The government of Bulgaria was brave in dealing with the economic crisis which was in its peak at the time the cabinet took office and managed to avoid serious problems, according to the country's Finance Minister, Simeon Djankov.

Djankov spoke Tuesday during a lecture at an international forum in the Romanian capital Bucharest, organized by Forbes Romania and the Adevarul daily, saying that when a crisis begins the markets overreact and governments must act in a timely measure.

The Minister stressed that some EU cabinets have failed to react swiftly which deepened their economic problems. He gave as examples of the courage of those ruling Bulgaria the 15% reduction of public expenditures, and avoiding upping direct taxation thus increasing the burden on the business and the households.

Djankov reminded that since the beginning of 2011, the Bulgarian cabinet has proposed restricting public expenses to 40% and a 2% from the Gross Domestic Product, GDP, budget deficit threshold which have been included in his brainchild - the Financial Stability Pact.

The Minister pointed out that Bulgaria is not facing a debt crisis at all and that the debt of the government is just 15% from GDP.

He stated that the crisis had eliminated the clich? about the division of the Old Continent in Eastern and Western Europe and now there are financially and economically stable and unstable countries.

The Minister was bestowed the international award of Forbes Romania for exceptional contributions in preserving financial and economic stability in the conditions of the most serious crisis in the last several decades.

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