In order to collect its debts, the Commission Financière Internationale was established in the country by its creditors: France, UK and Italy.
[2] Partial control, which was typical and insubstantial, was imposed by the country's creditors without having the power to interfere in the Greek public finances.
The government of Alexandros Zaimis was forced to negotiate additional loans with the country's creditors, with the disadvantageous precedent of bankruptcy.
The negotiations with the creditors' representatives (UK, France, Austria-Hungary, German Empire, Russia and Italy)[3] started in October 1897 and resulted in the instatement of Law 2519/23-2-1898,[4] according to which the International Financial Commission was established and subsequently renamed.
According to some observers, the experience was not wholly negative for public administration, as it allowed the state to increase revenues, and reduced the outflow and misappropriation of capital.