱ°.... ״ ...... ̰ ¥ ֱ.. ø η...̱.. <ۼ 2008 09 12> 83. ¥ ָ ߼ΰ õ ̶ Ѵ.. ¥ ϸ 180 ϴð Դ ϴ 弼... ѱ Ͽ 4~5Ͼ ̶ð Ҿ ....... .........̴.......... ׳.....ָ ΰ õ ̾......... ϸ...... Ű... ¥ ƴ϶....  𸣴 Ȳε... ؾ............ Ѱϰ Ÿ Ȳ ƴݳ...... ....Ʈ ƴϴ,,,,,,,,,, ٴ....... ̰..... ܸ ġ ............ ϴϱ ܸ ͼ ġ ִ........ <ۼ 2008 09 12> 84. AIG ǻ ε.. ǻ AIG ε ... ϳ ... ü.. ü ¼ . ų.. ̳ ڱ.. ̷ ׷.. " ε AIG ε ° 츮 ̿?" ׳ ..... ̷ ϰ ˶ .. . ϴµ...ʹ Ҿ.. غ ֵ .. غ ֵ . °Ű.. ϳ.. Ҹģ...... д̶° ̷ ΰ ϴ ̿.. ڱ ȸ ̴ .... ο ڻ å̳ å̳ .. λ Ȳ ϴ ߿ø ø ý鿡.. ȭ....̰ ϰ... پ ź ð . .. 20 Ȳ 彼 Ϸ翡 ü 140 ø ְ ű̶ ϱ.. ... 𸣰ھ.. ΰ ϱ.. ̴... ִ ϰ غ ۿ.. ̴ ڱ... Ĵ ״ . ǻ AIG ƿ ִ ð ִ 3... 鼭 ߾ ϰ ִµ.. ǻ ̰ λͿ ī ٲ۴ٰ ̰ Ϸ ħ ȸ Ǽ Ҹ ִ ͵ ƴϰ.. å .. ѱ ȸ簡 ƴ϶ غ ... ̳ ϰڰ.. ̻ м̳ .... ǻ ǹ 峭....... ± غ ϶ ϱ... dz ϰ ݴ ۿ.. ⿡ ϵ ... ¼.... ͼ .. ھڵ...ڽڹ.. .... <ۼ 2008 09 15> 85. ̱ 翡 ȭ ɾ .. ⼭ Ҽ η ¼ Ҹ .... ׸ å ޴̶ .... װ ȸ纰 ϱ ޴ ġ .. 峭 ڴ° ƴϴϱ .. ȸ翡 ϴ ij̳ ƴϸ ħ ȸ ޴̶ Կ .. ̷ ǻ ̳ ƴ å̶ ݵ Ǿ ִ.. ̰ ... ״ غ ϰ ű⿡ ̱ 翡 ؼ å .. û ° ϸ ״ ȸ Ұ ɰ ƴѵ... ̱ ° ܼ ξ ټ ִ Ȳ ƴϰ... ޸ġ... ޷ġ ̰ Ļ ϴٰ ԰ ȸ ѱ ؼ ѱ Ƴٰ... Ȳ̾.... ... ޴ ֳİ ̰ͺ .... ߼̰ ̰ ƴϴϱ... 3 ̿ ̰ .... 縦 ϳ.. ...¥...Ⱑ ̴...... ̳ ... ޴̳ غ ϰ Ŀ ݿ ϶... װ ϵ ؼ ټ ִ ̴ּϱ.. ..... DZ Ÿ ҷ???...... ¥ ϵ ׳ ΰ ̶° ִٸ.. ........̰ 鼭 Ű ̶ .. <ۼ 2008 09 15> 86. AIG = ѱ 2 ſ ũ .. ̻ 主 ϰڴ.. ٸ Ѱ Ȯ ̱ AIG = ѱ 2 ſ ũ ĥ Ѱ ùķ̸̼.. ű⿡ ս ... ϱ ̹ Ǿٴ ̴.. .... α ٶ.. ???... ̷ Ҹ ???.. ׷...׷ ؼ ٽ 10 ó 긮鼭 ս ̶ֱ ̸ϰ 缺 ִٸ.. ű밡 Ǽ . ų ̴. þ ģ .... Ʋ ´ٰ ϴϱ.. ׷... ű..ű... ű밡 Ǽ ô... յ ± AIG ٽ ٵ ָ Դµ ̷ ̶ Ե .... ¼ Ҹ ͽ ó Դ Ҹ Ű ̾... ƾ... ߳ ֱ ڰ ս Ȱ 汸 ģ ... .. ī.. ü ؼ ̴.. Ϻ ƴ϶ ... ԰ ̼ ϶° ƴ϶ ū °Ŵϱ... ׸ 2 ŷ ִ û ϰ.. 峭 ϰų ַ Ҹ ϴ° Ƴ.. Ѿ ޹ϰ ִٴ . ֵ Ƽ ͼ ǽ ̻ °ž.. ּ ̶.. ߿ ̴ϱ.. <ۼ 2008 09 15> 87. ߵ ݵ ڴ.. . BOA 귯 ִ ..... λ ν λ ڻ Ǿ ִ ν ä ׼ Ը ľ Ұϴٴ 귯 ԰ ޸ġ.. ޷ġ ִ .. ׷ ߵ Ƕ ν ȸ縦 Ƽ 췮 ȸ鸸 ܾ Ƽ Ĵ 귯 Ѵٰ 뷡 ҷ.. ׷ BOA ֵ Ƕ̵̳??... ű⿡ Ϻ ֵ .ŵ̶ ׷ Ӽ 𸣰 ־??.. .. з ű Ź ϸ鿡 θ.. ݵ ̴... ... ģ ̵ 췮 ȸ縸 Ƽ ѱ Ĵ°Ŵϱ 翬 絵 Ǵ° ƴϳĴµ... ְܱ ڸ .. λ ڻ....... ä 𸣴 峭 ° . ƴϳİ.. þ...... ϸ鿡 Ļ ȳ .. ̷ ű Ź а ± ƴϿ.. ŷڼ ǽ Ź... о  ħ ϸ ߵ õ и Ȯ ϸ. 밡 ̸ ִ  ġ ̶° ̴.. ׿ Ҿ ߼ ġ 1 ǿ ΰ ϸ ̱ ¿ ſ ũ 2 Ÿ ϸ鼭 ſ ΰ ѱ ߼ 50% Ѵ..... Ʋ ° ƾ ... ü 89% ߼ Կ 츮 ִٴ° .... 밡 Ķ Ĺó ƴ϶... 峭 ƴ϶ ݵ ȸ ü 1/3 ̴.. ΰ ִ.... ׷ ذ ƴ϶..10̳ 11޿ α׸ °ž... ô ߼ ٵ꿡 ſ ũ..... տ ޷ȴ... ̴.. ¥...... ߼ ̴..Ϻη.... ׷ ڱ ó ̱ ̴.... <ۼ 2008 09 15> 88. 忡 ξ ؾѴ. ξ ¼ Ѵٴ ȭ Ű ϴ Ѿ Ѵ.. ̷ ذ Ȳ ѱ ̸¡ ⲯ ٸ ȹ ִ ߳ ȯ 2õ ޷ ϰ ٰ ¥ ⼭ ڻ ..  ڱ ʿ 𸣴 ̷ ޹ ñ⿡.. 1 2õ ¥ ı ȿ 6.25%?... 7%... ξ η̸ ߴٰ ٴ ̴.... ߿ ̻ ƹ ϴ Ȳ̴... ߳ ξ翡 ϰ ...߿ 2⸸ ٷ .. װ͵ 1⸸ ý Ѷ.... ƴϴ... ģ ..... ϴ ū dz ϰ ̴...̷ ΰ ̰ տ ִ ε ҿ ģ Ƕ ¥ 䰡 ׼͸ ִ.. ֵ̾ ϻ̶ ..... õε???.. ׳ . °ž....