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The paper intends to describe the new social and economic conditions that emerge from the recent economic crisis and the austerity policy in Greece and affect the social integration of young people in Greek society. Social inequality has sharpened, one third of the population lives below the poverty line, and the number of homeless has increased considerably. The deteriorating situation in the Greek labor market is presented and the position of young people which is seriously affected by unemployment, low wages, job uncertainty, deterioration of labor conditions is documented. Due to these circumstances many young people marry late (after 30 years of age) and about one third is forced to stay ii their parents household. Although working conditions had already been difficult before the crisis, they sharpened considerably after 2009 so that one of two young people up to 24 years of age and one of four between 24-34 years of age are unemployed. Young women and persons with a university degree face special difficulties to find a job. The prospects for a future amelioration of this situation are very dark. Under these conditions the question for the young generation in Greece whether to stay in the country or go abroad and find a job, is becoming crucial. Taking these into consideration the future prospects are rather disappointing. A whole generation cannot live and ameliorate its living conditions in comparison to the previous generation. [ABSTRACT FROM AUTHOR]