Yes, Germany should be quoted much closer to Spain, which has already lost its greatness and is now assessed more or less objectively. But here I don’t even know how to evaluate such high odds from bookmakers - maybe the Germans (and by the way, many other people for historical reasons) bet on Germany, so the bookmakers take into account this cash flow. After all, Germany is many times richer than Spain, so here we see a bias in quotes.
Some of the time this gradings goes otherwise, there are countries that I expected to be ahead of the other but surprisingly with their grading it happens that I see them lower, while in real time this countries has done super great in their various performances in the past and previous compitions. I do choose France ahead of any other country out there, they've been consistent in their performance both in the last world cup and the last Euro compition, I didn't see reason why they shouldn't top the list.