3 September 1843: Greeks revolt against their German king
Fresh-faced King Otto, installed after independence from the Ottoman Empire, wasn't a hit with the Greek public. And today in 1843, they rebelled.
Greece on the brink of default, unable to pay the interest on its debt to a “troika” of creditors; under the thumb of German policymakers and torn between liberal Europe in the west and autocratic Russia in the east. Any of that sound familiar? No, we're not talking about the recent Greek debt crisis, we're talking about Greece over 170 years ago.
In the 1820s, Greece was involved in a long and bloody war of independence from Ottoman control. But the Greeks weren't just fighting the Ottomans, more often than not, they were fighting among themselves. Some looked to liberal Britain and France as role models. Others looked to Russia, which shared its Orthodox Christian faith. And all three – our troika – lent money to Greece in support of its war effort.
In the end, Greece won its independence. It even got its own king – a Bavarian prince, named Otto. Otto was only 17 when he was crowned, so a council of Bavarian regents ruled for him. When Otto did reach maturity in 1835, he began to throw his weight around.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Soon the Greeks had had enough of their new king. They didn't like him, they didn't like his Roman Catholic faith, they didn't like his German protestant queen, and they certainly didn't like his Bavarian officials, who they termed the “Bavarocracy”. The country was poor and taxes were kept high to pay the interest on the debt.
On 3 September 1843, the army camped out in the main square in Athens, demanding the king grant the country a liberal constitution. Otto had little choice but to accept. Greece got its constitution, which guaranteed certain rights, including an extension of the right to vote. After that, the square was renamed Constitution Square – Syntagma in Greek – still a rallying place for protests.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.
Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.
You can follow Chris on Instagram.
-
Energy bills to rise by 1.2% in January 2025
Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
By Dan McEvoy Published
-
Should you invest in Trainline?
Ticket seller Trainline offers a useful service – and good prospects for investors
By Dr Matthew Partridge Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
By Chris Carter Last updated
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
By Chris Carter Last updated
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
By Ben Judge Last updated