recognized for taking Sporting Cristal to the Copa Libertadores Final in which Sporting Cristal was the runner-up. In 1998, Markarian coached the Greek team, Ionikos, reaching fifth place in the Greek league and qualifying them for the UEFA Cup. Markarian became the coach of the Paraguay National team from 1999 through 2001 qualifying Paraguay to the 2002 World Cup in Korea and Japan. He was fired by the Paraguayan Football Association in 2001 prior to the World Cup because he had lost his last two qualifier matches, a 3–1 away loss against Venezuela and a 4–0 home loss against Colombia. He was to be replaced by the Italian coach, Cesare Maldini. After coaching the Paraguay National team, Markarian returned to Greece and became the head coach of Panathinaikos in 2002 reaching the quarter finals in the UEFA Champions League. Markarian resigned his post as head coach in May 2002 only to return in October saying that he "needed time off to collect his thought and relax". The following season, Markarian led them to the quarter finals of the UEFA Cup but lost to Jose Mourinho's FC Porto. In 2005, the Iraklis Thessaloniki Greek team hired him to help improve their first division standings. After coaching in Greece since 2002, Markarian returned to Paraguay to coach Libertad from 2005 to 2007, winning Paraguayan League titles in 2006 and 2007. Markarian was appointed coach of Mexico's Cruz Azul in June 2007 and took them to the Apertura final but lost to Santos Laguna. He walked away a year later because of differences he had with the club's board regarding how to reinforce the squad. He had the option to be the head coach of Costa Rica national team, but the Costa Rican Football Federation picked Rodrigo Kenton as their head coach. Markarian coached Universidad de Chile in 2009, winning the Chilean Torneo Apertura- the first title the Universidad de Chile had won in the last 5 years- before then terminating his contract due to differences with the club's management only six months into the year. In July 2010, Markarian was appointed as the new head coach of the Peru national team for the 2011 Copa America and the 2014 FIFA World Cup Qualifiers. Markarian succeeded José del Solar who led the Peruvian team in a disastrous campaign, finishing last during the 2010 World Cup qualifiers. Under great expectations from the media, Markarian