The problem with the above two statements is that they are trying to mix Text mode and Math mode in LaTeX. One way to obtain bold fonts in Math mode is to use the {\boldmath} declaration. The following statement demonstrates the use of{ \boldmath}:
text('position',[0.5 0.5],'Interpreter','latex','String','{\boldmath$\alpha$}')
It is important to note that these commands should not be used in math mode. Thus, a complicated mathematical expression, where only certain symbols are desired in bold font, may be obtained by entering and exiting Math mode as required. Following is an example:
text('position',[0.5 0.5], 'Interpreter','latex','String','$\|${\boldmath${\alpha}$}$\|$');
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