We explore the 2008/2009 economic crisis in Greece and its impact upon employment precarity. Specifically, we focus upon changing regional patterns of waged part-timerism during three periods: the 2005–2008 pre-crisis period; the 2009–12 deep recession; and the 2013–2016 period of mild stabilization. Our analysis reveals important geographical and sectoral variations in the growth of this type of underemployment. In particular, we find that metropolitan regions have experienced the heaviest losses in full-time waged employment and a significant expansion of underemployment. Moreover, they have struggled to bounce back effectively during the period of stabilization. By way of contrast, island regions orientated towards tourism weathered the crisis to a much better degree, with many avoiding the acute flexibilization felt in more urbanized regions. Our study observes a “downwards convergence” of regional employment figures that is caused by Attica’s disproportionate crisis. This contrasts popular accounts that focus upon productive output. Moreover, by documenting distinct sectoral trajectories, such as the substantial flexibilization of tourism-related activities, we shed light upon the specifics of an industry often praised for its adaptiveness. Ultimately, through exploring the changing spatialities and sectoral specificities of growing flexibility during a period of recession and recovery, our study provides a geographically sensitive perspective on the emerging dynamics of the Greek reserve army of labour. In so doing, we further historical geographical materialist understandings of the capitalist crisis in Southern Europe.