ڻ ̶ ... ϳ ° ˾??? Ҵٰ ϴٰ Ҹ ϴ ׸ ׷±. ݻ ȭ Ѽ Z ٷ Ѵٴ..ᱹ..... ں ====>>>> ں ̵ ̱... ׷ ׷... ͵... ̹ ̿.. ̳ â ¼ 鼭... ϰڴٴ Ÿ.... ȸ̶ ϰ ȸ Ƽ ó Ҹ ..... ڸ â?....... Ҹ ϰ ֳ.. ֵ ü ϰ ں ̷ ְڴٴµ.. ...... ڸ ñ ðڱ.. ..... ̱ó з ٴ ʾ ̴ϱ.. ξ ϴ ߴض.... ׷ ̶ .... 2010 ̳ η ȭ ٸ... ״ Ż....... Ʈ ... Ż ۿ... ƾ... ߿ ° ޹ Ϻ ִٴ ̴.... 9 ̷ DZ 뱹 ȭ å Ե ..... ֳĸ ѱ̶ 󿡼 ȸ̶ Ϲ ϰ̵ 뷮 л ع ʼ ̰ŵ.... ° ޾Ҵٸ غ ض.. ƴ϶ .. <ۼ 2008 09 15> 89. ְ 1475 = ݵ己 ְ .. .... ְ 1475= ݵ己 ְ б̿... ؿ ° ״ 2,30﾿ ھƼ ̰... .. Ű ̶ ִ ̵ ּ ս ݵ己 ְ 1475 ֱ.. ħ 밡 ƴٰ å ǹ ȸǸ ̰ ٰ Ѵ.. ?.....׷ ͼ ¼???... ϰ ... ߱° ƴ϶.. ԰ ֵ ̴.... Ŀ ħ....... ׵ ..... и....... .. ȸ и ߴµ ̷ 뷮 л ϴ°Ŵϱ... Ѱ ڱ ڽ ض..... ȸ ൵ ϴ° ϱ...... Ӵ ϰ ں ̴......... ȸ ... ̸.... ׻ ̷̶ ̸ ߸ ӿ 2 ȯ ó ... н ȿ° ΰ鿡Դ ö Ѵ.... ׿ Ҿ ó= ̶ ̶ ̾...ֳĸ ÿ å ߸ ƴ ö ڽ ̴ϱ..  оߵ... ֵ...... ⼭ ϴ = ƴϴ.... Ű ΰ鿡 ȸ° ¥ ° ̶ . ..öϰ óϰ н ȿ Ǵ̶ 鵵 Į ⸮..... <ۼ 2008 09 15> 90. ޸ġ " 72ð ƿ ۿ " ޸ġ .. " ޸ġ ...72ð ƿ з ۿ Ȳ... պ ״ ε ó Ǿ ..".. ׿ ͺ ۿ Դ ... 鼭 ٵ ... ƴ϶ ̱ ƮƮ Ȳ 󸶳 ̶° ϰ ִ ̴.. ޸ġ 48ð ȿ ȸ縦 ѱ ѱ .. ״ 72 ð ƿ ڻ길 տ ī ģ ̴.. ̷ Ȳ̶..AIG Ȳ̶°..... ........ ̰ 󸶳 ص ˰... ̱ 3 ۷ι IB ... 3ϵ ƿ ݸ 48 ð ȿ ȸ ѱ а .. ѱ ۻ ׳ ض... ϵ ϴٰ ̷ ۷ι Ĵٵ ô뿡 õε α׸ ϰڴ.. ƽƽϰ ߲ ... ̷ °ž... ٽ ϴ Ⱑ Ǿ.. 50% ϰ ɷ Ѵ...... Ϻ Ƽ ̵  ѱ μ д Ȳ ̶ Ȳ... ݵ ̰Ϳ å и ̷ Ѵ....̰ и ű ٸ ϱ.. <ۼ 2008 09 15> 91. ä - 6130 ޷... LTCM ¸ µ ¥ ǽ.. ν ä Ը -6õ ޷.. ߿ Ǽ äǸ -1õ 1 ޷.. ¥ μ ѱ ״ ٰܿ 30 Ȳ ߴ.. ¥ Ͻðڴ. ű⿡ ???.. ս 7 2õ ޷??.. ġ ں.. Ը ϴ ֵ ƹ .. 翬 ջ ׼.. ּ X 10 Ѿ ° ε.. ???. 7??... .. Ӿ ٷ ص Ӿ ټ .. Ÿ 1 7 2 ڻ ս ó ó ׼ 1~ 1 5õ Ѿ Ȳ.... Դ.... ̻ ̷ ⸸å ̻° ִ ͵ Ѱ Ȳ̶ ̴.. ս ٰ.... λ ս ??...... ÿ ä ߴ ͵ Ѱ° ִ ̾... 峭 Ϻ ֵ 90 Դ Ÿ ̹ ϰ ں.. ̳.. ü ĥ ̾??.. 峭??.. ǥ ϸ鼭 ⸸ҷ Ķ... ϱ.. ű⿡ ڰ - 800̿µ... -6130 ޷.. ̰ ݵ ڸ å Ѵ.. ׳ Ѿ ֱ Ϻϰ ߴٴ ۿ Ǵϱ.. ̰ и ⸸ .. ... ¥ ϷϷ簡 Ϸ λ̾??.. 峭?? Ѱ и ؼ и ν ˸ ̴.. Һ,,,, ˰ڳ!......׸ ս ׼ ض.. 7 2õ̶ ȯŸ Ҹ ġ... ξ 󸸵 7 ???.... þ Ǹ ڵ̳..̰͵.. <ۼ 2008 09 15> 92. ο ä ٲ .. õ ְ  ؼ ʿϴ Ͽ 1 ̴... µ ѰȲ̴.. ̶ ܱó ä 100% ... ׷ ģ Ÿ ̳ .... ̷̶ 10 ... ֽ 峭 ϶ ƴϴ... ϴµ ڰ ٸ 100 纸ؼ ظ ϰ .. ְ  ϴµ ״´?????.. ׳ ׾.....׾ ....ģ .. ׸ ׸ 100% ä ȯ ֵ簡...̷ Ÿ ִ ͵ Ѱ° ִ°ž.. ????..... ¥....Ʊ.. .. ѱ δ ڵ γ Ѱ° ϰ ִ. ̻ ģ  鷯 Ѵ. ̷ ׷ ݱ ֽ ϴµ 鼭 ֱ ϰ ȣ Ÿġ ... ְ  ҷ ض..... ̸ ̳.... ҳ??? ...̰ž 뱹 ⸸ ƴѰ??? ̷ .... ѳ ̴... ΰ ݵ ƴ..ǻ ֽ 忡 ״´ٰ ϸ鼭 սǿ ؼ Աϰ ߱ ̷ Ƕ õ ִ ̳.. ű⿡ ....̰ž 1000% չ ƴѰ???.. Ķ.... ڲ ̷̶.....  ۿ ̾.... ΰ ΰ Ƴ.. չ ġ ... 100% ŷ ä . ̻ ..... 50% ̶ Ҹ ̷ ֽǿ ϴ° ̻ Ѵ.. ä .... .... ȿ ִ ä տ ־߰ڴ.... <ۼ 2008 09 16> 93. ° õ ηȱ : ǹٴ ... .. Ÿ 2 .... ΰ AIG ȭ ..... װ İ...ƴ..AIG ȭ ̳ ARS ȸ ޴ ħ ׸̴ϱ ׷ ִٴϱ Ѿ ϳ..... ׷淡 .... ߼ ƴ϶.... ƴٰ ߼ ͼ Ƴ... Ű ð...Ʈ ޾Ƽ °Ŵϱ.. ӱݴ ʹ 糪 Ͷ ϰ ° 󸶳 Ʈ ޴ .. ׷ ϱ.... ϰ .. ¥ ̴.. ... ڴ.... ̱ ߰ ϶ ڻ ÷.. ̹ ſ... 11 濡 ѱ ϰڱ.. Ÿµ.. ڻ ÷ ҷ...