Abstract This article examines the way that collective identity was discursively constructed during the anti-austerity protests of 28 and 29 June 2011 on the environs of the Greek Parliament. Drawing on the framework of critical discourse analysis, we study the interrelation between macro-level (dominant) values and views, and micro-level individual positions as expressed in graffiti slogans that appeared during the protests. The graffiti data comes from a personal archive which consists of 40 slogans, collected during June 2011. We conduct a systemic-functional analysis to scrutinize the transitivity structures of graffiti slogans, employing the notion of anti-language as central to the micro-level. We then draw on the notion of collective identity to frame the graffiti at the macro-level. Among our main findings is that the writers of graffiti slogans construct their collective identity on a two-fold oppositional axis: the first consists of the dominant institutions or “others,” which are negatively represented, while the second consists of a positively represented and inclusive in-group or “we.” The focus on graffiti has two manifest and interrelated goals: (a) to scrutinize the protesters’ semiotics in order to piece together their identity, thus avoiding subsequent hegemonic interpretations of the participants’ identity; and (b) to preserve the elaborate counter-reality constructed by these ephemeral messages against the official and “mainstream” discourses and their reality.