With Euro 2008 around the corner it's time to talk soccer. Let's begin with the defending champions Greece. 

Before I answer this question, I’d like to tell a story. We were at a friend’s house prior to the start of the Euro 2004 tournament talking about, you guessed it, how to make a thick omelet.

As we discussed who the pre-tournament favorites were – you know, the Italy’s, Holland’s, France’s and Germany’s of this world – one of us warned, “Even Greece can win. You never know.” Of course, he was Greek and we looked at him as if he was drunk on ouzo. A little luck here and a star aligned there and presto! Victory!

'You never know.' Ah, those three precious and powerful poetic words in sports.

My friend wasn’t nuts. While we were looking at historical pedigree, he simply looked at recent trends. Specifically, Euro qualifiers where he observed the Greeks were playing very well.  As investment advisors, we always considered long and short term trends of products we recommended. He was focusing on the short term given that it was a one month tournament.

Now, it still was a massive long shot and we could not stop snickering at the suggestion that Greece could win. The Greeks, truth be told,  had no world class strikers or depth to speak of.

It was simple logic. But doesn’t life laugh at logic?

Anyone who does not think that the victory was a fluke is delusional. Of course it was! It was a Cinderella story at full throttle. This should not be viewed as dismissing Greece’s remarkable achievement. The Greeks played within themselves and did what they had to do to win. They were deserved - and shocking - champions.

After failing to qualify for the World Cup in Germany, it only served for some to add to the suspicion that the Greeks had the stars aligned for them.

That’s the depth factor I alluded to earlier.

However, they rebounded and had a solid Euro 2008 qualification campaign. This time, their good form should not come as a surprise and teams will be better prepared this time. Greece has added depth as well as sharp strikers.

While most experts or fans still do not mention Greece in the same breath of the European powers including Portugal (a team they beat twice on Portuguese soil in 2004 and most recently in a friendly 2-1), this may serve them just fine. The road to earning respect is a long one.

Greece are champions but now they need to show they belong among the elite nations.