Hrant Vardanyan suggests non-standard solutions to economic crisis

PanARMENIAN.Net - The world economic crisis in the result of improper functioning of states' economy, finance and banking sectors, according to Grand Holding President Hrant Vardanyan.



"Under the circumstances, we need non-standard solutions and individual approaches. We need a new policy of subsidizing weak market areas, instead of ignoring them," Mr. Vardanyan told a news conference today.



He added that people dread the financial crisis, yet not all organizations and spheres are affected by it and not all the governments are subject to its direct influence.



"The hardships that befell us in the 1990s are not comparable to any crisis. Thanks to Armenian Dram stability, Armenia was not subjected to the shock therapy, and the government is conducting a protectionism policy, raising import taxes and promoting the development of local market.



Commenting on ruble zone creation, he said that he sees no obstacles in using a single currency in trade with Russia and other CIS countries, and suggested that Armenians keep their savings in U.S. dollars, while Grand Holding keeps it savings in raw materials.