Policy group warns of economic disaster in Armenia

On Monday, Policy Forum Armenia released a report entitled, Armenia: Averting an Economic Catastrophe. In it, researchers suggest that "outside shocks" could destabilize an already unhealthy economy, and result in a decrease in GDP and a de-valuation of the local currency Dram. Currently, Armenia owes more than 3.5 billion USD in foreign debt.

The PFA criticized what it called a system of "crony capitalism", and a government that has routinely ignored economic warning signs. It presented a series of recommendations, emphasizing the need for "clean" political leadership.