The elections of November 1920 led to the defeat of Venizelos and the reinstatement of Constantine after a plebiscite (5 December). Despite their pre-electoral declarations, the anti-Venizelists pursued the Asia Minor Campaign,

having, however, to confront the undisguised isolation of Greece from her Allies, who now had a pretext for disapproval, the reinstatement of Constantine.
London circles increasingly opposed the pro-Greek policy of Lloyd George. France revised its eastern policy. Italy undiguisedly expressed its established opposition to Greek expansion, whereas the United States withdrew its policy of isolationism.
Lastly, the opening of the Kemalist bloc to economic agreements less onerous than the capitulations left a margin for an understanding between Western Europe and Kemalist Turkey. The Soviet Union favoured Kemalist Turkey as a means of checking British influence and proceeded to agreements with Kemal, a fact that alarmed the Western Powers making them more and more conciliatory towards the new Turkish leadership.
The first indication of the European change of attitude was the interruption of financial aid to Greece. The attempts of the post-November governments to contract loans, like those contracted or agreed upon with the Venizelist government, failed.

In February 1921 an Allied Conference was convened in London. Greece found out that its Allies had changed course over the Asia Minor issue. Its attempt to submit a common allied plan that would ensure the Greek rule in the adjudged areas came up against the intransigent opposition of the Turkish nationalists, who demanded the departure of the Greek troops from Asia Minor and eastern Thrace and the raising of the financial terms of the Treaty of Sevres, to consent to the inauguration of substantial negotiations. The Conference, however, revealed the dissension existing among the Allied powers. Great Britain upheld the maintenance of the framework of the Treaty of Sevres in general, whereas France and Italy were by now determined on achieving agreements with Kemal in order to resist the Allies' representations.