I use this chart in class for any number of activities. As a class we pull words out and sound them out together. We also practice putting the words in alphabetical order. The children work independently by picking words and writing them in their word journals, and testing each other on what the words say.
The word strips used for this can be found at the Cypriot Ministry of Education and Culture site, where they were origianlly used as words for a letter neighborhood (the letter neighborhood is explained in their post, and has pictures to go along with the explanation so you can see how it was implemented in a classroom setting). Click on the link that says Καρτέλες λέξεων-γραμμάτων . For durability, laminate all the word strips and letters and place a piece of velcro on the back so they can easily be placed and removed from the yellow section of the chart.
The letter pocket chart can be found at Discount School Supply. Simply print out the Greek alphabet and glue it over the English letters. In the photo above, vowels and consonants were printed out in different colors (red for vowels and blue for consonants just like they do at American school), and laminated before being pasted onto the chart.
If you would like more pictures for your chart, print out this wonderful resource, Η Αλφαβήτα Ταξιδεύει from Ε.ΔΙΑ.Μ.ΜΕ.