Hrant Vardanyan suggests non-standard solutions to economic crisisFebruary 17, 2009 - 19:07 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |