1. Greece and the global crisis of 1929
Global economic development was interrupted by the international crisis of 1929. This crisis, paradoxically, had a positive influence on Greece because, using the refugees from Asia Minor, it developed its industrial strength with the help of an inexpensive labour force and simultaneously expanded its domestic market. In the fifteen years from 1923 to 1938, Greece achieved remarkable growth. In fact, they outperformed all industrialized nations with the exception of Japan and the U.S.S.R. On the other hand, however, the amount of money remitted by emigrants to Greece as well as the income derived from exports fell because of the international crisis. This worsened the already miserable financial situation of many households. After 1921, Greek migration slowed down as a consequence of the above-mentioned developments, but also because of the restrictions the U.S.A. imposed on immigrants.
2. Cyprus in the interwar period, 1922-1940
During World War I, 15 000 Cypriots voluntarily joined the British army and they were sent to the fronts of south-eastern Europe. They were hoping that in this way they would contribute to the unification of the island with mother Greece, but their hopes were soon dashed. The economic exploitation of the island by the British led to much indignation among the Greek-Cypriots. The demand for union gave birth to a mass movement with demonstrations and marches. The British conquerors answered with arrests, exiles, and imprisonments, applied mainly against those in ecclesiastical and educational circles who supported and directed the national movement. During the interwar years, Cypriot emigration focused mainly on Africa, Australia and England because these destinations were easier to reach with British passports. With the permanent settlement of Cypriot families, the creation of Cypriot colonies began.