The top teams at Euro 2008 are having nightmares. Italy was crushed 3-0 by the Netherlands, France was held to a goalless draw by Romania, and now Germany has lost 2-1 to Croatia.

Holland was the hottest property on the tournament futures market heading into Friday’s tilt with Les Bleus. But Croatia is closing fast with six points in two games, already enough to advance to the quarterfinals. That’s also enough to move the Croats to 8-1 to win the championship; Holland and Germany were tied at 5-1 at press time.

Portugal was upgraded from 9-2 to 4-1 following two impressive victories over Poland and the Czech Republic. The Portuguese have the consensus best player in the world in Cristiano Ronaldo, who scored the winning goal against the Czechs. But they remain the second favorites behind Spain, the new top chalk at 7-2. Spain is a mortal lock, as long as David Villa keeps scoring hat tricks.

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