̹ ε ϶ д ߽ տ ִ Ƕ⿡.. ̱.... ׵... ƴ϶.. ͳ  Ȯ ... 㺸 ް ȥ մ° ƴ.. ׷ ƴ϶ ϴ°ž.. ߿...߿ ̴..... ŷ Ѿ ¼ ִٰ Ÿ ɾƼ 긮  Ȯϰ ǻ翡 ̳ ſ ִ .. Ʊ  40 ܸ ϳ ͼ ̰ ȿ ٶٶ ġ ģ Ҵµ.. ̰ ȭ ̾... ....... ¼......׷淡 İ....!!!!!!!!!!!1 <ۼ 2008 09 16> 94. CNN 극ŷ = ̱ AIG ̱ ̱ ڵ AIG ó ϰ Ǵٱϸ ִ.. ̰ ҾȰ Ѵٴ ¼ Ҹ Ķ... ׷ 10 ... н ȿ 񰡸 ġٰ . Ǽ ״ Ǽ.. Ǽ ǵ ȹ ˴... ¥ ̷ ǵ αͿȭ ؼ ε ó ϸ .. ݵ..... ó ̴..... ̰ Ǽ Ҹ . ̻ ˵ Ҹϱ.. å ȸǷ ¥ λ Ϲ ε ظ ̷ ࿡ ٸ տ .. ε ԰ڳ... ű⿡ 常 ߲ Ÿ DZ ־ 700̳ ߶.. ű⿡ 긮̶?..... ̾...... θ ȭ ģ Ÿ ƴ ̻ ̷ Ÿ ū ̱ ƹ .... ׷ ϳ. °ž... ͵ . ű⿡ ѱ ü ȭ Ǵϱ ̴.. å Ե ϰ.. ׷ ϴ ϵ Ȱ ֽĺ Ҹ ϵ.. ƹ ϱ.... Ҹ ؾ.. 峭?????? <ۼ 2008 09 16> 95. = ſ ϶ BB- ǻ ̱ 𽺴 2 ſ 翡.. ǻ ǥ S&P ..... ߾ ſ BB- .... ǻ ũ .... ٸ ߾ Ư ̰ AIG ʹ ٸ ᱹ ڸ ϰ дϸ - ȭ ų ۿ ... ׷....¥ ̱ ݶ Ͼ .... ǻ Ȳ ϰ .. ̷ ϸ 峭ϳĸ鼭 ִµ...̱ 缳 κ Ʒ ķ ΰε Ʒ ϴ ׵ η Ȳ...̰ ½ Ȳ.. AIG 1 ȿ S&P ſ Ȳ̴... ======== ׷ ׷...̰ ѱ̶ ̳İ..... ..߱ ҿ ° ° ġ.. ; ȯ Ȳ̶ ٸ .. ּ 6  Ǭġ 29 Ȳ ̷ 100 dz ִ ̶ ̴.. ̷ ߾ ݰ Ƴ... ̷ Ȳ û ̾ ڻ ȴٴ° ˰ ġ ϶ ֱ.. ü Ҹ Ȥ .. عٴ õε  ߳ ξ 밡 ϱ.. ׷ ... ϼũ 80... Դ 97...2003 ... ι ٽ ¥ ..... ϸ.... ϵ鳢 ԰ . ....... ȿ ڴٰ ߿ ݱ⳪ Ϸ Ǵ Ƕ°ž..... и ض... AIG ū ź GM ִٴ ..... ű⿡ ѱ ȯ ̴......̷ Ȳ ö ݰ ڻ ̴..... ݵ ϰ ּ 1Ⱓ Ķ.. ߳ ϰ ߿ Ǵ 긮 ȥ ߼ ... ׷ ̸....ƿ հ ©.... װ ̷ ⸻ Ȳ 츮 ̴ϱ.. <ۼ 2008 09 16> 96. ֵ ̱ AIG ̳İ Ѵ.. ģ ̵ ̱ AIG ϴ°ϰ ѱ Ȳϰ ̳ĸ Ƕ Ҹ Ѵ.. ..... ׷ϱ ϵ ̿ ϰ ž.. AIG ڻ ѱ 2 ǵ 2~3 Ŀ տ ̴.. ܼ ...װ ϳ Ǿ ִ ˾???.. ,,ī.................̷ ... ͵... ߳ Թٸ Ҹ ֳ ΰ ... ʸ ֵ ִٴ.... ̿.. ģ ... ƹ ٴ... ֱ.... ׳ .... ....... ¥ ź..... ƴϴ....... ѱ ſ ũ...... ſ ̴... <ۼ 2008 09 16> 97. ȯ = 11 . ߳ 鸮 شð ϴ ȯ ϰ.. 8 ڴ 38 ޷ Ѿ ְġ ϴ ؿ.. ޿ Ÿ ϴ.. ̶.. ű⿡ ֽ Nj ܰ ֵ Ȱ ļ ̹ 1 ؿ ű⿡ Ȱ α׸ ִ ܾ 5õ ̻ ˱ ְ.. ε ̹ ̹ ر Դܰ ̷ Ȳ ּȭ ų ϰ ȭ ¼ ī ڽ ä dz ִ .. ̹ ε ǵ ǽ Ƿ ̹ 2~3 ̿ ϳ.. ű⿡ ̱ IMF ũ ̱ ... ۻ쳪 ֿ 5 ε ߱ ̹ ̸ ߽ ߱ ̰.. Ϻ ֿ ε ȸ簡 쿡 9 ε ε ڱ ... ׷ ߳ ѱ ѱ ִٰ ̶ ȣ ϸ Ʋ ԰ ر ǰ ִ° ۿ Ե ϸ鼭 ޱ ڻ ó ϰ ϸ鼭 ̵ ߳ϸ鼭 ϸ Ǵٱ 鼭 ߾ .. ̹ 忡 ..ٵ ټ.... ε Ȱȭ???... Ҹ ϰ ֳ...ƹ .. ̸ ȸ ִ°.. ̺о ̿ ̹ ..⿡ Ȯ ᱹ ߰ ر... ׷ ȭ.... ׷ ϳİ???..翬..޾ ԰ ׾ ̰ ʿ ϰŵ.. ̱ Ļ==>> Ÿڴ ̱ ſ ī ũ.. LBO ϴ ݵ ó....̹ ۳⿡ 1.06 ޷ Ÿڵ ƴ ٴ Ÿ ź..... ̱ GM ֵ ϼ 4 Ÿ ̱ ̽¿.... Ҳ . . Ҳ .. ׷鼭 û ¼ 4޺ ȭ å ¼ . 鼭 ȭ ¼ .. Ϲ ϰ Ϲ õε ְ µ ϴϱ Ѵٴ Ҹ. ̶ .. ʴ Ǵ ɷ 񿣳 ڴ ׷ ع .. ᱹ ޾Ƹ.. .... ̱ AIG 2 ſ ϱ ݰ Ǽ PF ü Ը ̷ .. ϼ ڱݳ Ź ȫ ̷.. ٵ ¼...̿ ֽ Ʈ  ԰ .... ο ߼ ϵ Z Ÿ..븶 һ.. 鸮 ȯ ϴ ̸ Z ȭ.. ᱹ ߵ ؼ Ҿ ̰ γ ȹ ݻ ǻ ȭ. 5 ѱ Ƽ Ҹ ... ϱ.. ߺ  ü翡 ݵü Ҹ ϴ° ° Ѵ.... !@@@@ 濡 ûǰ ߼ ۻ ° 󵵸 󵵸 £ ޸.. Ű ڻ쿡 ؾ ϴϱ .... ߴ ȸ簡 1/3 Ѿ ǻ 50% .. ű⿡ Ǽ縦 ߽ ڻ쿡 M&A ۷ι Ĵٵ ӿ 8 εٰ.. Ż 16 ̹ ǻ ε..... ߱ ѱ ų?? ο ϷϷ.. ܿ ӿ õ ޷ ȯ .. ܿ£ ī ,., Ϸ ؼ ̹ .. ......ġĵ.........ġ ù ġ Ǯ .. ° ..ڵ Ʈ ... ȭǰ ... Ʈ ̹ Ʈ ٲ .. 6ġ Ȱ ܼ ..ī 뿡 üũ ī ϱ ڱ Ƴ Ĵ Ƕ̵.. ̺ 빮 .. 