Haykakan Zhamanak: Hidden debts amid default
It says that the GDP’s share in the state debt is expected to be 55%-57%, adding that even that figure is not likely to reflect the reality. The paper says that the state debt includes sums which weren’t logically expected to be part of it. In particular, the banks are said to have allocated large-scale loans to different organizations, having the Government’s guarantees. The paper says that the Yerevan Hydropower Plant, for instance, borrowed about $50 million from banks at the Government’s “request” to pay off the salary debts to the employees of Nairit Plant. The money is not reflected as a debt in any document but it has, sooner or later, to be paid back together with the interests, says the paper, considering all that to be the Government’s responsibility (i.e. part of the state debt). With the loans’ total amount not being absolutely reflected in any report, the state debt can be practically thought to be much higher than officially stated. Hence, our state debt can be said to have crossed the boundary of 60%, the highest threshold allowed by Armenia’s legislation, says the paper.
“In other words we have to closely follow the current developments in Greece. The same may be repeated here in just a couple of years,” comments the paper.
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