in 1995/1996 Panathinaikos managed to qualify until semifinals where they lost from Ajax Amsterdam. Panathinaikos won 1-0 in Amsterdam but lost in Athens 3-0.

And also in 2001/2002 before losing from Barcelona in quarterfinals Panathinaikos qualify over Juventus. 1-1 in Turin and 3-1 in Athens

In the past Panathinaikos had very succesful European appearances. Last couple of years were bit unfortunate but this year it seems like a new start :)