붱 ø鼭 ؼ ֱ. ᱹ ä ּȭ... 鼭 ¥ ֱ⿡ װڳ.. ̷鼭 ޷ .. Ѵٰ ű.. ׷... ű밡 ɷô... ... õ ¼ھ... ٿ ... 󿡴 Թ .. װ ??... ׷ ԰.... 5 .... Ŀ ؼ ξ̳ Ϸ.. .....¼ھ.... ̹ 츦 ɰϴ .. õ Ŀ .. Ŀ ° ȸİ???.... װ µ ȷ.. ϳ ؼ Ȱ ٲ 尩 ȸ鼭 12 1ÿ ͼ 翡 ָ鼭 Ƽ Ծ.. Ʈ???.. 򿡴 ̳ Ʈ ִ ΰ ȷ... .. ΰ žƼ " θ...̰ ģ ȯ Ʈ .."" ű...ϸ ¦ űϰ .. ű⿡ ɰ Դ´ٸ ϰ... ⿡ ɰ ̳ ϴ ״ϱ.. ġ ģ ....ڵ µ ġ ׷ ġ ... ¼ھ.붱 ֳ ž..... 11 ڱ Ÿ ƴ......ʼ..... ȭ ٰ ɾ.... " ־..̽ ....缭 ȭ ϳ Ͷ..."..... ׷ ...... ֵ ̳ ϰڳ. ̹ ޷ 1200 .... ܱδٰ ű ѹ ©©̷  ðܿ .. װڴ..... ????....Ϸ 50???.....̰ ... ȯ ƴ϶ ũ ī ... Ϻ ֵ ٺ 鼭  ֳ.. 11= 1200 ...... ..¼ھ.... ̰ ߳....... ̷ ؾ..... ᱹ Ƴ??...ȯ ÷ ȸ ˾Ƽ ״ϱ ... ˾Ƽ  ŭ ԰ .. ׷ ¼ھ.......϶ ..... ׷鼭 ű????... ϵ ........ ȸ ִ´뵵 Ҹ ķ ϴ???... ̰ ̾..߻ ...... ܿ ... ձ ....̷ ....Ʈ ť 10 Ѱ ޾.. ¼ ߻ ó ƾ ´ٰ.. ¦ ????.. ...׷ 14 ̳..... ̹ ǿ å̿ ؼ 5¥ â ̸ ô.. ׸ ׸񺰷 ìܼ.. ݵ Ű ߻ ó ϰ ̿..... ҷٿ.. ƾ ֱ̰ ̰ ϴ° Ƴ??.. ѱ ° ܿ ϴ ϴ.. ....~~~~~................ ƴ϶ 밡 ...׷ ´... 󿡼 ..... ġ ???............װ dzʰ ֱ.. ˱ ˾?????? <ۼ 2008 09 16> 98. ߿伺 ΰǰ ִ. ...... Ȱ ......... ...д ֿ 60% Ʒ ߴ.. ̰ ؼ 3~5 Ʈ ⸦ Ÿ ֽ Ȱ ̴.. .... ֵ ź ׾ غ ̶ 200% Ȯ ֱ...... ϸ鼭.... п ... ߳ ̶... ģ . ....... ʴ±.. ҿ ũ 忡 ֽ̰ ε̰ ̰.... ״ ġ ̴...... ȭ ų ִ° ʻ ȭ Ѽ ƾ Ѵ.. 10 ʾҴ..... 10 ε 3.7迡 4.2 ̻.... ״ ũ öŸ شٴ° ѱ 簡 ְ ִ.. ٽô ˷ ε ξ ͽ ó Դ ۿ Ӿ..... տ ñ⿡ ϰ ڻ ȿ ȸ 󸶵 2ȿ ̴.. ſī 10 Һη ̾Ƽ غϰ ִ ϴ ״ ̷ ÷ .. ְ .....̰ 1 Ģ̴.. ....... ԰ . ... ź Ⱑ µ.. õ ׷ ....... ҳ????... װ ԰ ׾ ְ???? θ ... Ӵ´... ... ȴ....... ˾Ƽ Ϳ 游 ž... ζ ķ ġ° ̳ °.... ֵ ġ ... ġ 巯 ִ.. ........ Դ°ž.... ȸ ٰ ̾...װ ִ ..... ʹ 鸮...... " .....˼մϴ..... ̻ ǵ ְڳ׿.... Ƽ Ծ ϴ...."... ......... и δ ȸ .... Դ° ųΰԾ...... û Ƕ ֵ Ծ ָ鼭 ⸦ .... .... ... .... ʹ ׸̶ ʹ ̴.. ̷ ǶⰡ ... ð ȸ ְڴٴµ.. װ͵ â...ᱹ ̴ Ǵ 긮.... ھڵ... û ....̹ 츮 ʻȭ ȸ 뿡 ɾ߰ڴ... ..................... ȭ 缺̴϶..... ̴... λ ̷ ȸ ׸ 縮 ° Ƴ... ˵ ̶ ũ ٸ ׳ ϰ 屳 . ڿ .... ̰ ߳ ϴ = ȸ ̴.. δٰ.. <ۼ 2008 09 16> 99. ֽĽ / = 1 .... 忡 ä .... ¥ ...... ŭ ä װ ŷ ȭ ϰ .. ׸ ϵ ΰ ... ... ...ƴϸ 50% ̶ Ҹ ġ ŭ ä ؼ ̴.. ƾ߰ڴ.. ̴.. ̰ ̴.... ̾.... ֽ ϶ Ϸ翡 1 ̻ ƹ ߰ ִ 뱹 ǵ ̿ϱ.. ֱ Ʈ??? ..峭???.. ѱ ¡ ֽ ߸ ...ع ݱ Ű...̹ 3 ȿ Ǵ ä ڸ η ... ó ŵΰ ͼ ġ Ҹ????.. ģ Ƴ???..??? 3 ü źڷ ݾ... ȱ׷?? <ۼ 2008 09 16> 100. õ ... ... õ̴....õ ٶ ... ¥ Ѵ.. Ƽ ϰ UBS ϴ.... ޸ġ ƴϴ ߵ Ÿ° ǿ.. ELS ġ а ; Ѵ... ̰ ٰ ε ٸ ϴ.. 50% .. ׸ ̱ ݸ ϴ ̴...... ̱ ݸ ϰ ̱ Ʈ 翬ϴٴ ֱ ϴµ.. ̱ ݸ ޷ ε ݰ Ʈ ʼ̴.. ̱ Ȳ ݸ ϶ ڻ ɼ ִ ǽɽ.. ݸ ϸ 쿡 ݵ ø ݿ Ѵ.. ű⿡ ߵ ߰ ġ ̱ ݸ 缭 ġ  ٺϴ.. ݸ ... ϳ ݸ ϸ ޷ ° Ÿ ĸ ܱ Ƣ... 11 ̴.. ׿ ҷ ̱ ݸ Ͻ...⿡ ſ ī ũ ñⰡ ܼ ı ȿ ִ... ׷ ޷ ܱ ϴ° ߿ ϴٴ ̸ ޷ ʺ Ÿ ȭ ϱ Ͻ ۿ .... ᱹ.... ݸ Ͽ Ҿ... ... ÷ 2/4 б⿡ ڻ ÷̼ ݿ ݿ Ǵ° ϴ ô ..... ڻ ÷ ...... 09 Ϲݱ⿡ 10 ִ - 27% ġ Դ... װ ߰ Կ Ȯ ǰ. ̱ Ƕ ֵ ð ڴٰ ġڴٰ ݸ Ѵٸ.... ѱ õε ۿ...