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Hrant Bagratyan: External Debt Situation In Armenia Catastrophic

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  • Hrant Bagratyan: External Debt Situation In Armenia Catastrophic

    HRANT BAGRATYAN: EXTERNAL DEBT SITUATION IN ARMENIA CATASTROPHIC

    PanARMENIAN.Net
    January 14, 2011 - 17:48 AMT 13:48 GMT

    According to Armenian government's statements, the country's external
    debt will amount to USD 4,2 billion by 2011, which is equal to 400%
    of export index.

    "The result is highly unsatisfying," former Prime Minister of Armenia
    Hrant Bagratyan told a news conference in Yerevan.

    "Actual foreign debt of Armenia comprises around USD 6 million,
    as during the default the country becomes responsible for private
    debts, including those of commercial banks. Clearly, the situation
    is catastrophic," Bagratyan stressed.




    From: A. Papazian
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