Spain has done it again. They have reached the soccer Olympus for the third time in a row, showing their superiority against any other national team. And they have showed in the best possible way: rolling the opponent. Both in the score and in the game play. Italy was just a toy in Spanish hands. Spain will enter into football history as the first team that got crowned champion for three times in a row in a major tournament.

We all remember the Brazil of the 70′s, the Maradona’s Argentina, or the Netherlands from Johan Cruiff. But none of them reached what Del Bosque’s kids have achieved.

Spain didn’t just win, they also overwhelmed their rival from minute one. Del Bosque started with the same eleven players that he started with when they played Italy in the group phase game. In that game they tied, but Spain has shown again that they can always be counted on in the important games. Italy, for their part, started changing some players and their system. The play went wrong for Prandelli, who failed to cancel the Spanish midfielders. And everyone knows what happens when Iniesta, Xavi, Silva and company play without pressure.

Spain did not take long to score its first goal. When the clock was marking minute 15, Spain got ahead in the score, and from there dominated the match until the end. The play began with Inesta’s boots, who looked at Fabregas, who crossed to Silva, who put the ball in the squadron with his head.

The second goal was scored by the newest player of the tournament, Jordi Alba. The brand new Barelona FC transfer, started running from his left side position, went through the defense. Xavi found an impossible hole with a great pass that left Alba alone with Buffon. He played as if he was an striker, and made the 2-0 in the scoreboard.

Thus, half time came with a clear 2-0. Spanish rule was so overwhelming, that it felt that Italy could not do anything. Pirlo, Cassano or Balloteli, the most important Italian men were completely thwarted, which resulted in an Italy unmoved by the play of the reds.

Prandelli tried a new method and got Motta and Di Natale onto the field. Midfiled Motta was injured a few minutes after entering, which ended up destroying an Italy which had already suffered the injury of Chiellini during first half.

The second half was a Spanish monologue. Few teams can boast having a midfield like Spain’s, a defense with men like Ramos, Pique and Alba, and a goalkeeper like “Saint” Iker Casillas. Del Bosque began the game without a striker, but at the 75 minute mark he put Fernando Torres in, who ended up killing the game. It was Torres who scored the third goal after a head to head with the Italian goalkeeper. From his boots were also responsible for the fourth goal, which was scored by Mata when the game was about to end.

Thus, it is clear that there is no rival who can beat Spain. Best of all is that the team is young, so there is still time for Spain to keep making history.

Image Courtesy of  Laurence Griffiths

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The great finale has arrived. The moment that all soccer fans were waiting is finally here. The Euro 2012 has reached its end after nearly a month of competition, in which so many things have occurred. It may not have been the tournament where a lot of goals have been scored or where matches have been epic. But a final is a final, and more if the finalists are two great national teams like Spain and Italy. These two Mediterranean countries are now partying, enjoying the pregame, but the intoxication of joy can become tachycardia as the minutes passes. After 90 minutes one country will laugh and the other will cry. Bets say that the Spanish team is the favorite, but in soccer nothing is ever written, especially when Italy is playing.

Spain and Italy are two countries that in recent months are experiencing the worst economic times since the eighties. The two countries go hand in hand when asking for financial aid to Europe. Today, however, they will forget the solidarity they share.

Italy and Spain, two styles of strategies, although both efficient. The Spanish style is one of touch, elegant, dribbling and speed, against the Italian catenaccio, the claw and value, plus the kind of Pirlo and hunger of the striker Ballloteli. Two antagonist styles from the two best European teams that will face off in a game that has acquired a military component.

Spain may go down in history as the first selection in soccer history to win European Championship, World Championship, and European Championship in a row. Three big tournaments in 6 years, something that no team has ever achieved. The team will face its fourth European Championship final, after 1964, 1984, 2008 and aims to win its third European title and confirm the hegemonic cycle of Spanish soccer.

On the other side the Italian also want to write their name in soccer’s history after they defeated Germany in the semifinals, thanks to the two goals scored by Mario Balotelli.

Spain’s starting team is already decided according to Del Bosque’s second coach. Spain is expected to come out with their regular team and the only question is who will occupy the vacant seat on this selection, the forward position, harmed by the absence of Villa. However, it appears that the number 9 position will be occupied by the FC Barcelona player, Cesc Fabregas, despite not being a striker. The most knowledgeable soccer fans say that this post should go to the striker Alvaro Negredo, even though Del Bosque’s bet has paid off recently.

90 minutes of tension that will let one of these countries forget their financial situation for a couple of days. Then they will have to come down from the clouds…

Image Courtesy of  Continental AG UEFA EURO 2012 – Claudio Villa / Getty Images

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Spain has received a 100 billion euro ($125 billion) after denying it needed it for several weeks. Although the announcement of the bailout originally had the global markets opening high, the uncertainty surrounding the details and implications of this bailout have caused the enthusiasm to disappear. Investors are still worried about spending money on Spain and they are also worried about what this bailout means for Italy.

