The downward trend of the drachma had a negative effect on the terms of the loan that the government negotiated in June 1926 with a Swedish match company through Αlsing Trading Company and which was therefore called the "Swedish" loan. The loan, which amounted to £ 1,000,000, of a 94% issue and granted the exclusive privilege of match supply for 28 years, was one of the least favourable loans for Greece. It was a product of the state's pressing need for credit. This need was intensified by the exclusion of British lending until Greek war debts were settled. The upward tendency of the price index persisted throughout 1926, despite the restraining effect of the forced loan, the control of rents and the buying power of certain products.

A significant part of the floating debt consisted of the National Defence Treasury bills amounting to 611,946,907 drachmae. The Michalakopoulos government instituted a special resource for the gradual amortisation of the debt by increasing to 20% the 10% interest rate, which was the case for all existing debts. These tax proceeds were channelled to special National Bank deposits, but the debt was increasing more rapidly than the resources for its amortisation. The Treasury bills had been issued with the guarantee of the National Bank from 1918 to 1925 and a large part of the annual savings was invested in these.

The intensified mobility on the economy front gave rise, from 1924 onwards, to capital demand. As a result, significant sums of money were withdrawn from deposits and treasury bills were discounted. Banks, in particular, cashed in large numbers the treasury bills that they kept. In this way, the National Bank would be forced, as guarantor, to pay off the amount of 611,964,907 drachmae from its assets (without the assistance of the state that could not intevene). Furthermore, the treasury bills that were close to maturing, were an additional threat.

Therefore, part of the forced loan was used for the repayment and discount of treasury bills. In parallel with that, the problem of short-term treasury bills was dealt with: those that matured in 1925 up to April 1927 (1,272,029,800 drachmae) were divided into two categories: 50% of the bills were payed at their due dates and the residual 50% were converted into ten-year bonds with an 8% annual interest. The funds appropriated for the payment of 50% of the bills came from the resource of the additional 20%. Lastly, the National Bank was definitively released from the obligation of guarantee for the repayment of the bills. Solving the problem of treasury bills was tantamount to the imposition of one more forced loan and constituted a breech of the agreement between the government and the National Bank, which secured the prompt repayment of bills. The state's solvency was once again put to the test.