The development of sound social solidarity trajectories for the elderly at high risk of poverty constitutes a key challenge for the rudimentary Greek Welfare State in the context of the sharp financial crisis that affects Greece and its implications during the implementation of the First (May 2010) and the Second Financial Stabilisation Mechanism of the Greek Economy (February 2012). It represents a major policy issue in the debate on the reform of traditional social security schemes, given that it may affect a broad range of interested target groups (pensioners, uninsured elderly, long term unemployed, welfare claimants), already hit by severe austerity measures. As a result of the 2009 crisis, the national economic and social context remains highly challenging, with implications for both social stability and growth. The social pressures generated by recession and fiscal consolidation are significant; they are likely to intensify in the short to medium term, as growth is expected to resume only in the second half of 2014. In 2013, Greece is experiencing its fifth consecutive year of recession against a rising unemployment rate, estimated in 27% in September 2013. The reduction of the fiscal deficit from 15% of GDP in 2009 to 2.2% of GDP in 2013 also came at a social cost, with cuts in average wages of almost 35%, and in average pensions of almost 26%. In this respect, the objective of this chapter is to review the institutional and operational impact of the Financial Stabilisation Mechanisms (enforced since May 2010) on national pension policies and to highlight their outcomes on pensioners and elderly without entitlement to contributory first tier pensions. Emphasis will be paid to a set of reform initiatives put forward by the central administration (personal and material scope of application, management and operation of schemes, funding models), while the key research issue is whether key improvements in the overall financial sustainability of statutory pension schemes have been obtained at the cost of adequacy.