In 1931, Chile was bankrupt. The situation had caused the downfall of President Carlos Ibáñez del Campo on July 26, 1931. The collapse of exports and prices for Chilean products, the lack of liquidity and the high level of external debt had led the League of Nations to name Chile as the country most affected worldwide by the Great Depression. There were already 130,000 unemployed and the situation had caused the closing of the saltpeter mines in the Atacama, in turn causing a massive migration of workers to the urban centers.