A statement from the state-run Agios Savvas hospital said Psaltis died Friday after being hospitalized five weeks ago for cancer treatment.
Psaltis churned out as many as four movies a year at the peak of his career in the mid-1980s, when the quality of Greece's film industry was in decline.
Fellow actors praised him Friday as a generous and talented colleague, whose standout performances in the theater and cinema never reached a wider audience.
He is survived by his wife, Christina, and daughter, Maria. He is scheduled to be buried in Athens on Monday.
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