The global financial crisis has triggered a sustained recession in Greece with wide-ranging socioeconomic consequences. Throughout the 5 years of economic turmoil in the country, unemployment rates have rocketed, while financial strain has become omnipresent. As a corollary of these, the population health has declined, while substantial increases in suicide mortality have been recorded. A series of repeated nationwide cross-sectional studies by the University Mental Health Research Institute has corroborated a gradual but steady increment in 1-month prevalence of major depression, while 1-month prevalence of suicidality was found to be on the rise until 2011. Nonetheless, in spite of the growing mental health needs of the population, the mental healthcare system seems incapable of fulfilling them, as the economic downturn has also impinged on healthcare. Different types of interventions have been recommended for offsetting the dire impact of the crisis in Greece, including restructuring of mental health services, enhancing the social capital of the community and implementing active labour market and debt relief programmes; however, any action along these lines relies heavily on local initiatives taken by specific service providers. Concerted efforts for ameliorating the mental health effects of the recession in Greece are urgently needed, in order to prevent further exacerbation of psychiatric morbidity in the foreseeable future and to avoid a potential outbreak of suicides.