The Great Depression hit Greece, an already poor country dependent on agricultural exports, particularly hard. Matters were made worse by the closing off of emigration to the United States, the traditional safety valve of rural poverty. High unemployment and consequent social unrest resulted, and the Communist Party of Greece made rapid advances. Venizelos was forced to default on Greece's national debt in 1932, and he fell from office after the Greek elections of 1932. He was succeeded by a monarchist coalition government led by Panagis Tsaldaris of the People's Party.