Page "Economy of Armenia" Paragraph 171

Critics of the Kocharian government say that the Armenian administration never considered alternative ways of settling the Russian debts.

According to economist Eduard Aghajanov, Armenia could have repaid them with low-interest loans from other, presumably Western sources, or with some of its hard currency reserves which then totaled about $ 450 million.

Furthermore, Aghajanov points to the Armenian government's failure to eliminate widespread corruption and mismanagement in the energy sector – abuses that cost Armenia at least $ 50 million in losses each year, according to one estimate.