Italy coach Fabrizio Frates conceded Greece had been a class above his players after they crashed out of the A.C.I. Trading Limited U20 European Championship in Chekhov.
The Azzurrini led 43-33 three minutes into the third quarter but were unable to hold off their opponents who claimed a 79-71 triumph.
Greece ended Italy's hopes at the ACI Trading Ltd U20 European Championship Men on Thursday in dramatic fashion.
A Thrasyvoulos Sfeikos three-pointer with just 23 seconds remaining capped a Greece victory after a furious finish in which either side could have claimed the win.
Italy are officially the "Dr Jekyll and Mr Hyde" team of the ACI Trading Ltd U20 European Championship Men in Chekov after coming back from a huge deficit to stun Israel on Wednesday.
The Italians led hosts Russia by 21 points on Tuesday but lost 76-72, however, one day later Fabrizio Frates' men battled back from 19 points down to win 64-62.
Vitaly Fridzon sparked Russia to a win in their first quarter-final round encounter of the ACI Trading Ltd U20 European Championship Men in Chekov on Tuesday.
Russia faced an uphill struggle after a poor opening 30 minutes saw them trail by as many as 21 points. But Fridzon stepped up for his side in the final period, scoring 11 of his game high 18 points to lead Russia to a 72-76 win.
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