¼ .. AIG ذ ⿡ ΰ ΰ ̰ ְ 1300 1200 Ĺݿ ð⸦ ģ Ŀ ڱ ̷ ... ű⿡ AIG · Ϲݱ ݱ⿡ 2 ſ ū ٽ ̴.. ׷ 2 ŷ ϰ 1 췮 ű α׸ 繫 ϰ ܼȭ Ű° ̴.. ij غ ؾ.... õ ........ Ծ..... 붱 Ծ...ݷݷ.. ʾұ....̱.... õ ٶ...׳ Ҽ̶ .........縻 ٳ Ű ij .. <ۼ 2008 09 16> 101. ̸ ϲ Ͻô ѱ ذ ϲ Ͻô ѱ ı???.. : ̱ Ķ Ͼ .. : Ÿ .. : û罺 ... : ø .. : ׹ٴ ȭ 2020 ÷.... : ÷θ Ư .. : ˶ٸ ڵ ̺긮 ī Ȱ : ī ŷ .... ..... Ÿڴ ij............. ν ȭ ż........... ϰ ӽ ǰ ε å ߸ Ƽ ģ ִ ϵ 翡 ε ڻ ִ ڰ ζ ϽŴٸ.... .... ...... ... ׷ û ڸ â ̱ 忡 .,......... Գ..., ̱ 信 Ű â ٶ ߻ ϰ ߻ ̸ 鼭 ̱ 2 ô밡 ... ̰ ѱ Ǿ ı..????.. ׷???? !......Ʋ...... ũ........ 뿹 ý 籸.... .... õε鿡 ̶.......... ...... ........... ľ.... ̻ Ż ͵ 츲 ε.. <ۼ 2008 09 16> 102. ̻  .. ñ⿡ عٴڿ ڴ ǿ鼭 ֳ .. ... ̻  ... 98 1 IMF ϴϱ ֵ Ÿ ???.. ޱ ڱ ǰ ϴ α׸ ɷ ... ޾.. " ..... Ӿұ...... öϰ..." ° ֱ ........ ̴..... Žİ...Ϲ ൿ ... ׸ ϰ ȸ λ ֱ ȣ... ̰ž ƮƮ .... Ŵ ġ ϰ ̶ .. ű⿡ 97⿡ ѳ . Ӿ Ѿ ̰.. ̶ ´µ..߿ ӾҴٴ ݰ ϱ.. ѽϴٴ ... ֱ ÿ... ׿ Ϻϰ Ӿ Ѿ ̿ Ѱ ؼ.. װ ֱ̳??.... å ȸǸ ڱε â ѱ Ÿ.. ϴٰ ó̿.. .. и ڰ ϸ ϴ ߵ ȸ ؼ 24ð ⿡ ؿ ü ⵿ϰ..γ׵ ȭؼ ġ鼭 ݱ о .. ׷ ũ Ƴ ֵ ͼ ֱ ¼  ϴ° ð뿡 Ʋ .. ׷ ֺε ڱؼ .. ᱹ ϸ ..ֵ °Ű.... .. ....±ر .. ..... .,.. Ǹ ֶ ̼ź ؼ 2002 Ǹ Ƽ ̰.. ¥ ٴ ̴.. ͼ ϴ ֱ ʹ ó ġ .. ̷ ̺Ʈ Ŷ ֱ.. .. .. ̹   ȹϴ..... ٲ.. Ǭ ..... 츮 ޾ƾ..... ݵ ǵ ޾ƾ ƴϰ ???.. õ ģ ̶ ȭ ȯ ڻ Ǭ ޴ ???... ֱ ..  ܱ ֵ ҳİ ϴ.... ֱ ¼° ״ ؿ .. Ƹ ߵ ؿ ڶ ѱ ¼ ֱ Ÿ ϴ°͵..Ƹ..̿..  ߵ ðŵ... ñ⿴... ޹ ñ̶.. ٵ ƴ...... ׷ 10 Ƽ ̸ ó ÷ ɼ ϴ° ƴϰڴ???.. <ۼ 2008 09 16> 103. ν.." ߰ ̴.".. νð ߰ ̶ ƿ ھҴ.. ׷ AIG ϰ Ǵ Ÿڴ 常 轺 JP .. 常 轺 3/4 б -70% սǿ JP ǵ - 45% ̻ ս DZ ̷ Ȳ Ӵ.. ٽ .. Ƽ UBS 鸰ٴ .... ű⿡ ̱ Һ · ÷̼ йڿ ؼҸ ̱ 籹 ݸ ϰ 翬 ȯ ִµ.. ̰ Ȳ ..... Ͻ ¶ 3% ̻ ݸ ȴµ Ȳ... ݸ ɸ ⿡ ̸.. ݸ ...... ѱ Ϲݱ 11 Ŀ ɰ ؾ Ѵ... ű⿡ ̱ ÷̼ ߰ йڿ ڻ ÷̼ ȭ ε ǹ ڻ Ÿݿ Ŭ ǵ ȿ Ÿ ̴... .. ּ ...... ݸ Ͻ ѱ ؾ ̴.... ̱ ݸ ƴϴ... ѱ ı ȿ ... ý ر ڱ ̴.. ٸ ϴ ε Ŀ... κ ũ Ÿ翡 ߰ ָ鼭 ѱ .. ֳĸ AIG Ÿڵ 6,7 Ȱ ʸ ϴµ.. ׷ ŵ.... װ ü ̱ ý ر ǹ ϴ°Ŵϱ... ݸ ɼ 70% Ѿ Ȳε... ݸ ... ѱ̶ ٸ ȯ ȴ.... װ...ǻ ѱ̳ ̱̳...÷̼ Ǻη õε ϴ ... ᱹ ̱ ֵ ̶° ᱹ ڱ ° ƴ ̶ ̸ Ͽ ϴ κ ε... μ պ ѱ ۿ ... ׷ ߵ 簣 ̱ ּҴϱ. ѱ ɰϰ... <ۼ 2008 09 16> 104. KBS 1 Ƽ... ε θ ϴ±.. ƴ... ε ϰ ǵ.... ?.. Ƹ .. ѱ ̳ ̱ Ϻ θ̶° ϴ ...... ȭ.. û Ϻ õε Ÿ¥ ħ 긮 .. ϱ...... ġ ° ̴ϱ ... 츱 ʿ ϱ.. Ͽ . ü ϰ ߷±. ¥ .. ܸ ٰ.. ̶........ ϻ ϰ ۱ ź ȣ ġ Ѵٰ .. ʹ ٽ ݾ.... 󿡴 ˾Ƶ ô... ô ϰ ƾ ϴµ... ѱ õ ںǶݾ.. ׷ ˾??.. ǹ 򿡴 .. õ Դ 뿹 .....׷ õ ںǶ.. ׸ ٰ ̺ ư ģ Ҹ .... .... ʹ ݾ........ ׷???...˰ ..... ... .,ȫǥ.. ѱ..ϵ Ǵ ھ.. 󱼷 Ÿ ϴϱ ʹ .. ̷ ¸ ֵ ϴ ± ³ ... Ƽ񿡼 ΰ þ ٳ???. ... .... ״ ȭ å.... <ۼ 2008 09 16> 105. õ ޷ б.. ݷݷ..... ... AIG ڰ Ǿ.. ̰ ǻ VS ֵ ο򿡼 ǻ ΰ й AIG ذ Ŀ .. AIG==>>> ߾===>> GM..... Ŵ ¡ GM ǻ ȭ Ǿ.. ̰ δ 15%~20% ϴ ..... ǻ ޷ .......