'Greece saves Europe:' How press reacted to the vote New Democracy party leader Antonis Samaras waves to supporters after a press conference in Athens, on June 17, 2012. Relief and cautious optimism expressed in European press after Greek vote Germany's victory over Denmark competed with Greek election for top news spot Economic editor of UK's Guardian newspaper said vote "changes little" Athens News said voters experienced "unprecedented pressure" from German press, officials (CNN) -- The election in Greece of a pro-bailout party induced a huge sigh of relief well beyond Athens and plenty of press reaction that veered between cautious optimism and weary angst. Opinion pieces published before the vote made no mistake about the gravity of the weekend vote. "Europe's Future Hangs in the Balance," read the main headline in the English section of Germany's Spiegel Online. However, the German team's domination of Denmark to reach the quarter finals of Euro 2012 stole the top spot on its national homepage early Monday, "Third game, third victory," the headline cried. With an election of its own on the weekend, France's Le Monde devoted its Monday morning homepage to a breakdown of a parliamentary vote tipped to solidify the majority of President Francois Hollande's Socialist Party. Greek New Democracy leader hails 'victory for all Europe' However, the Greek vote led the international sections of both German and French sites, and dominated headlines in the United Kingdom. Never known to underplay a headline, Britain's The Sun newspaper told it straight: "Greece votes to keep the euro (just)... and save the rest of Europe." The Guardian pitched the win for the New Democracy party as a victory for the euro -- "Voters give single currency a chance" -- while at the same time the paper's economics editor argued that what was really needed was international action. The situation in the eurozone, and around the globe, was catastrophic before Sunday's second Greek election. The result changes little," Larry Elliott wrote. However, he added that anyone expecting G20 members to come up with any effective coordinated response to the crisis "obviously hasn't been paying attention." "Leaderless and at odds over what needs to be done, it has taken the G20 less than four years to become as redundant as the G8 it was supposed to replace," he said. Elliott added that the crisis was the result of "imbalances in the global economy, which in turn reflect differences in productivity and competitiveness." It was a theme picked up by economist and author of "Crisis in the Eurozone," Costa Lapavitsas in Le Monde diplomatique, the international, English edition of the French daily. "The true cause of the eurozone crisis is cumulative loss of competitiveness by peripheral countries, not fiscal indiscipline," Lapavitsas wrote, pointing to the "contradictions" between monetary and fiscal policy in the eurozone,and the "equally severe contradiction" between the union's monetary and banking space. "At the root of both problems lies the absence of a unitary or federal European state," Lapavitsas said. Europe remains a continent of nations overlaid with an economic structure that pretends nations do not matter. Yet nation states have remained integral to the EMU. This reality is fundamental to the eurozone crisis and makes its resolution very hard. An image of a smiling Antonis Samaras, the leader of the winning New Democracy party, beamed from the front page of Italian daily Corriere Della Sera. However the website's most-read story at the time of writing was about a rare image of a bee sting. If only Greece's financial woes could be compared to the same. The Greek result also led papers in Spain. Under the headline "Greece is not an exact science," El Pais, the country's leading daily, questioned why so much European relief has been expressed when the results were roughly the same as the first election in May. The threat of a Greek exit from the eurozone persisted, the article said. With the headline "Samaras seeks 'national salvation' coalition," the main story on the English-language Athens News said the race was now on to form coalition to secure Greece's place in the eurozone. The article made mention of the "unprecedented pressure tactics by the German and European political establishment in the run up to the elections." "German officials repeatedly declared that careful implementation of the bailout deal is the necessary condition for continued loans," it said. To prove the point, the website reproduced an open letter by German newspaper Bild which reminded Greek voters who was bankrolling their ATMs. "Your ATMs continue to give you euros, only because we put them there, the Germans and the other nations that have the euro," the Bild letter read. It went on: "Let's be clear on this: If the elections are won by parties that want to put an end to austerity and reform, breaching every agreement, we will stop paying." Before the vote, Athens News issued its own appeal, urging to voters to give the far-right, anti-immigration party Golden Dawn "the boot." "Greek society has taken a precarious turn, but it is still in the hands of the people to reverse this dangerous flirt with extremes and to make sure that groups like Golden Dawn - along with their deranged belief system - never set foot in parliament again," the editorial said. The paper's appeal appears to have gone unheeded. According to Interior Ministry figures, Golden Dawn won 18 seats -- or 7% of the vote -- a similar result to the first election in May.