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Armenian ex PM calls "idiocy" Government's decision to impose compulsory accumulative pension system in Armenia

  • by Ashot Safaryan

  • Saturday, March 22, 16:36

Armenia's former Prime Minister Hrant Bagratyan has called "idiocy" the Government's decision to impose compulsory accumulative pension system in the country. 

"Our struggle is a struggle against absolute idiocy," he said at the I Am Against civic initiative's rally against the system.

"Our authorities refer to the examples of Estonia, Chile and Russia, but their reform has nothing to do with their reforms.  In Armenia there will be just 2 pension funds against 21 in Estonia, 23 in Chile and 240 in Russia. And have ever heard of anybody borrowing money for 45 years? The longest term for a government bond in Armenia is 10 years. So, why not to give the money back in 10 years? If they want more, they may borrow it in 20 years but to borrow money for 45 years is nonsense," Bagratyan said.

To remind, the Government's decision to impose compulsory accumulative pension system on Jan 1 2004 caused a wave of public protests. In response to an appeal by Armenian National Congress, ARFD, Prosperous Armenia and Heritage the Constitutional Court suspended some points of the relevant law.  On Mar 28 it will meet again to pass the final verdict.

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