There is increasingly more anxious talk about the state debt in Armenia which threatens to become not only too heavy a burden for the economy, but also the determining factor for politics.
Member of the opposition Armenian National Congress faction, ex-prime minister Hrant Bagratyan said that the Armenian government had borrowed money to pay wages and pensions, for which the future generations will pay. “The external debt has exceeded the level of $6.5 billion, of which the state debt is $4.5 billion, and the debt of the private sector, including the banking system, which is even more dangerous, is $2 billion,” said Bagratyan.
