By Alastair Himmer

SAITAMA, Japan (Reuters) - Greece produced a sensational win over the United States to reach the world basketball championship final on Friday.

The European champions stunned the red-hot tournament favourites 101-95 to set up a gold medal showdown with Spain on Sunday.

Spain edged out Olympic champions Argentina 75-74 in the day's second semi-final to advance to the final for the first time in their history.

However, their joy was tempered by the news that star player Pau Gasol could miss the final.

The Memphis Grizzlies forward limped out late in the fourth quarter and Spain coach Pepu Hernandez said it was unlikely that he would play against Greece.

Gasol watched the remaining moments with an ice pack strapped to his swollen left foot.

"We cannot be fully happy because it looks like Pau Gasol suffered a serious injury," he told reporters. "We will try to come out strong on Sunday to win the gold for Pau."

Gasol and Jorge Garbajosa had 19 points apiece as Spain held off a late Argentine surge in a bruising Latin face-off.

Spain led by seven midway through the fourth quarter but Argentina almost produced a stunning late comeback after two Luis Scola free throws tied the game at 74-74 with 21.9 seconds left.

However, Jose Calderon made one of two from the foul line with 18.6 seconds remaining and Andres Nocioni missed from the corner just before the final buzzer as Spain squeezed home.

"It's the greatest result in the history of Spanish basketball," said Spanish sports minister Jaime Lissavetzky. "The president has spoken to the players and management to offer his congratulations."

SEAL OF APPROVAL

Greece also received the seal of approval from their government following their victory over the U.S.

Guard Vassilis Spanoulis led the way with 22 points to prolong the Americans' six-year world and Olympic title drought.

The final buzzer sparked scenes of pandemonium as the unbeaten Greeks celebrated as if they had won the title already.

"I already have one medal," gushed Greek guard Theodoros Papaloukas. "But I want the gold one."

The U.S. suffered an astonishing second-quarter meltdown, blowing a 12-point lead with 6:15 left in the first half after a strong start.

Greece outscored the U.S. 24-9 from that point to take a 45-41 halftime lead and some explosive long-range shooting made it 77-65 through three quarters.

Co-captains Carmelo Anthony and Dwyane Wade led a U.S. fightback but an off-balance three from Spanoulis with 1:58 put Greece back up by seven and effectively iced the game.

"We showed basketball is not only dribbling and shooting," said Greek coach Panagiotis Yannakis, who after the game received a phone call from Greece's Prime Minister Costas Karamanlis.

"At this moment we are very, very high."

Anthony, who scored a game-high 27 points in a losing effort, struggled to fight back the tears.

"Any time we lose a game is a shock," he shrugged. "Our mentality was to come and win the gold medal," he said.

The U.S. play Argentina in Saturday's bronze medal game.

(Additional reporting by Mark Roughley and Mark Elkington in Madrid)