From August 1922 until the signing of the agreement concerning the obligatory population exchange, in January 1923, approximately 900,000 refugees had already arrived to Greece from Asia Minor and eastern Thrace. According to official statistical data, which do not include those who took refuge to European countries or to America, the total of the people that migrated until December 1924 was: 1,220,000 Greeks and 45,000 Armenians who came to Greece, 518,146 Muslims who went to Turkey and 92,000 Bulgarians to Bulgaria.
The relief provided to the refugees was initially handled with resources of the Greek state, with services provided by various private organisations and with the aid of the American Red Cross (until June 1923). Still, the extent of refugee needs was such, that the mediation of the League of Nations was necessary in order to secure foreign credit to finance the herculean task of refugee settlement. In 1924, after strenuous negotiations, a loan was contracted with nominal capital 12,300,000 British pounds, issue price 88%, nominal interest 7% and real interest 8,6%. Although the terms were not particularly favourable for Greece, the refugees' pressing needs did not allow of hesitations and postponements in accepting the loan.