A parliamentary election was held on 4 December 2011, and the Slovenian Democratic Party candidate Janez Jansa was elected Prime Minister. The new government implemented a series of austerity measures, which triggered nation-wide strikes and demonstrations. After falling into recession in 2011, the severe economic situation continued well into 2012. The Slovenian banks are seeing bad loans increasing steadily and its fiscal situation is deteriorating as well. The international credit rating agencies have successively downgraded its credit rating. <<