Former IMF chief economist Ken Rogoff says 'deep problems' facing Greece in wake of election

Today, everyone is talking about Greece, where the New Democracy party is expected to form a coalition government with the Pasok party and stay in the European Union. Analysts are warning the group has to make swift moves to keep Greece and the global economy from tanking.

Ken Rogoff, former chief economist for the IMF and professor of economics and public policy at Harvard University, details the challenges now facing the country in the wake of the elections. He also explains how despite maneuvers by the Greek government, the European Union's failure to prepare in the event of a crisis may be to blame.