Charilaos Trikoupis - "Regretfully, We Are Bankrupt"

"Regretfully, We Are Bankrupt"

His sixth turn in office (June 22, 1892–May 15, 1893) was a dramatic one. The country's treasury had been depleted by overspending and systemic corruption often caused by political campaigns in which parties promised massive spending programs. Trikoupis stood before parliament and made the most famous statement of his career: "Regretfully, we are bankrupt") (Greek: "Δυστυχώς επτωχεύσαμεν"). The servicing of foreign loans was suspended, and all non-essential spending was cut.

Trikoupis was again in power from November 11, 1893 until January 24, 1895. It was during that time that the planning for the 1896 Summer Olympics was begun. Trikoupis was skeptical about the games as he feared that the country could not shoulder the cost. He was convinced, eventually, to host them and made the needed arrangements. This would be his last term in office.

Trikoupis tried to make terms with the creditors of his nation, but he failed in that too. The taxation measures he proposed aroused great hostility, and in January, 1895 he resigned. At the general election, four months later, he and his Modernist Party were defeated, and he even lost his own seat.