After Raping Society, It’s Cynical to Speak of Stability: Armenia’s Former PM

There’s no economic situation in Armenia, and even in the cemetery, stability is stability, said Armenia’s former prime minister, Armenian National Congress representative and economist Hrant Bagratyan, speaking about Armenia’s economy to journalists in Yerevan today.

According to Bagratyan, there is no banking system in Armenia. “Why should 100% of the risk of the fluctuations in the exchange rate fall on depositors and not on banks? This is a matter for the courts. What tales they tell, what ignorant fantasies I hear, what an environment of impunity reigns in banks! Armenia’s banks today issue loans in US dollars. After raping the public for so long, it’s cynical to speak of stability in the banking system.”

In order to curb inflation, continued Bagratyan, the government raise the value of the currency and encourages new inflation. According to the former PM’s forecasts, inflation is going to be high and “if they’re going to fight against inflation, then it’ll be on the budget’s account.”

In the agricultural sector, in Bagratyan’s words, the danger is so great that “little is left for us to say leave the villages — drop everything and run away.”