Fourteen national teams entered the event under the auspices of FIBA Europe, the sport's regional governing body.

Serbia and Montenegro (then under the name of FR Yugoslavia) won its first FIBA European title, by defeating Lithuania by the score of 96–90 in the final.

One of the most intense matches in Eurobasket history, the finals match-up between Yugoslavia and Lithuania on Sunday, 2 July 1995 almost ended in scandal.

[1] From the start, the two teams matched up evenly, as Lithuania's Šarūnas Marčiulionis and Arvydas Sabonis and Yugoslavia's Aleksandar Đorđević and Predrag Danilović exchanged points.

After a few minutes, Aleksandar Đorđević, who was the leading scorer with 41 points (made 9 three-pointers out of 12 attempted), tried to convince Marčiulionis to continue playing.

After the Yugoslavs' victory, the Greek crowd that cheered against Yugoslavia throughout the final further showed their displeasure during the winners ceremony by chanting "Lithuania is the champion!".