YEREVAN. – Armenia and Russia are experiencing a systemic economic crisis, opposition Armenian National Congress member, economist Vahagn Khachatryan, who is former mayor of capital city Yerevan, said at a press conference on Monday.

As per Khachatryan, however, while Russia realizes this crisis and is developing an appropriate plan to fight against it, in Armenia, on the other hand, everything is discussed among the expertise and journalistic circles, but nothing more.

“Today, we [i.e. Armenia] need solutions,” the economist noted. “When they speak about cutting budget spending, there is some risk in that; the market could be reduced.

“Of course there are unproductive expenses, but I can’t picture how these cuts in Armenia’s budget will proceed without causing serious problems.”