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The COVID-19 pandemic and our money. Will companies disappear, will new ones appear after the pandemic situation? What are the sectors that are thriving under the coronavirus? Are our banks stable and what should we learn in times of isolation and distance in order to survive the coronavirus? On the Banker’s Day – Levon Hampartzoumian with a comment for “Sunday” on Nova TV.
The pandemic affects all aspects of life and the economy: the financial sector, with all kinds of financial services, is just an infrastructure that guarantees the work of the real economy. It is reflected in all the negative effects of the type of insecurity, of the repressed economic sectors; of course some are thriving. Then, the role of the financial sector in overcoming the crisis will be significant, he said.
When asked which sectors are thriving, he said: “Look what is happening with Amazon stocks and Amazon-like companies, for example, that deal with online delivery.”
When asked what he thinks of the emerging conspiracy theory, which was invented so that some people around the world could become very rich, the middle class would disappear and everyone else would be poor and easy to handle, Hampartzoumian said: “I think that we overestimate the intelligence and influence of these people. The disappearance of the middle class was a phenomenon without COVID-19. In the last 30-40 years the difference in people’s income has become significantly greater in the developed world. COVID-19 only accelerates processes, which go anyway. “
“Of course, it is reversible, it is cyclical. It is cyclical, but each time the cycle is reversed. It is based on four factors: wars, revolutions, natural disasters and pandemics,” he added.
Levon Hampartzoumian also commented on the decision to extend the loan moratorium until March 31. “This means, if you have to explain it in such a popular way, buying a little more time so that the companies and the banks that financed them don’t shoot themselves in the foot. That is, to be able to make some loan installments. “This is an opportunity, it is not mandatory, but those who cannot pay, do not pay a little more, without suffering their credit rating and without suffering the capital base of the banks,” he explained.
“Without this moratorium, banks should start using up their capital to cover the losses on unpaid loans. It’s a dynamic equilibrium that only buys time, it doesn’t solve the problem.” “Hampartzoumian added.
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