Europe looked on with wary relief Monday as Greek conservative leader Antonis Samaras received a mandate to launch coalition talks after coming first in national elections that follow weeks of uncertainty over the debt-crippled country's future in the continent's joint currency.

The campaign was watched closely by global leaders and markets, while central banks stood ready to intervene in case of financial turmoil -- as Sunday's election was seen as a vote on whether Greece should stay among the 17 nations that use the euro.

A Greek exit would have potentially catastrophic consequences for other ailing European nations; the fallout would hit the United States and the entire global economy.

Leaders of the European Union appeared relieved that a pro-austerity government had a good chance now of being formed.

"Continued fiscal and structural reforms are Greece's best guarantee to overcome the current economic and social challenges," European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso said in a joint statement.