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  • "Strengthening Serzh Sargsyan's Bases"

    "STRENGTHENING SERZH SARGSYAN'S BASES"

    http://a1plus.am/en/politics/2010/03/ 30/kocharyan
    03:38 pm | March 30, 2010

    Politics

    "Ninety percent of the current issues facing Armenia's economy have
    been accumulated as a result of the economic policies in the past
    decade," former president of the RA Central Bank, economist Bagrat
    Asatryan told "A1+" today regarding Kocharyan's recent analysis of
    Armenia's economy.

    According to Asatryan, the world could not have had such a serious
    impact on Armenia because "Armenia is small, can't be seen on the
    map and the financial-economic crisis couldn't see Armenia that
    well either."

    Asatryan says something else is at the core of Kocharyan's statements.

    "Kocharyan is trying to pass political rehabilitation. Nevertheless,
    Armenian society associates Kocharyan with the massacres of March 1."

    According to Asatryan, there will be more sharp evaluations on the
    economy and social policies, "and will create the impression that
    there are different views on today's authorities."

    Upon the request of "A1+", Bagrat Asatryan also touched upon the
    appropriateness of including enormous amounts of credit for overcoming
    the crisis.

    "I think the authorities' unrestricted demand for money last year will
    lead to bad things. It will have a negative impact on Armenia's economy
    because the money was not spent, or it wasn't spent efficiently. We
    didn't need them to use the money for closing the budget gaps, if
    they were bringing it only from abroad and with rather high interest
    rates," said the former CB president.

    He announced that there is an "escape of dram volume" and brought
    up figures.

    Whereas the prepaid dram was 344 billion drams in December 2008, in
    2009 it was 320 billion drams and according to data from March 25,
    2010, it was 274 billion drams. In other words, within three months
    there has been a reduction of 45 billion drams.

    According to Bagrat Asatryan, "the wealthy are the officials and
    their families" who prefer not to make investments in Armenia, but
    abroad like in Georgia where conditions are more favorable.

    Bagrat Asatryan also focused not only on devaluation of the dram,
    but deprivation of fame. Today deposits and investments are given
    in dollars. In the past year, the volume of credit investments has
    increased from 38 percent to 51 percent, while deposits in drams have
    gone down from 46 percent to 25 percent.

    As far as the core of all issues, Bagrat Asatryan says there is no
    clear-cut economic policy, everything is leading to the destruction of
    economy and statehood, everything is personalized and the government
    is involved in strengthening the bases for Serzh Sargsyan".
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