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Will the reign of Spain fall or mainly is it plain?

Soccer boots its way back into the sports spin-cycle on these shores when the 14th UEFA European Championship (Euro 2012 in the popular phrasing) co-hosted by Poland and Ukraine kicks off today, and the biggest question of the intense 16-team tournament is whether the elegant Spanish squad can pull off an unprecedented Euro title defense to pair with its 2010 World Cup crown.

Composed mostly of players from Spanish league titans Barcelona and Real Madrid, the Spanish under coach Vicente del Bosque are known for their brilliant quick-touch “tiki-taka” passing and stranglehold on possession. It’s soccer’s version of the best kind of the West Coast offense — a ton of completions over the middle softening up the defense for the scoring strike — and midfielders Xavi and Andres Iniesta are maestro quarterbacks.

“They won’t be arriving at this tournament thinking it’s a walk in the park,” said Ian Darke, lead play-by-play man for ESPN, which will televise every game live. “They’re going for their third big championship in a row — nobody’s ever done that. And the team oozes class. They could easily win it.”

By consensus, there are two primary threats to Spain’s continental supremacy: explosive Germany, its victim in the Euro 2008 final, and the Netherlands, which forced La Furia Roja to extra time in a rugged World Cup finale two years ago. London bookmaker Ladbrokes lists Spain, ranked No. 1 in the world by FIFA, as a narrow favorite at 11-4; No. 3 Germany is second choice at 3-1 with the fourth-ranked Dutch on the board at 13-2.

“I think you can expect many twists and maybe a few turns of the unexpected here at Euro 2012,” Darke said. “Everyone is saying it’s between Spain, Germany and the Netherlands, but I just wonder whether somebody’s going to sneak up on the rails.”

Troubled traditional powers England, France and Italy (see graphic) are lurking, and the beauty of the Euros, compared even to the World Cup, is the depth of the field — there are no easy outs. Perhaps only Denmark, were it to emerge from Group B, the so-called Group of Death with Germany, Netherlands and Cristiano Ronaldo-led Portugal, would be a shock quarterfinalist.

Giving Spain’s foes hope is injuries to a pair of vital players. Striker David Villa, the country’s all-time leading scorer who netted four goals in Euro 2008 and five in the 2010 World Cup, is out with a broken leg. The inconsistent Fernando Torres is likely to start in his place. Central defender and spiritual leader Carlos Puyol remains sidelined following knee surgery.

Another concern is fatigue on the heels of a jam-packed club season. Real Madrid bested Barcelona at the wire for the Spanish league title, the two teams forayed deep into national cup competitions and each was dealt a dispiriting ouster weeks ago in the semifinals of the Champions League. But Germany faces a similar dilemma with many of its stalwarts playing for Bayern Munich, which succumbed to England’s Chelsea in the Champions League final.

“The question for Barcelona and Real Madrid is: Have they played too much soccer this year? … Will it affect them?” said ESPN analyst Steve McManaman, Darke’s partner. “I don’t think it happens with Spain. The Barcelona players and the Real Madrid players … as soon as they put the red shirt on of the Spanish national team, they seem to turn into different people.”

The American public may find in Euro 2012 a soccer tournament to match the last World Cup in captivating stories and perhaps exceed it in quality of play. And come the conclusion of the July 1 final, it may just find the same Spanish team on the podium raising the trophy.

“They need a little bit of luck,” McManaman said. “They need someone to score goals because they’re missing David Villa. But if I was choosing a team, it would certainly be Spain.”

jlehman@nypost.com

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