The veteran Italian coach has lost his job the day after a 1-0 European Championship qualifying loss to the minnows in Athens.
Goodbye from Claudio
The writing appeared to be on the wall immediately for the 63-year-old, who only took the job in the summer and has been in charge for four games.
In a statement on the Hellenic Football Federation's website, HFF president Giorgos Sarris admitted he was sorry for ever hiring Ranieri .
Giorgos Sarris: "Following today's devastating result for the national team, I take full responsibility for the most unfortunate choice of coach, which has resulted in such a poor image of the national team being put before the fans.
"The governing board will convene and take responsibility among all the members to make the necessary changes needed to avoid a repeat of such an embarrassing night."
San Marino earned their first point of the European Championship qualifying campaign as they frustrated Estonia in a Group E stalemate in Serravalle.
The match between the group's bottom two sides was dominated by the visitors but they could not find a goal - thanks to their own wayward shooting and some big saves from Aldo Simoncini late on.
Franz Burgmeier's second-half free kick earned Liechtenstein their first win of the campaign as they beat Moldova 1-0.