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According to the League of Nations (League of Nations, 1931), in the early 30’s the agrarian crisis exerted a generalised negative influence on European economies, highlighted by the considerable fall in the prices of agricultural products. It is to be noted that the Great Depression initially appeared in Europe as a severe agrarian crisis. The present paper focuses on the Greek interwar rural economy; as interwar Greece was primary a rural country, the crisis affected its foreign trade balance, while cash crops (mainly olive oil, currants and tobacco) faced a considerable decrease of their prices. In general, between the years 1929-1931 there was a significant decline of Greek agricultural production, first in terms of value and secondly in terms of volume. In everyday life, the agrarian crisis had a very negative influence on the rural population, as can be seen in several State sources. The international context and the internal financial crisis forced the Greek State to redirect its agricultural policy; within a framework of increasing protectionism, agricultural production was directed toward the national market, while wheat growing was supported by technical and institutional interventions. On the other hand, the export trade was based on clearing agreements. By these means, in the late 30’s an increase was achieved in agricultural output, according to the official statistical data. Nevertheless, the growing indebtedness of farmers and the “bankruptcy” of the cooperative movement reflect a different situation in Greek rural areas.