...governments and political leaders all across Europe are running out of options.

Baloney. There are plenty of options. They could raise tax rates, or start collecting the taxes already due, or change the things they tax. They could move responsibility for social welfare programs to a federal body where the money is controlled. They could tell the banks to take a hike. They could tell the people to take a hike.

What they are running out of is options that will allow the currently-in-power to retain their power and their heads.