ٰ ִ.. ׿ Ҿ 常 轺 JP ֿ պ ȭ ̸.. ѱ ... Ư ͷ 2000 ߼ ȭ Ǿ.... ޷ ڵ ̴.... ׿ ĸ ޴° ѱ.븸. Ϻ̰..... ׷ ڱ 帧  ... ű⿡ ⼭ ֽ 濡 ߳ϴ ΰ õ... ... ¥ ...... ɷ.. ̷ 弼 ƴ Ϲ ݵ ޴ ϴٰ Ȧ ٴ° ϰ ġ鼭 ĸ ̷ о ϴٴ.. ų װ Ϸ ͸ ֵϰ..Ϲεϰ.. .밡 ȴٰ ???... Ƿŵ ȥ .. Ϲε ̷ ȸϺ ϴ° ȴٴ ΰԾ.. ݷݷ.....̰ ΰ... ϴµ.. ȯ AIG ذ̶ ۿ Ҹ ƴ϶ ̷ 뷫 30% 濵 Ǿٰ Ծ.. -̰- <ۼ 2008 09 17> 106. õ ð.... ޷... ° 2007⵵ ..... ° 鼭 ׿ ÿ ޷ Ⱑ Դ.. ޷ ༼ ı ߵ ֿ Ǹ ν ̴ ҷ ̾.. ᱹ Ģ ޷ ǰ ޷ Ͽ ƹ ö󰡴 ޷ ϸ ǹ̰ ȴ.. ű⿡ Ʈ ֿ ߵ ģ ޷ ڱ ȭ Ű б ǽν ޷ ༼ ÷̼ Ÿ ɰϰ ޾Ҵ.. ׷ 2007⵵ 11 opec ȴ.. ̹ ̶ ݹ dz ؼ ڱ ޷ η ٲٰ Ϻ ؼ ȭ ǻ Ư .... ̶ ֵ 2 ļ ִٴ ̴.. ׷ Ϲ ϰڴٴ ..100%.... ġ ޷ Ƽ ȴ.. ٽ ̱ ̶ ٽü ġ... ׿ ÿ 󸣽þ 5 ׸ ģ... ǻ ߵ ̶ ,īŸ. UAE ģ ̶ ̻ ȿ ȴ... ű⿡ ߵ ̶ ֵ ϴ° ̸ 16 ߿ ȣ ȴ.. ׷ ߵ ͵ ġ ̱ ۿ .. ... 30̴.. ǥ ̾ ø ִ ǵ ̾ ø ȴ... ׷ и üε... ̰ .. ̶ũ ȸ ̳.. ̶ũ ǥ ä 1.5 ޷ ȴ... ػ 귣Ʈ ص ä ״ 32 ޷ Ѿ .. ׷ ̶ũ ϰ . ߱ ص ̱ ֵ ۿ .. ̷ Ȳ.. ߵ ֵ ??.... ƽþ ó ... ׷ٰ £ پ ° ڻ .. ׷ ڷ ̷ ԰ .. ų ƮƮ ظ 500 ޷ 700 ޷ ̻ 귯 ...̰ ޸ġ JP ֿ ̱ ǰ ǰ ڱ ǰ Ѵ.. ᱹ ޷ б̶ ̱ ٽ̴....޷ ȭ ־ ٽ ְ ǰ ޷ ǰ̱ ̴.. ְ ǰ ݵü PDP ƴϴ... .. ̷ Ȳ ̶ ߵ ޷ ǿ Ż װ ᱹ ̱ ǹѴ...̶ ̱ źθ ߸ ͺ ̷ ޷ б ȭ Ű° ġ̶ ˰ ִ.. ׷ ֵ̱ װ 丣þƸ ؼ ̶ ..׷ ߵ ð ǰ ̶ 1 Ÿ ɰ ߵ ģ ޷ Ŵ޸ Ǵ ̴.. dz ٷ Դ.. ȸǰ ׸ .. UAE...ƶ ̷Ʈ ֵ 鸮 Ƽ ݵ带 ؼ ߴ... ̱ ֵ ̶ ī带 ̴.. ׷ ̽ ֵ ̶ ü װ̴... ̱ .. ׷ ̽ ̶ ߵ ̱ ڵ ޷ б̶ ؼ ޷ Ѿ Ѵ.... 1 ̶ũ ... Ʈ... ޷ ̿.....̰ ̱ Ը ̱ ߿ϴ. ̶ ǵ帮 ͸ε ̱ ޷ ȭ ȴ.. ̱ IT ر Ŀ 2002 2008 ̱ Һڵ ð ٰ Һ ߴ...׷ ̹ κп -9õ ޷ - 1 ޷ Ѿ.. ᱹ 꿡 Ѿ Һ ߱ ؿ ϰ ؿܿ ׼ ϰ ȴ.. 2000 ̱ ڴ 7500 ޷ 8õ ̻ ¿ Һ ........ ´....׷ ̱ ȴ.... ̱ 2 ޷ Ǽ ̱ ǰ ȴ..̷ ޷ ǵ ֱ ̱ ڸ Ű ̱ ȴ.... ڴ Ա Ǵ ̴.. ̿ ÿ ɸ ϰ ȴ...Ϻ ݸ Ϻ Ǿ ں ״ ؿ ȴ...׷ Ϻ δ ش ΰ ùδüκ ԰ ߵ ִ.. ״ ں ؼ ټ ̱ ݵ 귯 ȴ......Ϻ ΰ ݵ忡 ִ.. ݵ忡 ȭ ڱ ȭ ؼ ̸ ̸¡ ֽ ؼ ± ´... ij ڱ Ϻ ֽ ŵ ϸ鼭 о Դ´... Ϻ 4 ƴϴ.. ŷ Ǵ ȭ ڱ ڱ Ϻ ȯ ŷ 忡 ּ 15%~20% ̻ Ǽ ŷ ȴ.. ȯ ŷ 70% ̻ ܱ ...̷ Ȳ ......ȫ.... Ļ ڱ ȸ α׸ Ѵ.. ׷ ̱  ... ± ؿ ں Կ ̱ ڸ Ų ý̿µ..2007⿡  1õ 500 ޷ ٰ Ǵ ° ȴ... ״ ں Ǵ ̴.. ׷ ݸ ± 3.25% ޷ ༼ ս ҷ ϰ ȴ..׷ ؼ ̱ ֽİ ä ̰ ȴ.. ְ ۳ ⼼ δ.. ׷ ѱ̳ Ϻ ???.....Ļ̴..... ׷ ̱ Ļ̶ Ŀ ܴ... ٽ ߿ ٽ ٷ ݰ Ż ÷̼ ȸó ǰ 忡 ŷ Ǵ ȭ = ޷ ̱ ̴.... ׷ ̱ ֽİ ä ̱ ᱹ ڱ ̰ Ǵ ý̴.. ޷ȭ ǥ ä ȷ ȸó ǰ ޷ ...ε...Ŀ... .. ٽ ´.....Ű ..ֳĸ ᱹ ڱ ȸó Ż ޷ϰ ص.. ޷ ȭ ǰ ޷ϱ... ٸ ȭ ǰ θ ٲ .. ᱹ Ȳ ޷ ٷ ༼ ۿ ..׷ٰ ޷ ٴ ġ ʴ´.. ̱ ϶ ̱ Һڵ Һ ҿ ... ѱ 󿡼 Ҹ ġ ϵ ̻... ߱.. ⿡ Ÿ ް ȴ.. ׷ ü ===>>> ȯ Ǽ ̸ ġ Ǿ ó 뷱 ° Ǵµ.. ѱ ü GDP ߿ 45% ,,,,,,,,̴......׷ 2008 ѱ δ ں â ȣȲ ñⰡ µ ұϰ... ٷ ̺ å ٰ ĸ Ϻ ̴.. ֳĸ ̺ ݵ µ..̸ ̴.... ...׷ 2.3 Ÿ ް ȴ....ѱ Ϻ ƴϴ.... Ϻó 82% ǻ ⿡ .. ѱ ٸ ̱ Ϻϰ ü Ҹ.. ȭ ֿ ŷó Ϻ 信 ̹ Ϻε ڱ ƴϴ... ݵ峪 ܱ ̴... ݵ ݸ ȭ 쳪 ī ؼ 뷮 ȭ ؼ ޷,,ȭ, . ȣ ޷.Ŀ........ֽ̳ ε ڻ 鼭 â⿡ ... ܼ ݵ尡 10 ó ŷ Ѵٰ ϴ ü ̴... ̹ ļ . ᱹ ȭ ij Ʈ̵忡 ޷ ִٰ ° ̴.. ȭ ؿ Ų...׷ ݵ װ 3迡 10 ̻ â Ͽ.. ȭ ༼ Ǹ ְ ö ... ׿ ؼ ij Ʈ 尡 ڱ ȸ Ƽ ȭ Ϻ ֿ ̾.....׷ ᱹ Ϻ ü ݾ ߷ ڴ äǰ Ǹ Ļ ̾.. Ϻ ȭ ༼ ȭ ڻ 뿡 ϴ....