Supported by the Liberals and Conservatives as well as the Radicals, Juan Esteban Montero was the clear winner of the presidential elections, obtaining almost 64% of the popular vote, defeating leftist José Santos Salas, a protégé of former President Carlos Ibáñez. He took over on November 15, in the midst of a political and economic chaos that resulted from the market crash of 1929. His program called for the implementation of an austerity program that involved the reduction of public expenditures and public salaries, a downsizing of the public administration and an increase of the foreign debt. Notwithstanding these harsh measures, the depreciation of the currency continued, and inflation soared while the Central Bank reserves were at an all-time low. This economic program only managed to cause widespread discontent, while in no way improving the economy, and in turn led to his downfall.