High Quality Content by WIKIPEDIA articles! The instability began immediately. Ponce was so angry over Velasco`s vicious campaign attacks on his government that he resigned on his last day in office rather than preside over the inauguration of his successor. During his campaign, "the National Personification" had promised government support to the masses of urban poor, many of whom had recently migrated to Guayaquil and other major cities in search of a decent job and a place to live. Velasco`s populism continued into his inaugural address, when he renounced the hated 1942 Rio Protocol. He thus came to power with the adoration of the masses, but he saddled himself with expensive commitments to the poor at a time when deficits in the state coffers were approaching a critical level. Additionally, Velasco threatened Ecuador`s shaky economy with what amounted to a declaration of hostilities against Peru and the guarantors of the Rio Protocol, namely Argentina, Brazil, Chile, and the United States.