Germany Chancellor Angela Merkel described the ongoing euro zone crisis as the continent's “toughest hour” since World War II on Monday as new leaders in Italy and Greece hustled to form governments amid growing fears over their debt-hit economies.

Eurozone Crisis 'Toughest Hour Since World War II’, Says Merkel -- France 24/Reuters

REUTERS - German Chancellor Angela Merkel said on Monday that Europe could be living through its toughest hour since World War Two as new leaders in Italy and Greece rushed to form governments and limit the damage from the euro zone debt crisis.
A rally on financial markets sparked by the appointment of respected European technocrats in Rome and Athens soon stalled. Analysts warned that daunting obstacles could hinder the decisive action needed to revive their ailing economies.

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More News On Europe's Debt/Financial Crisis

Tony Blair: Euro collapse would be catastrophic -- BBC
Even as Governments Act, Time Runs Short for Euro -- New York Times
Europe Could Be in Worst Hour Since WW2: Merkel -- New York Times/Reuters
As European Nations Teeter, Only Lenders Get Central Bank’s Help -- New York Times

Italian prime minister nominee meets with political leaders -- CNN
Monti tipped to lead Italy after Berlusconi quits -- CNN
Monti Rushes to Fashion Italian Government as Markets Offer Little Relief -- Bloomberg
Getting rid of Silvio Berlusconi was the easy bit for Italy -- Nils Pratley, The Guardian
Analysis: Berlusconi's end could trigger political earthquake -- Reuters

Greek PM: Remaining in Euro "Is Only Choice" -- ABC News/AP
New Greek PM Papademos urges structural reform -- BBC
Greek Prime Minister: Staying In Euro Is Only Solution -- Wall Street Journal
Greek PM commits to EU reforms, warns eurozone role at stake -- AFP

French, German leaders stress urgency with Greece's new prime minister -- CNN
Analysis - Euro zone treads obstacle course to crisis exit -- Reuters
The Euro in Crisis -- Shannon Doyne, New York Times
Will the European Central Bank save the eurozone? -- Laurence Knight, BBC
Euro Collapse Plus Iran Strike Equals Armageddon -- Rory Fitzgerald, Huffington Post