The global recession which began in 2008 affected the entire world including the European economy, with some countries being influenced more than others. At the end of 2012 the Greek economy was encountering a fourth consecutive year of deep recession while pressures to cut expenses in all sectors were still growing and making headline news. Academic libraries, which are dependent upon state funding, were experiencing the consequences of constant and deep budget cutbacks during that period. After a review the literature on the impact of the economic crisis on academic libraries in Greece, as well as at the international level, this chapter describes the results of a survey of Greek higher education academic libraries about the consequences of the devastatingly harsh economic environment in which they currently, and probably will continue to, exist. A survey was conducted online with 25 out of the 37 academic library directors in Greece. After analyzing the survey results, the authors describe strategies to sustain services and resources and propose strategies to adjust to a new fiscal reality. These strategies include synergies and alliances that academic libraries can achieve with various agencies within their educational institutions and/or externally. While the results are limited to a small number of academic libraries in one European country, all types of libraries can utilize the strategies outlined in this chapter