Anyone could agree that the Greek economy has suffered a lot in the period of financial crisis, specifically since 2010 when Greece faced up the fact of bankruptcy. Financial crisis had negative impact on firms’ performance and especially on their profitability and liquidity. Hence, many firms lost a significant part of their market value. Efficient market theory states that market reflects all the available financial information. In the period of financial crisis, it is important for investors to make their decisions in an efficient market environment. This study explores the change of the value relevance of financial reporting, information in the early years of crisis. Analyzing a sample of Greek listed firms for the period 2010-2012we found evidence that earnings of firms tended to be more relevant than book value as previous studies had stated before.