President Juan Esteban Montero had assumed office on November 15, 1931. By mid-1932, he was already in serious problems, due to the economic impact of the market crash of 1929. To the very grave social and economic problems he faced, he could add the growing political instability that was gripping the country. He was pictured as an inefficient and unpopular leader, and the number of conspiracies that sought to displace him was growing by the day.