I prefeer the Euro 2008... is much more prestigious. For example, in the 2004 Olympic Games of Athens, Irak achieved an unbelievable fourth position, however that success haven't had too much impact. A tournament like Euro 2008 will relaunch the Israel National Team with all ours young great players.
Without a doubt EURO; youth teams usually qualify for the Olympics and you are only allowed two out-of-country professionals on your roster. The Olympic teams are usually youth showcasing their talents for the future. EURO is a prestigious senior tournament involving rigorous qualification requirements and offers no constraints on foreign professionals. EURO is essentially the European World Cup, while the Olympics, for soccer at least, is an honor for youth teams.