Over the last decade, Greece accumulated a large amount of debt that led to an economic crisis threatening the European recovery and euro. European leaders negotiated an agreement for banks to reduce Greek debt by 50% face value, but the IMF and ECB did not agree to as large a reduction. As a result, Greece's debt would only decrease to 120% by 2020. After the plan's release, Greece's prime minister announced a referendum and was replaced, with the new government working to develop the Greek economy.