Political revolutions promise renewal, but Armenia’s so-called “Velvet Revolution” has delivered something far darker — the slow financial death of the Armenian state.
For centuries, Armenia’s survival has depended not only on courage and culture but also on its economic resilience. Today, under Pashinyan’s leadership, that resilience is evaporating. War, capitulation, and corruption have stripped Armenia of both territory and trust, while the economy sinks deeper into dependency.
War and Capitulation
The 2020 Artsakh war and its aftermath left not only thousands dead but also billions lost. Infrastructure destroyed, displaced families resettled, and military defeat shattered investor confidence. Instead of recovery, Armenia was handed debt and humiliation.
Dependency and Debt
Rather than building economic sovereignty, Armenia is increasingly bound to foreign loans, remittances, and aid packages. Industry is hollowed out, agriculture remains under pressure, and youth emigration drains the labor force. The nation survives on borrowed money and exported workers — a textbook case of dependency economics.
Corruption and Mismanagement
The revolution’s promise of transparency collapsed quickly. Under Pashinyan, state assets have been squandered, oligarchic networks reshaped instead of dismantled, and government spending directed toward securing political loyalty rather than national stability. What should have been investment in production and self-reliance became the buying of silence.
National Weakening
Financial death is not just numbers on a balance sheet — it is a national weakening. It means pensions delayed, hospitals underfunded, soldiers unequipped, and citizens leaving for good. It means Armenia’s sovereignty traded piece by piece, until decisions in Yerevan are little more than echoes of powers abroad.
Conclusion:
The tragedy of Armenia today is not only on the battlefield but also in the bank account. A revolution that promised rebirth has instead delivered debt, dependency, and decline. Armenia’s financial death is slow, quiet, and invisible to those who choose not to see it — but it is real, and it is happening now.
And yet, there remains one undeniable truth: without some kind of victory, Armenia is doomed to failure. Even the act of removing Pashinyan would lift the nation’s morale, restoring faith that Armenia can fight back, rebuild, and survive.