[spapas82]

Correct. Thee same pronunciation exists in ancient greek for example ευ ζην is ef zin (the good life).

Also the ευ situation is a little more complex ie sometimes it is pronunciated as ev (depending if the next letter is a vowel).

[akavi]

Wikipedia suggests that "ευ" was pronounced /eu̯/ in ancient greek[0]. My suspicion is that "ευ ζην" is an Ancient Greek "fixed phrase" which is pronounced with Modern Greek phonology.

[0]https://en.wikipedia.org/wiki/Ancient_Greek_phonology#Diphth...