"Zhoghovurd": Armenian banking system is in crisis:

Armenian banking system is in crisis. According to the newspaper "Zhoghovurd", the main reason has to do with the credit system. The fact is that a number of large employers have taken a wide variety of loans and now can not repay them. For example, one of the owners mortgaged his brandy factory, showing how much barrels of cognac he has, but after months the cognac was sold and now one of the banks found that the barrels are empty, there is only the building of the factory.

Such a story came up, and one for owners of poultry farms: the documents were submitted, but now there is no factory. The banking problem was more acute after the bankruptcy of "Armavia", as debts of the company reach 50-60 million dollars. Established situation seriously concerned Central Bank, where meetings were held.