In the last few years, radical neo-liberal reforms have been introduced in the Greek Higher Education sector. The new "reforms" challenge the traditionally high autonomy of Higher Education (HE) institutions in matters of administrative regulations, study structures, assessment of students and teachers. The new rhetoric of the Greek government is based, on one hand, on a neoliberal ideology which emphasises "decentralisation of decision-making", "consumerism", "accountability" and "efficiency" in HE. On the other hand, it employs a post-modern discourse, which emphasises the multiple identities that individuals carry with them, denies "grand narratives" and promotes a continuous "upgrading" of knowledge and skills through the creation of Life-long Learning (LLL) opportunities. This paper will examine how the configuration of the specific rhetoric is being constantly re-contextualised and supported by the policy makers, highlighting the importance of the immensely "centralist" Greek State, which is assuming a "regulatory" role, but only when it deals with "structures" and "legal framework" and not when it comes to safeguarding the--constitutionally prescribed--"free" character of HE by providing the necessary funding, or when it comes to matters of upholding democratic participation by giving power to the various stakeholders of the academic institutions (faculty, students, administrative personnel). It will also stress issues arising from the globalization of educational policy-making and of the homogenisation of assessment practices in HE (e.g. the so-called common "European Higher Education Area"). Additionally, the paper will link the new post-modern rhetoric of individual "choice" and "emancipation" to global needs of capitalist production, which has witnessed a tremendous transformation in recent decades and is currently in the midst of a financial and fiscal turmoil. In connection to this, the recent austerity measures imposed from March 2010 will be commented upon and possible future consequences on HE structures will be suggested. (Contains 7 footnotes.)