YEREVAN. – The representatives of Armenia’s ruling elite are concerned about the events unrolling in Cyprus, Zhoghovurd daily reports.

“Many [Armenian] state officials keep their money in the banks in Cyprus, and now, when the Cypriot government is considering the possibility of imposing taxes on bank deposits, they are concerned about their assets.

According to a variety of assessments, [Armenia’s] senior government representatives are facing [the possibility of] losing their assets, since they keep 60-80 percent of [their] financial savings in Cypriot banks.

What is more, the Cypriot partners themselves have shares in many banks in Armenia, and a worrisome future awaits several banks in Armenia, too,” Zhoghovurd writes.