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In July 2014, an official artistic exhibition with the title "Italy – Greece: one face, one race" was inaugurated in Rome on the occasion of the passing of the EU Council Presidency from Greece to Italy.The title of the exhibition refers to an Italian saying, una faccia, una razza (Greek: "mia fatsa mia ratsa"), often used in Greece to express the perception of close cultural affinities between Greeks and Italians.

The Greek general Theodoros Pangalos, who governed Greece as a dictator in 1925–26, sought to revise the Treaty of Lausanne of 1923 and launch a revanchist war against Turkey.

The Greco-Italian friendship agreement ended Greek diplomatic isolation and the beginning of a series of bilateral agreements, most notably the Greco-Turkish Friendship Convention in 1930.

This process culminated in the signature of the Balkan Pact between Greece, Yugoslavia, Turkey and Romania, which was a counter to Bulgarian revisionism.

During the World War I, both Italy and Greece were members of the Allies and fought against the Central Powers but when the Italians found that Greece had been promised land in Anatolia at the Paris Peace Conference, 1919, the Italian delegation withdrew from the conference for several months.

Italy occupied parts of Anatolia which threatened the Greek occupation zone and the city of Smyrna.