Panagis Tsaldaris formed his first government in 1932, along with Georgios Kondylis and Ioannis Metaxas, after he had first officially recognized the outcome of the plebiscite of 1924 which established the Second Hellenic Republic.
In one of the noteworthy acts of his second premiership, Tsaldaris signed a quadripartite pact with Turkey, Romania and Yugoslavia as well as a separate agreement with Turkey, guaranteeing the common borders of the two countries.