Are Austerity Measures Leading to a North-South Divide?

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In recent years, notions of a north-south divide within the European Union – and in particular within the eurozone – have increasingly gained attention in the European discourse. On the surface, this north-south divide has been discussed on the foundation of diverging economic performances between northern and southern European countries as a consequence of the euro crisis. And indeed, the southern European countries Portugal, Spain, Italy, Cyprus and Greece have been hit disproportionally hard by the crisis, while their northern European partners have managed to sail rather calmly through these choppy waters.