It seems you cannot do it for the time being. But if you're happy for workarounds, your best choice seems to be to create an image of greek text and use that as your title etc.
Here's a way. Go to the codecogs online latex editor and write your greek title using their tool in tedious math mode :p If you copy the link to the resulting image, you can use that straight into imread if you prefer to saving a file (this also makes your code automatic such that it can be used in a script, assuming you have an internet connection.
e.g. I used the following math tex to generate the greek title:
\Pi\acute\alpha\lambda\iota~\sigma\kappa\alpha\tau\acute\alpha~\tau\alpha~\kappa\acute\alpha\nu\alpha\mu\epsilon~\mu\epsilon~\tau\alpha~E\lambda\lambda\eta\nu\iota\kappa\acute\alpha~\rho\epsilon~\mu\alpha\lambda\acute\alpha\kappa\epsilon\varsigma
and then using the link to the resulting image (or saving locally)
>> image % draw octave logo
>> greektitle = imread('http://latex.codecogs.com/png.latex?%5Cdpi%7B300%7D%20%5Chuge%20%5CPi%5Cacute%5Calpha%5Clambda%5Ciota%7E%5Csigma%5Ckappa%5Calpha%5Ctau%5Cacute%5Calpha%7E%5Ctau%5Calpha%7E%5Ckappa%5Cacute%5Calpha%5Cnu%5Calpha%5Cmu%5Cepsilon%7E%5Cmu%5Cepsilon%7E%5Ctau%5Calpha%7EE%5Clambda%5Clambda%5Ceta%5Cnu%5Ciota%5Ckappa%5Cacute%5Calpha%7E%5Crho%5Cepsilon%7E%5Cmu%5Calpha%5Clambda%5Cacute%5Calpha%5Ckappa%5Cepsilon%5Cvarsigma');
>> greektitle = repmat(greektitle,[1,1,3]); % make rgb so unaffected by colormap
>> axes; imagesc(greektitle); axis equal off;
>> P=get(gca,'position'); set(gca,'position',[P(1),0.9,P(3),0.1]); % place on top
>> saveas(gcf,'out.png','png')
