The race is on to save Europe – Ken Rogoff explains the global consequences if debt problems aren't fixed. Kenneth Rogoff, November 30, 2011, Video. "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..."