This is just at the European level. So people who say Italy are no longer world champs should correct themselves. They will remain to be world champs until the result of the next world cup finals. However, that said, Italy dont have the world cup winning squad going into this tournament - Maldini, Totti have retired. De Rossi, Cannavaro, Inzaghi are on the injury list. Other key players such as Pirlo and Luca Toni are there, but still the team is not complete. Tough chance for them to get into the semis is my prediction. It will take them at least 2 years or 2 seasons more to build a decent reputed team in match to their world cuppers. Regards.