The House of Rothschild, a major beneficiary of this arrangement, soon lost hope of a recuperation of the Spanish finances, and refused to engage in any further major operations. The government turned to Paribas for new loans, which agreed to a loan of 100 million francs, signed in September 1872, six months after the outbreak of the Third Carlist War. However, in February 1873, after the abdication of Amadeo I, the First Spanish Republic was proclaimed, prompting the collapse of political and economic relations between France and the new Spanish republic.