Euro 2004
Nick has an interesting post up on Fistful on why smaller teams may be doing better these days in international touraments. Basically he suggests that aside from fatigue, it may be down to the greater diversity of league experience smaller clubs have (i.e. almost all English/German/Spanish/Italian players play for their own national leagues, whilst smaller nations' players play all around Europe). It's a good argument, and I'll try to provide some statistical evidence (thought the time period might be too short); however one thing I've noticed is that most of the Greece squad (perhaps not the team) do play in Greece.Update: On similar grounds is this letter to the FT in 2000.