Due to the division of the right-wing, the Cartel won the elections on 11 May 1924, after the French government's failure to collect German reparations even after occupying the Ruhr. The left-wing obtained 48.3% of the votes, and the right-wing 51.7%, but the Cartel gained the majority of seats, with 327 against 254 (the right-wing and the first communist deputies). The new majority was led by Édouard Herriot, and broke up in 1926, with the SFIO passing into the opposition. Capital flight and the failure to retrieve the reparations created a monetary crisis, which led to the creation of a new government by the centre-right Raymond Poincaré. As soon as Poincaré formed his new government, composed of the National Bloc parties plus the Radical-Socialists, the monetary crisis ended.