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The Greek financial crisis has been one of the most severe in the developed world since 1929. The causes of the crisis predated the global financial crisis of 2008, but came to the forefront with particular intensity. The crisis in Greece, is economic, fiscal and social. Back in 2001 it was expected that Greece's inclusion in the core of European economies would act as a catalyst to accelerate its real convergence with the advanced European countries. Unfortunately, these expectations did not materialize. In the years that followed, economic growth relied mainly on consumption rather than on saving and investment, while any attempts to change long-established structures met with strong reactions. Public spending kept increasing, while revenue could not possibly keep pace, leading to large deficits and historically high levels of public debt, despite the unprecedented low interest rates. The country enjoyed the benefits of the single currency, but failed to show that it respected the obligations arising from participation in the monetary union. The economic and social costs have been and remain heavy. The citizens' sacrifices have been and remain very painful. The austerity measures have negative impact on investment, industrial production, exports, wages, employment, health, education, pensions, social benefits, labour market, etc. Greece continues to face serious economic challenges despite the adjustment programs, which proved insufficient to exit the crisis