The rating agency, Fitch downgraded Santander and BBVA – two of Spain’s largest banks – from As to BBB+s. This downgrade, in addition to uncertainty in the markets has caused investors to sit on their money rather than risk spending it. Fitch claimed the lower rating was caused by its worries that Spain will “remain in recession through the remainder of this year and 2013 compared to the previous expectation that the economy would benefit from a mild recovery in 2013 which directly affects the banks’ volumes of activities in Spain.”

The exact amount of emergency funds for Spain are still unknown, but the amount will be announced later in June after the Spanish banks have been audited. Many Spaniards were surprised about the bailout after their government insisted it did not need the money. There were several demonstrations on June 10 against the bailout after the announcement was made.

The Spanish government insists that the banks are the ones that need the bailout and are receiving the bailout, not the government itself. However, the bailout money cannot go directly to the banks, as Spain wants it to be, and must go through the Spanish government. A troika will also be created to oversee the financial management of the money in Spain just like in the bailouts for the Republic of Ireland, Greece and Portugal.

The bailout was meant to alleviate the concerns within financial markets that Spain itself was unstable and would go down with its banks. According to Richard Hunter of Hargreaves Lansdown stockbrokers, “some much-needed time has now been bought in Spain, which will allow the market an – at least temporary – sigh of relief.” However, the bailout seems to be its own worst enemy. The uncertainty surrounding the exact amount, the outcome and the mechanism of the bailout have not led to more investing.

Most of the bailout funds will come from the newly founded European Stability Mechanism that was formed specifically to help alleviate the Eurozone crisis. The funds are considered a loan that the Spanish government will eventually have to pay back, meaning this bailout makes Spain even more in debt. However, the fund itself will be considered a “senior” creditor which means that it will be paid back first if Spain defaults on its loan. Many investors are worried that they will not get paid back if they invest in Spain by buying its government bonds because everyone would be second to the Mechanism fund. Therefore, the Spanish bonds that were over 6% previous to the bailout are now almost up to 6.5% after the bailout according to the BBC.

Spain was still unsure about receiving a bailout but European finance officials pushed Spain into receiving help for its banks.

Moody’s rating agency has also said that Spain’s banking problem, “is not likely to be a major source of contagion to other euro area countries, except for Italy.”

 Italy

Many are now worried that if Spain’s bailout does not succeed, Italy may be next to need help – if it’s not already too late. Italian bonds are up to 6%, meaning that investors see these bonds as high risk. The Italian GDP dropped 0.8% in the first quarter of this year whereas Spain’s only dropped 0.4%. Most predictions show the Italian economy shrinking at least another 1.5% this year. This is Italy’s fourth recession since 2001 and consumer spending and exports are down.

The Italian government has recently been practicing austerity measures under the government of Prime Minister Mario Monti. The Italian Economic Development Minister, Corrado Passera stated, “this great discipline that we have imposed on ourselves in terms of public finances makes us one of the countries best equipped to confront the financial turbulence that Europe finds itself in today.” Passera also claimed, “in the past months, Italy has done, from a financial point of view, everything that needed doing to save itself.”

Italy currently relies heavily on funding from the European Central Bank, which could hurt it in the long run. However, Italian banks have not suffered as much as Spanish banks because they did not suffer from the same housing bubble. Italy’s unemployment rate is also half of Spain’s and its borrowing costs are lower. Italy’s deficit for this year is lower than Spain’s but its overall debt is higher. Still, Italy is in a fragile position.

Sovereign debt expert Nicholas Spiro has warned that too many are linking Spain’s problems to Italy. “Where Spain goes, there is the perception that Italy will follow, which is terrible because it is like comparing apples and pears.” Spiro claimed that Italy’s economy was “infinitely better” than Spain’s, particularly because Italy did not have to deal with the same housing crisis as Spain.

Although it looks as though Italy may save itself, investors are still too skittish. Currently many reforms are still necessary and will have to be passed over the next year. Prime Minister Monti had the support to push through these reforms but he seems to be quickly losing it.

Monti and newly elected French President Francois Hollande are both in favor of Eurobonds, bonds that are guaranteed by all of the Eurozone. These Eurobonds would help alleviate Italy’s debt and would mean its bonds would not be as high a risk to investors. Hollande and Monti will meet on June 14 to discuss the possibility of Eurobonds. However, Merkel has already announced that she is against them and Germany’s support will be necessary for Eurobonds to be successful at all.

Image Courtesy of   European Council

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