Jabarkan Second Premiership dari Konstantinos Karamanlis

Following the invasion of Cyprus by the Turks, the dictators finally abandoned Ioannides and his disastrous policies. On 23 July 1974, President Phaedon Gizikis called a meeting of old guard politicians, including Panagiotis Kanellopoulos, Spiros Markezinis, Stephanos Stephanopoulos, Evangelos Averoff and others. The heads of the armed forces also participated in the meeting. The agenda was to appoint a national unity government that would lead the country to elections.

Former Prime Minister Panagiotis Kanellopoulos was originally suggested as the head of the new interim government. He was the interim Prime Minister originally deposed by the dictatorship in 1967 and a distinguished politician who had repeatedly criticized Papadopoulos and his successor. Raging battles were still taking place in Cyprus' north when Greeks took to the streets in all the major cities, celebrating the junta's decision to relinquish power before the war in Cyprus could spill all over the Aegean. But talks in Athens were going nowhere with Gizikis' offer to Panagiotis Kanellopoulos to form a government.

Nonetheless, after all the other politicians departed without reaching a decision, Evangelos Averoff remained in the meeting room and further engaged Gizikis. He insisted that Karamanlis was the only political personality who could lead a successful transition government, taking into consideration the new circumstances and dangers both inside and outside the country. Gizikis and the heads of the armed forces initially expressed reservations, but they finally became convinced by Averoff's arguments. Admiral Arapakis was the first, among the participating military leaders, to express his support for Karamanlis.

After Averoff's decisive intervention, Gizikis decided to invite Karamanlis to assume the premiership. Throughout his stay in France, Karamanlis was a vocal opponent of the Regime of the Colonels, the military junta that seized power in Greece in April 1967. Now he was called to end his self imposed exile and restore Democracy to the place that originally created it: Greece. Upon news of his impending arrival cheering Athenian crowds took to the streets chanting: Έρχεται! Έρχεται! He is coming! He is coming! Similar celebrations broke out all over Greece. Athenians in their thousands also went to the airport to greet him. Karamanlis was sworn-in as Prime Minister under President pro tempore Phaedon Gizikis who remained in power in the interim, till December 1974, for legal continuity reasons until a new constitution could be enacted during metapolitefsi, and was subsequently replaced by duly elected President Michail Stasinopoulos.

During the inherently unstable first weeks of the metapolitefsi, Karamanlis was forced to sleep aboard a yacht watched over by a destroyer for the fear of a new coup. Karamanlis attempted to defuse the tension between Greece and Turkey, which were on the brink of war over the Cyprus crisis, through the diplomatic route. Two successive conferences in Geneva, where the Greek government was represented by George Mavros, failed to avert a full-scale invasion and occupation of 37 percent of Cyprus by Turkey on 14 August 1974.

The steadfast process of transition from military rule to a pluralist democracy proved successful. During this transition period of the metapolitefsi, Karamanlis legalized the Communist Party of Greece (KKE) that was banned decades ago. The legalization of the communist party was considered by many as a gesture of political inclusionism and rapprochement. At the same time he also freed all political prisoners and pardoned all political crimes against the junta. Following through with his reconciliation theme he also adopted a measured approach to removing collaborators and appointees of the dictatorship from the positions they held in government bureaucracy, and declared that free elections would be held in November 1974, four months after the collapse of the Regime of the Colonels.

In the 1974 elections, Karamanlis with his newly formed conservative party, named New Democracy obtained a massive parliamentary majority and was elected Prime Minister. The elections were soon followed by the 1974 plebiscite on the abolition of the monarchy and the establishment of the Hellenic Republic, the televised 1975 trials of the former dictators (who received death sentences for high treason and mutiny that were later commuted to life incarceration) and the writing of the 1975 constitution.

In 1977, New Democracy again won the elections, and Karamanlis continued to serve as Prime Minister until 1980.

Under Karamanlis's premiership, his government undertook numerous nationalizations in several sectors, including banking and transportation. Karamanlis's policies of economic statism, which fostered a large state-run sector, have been described by many as socialmania.