Greece has been experiencing the consequences of an economic crisis since 2008, and every year the crisis deepens leaving more people unemployed and diminishing the funds spent on education. During the period 2009–2012, the GDP of Greece shrank by approximately 18 per cent. The following years (2013 and 2014) it continued to shrink by a further 6 per cent and 4 per cent respectively, thereby reaching a ten-year low (Trading Economics, 2016). This contraction is the largest in the history of the modern Greek economy in times of peace. In 2008 the budget deficit and sovereign debt reached unsustainable levels. By 2009 and 2010 Greece needed financial assistance, which was acquired by joint International Monetary Fund (IMF) and European Commission mechanisms. Greece was faced with the worst political and economic crisis since 1974, and tough reforms were enforced by the IMF and the European Commission as part of three consecutive bailout programmes (2010, 2012 and 2015). All three bailout programmes had a serious impact on the finances of higher education as well as on salaries and resources for universities and higher education institutions. However, most importantly, the economic environment had an adverse effect on employment. The economic crisis led to the worsening of employment conditions and an increase in unemployment. The unemployment rate in Greece rose to 26.5 per cent in 2014, while youth unemployment (fifteen to twenty-four years old) went up to 52.4 per cent (OECD, 2016b).