Former Armenian PM pessimistic

Former Prime Minister of Armenia Grant Bagratyan expressed his concern over the increase in the country’s foreign debt. Firstly he considers it wrong that foreign debt is calculated in a different manner compared with GDP. According to Bagratyan, foreign debt should be compared with export volumes and from this point of view Armenia has the worst indicators after Senegal. So, according to the estimations of Former Prime Minister, by 2012 Armenia could face the threat of default. According to his recommendations, the solution is better leadership coming to power through elections, to implement better economic policy since the country lives on transfers from different states, but mainly Russia. He also mentioned that much of this money goes to Georgia and is invested there. “Armenians start businesses in Georgia and go there for a rest, because Armenia’s monopolised economy does not give any chance to Armenian entrepreneurs to invest in their own country,” the Armenian PM said.