In the book of the History of Theoretical Direction of the 3rd Lyceum, the first chapter of the curriculum concerns the Greek economy and its recovery efforts before and after the Asia Minor Disaster of 1922. The book focused on a series of policies that boosted investment, financial system of the country and the infrastructures (trams, buses, electricity, water supply from the American ULEN).
The confidence of the Greeks "in a better economic future had been restored, the dark times of the 1920s seemed to be receding, the wounds were closing, poverty was being reduced and the Greek state seemed to be planning the future with greater confidence and optimism," the school textbook states. , to prepare the ground for the bankruptcy of 1932 referred to simply as the crisis.
Despite surplus budgets, the country's external debt had reached unimaginable heights due to loans contracted by the last government of Eleftherios Venizelos (1928 – 1932). The government was unable to repay the debt, and manage the multiple fronts inside the country. As a result, the Venizelos government defaulted and resigned in May 1932. The government's multiple fronts included the reduction of Native American exports and remittances, but also the 1931 flu which brought the economy to its knees with the first ever lockdown imposed in the country.
With information from the "Athenians", twelve years after the "Spanish flu" pandemic of 1918 that claimed the lives of approximately two thousand Greeks and 72 million worldwide, in January 1931 another pandemic broke out throughout the country. There were already reports informing citizens of the existence of a flu virus from Spain and France and urging the Ministry of Health to take action, but many did not pay attention.
The lack of immediate information, the miserable living conditions in some neighborhoods and the overcrowding phenomena, such as the crowd in the port of Piraeus to welcome the popular Aeginetan Miss Greece, Chrysoula Rodi, who contracted the flu before traveling to Paris for the Miss Europe pageant (regardless of not winning a title), were factors that favored the rapid spread of the virus.
At the end of January 1931, Eleftherios Venizelos was diagnosed with influenza. Of course, it wasn't the first time. His failing health was well known in political circles. But the bell about his condition rang very soon, as members of the government and parliamentarians were bedridden with flu symptoms. Despite the reassuring statements of the members of the Parliament, people began to panic. Parliament was forced to adjourn and all MPs were expressly instructed not to visit anyone. The Prime Minister was quarantined.
According to reports of the time, there were cases of influenza in Aegina, Kokkinia, Marathon and Larissa, which were constantly increasing. The Ministry of Health sent flu shots to areas with many cases and immediately closed public services and schools, as 30% of students were sick.
The Minister of Health at the time, Alexandros Pappas, stated in a free speech that "the flu epidemic is of a mild form, but it cannot be characterized as such with a simple summary. (…) It is a fact that no death from the flu occurred, neither here (in Athens) nor in the province. The pandemic mainly affected the areas of Athens and Piraeus. Policemen and gendarmes were stationed at tram and tram stops, outside pharmacies, to prevent tensions and crowding, and in cafes and pastry shops, where they carried out checks to ensure compliance with the measures. The shopkeepers and owners had to disinfect the businesses every day.
People began to heed the government's recommendations, but deaths were mounting and experts imposed a nationwide lockdown. All the shows stopped. Proms, screenings, performances and football matches were put on ice. Professionals in the field and the public reacted so strongly that the Minister of Health's decision was revoked. The economy collapsed even more during this ten-day lockdown. Thus, the government was forced to lift the measures as soon as possible. As soon as the reduction in the number of deaths was seen, the economy took off again, without, of course, being saved from bankruptcy the following year.
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