YEREVAN, August 17. /ARKA/. The global financial and economic crisis has plunged the world into a permanent recessionary wave, Hrant Bagratyan, former Armenian prime minister, said Wednesday at a news conference.

“The 2008 crisis situation is not damped down yet,” he said. “There is no balance in the global economy. This crisis differs from past years’ traditional crises, which once came to an end.”

In his opinion, at least three European countries – France, with its zero economic growth at the second quarter, Great Britain and Germany, with their 0.1% economic growth - are close to crisis now.

Begratyan said that further spread of the crisis depends on the United States, which holds the world’s financial capital market in its hands. -0-