Mix margarine, 1/2 cup powdered sugar, the egg yolk, ouzo and almond extract; stir in flour.
Shape dough by teaspoonfuls into crescent shapes.
Place about 1 inch apart on un-greased cookie sheet.
Bake in 350° oven until light brown on bottom, 12 to 15 minutes.
Sprinkle with powdered sugar while hot.
Cool on wire racks.