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