According to Armenian government’s statements, the country’s external debt will amount to USD 4,2 billion by 2011, which is equal to 400% of export index.

“The result is highly unsatisfying,” former Prime Minister of Armenia Hrant Bagratyan told a news conference in Yerevan.

“Actual foreign debt of Armenia comprises around USD 6 million, as during the default the country becomes responsible for private debts, including those of commercial banks. Clearly, the situation is catastrophic,” Bagratyan stressed.