The peace treaty that ratified the end of the unfortunate Greco-Turkish war of 1897, was signed on 4 December 1897.

According to the treaty, Greece was to cede an area of 400 square kilometres to Turkey, to pay war reparations of 4 million Turkish liras, for which she would contract a special European loan, and accept the establishment of an International Financial Control Commission whose task was to oversee the country's public finance in order to settle its previous and current debts. The treaty decided the establishment of a state of autonomy for Crete, while Prince George would become High Commissioner.