Ϻ ؿ ȸ縦 ū 뿡 ⿩ϰ ȴ.. ̰ ״ ѱ ȴ... ֿ 鿡 ȯ ״ ̴ູ....... ſ Ϲε ׾ ȴ.. ̰ ̸ Ȯ̶ ̴..... -̰.. ̱..... õ ٶ....̰..... ´ٴ ð ƴ ô.. ׳ Ҽ̴ϱ ..... ¦ Ƕ ȭ .. ۷ι Ĵٵݳ.. ... ý ش ϰ ־ ..AIG ڻ ...GM ε ... ޷ ε Ƴ.... õ ¾ ˿........ ĺϱ غ ؾ..... ݷݷ......̹ Ѱܾ ٵ...... õ ־??????........̶ Ծ.. <ۼ 2008 09 17> 107. .. ̰ ϴ±.. 9 äǵ 3 ̸ ܱ ä Ǿٰ... ׷鼭 ٴϴ ¼ Ҹ ϴ... ؿ ִ ֵ׼ ް ...̱... ... ̾.... 3 ܿ Ȱ ̳????.... ׳ ....׳.. Ƶ 3¥ ŷ ϰ ... Ƕ̰ 1 ̻ ŷ ϰڳ.. ׸ ѵ... <ۼ 2008 09 17> 108. ߱ ޷ ݹΰ.. ...... ߱ ̻ 巯 ϴ±.. ޷ ȭ ü Ż ޷ ü ȭ ü ٲ ٰ ߱ .. ̱ ä 1 ޷ . ̱ 7 ں 700 ޷.. 귯... AIG ε GM ε .... ȸ ǰ...װ ̱ ̶ ġ.. ߱ ֵ ý ü ġڰ ϳ... EBS û ť- ߱ ̱ ο ̶ 2008 6 ΰ..7 .... װ ø Ϲ е ظ µ ֻ ҽ Դϴ...... ........ ޷ ȭ ü ڴ±..... ¥....Ⱑ ô Ѱ ֱ.. ý ٲڰ ٴ.. 鵵 Ϻ ϰ ִٴ°.. 鵵 ̻ ظ ̰...... ġڴ..... 10 ĵ ̳.... ý ٲ ..̰ ٹ ƴѵ... ٱȭ ü ѱ ߱ ǿ 5 ȿ ڵ ǰ .. ̸ ƽþƱ ȭ ׷ ϴ°̰ŵ.. ƴ϶ ̷ 帧 ٹ °ǵ..... ߱ 뼼ΰ??????...... ̸ ̷ ñ⿡ ̾..... ... ... ߿ ü ƴϴ... ޷ ǿ Ż ޷ ȭ° û ߰ ° .. ݿ... ݵ..ȯ.. ϴٸ. .. ... ̰ ٽ̰..ᱹ..... ¥.... ΰ ڻ ° ܱ ̶ Ѿ ְ... ̷ ý õ° ٴ ̴ϱ.. ٸ ֱ.. ̰ Ȳ ȯŸ ƴ϶...װ ߿ ̰.. <ۼ 2008 09 17> 109. ƴ .. /޷ NDF ȯ 忡 1147 ڽ 1140~ 1153... ؿ ڿ ȯ ϸ鼭 ؾ ε.. ǿ ޷ 1116 - 44????.. ̰ ĸ ڴ Ҹ......ƽþ ߿ ѱ Ը ڻ ִ..  ̷ ȯ ޳.... üΰ??? ׷ PF ź ϴ DZ... Ʊ.... ϱ.. ̹ 籹 ȯ å з Ű Ͼ̷ ߼ұ ٵ ̴ .. ȯ ....߼ ܱ ڱ ̳ ض.... ݸ ־ ּ 2õ ̻ ȸ 츱 ִ..... Ǿڷ ȯ߱.... ø ϴ ڸ ߿ϴ ¥ ΰ??.. δ Ǵ ..  ϼ ȸ 繫 1 ¥ ¥ .... ׳ ..̷ ž??.. 繫 ȹ © ѱ ȸ ī뿡 ī ڻ ҷٰ Ȯ м̶ ؾ߰ڱ... ģ Ƕ .. -44 ο ϼ ȸ ܳ.. ̰ .... ¥ ó ٸ ߹ ֶ ϰ ʹٴ õ .. ߱ ̶ ߰ڴ???...ȸ ̰ ġ??? <ۼ 2008 09 17> 110. ߼ ڱ ؾ մϴ.. ̸ ϰ Ͻñ⸦ ϰڴٰ ϴµ.. 峭 ƴ϶ α ƴմϴ.. Ȳ ּ 15 20 ̴.... ϶ 10..11 ѱ ð Դϴ.... ¥ ܰ 0 α ƴմϴ... ̹ ӱ ü 3,4 ͵ ... ̷ Ȳ...ȸ Ļ....... ܿ Һ ٰܿ ̾ϴ....׷ ׾ ...... 峭 ƴ϶ °̴ϴ. Ѱϰ ¼ ð ϴ.. Ȳ ޹ մϴ... ....... ܼ 峭 ϱ⿡...ʹ Ƚϴ... ̰ Z.. ֱⰡ ƴմϴ...̰ ѱ 2008 9 17 Դ .... Ѿ ε... ۾.... ǿ ϱ ġ .... 峭????..׳ ???.. ü ε ƴ Ȳ Խϴ.. ̷ Ȳ̶... ϼ ڵ鿡 ڻ Դϴ.... ȸ ε Ű̳ ȸ ȾƼ Ƽ°͵ ......Դϴ....  ̸ ܼ Ƽ ִ ȲԴϴ...... ڽĵϰ ƿ Ѵϴ.... ... ̰ չ Դϴ......... ̷ٿ ׳ ׿ ּ ..... ȶ縦 κ ֵ簡........° ̶¼Ҹ ̰ .. <ۼ 2008 09 17> 111. ֱ Ű....... ¥ ޶° ƴ϶...... 2, 3 Ⱓ ȸ ڱ ޶°.. ׷...... .... ı鿡 ֱ.... ֱ ̶ .... ῡ ִ.... ؼ ֵ ݴϱ... ο ... ȭ ͵ ƴϰ... Ǿ ݾƿ...԰ Դ ....ФФФФФ.. ̷ ̷ ġ ֱⰡ ̾..... ¥ ƴ϶..ѱ ϰ ȭ ... ȯ ϰ ų.. õε ָ Ƽ Ű ݾƿ.. ̰ Ҹ Ѵٸ ¥ ϰ輭 Ͻô 1 2õ ¥ ¥ ƴٶ... ̽ Ű... <ۼ 2008 09 17> 112. ȸ µ ȸ ϰ δ° ? ׷... 󸶵 Ծ ƿ... Ǹ .. α...... ׷ ġ鼭 ϱ ֽ ĥ ݾƿ... ƴµ..  е ֽ .. ⿡ Ѵٰ ź̶ Ͻô.. ڰ... ѱó ǻ ȸ 󿡼 ü 89% ߼ ε ٵ ε.. ޶ ͵ ƴϰ 2, 3 Ⱓ ȸ ε ֱ Կ 츮ڴ° û 䱸 ƴݾƿ.. ׷ ε Ǿ Ǹ.... dz??.. ƴϸ..4, 50 ԰ ڿ ⿡ ڿ̶ ???.. ׷ ϱ ׷.. ܱ ԰Ÿ鼭 츱 ϱ ±ڴ ׷ ¿.. ܱó ȸ Ǿ ִ ϱ ſ.. ѱ ȸ ε ǹ ϴ°Ű.. .. ״ ȥڶ  Ƽ..̳ ֱ ..ѱ ..̿.. ű⿡ ѳ е.. ̽Ŵٸ鼭.. ִµ ƴ϶ Ͻô Ͻð???.. ̷ ־..