German Chancellor Angela Merkel, who ushered Europe through the continent's debt and migration crises, was named Time's Person of the Year on Wednesday.<br />"Merkel had already emerged as the indispensable player in managing Europe's serial debt crises; she also led the West's response to Vladimir Putin's creeping theft of Ukraine," Time editor Nancy Gibbs said in a statement.<br />"But now the prospect of Greek bankruptcy threatened the very existence of the euro zone.<br />The migrant and refugee crisis challenged the principle of open borders.<br />And finally, the carnage in Paris revived the reflex to slam doors, build walls and trust no one.<br />"Each time Merkel stepped in."
