This led to a crisis of confidence, indicated by a widening of bond yield spreads and risk insurance on credit default swaps compared to other countries, most importantly Germany. Downgrading of Greek government debt to junk bonds created alarm in financial markets. On 2 May 2010, the Eurozone countries and the International Monetary Fund agreed on a loan for Greece, conditional on the implementation of harsh austerity measures. In October 2011, Eurozone leaders also agreed on a proposal to write off 50% of Greek debt owed to private creditors, increasing the EFSF to about €1 trillion and requiring European banks to achieve 9% capitalization to reduce the risk of contagion to other countries. These austerity measures have proved extremely unpopular with the Greek public, precipitating demonstrations and civil unrest. There are widespread fears that a Greek default on its debt would have global repercussions, endangering the economies of many other countries in the European Union, threatening the stability of the European currency, the euro, and possibly plunging the world into another recession. It has been speculated that the crisis may force Greece to abandon the euro and bring back its former currency, the drachma. In April 2014, Greece returned to the global bond market as it successfully sold €3 billion worth of five-year government bonds at a yield of 4.95%. According to the IMF, Greece will have real GDP growth of 0.6% in 2014 after 5 years of decline. Following the May 2012 legislative election where the New Democracy party became the largest party in the Hellenic Parliament, Samaras, leader of ND, was asked by Greek President Karolos Papoulias to try to form a government. However, after a day of hard negotiations with the other parties in Parliament, Samaras officially announced he was giving up the mandate to form a government. The task passed to Alexis Tsipras, leader of the SYRIZA (the second-largest party) who was also unable to form a government. After PASOK also failed to negotiate a successful agreement to form a government, emergency talks with the President ended with a new election being called while Panagiotis Pikrammenos was appointed as Prime Minister in a caretaker government. Voters once again took to the polls in the widely watched June 2012 election. New Democracy came out on top in a stronger position with 129 seats, compared to 108 in the May election. On 20 June 2012, Samaras successfully formed a coalition with PASOK (now led by former Finance Minister Evangelos Venizelos) and DIMAR.