This paper gives a detailed overview on the influence of the world financial crisis on the economy of Greece. The principal purpose of this topic is to discuss the significance of consequences that the global recession had on numerous segments of the Greek economy and society. Therefore, the main orientation of this topic is to examine the state of the Greek economy before the crisis, drivers of the crisis and its manifestations, and the exposure of the Greek domestic system to the global recession. In that sense, material covered in this paper is divided into three parts: theoretical, empirical, and policyoriented. In this study, a broad analysis of macroeconomic indicators is undertaken in order to assess the extent of their alterations due to the financial crisis and austerity measures compared to other Euro area countries. The conclusion includes declarations on which segments of the economy and society were improving, degrading, and stagnating due to the financial crisis and austerity measures. For many segments, regulatory reforms brought improvements which supported the mitigation of the financial crisis. Results show that reforms in fields of justice, social security, and the taxation system proved effective. Nevertheless, the Greek government needs to intensify its efforts in dealing with challenges of youth unemployment, imports and exports, and corruption.