by Arthur Yernjakyan
The second president of Armenia slagged off the activity of the government on development of the mortgage market calling it "paper".
"As for the last article, the premier would better keep silent. If we trust in figures, the conclusion of the article is the following: despite stable growth of mortgage and improvement of its conditions, the building sector in Armenia is decreasing more and more. However, I would not trust in figures, as they are false", - Kocharyan said.
He also added that the figures submitted by the government are far from the true volumes of mortgage and its conditions. The great part of these figures are restructured overdue bid bonds on real estate. Such a "paper mortgage" does not stimulate true building, Kocharyan said and added that is a "temporary way out" from the situation for the banks...This is evidence of sick economy and one should not be proud of that", - he said.