None of the negative economic phenomenon has been put an end to last year. This means that the year 2010 is going to be the hardest for Armenia, Bagrat Asatryan, the ex-chairman of the Central Bank of Armenia (CBA), told NEWS.am.

“Armenian economy is an area of opportunities shared by groups that do what they want. I speak of oligarchs, monopolies, which account for the negative phenomenon in our economy. We are aware a group of people not only seized political power, but also infringed on our future, Asatryan said. If this system is destroyed, achievements are possible. Otherwise, living conditions in Armenia will be even worse in 2011 than in 2010, he said. He pointed out that a price rise is a serious threat this year.

As regards Armenia’s foreign debt, he said that Armenia-like countries need foreign bonds. However, they should be properly used for economy to recover.