The feelers put out by the governments of Greece and Turkey designed to break the deadlock which had resulted from the bloody events of 1920-22 finally bore fruit in 1930. Negotiators were gratified with the signing of the convention which provided for the resolution of bilateral disputes over the exchange of populations. The basis for the agreement - the principle of clearing the properties of exchangeables and non-exchangeables - was decreed, while the Greek side was obliged to pay £425,000 sterling to compensate the Turks for restoring to the Greeks the lands they had taken over in Constantinople.
The terms of the convention were clearly advantageous for Turkey and for this reason they acceded to the reservations of some of the Greek side. With the visit of Venizelos to Ankara, the agreement of friendship, neutrality and arbitration was signed, which included the prohibition of the participation of any political or economic coalition that tried to oppose either of the two contracting parties. In addition, an agreeement concerning trade and navy equipment was provided for. Following on from this, another guarantee agreement was signed on 14 September 1933, aimed at promoting the relations of the two countries 'into a clearly defensive alliance'.