In 1929, Ataturk signed a contract that led to the restructuring of the Turkish debt to the management of the Ottoman public debt. At the time, Ataturk was faced not only with the payment of Ottoman public debt, but also with the economic turbulence of the Great Depression. Thus, until the early 1930s, the Turkish private company was unable to acquire foreign currency loans. It was impossible to integrate the Turkish economy without a solution to these problems. When the Modern Republic of Turkey was founded in 1923, nationalism and secularism were two of the founding principles.  Ataturk aimed to make the Turkish remnants of the Ottoman Empire a nation-state (ulus devlet). Kemalism defines the “Turkish people” as “those who protect and promote the moral, spiritual, cultural and humanistic values of the Turkish nation.”  One of the objectives of the creation of the new Turkish state was to “guarantee the domination of Turkish ethnic identity in all aspects of social life, from the language that people speak on the street to the language that is to be taught in schools, from training to industrial life, from trade to civil servants` executives. , from civil law to the settlement of citizens in certain regions.  The process of union through Turkishification continued and was promoted under the government of Ataturk with a policy as the citizens speak Turkish! (Vatandaa Turké konua!), an initiative launched in the 1930s by law students but supported by the government. The campaign was aimed at putting pressure on non-Turkish speakers to speak Turkish in public.        However, the campaign went beyond the actions of a simple Turkish-language policy to hate any other language.       We must free our concepts of justice, our laws and our legal institutions from the bonds that, although incompatible with the needs of our century, still firmly dominate us.
 Greece renounced all claims on Turkish territory and the two sides reached an agreement on 30 April 1930. On 25 October, Venizelos travelled to Turkey and signed a treaty of friendship.  Venizelos even passed on Ataturk`s name for the 1934 Nobel Peace Prize.  Even after Venizolos`s fall from power, Greek-Turkish relations remained cordial. Indeed, Venizelos` successor, Panagis Tsaldaris, visited Ataturk in September 1933 and signed a broader agreement, called the Cordial Agreement between Greece and Turkey, which was a springboard for the Balkan Pact. George Dixon Grahame signed for the United Kingdom, Alexander Millerand for France and Count Lelio Longare for Italy. An allied power, Greece, did not accept the borders as drawn, mainly because of the political changes that followed the Greek parliamentary elections of 1920 and therefore never ratified the treaty.  There were three signatories for the Ottoman Empire: he proposed depoliticization in the army, a proposal that was not appreciated by the leaders of the CUP.