At the beginning of 1843, the country faced serious fiscal difficulties. It was unable to meet payments on the sinking fund of loans contracted under the sanction of the 1832 agreements, which had provided for the selection of Otto to the Greek throne, without raising a new foreign loan. The Great Powers, that had up to that time supported the king's policy, did not agree to this arragnement. In an effort to address the problem, the government decided to curb public expenses (interruption of the operation of embassies, suspension of work on various projects, salary cuts, removal of civil servants etc.). Nevertheless, it failed to collect the amount that was necessary to pay off debts due on 1st June 1843.

The result of these developments was the protocol of 5th July 1843 signed at the Conference of London, which Greece accepted on 2nd-14th September, that is, on the eve of the military putsch. The terms of the protocol were onerous: the annual debt service including interest and the amortization of capital was set at 3,635,922 francs. In order to ensure repayment, specified resources were appropriated (customs proceeds, stamp and property tax) to the exclusive payment of the loan charges. Additionally, the ambassadors of England, France and Russia as well as foreign commercial houses were to supervise the procedure. It is evident that this arrangement essentially abolished state control of the financial sector.

All this aggravated the position of Otto and subsequently of the government of Christidis. Austerity measures upset the civil servants and especially servicemen, who discovered that the measures applied only to them and not to Bavarian officers serving in the regular army. The situation certainly shook the loyalty of the army to the king and this in a period of political unrest and much backstage manoeuvring. Additionally, the terms of the protocol of 5th July, which were viewed by the press and the parties as humiliating, reinforced issues relating to the ending of royal absolutism and opened the door to the concession of a constitution.