According to British Documents, the Economic-Financial Situation in Greece during the Turkish War of Independence and the Efforts of the Governments to Finance the War

Starting on 15 May 1919 with the Greek invasion of Smyrna, the occupation movement in Western Anatolia put the Greek finances in difficulty with an increasing sum from year to year. The Greek governments were able to finance the war with the financial aid provided by the Allies to Greece before the invasion. However, in November 1920, Venizelos lost the elections and resigned as prime minister, and in December of the same year, the exiled King Constantine, who had great problems with the Allies, was restored to the throne, which deeply affected the Allied relations with Greece. After this date, the country was unable to receive foreign aid, and in order to finance the war, it introduced many measures, especially tax rates, which were burdensome to the people. Naturally, this situation led to a weakening of the purchasing power of the people who were oppressed under inflationary policies. Despite the large deficit in the balance of income and expenditure during the war years, the country's international trade continued at an increasing rate, albeit with some troubled periods.