Using the second definition of depression, most economists refer to the Great Depression as the period between 1929 and 1941. On the other hand, using the first definition, the depression that started in August 1929 lasted until March 1933. Note that NBER, which publishes the recession (instead of depression) dates for the U.S. economy, has identified two recessions during that period. The first between August 1929 and March 1933 and the second starting in May 1937 and ending in June 1938. — Wikipedia.
Is Greece in a depression? The above is confusing. It is classic "on the one hand, on the other hand ..." analysis. For Greece, it is neither confusing nor funny. They are most certainly experiencing some form of "Great Contraction" or "Great Recession." But is it a "Great Depression" like in the 1930s? Or is Greece in the early stages of a "Long Depression" like the U.S. from 1873 to 1896—longer and shallower than what followed on in 1929?