The present study aims to provide a succinct but comprehensive account that will allow a better understanding of the economic and social impact of the measures implemented in Greece. To this end, the study takes stock of the hitherto implementation of the programme to elucidate its multiple impact on fundamental social and employment issues. Alongside economic measures and their outcome, the extensive measures of labour market restructuring are reviewed and their wide ranging effects assessed. Issues of social exclusion, inequality, poverty, social protection are discussed. The state of play as regards social dialogue in the current situation is also examined. A question central to the study is whether–and to what extent–the particular economic adjustment policy which is unfolding in Greece has been adequate in addressing the problems it meant to resolve. The focus of the study rests on the Greek reality.