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Most would argue that Spain is still the most dominant and talented team in the world, but, without David Villa and Carlos Puyol, retaining its crown as the best team in Europe will be a lot tougher than previous years.
Spain is still swamped in talent and depth even without Puyol and Villa, but opposing squads will be looking to capitalize on the banged up Spanish side.
The Germans finished third in the 2010 FIFA World Cup, second in EURO 2008, and third in the 2006 FIFA World Cup.
The team is certainly due for a Cup victory, and it still has plenty of talent to win one.
Mario Gomez, Bastian Schweinsteiger, Thomas Mueller, Philipp Lahm, Manuel Neuer and Jerome Boateng all helped Bayern Munich make it to the Champions League Final this season, and five other members of the German national team helped Borussia Dortmund win the Bundesliga, the German Premier League.
But, will the lingering place kick loss to Chelsea affect the Bayern Munich players, or will this add fuel to its fire in order to win Germany the European Championship?
Ironically in the same group as the Germans, it is possible that the Dutch and the Germans can meet in the EURO 2012 final.
The Dutch were just four minutes away from going to place kicks with the Spanish at the 2010 FIFA World Cup before Iniesta blasted away a goal to win it for Spain.
Players like Arjen Robben, Wesley Sneijder, Robin Van Persie, Dirk Kuyt, Rafael Vande Vaart, Mark Van Bommel and many others create one of the most talented groups in Europe.
Croatia (Modric pictured above)
As mentioned before, Spain is a bit banged up heading into the European Championship.
Its best striker, and arguably its best center-back, will not be participating in Poland and Ukraine this summer.
Italy has also been a bit shaky over the past couple of years since its World Cup Championship in 2006. I know it was a friendly game, but it says a lot when you lose 1-0 to the United States.
Enter Croatia, a team that has some players who are in tremendous form.
Keep an eye on Nikica Jelavic, the striker for Everton, who scored some great goals in Goodison Park this season. If he continues his great play, we could see Croatia being another group winner.
The team won Group "B" in the 2008 European Championship.
In the "Group of Death," anything is possible.
Granted, the top two teams in the group are some of the world's best. But, Portugal isn't too bad itself.
If it can somehow take a point away from Germany or Holland, it will most likely be advancing to the next round. I don't personally see it happening, but it is the "Group of Death."
Cristiano Ronaldo will be looking to make some noise for his home country. I expect a big month of June out of him.
Perhaps everyone is underestimating Roy Hodgson and the English.
The bar has not been set high for England and most do not expect it to make it past the semifinals.
It makes things tough without Wayne Rooney for two matches against its toughest competition in the group stage, but if it can somehow win the group on five points, I think it have a legitimate shot at making it to the Top Four in EURO 2012.
For the first time in a while, the pressure is not on England to perform at a world class level. Maybe that gives the team the opportunity to relax, breathe and play some great football.