Drawing on a historical case study, this article focuses on the ways in which the Greek Government (2015-2019), through involving the Organisation for Economic Cooperation and Development (OECD), managed to modify the education conditionalities laid down by the third Structural Adjustment Programme (SAP) negotiated with the 'Institutions' (the European Commission, the European Central Bank and the International Monetary Fund). Using documentary analysis and interviews with top-ranking national educational policy actors, an empirical account is presented of the prolonged encounter between Greek policy-makers, SAP conditionalities, and the policy work of the OECD. The analysis traces the tensions within and between the positions of national and external policy actors as negotiations moved towards a tactical settlement where all sides achieved partial convergence without reaching principled agreement. It reflects on the relevance of the experience of Greece to understandings of global/national relations in the development of educational policy.