Yerevan/Mediamax/. Armenian Deputy Minister of Finance Vardan Aramyan said today that even in case of the most pessimistic scenario - a 30% depreciation of the dram, Armenia won't be on the verge of default.

Addressing a Conference on "Global possibilities of local markets: infrastructure and regulation" in Yerevan today, Vardan Aramyan said that after facing two hardest tasks in 2009 and 2010- sharp economic downfall and high inflation - Armenia managed to toughen its monetary policy and preserve the inflation without endangering the fragile restoration of the economy, Mediamax reports.

"Our studies showed that not the level of the state debt but the condition of the microeconomic fundament play a decisive role in the emergence of default," Vardan Aramyan said, noting that during the crisis Armenia's state debt has considerably grown but remains  within controllable limits.

According to Deputy Minister, Armenia has taken the following lessons from the global financial-economic crisis and current debt problems of the West: Armenia should continue the balanced macroeconomic policy, diversify the economy, stimulate the export-oriented branches, improve the business climate and conduct a pension reform.