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- January 1: Prices of goods increase as a result of Value Added Taxation (VAT) that goes into effect.
- March 22: Odysseus Angelis, a member of the junta of 1967-1974, is found hanged in his prison cell - a suicide.
- March 27: The Armed Forces of Greece are placed on high alert after a series of hostile remarks by Turkish PM Turgut Ozal and the stated intention of his government to send ships into Greek territorial waters in search of petroleum.
- April 15: Greek-American baseball executive, Al Campanis, is forced to resign as his remarks that blacks don't make great swimmers is taken to be racist.
- April 24: The Revolutionary Organization 17 November launch a bomb attack on a US Air Force bus. 16 American soldiers and the driver are injured.
- May 7: The first European Girls Rhythmics Championships are held in a fully-packed Peace and Friendship Stadium in Athens. It is the first time Greece holds a major-scale event in gymnastics.
- May 10: The 5th International Waterpolo Men FINA Cup is held in Thessaloniki. Greece take 8th place (last). Yugoslavia win the trophy. Manuel Estiarte of Spain takes the top scorer award (28 goals)
- May 13: The European Cup Winners Cup final is held at Athens' OAKA Stadium. Marco van Basten leads Ajax Amsterdam to a 1-0 win over Lokomotiv Leipzig.
- May 17: Panathinaikos suffer their worst home defeat ever at the hands of Ethnikos Piraeus 3-6.
- May 31: The first private radio station Athena 9,84 FM began broadcasting.
- June 3: Greece trounce Romania 109-77 in their inaugural game of Eurobasket 1987.
- June 10: Greece brush aside Italy 90-78 in their quarterfinal game of Eurobasket 1987.
- June 12: Greece defeat Yugoslavia 81-77 in their semifinal game of Eurobasket 1987.
- June 14: Greece defeat the USSR 103-101 to win the Eurobasket 1987. Nikos Galis leads the team in scoring with 40 points.
- July 19: Thanasis Kalogiannis breaks the Greek record in the 400m race with 48.80. His record will stand for 15 years.
- August 10: The Revolutionary Organization 17 November kill 11 US soldiers in a bus at Kavouri. The explosive device used was detonated by remote control.
- August 28: The Greek government lifts the state of war that existed with Albania since 1940.
- August 29: First Super Cup held in Greece. Olympiakos vs OFI (1-0)
- October 4: The Greek National Volleyball Team win bronze at the European Games of Ghent.
- October 22: Andreas Papandreou returns to Greece after successful heart surgery at Herfield in London, England.
- October 26: The Athens Stock Exchange General Index falls 12.64%.
- November 25: Constantine Simitis, then Minister of National Economy, resigned because he felt that his policies were being undermined.
- November 25: Panathinaikos lose 5-2 to Honved, in Hungary, for the UEFA Cup. They will overturn the result two weeks later in Athens.
- November 26: The Athens Stock Exchange General Index falls 11.99%.
- December 7: The Athens Stock Exchange General Index drops 15.3% - an all-time record.
- December 7: PAOK thrash Olympiakos 6-1 in Serres.
- December 9: Panathinaikos defeat Honved 5-1, overturning a 2-5 deficit from the first leg and advancing in the UEFA Cup.