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| 19:31:29 | 06-06-2005 | Economy |

IN CASE OF RESTARTING THE KARABAKH WAR THE BLACK SEA BANK WILL GO BANKRUPT

Mustafa Kyurtin, President of the Black Sea Commerce and Development Bank,
held a press conference today together with RA Finance and Economy Minister
Vardan Khachatryan. Let us mention that the Bank is the body realizing the
financial programs of the Black Sea Economic cooperation political
structure. 11 states are members of the Bank, including Azerbaijan, Armenia,
Russia, Georgia and Turkey.

Bank President Mustafa Kyurtin made an interesting announcement during the
press conference, `If there is war between the member countries of the Bank,
the result will be bankrupt’.

Before that, Central Bank President Tigran Sargsyan and Finance Minister
Tigran Khachatryan had managed to express the vice versa opinion. In the
concluding session of the annual meeting Tigran Sargsyan said, `Supporting
the close economic cooperation between Azerbaijan, Turkey and Armenia, the
Bank contributes to the economic and political integration of the
countries’.

And Vardan Khachatryan said, `These economic programs will contribute to the
elimination of the atmosphere of hostility and distrust, as the Bank was
created with that purpose’.

The economic programs mean investments in the small and medium business of
the member countries of the Bank, and Azerbaijan who is neighbor of Armenia
in the hostility and distrust atmosphere, had not represented the annual
report of the bank without giving grounds for its absence.

The Finance Minister claimed that they had done everything to persuade
Azerbaijan that their security in Armenia is guaranteed. The nest annual
meeting of the member countries will take place in Azerbaijan, in which the
Finance Minister will participate only in case the neighboring country gives
him a visa.