There is evidence that phonological awareness skills secure decoding ability and that phonological deficits underlie failure to acquire adequate word recognition. Slow word-reading rate may be an additional defining characteristic of reading disability. The present study aimed to investigate whether: (1) reading disabled (RD) Greek-speaking children showed reading accuracy and reading speed deficits relative to chronological age-matched controls (CAC) and reading age-matched controls (RAC); (2) they showed phonological deficits relative to the two control groups who do not present reading difficulties; and (3) they showed reading comprehension deficits over and above any word reading deficits. Results suggested that the reading accuracy of the RD group was predictably weaker than that of the CAC group but equivalent to that of the RAC group. However, the reading speed of the RD group was significantly slower than the RAC group, who showed the same single word reading speed as the CAC group. Slow and laboured decoding was found to compromise the reading comprehension of the RD group, whose listening comprehension performance was as good as the two other groups. The RD children performed poorly on phonological awareness tasks and naming speed. Naming speed was not an independent core feature of reading difficulties in the Greek language but was associated with a general phonological deficit. It is recommended that diagnostic assessments for children with reading difficulties in Greek should include phonological awareness, single word reading and pseudoword reading tasks that measure both accuracy and speed. (Contains 5 tables.)