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| 1927 |
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| As some measure of stability returned, a new constitution was promulgated. It established a republic with two houses (a gerousia and a vouli), with the government dependent on the majority of the lower house. But the president, with a five-year term, was given about the same powers as were previously allotted to the king. | 1 |
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| 1928, May 31 |
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| Return of Venizelos, who formed a cabinet (July 4). | 2 |
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| 1929 |
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| The world depression hit Greece severely. The total value of Greek exports fell from a yearly average of $125 million between 1922 and 1930 to only $49 million in 1933. By 1934 the value of Greek exports amounted to only half the value of imports. Moreover, emigrant remittances and revenue from shipping, the principal means by which Greece had traditionally overcome its chronic balance of payments deficits, decreased. By 1933 virtually two-thirds of state expenditures were devoted to servicing Greece's foreign debts. Ultimately, Greece was forced to default on interest payments. The severe strains this placed on Greek society were met with limited reform and government repression. The government introduced a program of public works, established an agricultural bank to help peasants gain credit, and increased the number of primary schools. But the government also passed the 1929 “idionym” law making attempts to undermine the existing social order illegal. | 3 |
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| Dec. 10 |
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| Retirement of President Kondouriottis. Zaimis provisional president. | 4 |
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