We’re halfway through 2012, which means it’s that time of year when economists and investors like to take stock of the overall health of the economy.We may be three years out of an economic recession, but the U.S. economy continues to struggle.
American credit ratings agencies recently downgraded Greece, Portugal and Ireland’s debt to junk status, making it harder for the EU to avoid an economic meltdown. In Europe, there’s growing discontent over these agencies’ unchecked power.
Eurozone finance ministers and economists from around the world now argue over the best solution to Greece’s spiraling economic crisis. Some want more rigorous austerity measures, while others believe Greece should default on its debt and abandon the Euro.