During the period 1922-32 foreign borrowing amounted to 1,022,000 golden francs, a sum that represented 150% of the annual gross national income. Initially the growth of the domestic market after 1922 and later the stabilisation of the drachma in 1928 and the rehabilitation of the credit system were the reasons that made Greece interesting to foreign capitalists. Apart from the loans for the refugees' settlement, others were contracted for draining and irrigation works, as well as for the expansion of the road and railway network.

From the total amount of foreign loans, 37% was appropriated for the refugees' settlement, 31% for productive works and 32% was absorbed by current needs of the public budget and by the servicing of loans. The most important buyers of Greek securities abroad were Hambro's Bank of London, Speyer & Co group of New York and the National Bank of Greece.

In the category of direct investments, the foreign companies Power and Traction, Oulen and Foundation were installed permanently in Greece. Foreign presence was also related to the shrink of international market and the restriction of capital demand in other regions of the continent. While interest rates in European capitals were falling, in Greece they registered a big rise. As a result, they were maintained three times higher than the western ones.