21/03/2013 13:30
Cyprus crisis to affect Armenia’s banking system
The banking sector crisis in Cyprus may have a serious impact on Armenia’s banking system in the near future, “Haykakan Zhamanak” daily says.
“The point is that a substantial part of Armenian capital of dubious origin has accumulated in the banking system of Cyprus. This capital belongs mostly to our high-ranking officials who invest these sums in Armenia “through” Cyprus as foreign capital. Thanks to this scheme, the public is unaware of their property. It should be mentioned that in Armenia’s banking system alone, according to official statistics, “Cyprian” investments amount to $84 million,” the paper writes.