The World Cup June 3, 2010, 5:00PM EST

The World Is Watching the World Cup

A spectator's guide to the soccer tournament in South Africa. Whom to root for—or against—and who has the coolest uniforms

By Roger Bennett

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The world of soccer functions independently of the international marketplace. Of the 32 countries lining up for this year's World Cup, which runs from June 11 to July 11, only two of the world's five largest economies are serious contenders. While only one BRIC nation is among the field, economically imperiled countries Portugal, Italy, Greece, and Spain are represented.

Although soccer is nowhere near the dominant sport in the U.S., one of the more remarkable phenomena of the last World Cup was that ratings continued to swell even after the U.S. was knocked out. This year the Americans should progress into the next round, but probably no further. Whom should the typical American spectator root for, then? Fans choose a team for all sorts of reasons, ranging from its star players to the stylishness of its jerseys. Some just pick the one that seems the most quirky. What follows is a purely subjective analysis of the 32 teams that most (and least) deserve your support, based on on-field talent, off-field intrigue, socioeconomic peril, historical turmoil, and, yes, couture. Simply put: Fear Brazil, back the plucky Serbs, and don the fetching green of Cameroon. As a tiebreaker: Bet on the country with more debt.

A LEAGUE OF THEIR OWN

The U.S.
Odds: 80-1. GDP: $14.3 trillion. Players to watch: Landon Donovan and Clint Dempsey will forage for goals while Tim Howard tries to keep them out at the other end. The bottom line: The Americans' opening match against England will receive all the hype, but they'll still need to get past Slovenia and Algeria to advance.

THE LONG SHOTS

These teams, in the words of the onetime Scotland manger Tommy Docherty, may be "home before their postcards."

New Zealand
GDP: $118 billion. Odds: 2,000-1. Player to watch: Defensive anchor Ryan Nelsen. The bottom line: The ultimate pub team. Scoring a single goal will be a monumental achievement.

North Korea
GDP: $28.2 billion. Odds: 2,000-1. Player to watch: Captain Hong Yong-Jo, a striker for lowly Russian team Rostov, is the only representative who plays professionally in Europe. The bottom line: Kim Jong-Il has decreed that only edited highlights will be broadcast at home, ensuring that the North Korean side appears dominant irrespective of the score.

South Africa
GDP: $287 billion. Odds: 125-1. Player to watch: Pigtailed midfielder Steven Pienaar. The bottom line: Possibly the least talented host since The Bachelor's Chris Harrison, South Africans hope the tournament has the same economic effect it has had on past host countries. In 2006, for instance, the German economy outperformed the rest of the world by 9 percent before the first ball was even kicked, and then continued to spike after the final.

Uruguay
GDP: $31.5 billion. Odds: 80-1. Players to watch: Flaxen-haired hit man Diego Forlan and defender Diego Lugano. The bottom line: Loaded with offensive potency, but too inconsistent and undisciplined to make an impact.

THE CREDIT RISKS

What could a deeply indebted European nation hope for more than the economic boost that comes with World Cup victory? ABN-Amro has calculated a 10 percent average stock market gain for winners of the last three World Cups. Unfortunately, the average decline for the losing finalist was a staggering 25 percent. Supporting these teams may not be worth the risk.

Greece
GDP: $331 billion. Odds: 150-1. Player to watch: The star of the team is actually authoritarian German coach Otto Rehhagel, known as "Rehakles," a mashup of his name and Heracles, the son of Zeus. The bottom line: Little hope exists—on or off the field—for these practitioners of unattractive soccer.

Italy
GDP: $2.12 trillion. Odds: 14-1. Players to watch: Goalkeeper Gigi Buffon, midfielder Andrea Pirlo, and his more aggressive sidekick Daniele De Rossi. The bottom line: Italy's aging squad was politely referred to as "experienced" before it won the 2006 World Cup. Many of the same players are back, and now they're legitimately old. Still, UBS Wealth Management Research's (UBS) quantitative analysis picked the Azzurri as a likely winner.

Portugal
GDP: $228 billion. Odds: 22-1. Players to watch: Cristiano Ronaldo, the magnificent yet petulant thoroughbred; winger Nani; and Liédson, a recently naturalized Brazilian striker. The bottom line: Despite the presence of star names throughout the team, the Portuguese struggled to qualify. Yet an ING (ING) study revealed that the average Portuguese citizen would willingly contribute $450 in exchange for victory.

Spain
GDP: $1.46 trillion. Odds: 4-1. Players to watch: David Villa, a striker whose modest demeanor masks a ruthless talent, and Barcelona's Smurfish mono-named midfield tandem Iniesta and Xavi. The bottom line: Spain has repeatedly dazzled early in international competition, only to implode once the elimination round begins. That said, they came out on top of Reuters' poll of global economists to win it all.