Myasnikovich: We were on verge of default in 2011

Only severe austerity measures saved the situation.

The Belarusian Prime Minister admitted Belarus had been on the verge of default during last year's economic crisis. The PM thinks only severe restrictive measures saved the country, Interfax news agency reports.

“Restrictive measures taken by the government in 2011 facilitated stabilisation, prevented the default, which possibility was real, and secured stability of the currency market. The measures were temporary. They were lifted after the situation became stable,” Mikhail Myasnikovich said Thursday in Minsk at a meeting of the Foreign Investment Advisory Council in the Belarusian government.

The Belarusian PM made this statement as he talked to Head of EBRD Representative Office in Minsk Francis Delaey, who focused on the unpredictable character of Belarus's regulatory environment that frightens away potential foreign investors. Game rules are changing all the time in Belarus and legal and political fundamentals go through constant changes,  Delaey shares his observation on the business climate in the country.