Ex-Barcelona star Rivaldo came back to haunt Real Madrid as he fired a late goal to give Olympiakos victory.
Real went ahead from a set-piece with Ramos climbing above both Gabriel Schuerrer and Bulut to direct home a header from Raul Bravo’s far-post delivery.
Olympiakos restored parity on 50 minutes with a fabulous strike.
Three minutes from time, Rivaldo slotted home from six yards to give Olympiakos the victory they deserved although it failed to alter much in Group F, with Real already qualified and Olympiakos having left themselves too much to do to claim the Uefa Cup place.
