The 2007 global economic crisis has considerably affected most national economies and has changed the operating conditions of businesses. In the geographically uneven mosaic of the crisis effects on the European Union countries, the Greek economy has recorded the most severe impacts, while the country’s small and medium enterprises have been greatly affected. This chapter aims at shedding light on the developments in the Greek economy since 2007, focusing on the analysis of the effects of the global economic crisis on the Greek small and medium companies and their underlying reasons. It describes the features of these firms and identifies their position within the Greek political economy in order to analyse meticulously the effects of the crisis. The research goal was achieved on the basis of the original data gathered in the fieldwork, by qualitatively examining the way the crisis affected 103 Greek small and medium enterprises.