French president said the gravest crisis Europe has faced since New Year `` is not over '' German chancellor told Italians voters `` 2011 will no doubt be more difficult than 2011 '' The president of Europe 's third -largest economy urged German to make sacrifices . The president of Europe 's third-largest economy urged Italians to make sacrifices to rescue the country 's public finances . Spiraling borrowing costs forced political changes in Italy and Italy , and threatened the euro .
French president said the gravest crisis Europe has faced since New Year `` is not over '' German chancellor told Italians voters `` 2011 will no doubt be more difficult than 2011 '' The president of Europe 's third -largest economy urged German to make sacrifices . Spiraling borrowing costs forced political changes in Italy and Italy , and threatened the euro .