Samvel Abrahamyan, Board Vice-Chairman, Armenian National Congress (ANC), delivered a speech at the ANC-held rally in Yerevan.

“The criminal and oligarchic system ruling over Armenia goes on doing its dirty deeds. Abnormal AMD revaluation caused the country’s monetary funds to be scattered on the one hand, and destroyed local production on the other hand. Armenia officially registered the sharpest economic decline,” he said. “To overcome the crisis, the Government accumulated an additional external; debt totaling 1.5bn AMD (U.S. $4.054m). Amid the global crisis, the rich people lost 50 to 70 per cent of their capital, whereas Armenian oligarchs have amassed even more. More convincing evidence of the authorities’ corruption can hardly be found. Arbitrary increase in the prices for gas, electricity and other products remains one of the main means of misappropriation,” he said.

Abrahamyan enumerated the steps toward the way out of the crisis. He pointed out that “the criminal and oligarchic system ruling over Armenia is unable to make the steps, but is leading the country to an economic collapse.”