Italy, France and Portugal are all average teams. Let's see if Italy can actually get out the group stage this time, unlike the World Cup. It's not like their group can possibly be any easier than it was then.
The chances are Spain. If not Germany. That's it. The only other quality team is Holland.
Greece had a chance in 2004, in fact they won a quarter final place at Spain's expense. I don't think Spain will lose at the finals in 2012 though seeing as Switzerland haven't qualified.
Correct, but there were no great European teams in 2004. Now there's Spain, one of the greatest teams in history, and Germany, a young improving team who just demolished their entire group with a perfect record.