Under external pressure, the Greek system of industrial relations has undergone radical regulatory changes since 2010. These have led to a significant contraction of higher level bargaining and a process of disorganized decentralization, bringing the collective bargaining system to a brink of collapse. Emerging demands on the part of both employers and unions to preserve multi-level bargaining, together with greater support on the part of the state, could halt or even reverse some of these trends. But the scope for success of such efforts depends on how far ‘regulated austerity’ continues to dominate European policy.