After six years of recession, the Greek economy is showing some signs of recovery. Yet, unemployment has reached unprecedented levels, the risk of poverty and social exclusion continues to increase and enterprise investment is too weak to lead to a sustainable employment recovery. Based on an in-depth analysis of the present situation, the report identifies emergency measures to address the most pressing needs of vulnerable groups, notably youth and jobless households. It also shows that a comprehensive strategy, involving action at the European level, would contribute to placing the Greek economy on a sustainable growth path. This encompasses, inter alia, major changes in the credit system, policies to boost productive investment and small business development, effective labour market programmes and social protection, improved school-to-work transitions and social dialogue. The report quantifies the employment effects of these policies and highlights the benefits of achieving economic and budget deficit targets in the medium term.