ARMENIA’S FORMER PRIME MINISTER SAYS CONTINUATION OF GLOBAL CRISIS POSSIBLE

PanARMENIAN.Net
May 20, 2010 – 15:58 AMT 10:58 GMT

Armenia’s former Prime Minister Hrant Bagratyan said that the global
financial crisis will possibly continue.

He named three reasons, due to which the crisis can’t be thought as
overcome. First, banks not only grant loans to business, but also
become its shareholders; second, largest corporations will not be able
to meet their obligations to pension funds; third, inconsistence of
currency during budget’s formation.

According to Bagratyan, the new crisis will reach Armenia in six
month and its new wave will be stronger that is reasoned by decrease
in prices for copper and molybdenum.

He added that many experts were predicting sharp centralization of the
world economy, as well as "explosion" of economy in countries of the
Central Europe, as average pensions are rather high in these countries.

"Due to this, it is possible that a new wave of the crisis will reach
Armenia in September-October 2010," Bagratyan said, adding that the
government does not take steps to prevent it.

Besides, the former PM advised the population to purchase precious
metals, specifically palladium, to be able to withstand the crisis
challenges.