HRANT VARDANYAN SUGGESTS NON-STANDARD SOLUTIONS TO ECONOMIC CRISIS

PanARMENIAN.Net
17.02.2009 19:07 GMT+04:00

/PanARMENIAN.Net/ The world economic crisis in the result of improper
functioning of states’ economy, finance and banking sectors, according
to Grand Holding President Hrant Vardanyan.

"Under the circumstances, we need non-standard solutions and individual
approaches. We need a new policy of subsidizing weak market areas,
instead of ignoring them," Mr. Vardanyan told a news conference today.

He added that people dread the financial crisis, yet not all
organizations and spheres are affected by it and not all the
governments are subject to its direct influence.

"The hardships that befell us in the 1990s are not comparable to any
crisis. Thanks to Armenian Dram stability, Armenia was not subjected
to the shock therapy, and the government is conducting a protectionism
policy, raising import taxes and promoting the development of local
market.

Commenting on ruble zone creation, he said that he sees no obstacles in
using a single currency in trade with Russia and other CIS countries,
and suggested that Armenians keep their savings in U.S. dollars,
while Grand Holding keeps it savings in raw materials.