The multi-critical behavior of an approximately scale and conformal invariant quantum field theory, which can be regarded as the deformation of the critical Gross-Neveu model in 3+epsilon dimensions by a nearly marginal parity violating operator, is studied using a large N expansion. When epsilon is greater than a number of order 1/N, the deformation is marginally relevant and it is found to exhibit spontaneous breaking of the approximate scale symmetry accompanied by the appearance of a light scalar in its spectrum. The scalar mass is parametrically small, of order epsilon times the fermion mass and it can be identified with a light dilaton. When the dimension is reduced to 3 the deformation of the Gross-Neveu model becomes marginally irrelevant, what was a minimum of the potential becomes a maximum and the theory has a non-perturbative global instability. There is a metastable perturbative phase where the scalar does not condense and the fermions are massless separated by an energy barrier with height of order one (rather than N) from an energetically favored phase with a runaway condensate.
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