Greece, which founded in 1830, was dependent on the great powers of the period in terms of economy. In addition to the interest of the debts that was taken in the period of The Rebellion of 1821, the modernization policy of King Otto, who became the king in 1832, caused to increase country's debts further. Within the scope of this modernization policy; activities such as the relocation of the capital to Athens, the reconstruction of Athens, the establishment of a university, the health system and pension system, a modern army led to the complete deterioration of the economy of the new independent country. Because of her degraded economy Greece went bankrupt and the control of the economy came under the domination of the great powers. Due to the contemptuous attitude of the Bavarian nobles brought by King Otto to the Greek people, the political unrest already existing in the country increased with this bankruptcy. The Greek people, who rebelled against this bankruptcy and the austerity policies imposed by the great powers, would find support from the newly formed Greek Army and its officers, who were trained mainly with western ideas. In this article, it has been examined primarily the first official bankruptcy of Greece in the 1843 and the reasons of the bankruptcy, on the other hand the revolt of the army which wanted to declare the first constitution of Greece, against King Otto.