When the Greeks initiated the Revolution of 1821, they had in mind not only liberation from the Turks and the integration of regions with Greek populations but also shaping a modern state that would stand proudly among European powers.

However, the Great Powers did not envisage such a role for Greece and, therefore, whenever it claimed its historical rights, it was pushed to the margins.

Nor could Greece alone secure the funds it needed for reconstruction, as the cost of repeated bankruptcies was heavy and ongoing.

Using historical statistical series and contemporary economic models, the book examines the bankruptcies and failures of the 19th century, culminating in the crushing defeat in the Greco-Turkish War of 1897 and the imposition of International Financial Control in 1898.

Resource accumulation remains insufficient and only changes when the country reorganizes itself and is ready to take a leading role in the Balkan Wars.

Foreword: Sofia Lazaretou