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THE GREEK STATE and the INTERNATIONAL FINANCIAL COMMUNITY, 1922-1932: DEMYSTIFYING THE'foreign FACTOR R

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THE GREEK STATE and the INTERNATIONAL FINANCIAL COMMUNITY, 1922-1932: DEMYSTIFYING THE'foreign FACTOR R THE GREEK STATE AND THE INTERNATIONAL FINANCIAL COMMUNITY, 1922-1932: DEMYSTIFYING THE'FOREIGN FACTOR r Ioanna Pepelasis Minoglou Department of Economic History London School of Economics and Political Science University of London Thesis submitted for the degree of Doctor of Philosophy at the London School of Economics and Political Science UMI Number: U615539 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615539 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 I - I T n 00 IP <o 2 In memory of my mother, Elly Eleni 3 “H neianeXeuGepcoTiK^ eAAnvutfi loropia elvcu ouoiaonKd laxopla to>v ^6vcov encppdaeajv” ‘The post independence history of Greece is fundamentally a history of foreign interventions” K. Simopoulos zevoKpaila, MiaeXAnviO]j6<; kcu YnoxdAfiia Foreign imposition, Mishellinism and Subjugation (Athens, 1990) The thesis aspires to challenge the dogma that all of Greece’s misfortunes and problems are due to: The Foreign Factor’. E u a ia 1. On page 195 reference 21 the number 10,000,000 should read 100,000,000 and the number 5,000,000 should be 5,000,000,000. 2. The last paragraph of page 284 should be placed oon page 285 under the title: b. The Advance and Temporary Loan Furnished by The Foundation Co. 3. Page 286 line 17 should read: stumbling block was ttthat the British Treasury had either just enforced or was about to impose an embargo that precluded the... 4. Page 364, reference 9 is incomplete. Add the sentence: For the fact that according to certain sources, the net population increase after the refugee influx was only 13%, see reference 8 on page 94. 1.2.1. The thesis in relation to current trends in the international literature on capital movements ................................................... 17 1.2.2. Historiography and the thesis ........................................................................... 19 1.3. Dramatis Personae ...................................................................................................... 21 References ...................................................................................................................................24 Chapter 2 The Political Economy of Interwar Greece 2.1. The Economic and Political Environment .................................................................... 26 2.2. Foreign Portfolio Investment in Relation to the Total Foreign Debt and Domestic Borrowing .............................................................31 2.3. Basic Features of Foreign Portfolio Investment .........................................................34 2.3.1. Net value of the capital fow ............................................................................... 35 2.3.2. Geographical origins ......................................................................................... 36 2.3.3 Institutional morphology .................................................................................. 37 2.4. How Typical a Case was Greece in the Context of the Interwar World Economy? .................................................................. 39 References ...................................................................................................................................40 BOOK I INTERNATIONAL FINANCE AND FOREIGN INSTITUTIONAL 'TUTELAGE' INTRODUCTION..........................................................................................................................45 1. The Themes and the Sources ..............................................................................................45 1.1. The Themes ................................................................................................................. 45 1.2. The Sources ................................................................................................................. 48 4 CONTENTS A b s tra c t ..................................................................................................................................... 12 Acknowledgements ............................................................................................................... 13 Map of Greece ......................................................................................................................... 14 Abbreviations .......................................................................................................................... 15 GENERAL INTRODUCTION Chapter 1 The Object of Inquiry, Hypotheses and Methodology 1.1. The Object of Inquiry .................................................................................................... 16 1.2. Methodology ................................................................................................................ 17 1.2.1. The thesis in relation to current trends in the international literature on capital movements ...................................................17 1.2.2. Historiography and the thesis ........................................................................... 19 1.3. Dramatis Personae ....................................................................................................... 21 References ...................................................................................................................................24 Chapter 2 The Political Economy of Interwar Greece 2.1. The Economic and Political Environment .................................................................... 26 2.2. Foreign Portfolio Investment in Relation to the Total Foreign Debt and Domestic Borrowing .............................................................31 2.3. Basic Features of Foreign Portfolio Investment .........................................................34 2.3.1. Net value of the capital fow ............................................................................... 35 2.3.2. Geographical origins ......................................................................................... 36 2.3.3 Institutional morphology .................................................................................. 37 2.4. How Typical a Case was Greece in the Context of the Interwar World Economy? .................................................................. 39 References ...................................................................................................................................40 BOOK I INTERNATIONAL FINANCE AND FOREIGN INSTITUTIONAL 'TUTELAGE' INTRODUCTION......................................................................................................................... 45 1. The Themes and the Sources ..............................................................................................45 1.1. The Themes ................................................................................................................. 45 1.2. The Sources ................................................................................................................. 48 5 2. The Legacy of Foreign Control .............................................................................................48 2.1. The 19th Century Legacy .............................................................................................48 2.2. The 20th Century Legacy and 'Destabilization' ............................................................53 Chronological Summary of Book 1 ................................................................................................ 58 References ................................................................................................................................... 61 SECTION I REFUGEES, FINANCE AND THE LEAGUE OF NATIONS (1922-1924): THE FIRST REFUGEE LOAN 1. Introduction 1.1. The First Refugee Loan and Foreign Finance ........................................................... 64 1.2. The Problem Posed ......................................................................................................67 1.3. Conflicts Among the International and Domestic Actors ............................................ 68 2. The First Attempts of the Greek Government to Raise Loan Capital for the Refugees .................................................................................... 69 3. The September 1923 Geneva Protocol ...............................................................................75 4. The Bank of England Advances ...........................................................................................76 5. Amendments to the September 1923 Geneva Protocol ......................................................83 6. Preparations for the Loan ....................................................................................................85 7. Last Minute Problems ................................................................... 87 8 . The French Blackmail ......................................................................................................... 88 9. Flotation and Aftermath ........................................................................................................89
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