The following work is an analysis of specific modifications of English and Greek loan -words in their new environments with the main purpose to achieve the greatest communication of information and elements in the learning of both English and Greek as second languages. The International Phonetic Alphabet for the transcription of phonemes and morphemes is used through out the paper to illustrate the linguistic phenomenon of phonological and morphological changes in the borrowing languages of concern. The article is written in four parts; the first two parts analyze specific phonological and morphological adaptations which English loan-words (randomly selected samples) have undergone from the Greek parent language. These two units refer to the phenomena of gradation, assimilation, palatalization, as well as the inflectional morphology, affixes, prefixes, derivational morphemes and compounds, calques or loan translations and loan blends or hybrids. The final two parts analyze the readjustments in the phonological and morphological system of Greek utterances borrowed from the English language. In addition, the last two parts refer to the “repatriated” loans or “antidania” and “internationalisms” along with the above specific linguistic principles.