Greece debt crisis to have indirect impact on Armenia – economist
Speaking to Tert.am, economist Vilen Khachatryan shared his negative outlook on the domestic market in light of the uncertainties over a new bailout plan for the country. “The impact on Armenia will be indirect; [the situation in] Greece will have its influence on Europe, than Russia and the United States, etc. So Armenia will incur the entire negative impact,” he said.
In the bailout referendum on Sunday, 61.3% of Greek voters said “No” to the Eurozone plan for excluding the country from the common EU currency area.
The Armenian economist said he expects the developments in Greece to impact also the currency market, posing risks especially for Euro.
“There will be certain fluctuations,” he said, calling for a close attention to the global economic developments.
Citing the Global Rich Index, Khachatryan said he knows that after the recent developments in and around the Greece, many of the world’s top billionaires lost around 70 billion Dollars just within a day.
Agreeing that the consequences will be heavy and produce a domino effect, the economist pointed to four possible scenarios under discussion at present.
The first, he said, implies easing of the loan rules to avoid the Euro depreciation.
The second, tougher scenario might be Greece’s consent to leave the Eurozone.
As for the third option, Khachatryan said it might be a new deal with Eurogroup, with the “Greek exit” being the last and the worst scenario.
“[The ‘Greek exit’] is the last and the worst scenario which will inevitably lead the EU and the Eurozone to a recession if not a crisis,” Khachatryan said.
He added that the final choice of the scenario will determine the situation on the currency market.
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