American Morning

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November 30th, 2011
09:29 AM ET

The race is on to save Europe – Ken Rogoff explains the global consequences if debt problems aren't fixed

This morning, world banks are now taking steps to support the global financial system as leaders work to come up with a big and bold plan to fix Europe's growing debt problems.

The whole world needs European leaders to get this right, because if the Eurozone fails, there could be dire global consequences.

According to some analysts, if the Eurozone fails: bank lending around the world could freeze; companies won't be able to borrow, pay bills, or hire; stock markets could crash; U.S. exports could collapse.

Many of those analysts also say this could be much worse than the financial crisis in 2008.

Today on American Morning, Harvard University economics professor Kenneth Rogoff explains what has to happen to fix Europe's debt problems, and whether a global economic crisis can be avoided.

Filed under: Debt • Europe
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