After the onset of the financial crisis of 2007–2010 and European sovereign-debt crisis, the left-wing coalition that replaced Janša's government in the 2008 elections, had to face the consequences of the 2005–2008 over-borrowing. Attempts to implement reforms that would help economic recovery were met by student protesters, led by a student who later became a member of Janez Janša's SDS, and by the trade unions. The proposed reforms were postponed in a referendum. The left-wing government was ousted with a vote of no confidence. Janez Janša attributed the boom of spending and overborrowing to the period of left-wing government; he proposed harsh austerity reforms which he had previously helped postpone. Generally, some economists estimate that both left and right parties contributed to over-loaning and managers' takeovers; the reason behind this was that each bloc tried to establish an economic elite which would support its political forces.