North-South Divide May Hurt Euro Region More Than Greek Crisis

http://www.bloomberg.com/apps/news?pid=20601109&sid=aq2Sh2HH8ZR0&pos=15

The four northern countries produced an average of $50.85 per hour worked, adjusted for purchasing parity. The average for the four southern countries was $35.80. The gap has widened since the introduction of the euro in 1999.

The euro also has made exports from southern countries “overpriced,” said Fredrik Erixon, director of the European Centre for International Political Economy in Brussels.