YEREVAN, OCTOBER 19, ARMENPRESS. Oligarchy in Armenia has been brought down, acting Prime Minister Nikol Pashinyan said in a speech during a rally in Kapan today.

“We want an Armenia where violence, extremism, corruption, fraud and oligarchy don’t have a place. I announced yesterday that there are no oligarchs in Armenia anymore, which was followed by comments that were seeking some sort of suspicious deals behind this announcement of mine. Let’s note for the record what the talk is about. What does oligarchy mean, it means the power of the few, an oligarch means a representative of the power of the few. I am saying that the power of the few in Armenia has collapsed and that the people’s power, meaning your power, has been established. This doesn’t mean that the people who were formerly called oligarchs ceased to exist, but it is their status that has ceased to exist. This is the reason that I say – there is no oligarchy in Armenia, the power of the many, the people’s power is established in Armenia,” Pashinyan said.

Earlier on October 18, Pashinyan said that there are no longer oligarchs in Armenia.

Edited and translated by Stepan Kocharyan