Greek’s debt crisis has the European Union worrying about a possible domino effect. Spain and Portugal have already seen their credit ratings downgraded, and Ireland and Italy may be next. Some fear that Greece’s crisis may deal such a sharp blow to confidence in the global credit market that we see a repeat of the global financial crisis.

Kenneth Rogoff, professor of economics at Harvard and a former Chief Economist with the International Monetary Fund, joins us with his assessment of the situation.