The presidential elections finally took place on October 4, 1931, with Juan Esteban Montero as the clear winner. He took over again in the midst of a political and economic chaos. 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.