The proclamation of elections for December 2, 1923, with an electoral system favouring the transfer of authority to a parliament controlled by the Liberals, and amicably disposed towards the Revolutionary Committee, triggered a new coup by army officers in October 1923. Its major instruments (mainly anti-Venizelists) were those who felt that they were being marginalized by the looming electoral developments. Its leaders, Generals Leonardopoulos and Gargalidis, failed to achieve their aims and their coup was immediately suppressed.

However, the - rather spasmodic - coup of October 1923 acquired some importance because it reinforced the opposing forces (especially the organization of the Military League), which in their turn took an active part in the process of resolving the constitutional issue. The Republicans (a group of army officers in co-operation with politicians, such as Alexandros Papanastasiou), having established their position against the moderate Liberals (among them Eleftherios Venizelos), accused King George of complicity in the coup and demanded his departure from the country.