Bulgarians should not be worried because they will not suffer from the effects of international stock market turmoil, according to Finance Minister Simeon Djankov.

"There is no new global financial crisis coming up. Some countries might have problems with their fiscal stability but Bulgaria doesn't – and won't have any such problems," Djankov promised, as cited Wednesday by the 24 Chasa daily.

He further stressed that "somewhere in the world" there could be higher unemployment and higher inflation as a result of the debt crises and market turmoil but Bulgaria "definitely" will be away from such problems.

Djankov's recommendation is that Bulgarians should "mind their own business calmly", and should not be affected by panic on the global stock markets.

The comment of the Bulgarian Finance Minister, a former World Bank economist, and a renowned economics scholar, comes in a moment of turmoil on financial markets after a recent downgrade of US debt, combined with worries that EU efforts to put a safety net under heavily indebted Italy and Spain may not prove sufficient to avert wider credit market disruptions.