The country has found it difficult to escape from poverty, partly because of a trade blockade imposed by neighbouring Turkey and Azerbaijan since the 1990s war with Azerbaijan over Nagorno-Karabakh.

BBC: Armenia President Serge Sarkisian wins new term

This has not stopped the credit-card industry from lobbying furiously for Congress to make it more difficult for people to escape their debts by filing for bankruptcy.

ECONOMIST: Deeper in debt