I am using MATLAB R2014a under Ubuntu 12.04.
Using tex markup such as \alpha, etc in text objects renders regular ASCII characters and not the expected tex output.
Making a symbolic link from the MATLAB font folder to the system font folder (as described here) did not help.
Google has lots of complicated solutions to similar but more difficult problems with MATLAB/LaTeX support.
How can I get basic greek letter support in text objects?