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Greece has formally exited its 3rd and last bailout program after having gone through hundreds of structural reforms, a major transformation of its labor market and labor law regime, and harsh societal consequences to adjust to the debt crisis. Nevertheless, most of the austerity measures are still in force and developments in that regard are still unclear. This study goes back to the events that marked the Greek labor law regime during the crisis by reviewing the rich academic literature on the topic aims to shed light at the rather complicated issue of the implications of austerity on labor law, and to stimulate a further debate on future postcrisis prospects. In particular, it briefly examines the precrisis Greek labor market and labor law regime, identifies the main individual and collective labor law reforms undertaken to address the crisis, and concludes with critical remarks.