׳ °.... ѱ ȸ ׳ Ҹ ۿ Ǵ .. ״ ֱ ҷ ܱó ȸ ְ ׷ Ͻõ簡.. ... 翬 .... ϴ б ǿ ... ѱ Ȳ װ Ǵ ϱ å ϴ Ҳ ƴϿ.. ּå Ǹ ̷ζ ԰ ̶ Ǵ å ۿ ϱ ޶°.. ׷ 10 ó عٴ Ͼ ۷ ݾƿ... ΰδٰ... ̴ ͺ ׷ ° .. ... 𸣴 û ùε̶ Ͻø .. ƹ õ̶ ︸ŭ µ... õ̶ ˼ϰ...򿡴 õε õ̶ ˼ϴٰ ˸ ϰ ޶ ؾ ϴ .. <ۼ 2008 09 17> 113. ѽ¼ Ĺ ̴ ǰ??? ƴ.... ̻ ... ̻ ذ Ȱµ... ѽ¼ ѱ ϸ ̷ ̹ з Ÿ ϰ... ϰ Ѹ ִ ǰ???.... Ϻ̳ Ĺ̳ Ѹ 翬Ѱ ƴѰ?..... ذ ... ƴ  ϱ ߾ 簡 ް ġ ° 3 ġ ƴ .... ְ Ѹ İ.... ̷ Ե ϴ .... ϰ ؼ......... 󿡼 ư ڽ ׿.... ű⿡ 귯 μ ϴ 밡 Ʈ ɼ ޾Ҵٴ ̸ ༭ Դµ.. © ϸ.. ű⿡ ̹ ν Ը ˸鼭 ű Ÿ ϰ ó Ŀ ޴ ̷ ű 鼭... ׷ ü ѱ ??? , ȾƼ ű ԰ ׸̶ ̰ǰ??? ???...... 뱹 Ŀ ߷ µ Ÿ Ե ϳ.. ģ ̰... ־ װ ε..̰ ... °.. ׷ ˼ 50% ˰ڳ..... ׷?? ̰ Ź ̹ Űŵ???...׷ Ե ϳ׿.. ģ ..... ġ ־ Ѹ ҷ .. ݾƿ???? <ۼ 2008 09 17> 114. 10 Ŀ ˰ڽϴ.. ʹ ٴ ̴ Դϴ..... ġ ϰ ϰڽϴ.. ѱ Ȳ ְ 1210~1235 ڽ Դϴ.. ׸ 2010 ֽ ܱ ö Ƽ Ź ߳ ģ и 浿 ̴ϴ. Ź󿡼 ٽô 2011 ġ ٸʽÿ.. ׸ ÷ŵ 1200 ƴϸ ó ... ݵ ؾ Ͻõ.. ݵ ޷ ε ⿡ ̴ Ͻð ᱹ ݱ .. 11 ݵ ̴ϴ.. ׸Ͽ 7 ְ ̷ ɼ 50% ̻ ´ϱ.. Ȳ ߰ 켭 Ÿ Ÿ̹ ڻ ¡ Ͻñ ٶϴ.. ׸ ̱ 09 1/4 б ġ鼭 ڰ ƴ ߱ ڱ ϸ鼭 09 3/4 б ۵ ̴ϱ ڰ Ŵٸ ݵ尡 Ǵ Ϻ ʿ ż ż ڻ 20% â Ͻø鼭 ڻ Ͻøǽ ̴ϴ.. ± 3 µ.......װ 浿 ų ˼ϴٴ 帮... ó 1 ϰ 2 ... ڷ ޶ 126 п Ϸ Ƚϴ... ׸ ׿ Ҿ ϻ Ȱ å̳ ÷ ̹ ȱ⿡ ̻ ° .. 10 Ŀ..... dz ã ˰ڽϴ... ϴ.......... ð Ǿ.. Ű´ 粸 ˼ϰ ʹ ̸ ȷ 뿡 ϴ...... ڽ е............... ڸ  帳ϴ.... ..... ............ ϴ...ణ ƽ ϴٴ ִµ.. ͳ̴ϱ ʱ׷ Ͻð.... и 帮µ..... ܱ ͵ .. ֽ ؼ 浿 ص.. 2010 ֽ Ĵٵ 1200 ̸ ........... ݵ带 ϵ .. Ͻñ ٶϴ...... ׷ 𸣴°Ű... ѱ ֱ ֽ ߳ ϸ ̹ ĸ Ƕ⿡..ű⿡ ѱ ü ؼ 30 ̸ ְ 󸶵 ° Դϴ.. ȫ̳ ̱ ƴϴϱ. .. ± ٰ ̳ ڻ ڻ Ұ ״ ƽ ̰.. ƹ͵ 𸣽ô л̶ ּ j м µ ϳ ٰ.. б ٴϸ鼭 ָ Ҽå 3~4 ݺؼ д ... °̰.. ǥ dzϰ 뵵 ̶ ⺻ 缭δ ״.. ??.. ׸ ̳ ä ̸̸ Ȯ ð.. ̷ Ͻø 5 ô° ̴ϴ.. ... Ȱ.. ϱ ̶ ϴ... ̰ ݰ Ǽ° ̰.. ׳ ִ Ҽ ̴ٰ Ͻø ׸̶ ϴ.. ̶ ˼մϴ....... õ Ǵ ̰ڱ.... ........¼ .... ڱ ݴ °...... .... ........ ... ħ........ ڰ Ͼ ž.... 2 ׷ ̴ϴ.... ʿ ִ° ׷ 縮 Ŵ ... 2010 ĺ ıȿ° 巯 09⿡ ¡İ 巯 ̴ϴ.. ׷... ڽϴ.... õ ⿡ ⿡ ٴԴϴ.. ......! ׸ ڻ ʽÿ... ڻ ִ 20% 뷱 缭 Ͻð... 1/3 ... .. ... .. ̷ ϵ.. ̰ ݵ Ͻð... ϼ???. ° Ǵ 𵨸 ùķ̼ Ʋ ° ߿ ٽε.. ̰ ؾ Ȳ̶ ̻ .. ° ƴ϶ м̰ŵ... ϴ° Ʋ.. ο ©... ... Žñ ϴϱ ׷.. ̶° ° ũ ° ߿ѵ.. Ȳ ׷ ͵ ϳ Ѱ Ȳ... ٿ Ÿ 뼼 ???? ģ ͵.. ε꿡 ȯ ... ħ ... װ ̹ Ȱ ٸ پ е ˷ ֽDz... <ۼ 2008 09 18> 115. Ѱ Ѱ ־ .. ƴ...  ػ= Ǵ°???.... ̱̳ Ϻ ̷ 츦 µ....̷ ͵ ൿ ɸ= ɸ̶° Ǹ鼭 ̷ Ÿ鼭 °ǰ??.. ̽׸ .. ְ ׷.. ѱó 忡 󿡼 ػǴ ִٰ.. ׷ ذ µ... ׸ ̵ ġ ؼ ϴ .. Ϻ ̶ ̷ ߴµ.. ̰͵ ü ġ Ͽ ̿ϴ ǰ???.. ѱ ϱ... ϱ ׷ϱ Ű .. ű... ̰ Ƿ ± ϰ ־µ ֱٿ ׷.. ƴϳİ.... ׷ ȭ ü .. ü ϱⰡ ƴ.. ̰͵ д ġ ȭ Ưȭ... ׷ΰ???.. ޿ ѱ ī Ҹ Ѵ ϱ... ֵܱ ׳ .. ģ Ǵ° ƴѰ .. ........ ¥ .. ϱ..׷ϱ ̳ ܱó б ġ ܼ ϰ ý Ű... .. .. ׳ ׷ٰ... װ ߾.. 鿡. и ׸ ̴µ..... ѱ Ķ̶°ž....... ׷...׸ 簡 Ķ̶ ݾ.......... ׷ ε ѱ ִ ϰ̵ ׷ Ӿ ϴ ǰ??.. ܼ Ϻ а ,, ѱ ϰ ̱ ۷ι ı ¿ ؼ ü Ʋ .. ѱ........ ü Ϸ ϴ... .. ټ ϴ ϶ ̶???... ׷ٴ λ ϰ ̾.. <ۼ 2008 09 17>