The new model of agricultural policy in Europe, applied through the Rural Development Programmes (RDPs), has been considered most appropriate for the case of Greece, given the structural problems of this country’s farm sector (including the high proportion of mountainous, less favored areas in its territory) and the need for mild forms of local development, which will ensure maximum use of endogenous resources. An integral part of the rural development policy of the CAP is a decentralized type of governance, based on a ‘bottom-up’ approach and implemented through the LEADER programs. Within this context, regional and local actors, state, private or representing civil society organizations are assigned a substantial role in designing and implementing RDPs in their localities through the creation of horizontal or vertical synergies. Though the LEADER philosophy can be instrumental in the successful application of RDPs in Greek rural regions, it has been rather little researched and investigated. This paper aims at filling this gap in the literature by examining the possibilities of introducing the bottom up approach in the governance of rural regions in Greece, where the old-type ‘sectorial’ (vs. the holistic development) approach continues to dominate agricultural policy and where local decisions have traditionally (and certainly in the last 30 years or so) been controlled and directed by the central state. A crucial question is can the LEADER type of governance help in the regeneration of the country-side promoting internal cohesion in Greece? The issues discussed in the paper assume further significance in view of the current financial and economic crisis, and the wave of return migration to rural areas it has led to, which assigns rural regions a substantial role in the overall development process.