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It can be argued that higher education (HE) in Greece has always been problematic and dysfunctional in the post-dictatorship era (1974-2008). This is evident from the fact that Greek governments have failed to reform HE according to the EU standards despite the public demand and industry needs. Additionally the existence of a large number of state universities and technological institutes (TEIs) in combination with the phenomena of: nepotism, favouritism, trade unionism, political involvement, and the creation of unnecessary departments in rural areas in order to satisfy the local voters support this argument. This chapter describes the current situation of HE in Greece. It discusses the challenges that staff, students and the government face from the impact of the economic crisis. In addition, it provides an overview of the effects of the changes in HE on the society. Finally, it explores the prospects and opportunities that exist for HE policy makers, staff and students; especially in terms of their future employability.