From the estimated ten million refugees in interwar Europe, more than 250,000 were ethnic Bulgarians who found their way in the Bulgarian Kingdom following Bulgarian defeats in the Second Balkan War and World War One. For a country with a population of five and a half million in the mid-1920s, this refugee flow constituted a significant challenge from economic, political, social, and cultural viewpoints. Similarly to Germany, Hungary, and Austria, the refugee presence served as a constant reminder of national failure because Bulgaria lost territories, perceived as a part of the national homeland, to all of its neighbors. The Bulgarian state received refugees from the Ottoman Empire, Greece, Yugoslavia, and Romania, and the interwar governments were compelled to deal with a large and diverse population that suffered harsh socioeconomic problems and psychological traumas. Due to the Convention for Emigration of Minorities between Greece and Bulgaria of 1919 as well as the Greek-Turkish War of 1921–1922 and the obligatory population exchange it initiated in the period 1922–1924, refugee flows in the Balkans lasted well into the mid-1920s. Hence Bulgarians were on the move throughout 1924 and 1925. Despite these strenuous circumstances, interwar politicians boasted the successful integration of the refugees. Immediately after World War One, the government provided temporary assistance to the newcomers. In 1926, an international loan allowed the agricultural settlement of the most destitute new arrivals, and all refugees were granted the rights of Bulgarian citizens. A second loan in 1928 guaranteed the continuation of vital infrastructure projects. By the end of the 1930s, both domestic and international agencies involved in the refugee accommodation viewed the process as a successfully completed mission.