Moreover, viewed from a wider perspective, economic and social turbulence on Europe s southern periphery will constitute a geopolitical risk.

PRINCETON There are historical precedents for sovereign debt defaults by the countries of Europe s southern periphery, but they are not instantly attractive ones.

In Europe, concerns about domestic income inequality, though more muted, are compounded by angst about inequality between countries, as Germany roars ahead while the southern periphery stalls.

PRINCETON There are historical precedents for sovereign debt defaults by the countries of Europe s southern periphery, but they are not instantly attractive ones. Dealing with seemingly intractable problems often takes time.

Even today, four years into the crisis, there are no signs that the overly expensive countries in Europe s southern periphery have begun devaluation in real terms by cutting wages and prices.

The creditors imposition of strict austerity on the periphery is perpetuating the eurozone s division between center and periphery.

But the periphery is seething with discontent.

That is when the crisis spread to the periphery of the world economy, because countries on the periphery could not provide equally credible guarantees.

WASHINGTON, DC The eurozone crisis unfolded primarily as a sovereign debt crisis mostly on its southern periphery, with interest rates on sovereign bonds at times reaching 6 7 for Italy and Spain, and even higher for other countries.

Instead, the group s report underscores the true risk for Europe a return to the soft budget constraints both private and public and excessive borrowing that overheated its southern and western periphery and gave rise to destabilizing trade imbalances.

The Germans have been insisting on institutional change more centralized eurozone control over periphery banks and government budgets in exchange for expanded access to financing for the periphery.

Fiscal austerity in the periphery requires cutting back on imports hence, the countries exporting to the periphery need to curtail their own imports and so the process cascades.

Starting with the advanced countries, the eurozone recession has spread from the periphery to the core, with France entering recession and Germany facing a double whammy of slowing growth in one major export market (China Asia) and outright contraction in others (southern Europe).

Perhaps they should look to the periphery of the world economy.

This division of core and periphery is common in many countries.

Financial markets might not give the eurozone periphery that much time.

The solution is not over here. The solution is on the periphery.

Interestingly, the terms center and periphery have crept into usage almost unnoticed.

The periphery can grow again only if it succeeds in exporting more.

The crisis had moved from the monetary union s periphery to its core.

Throughout the periphery, populist parties of the left and right are gaining ground.

All are exposed to the effects of disorder and turbulence on the periphery.

But a weaker German economy makes adjustment in the periphery even more difficult.

Export growth is down sharply, turning negative vis à vis the eurozone s periphery.

If the periphery economies are allowed to collapse, developed countries will also be hurt.

That is why interest rate spreads in the eurozone periphery are widening again now.

It will make Germany the center of an empire and permanently subordinate the periphery.

Southern Resilience

Southern Sudan

Separatist movements are also thriving in southern Thailand and the southern Philippines.

The southern fulmar ( Fulmarus glacialoides ) is a seabird of the Southern Hemisphere.

But, while financial strains have since eased, economic conditions on the eurozone s periphery remain shaky.

Europe s Southern Future

Consider southern Europe.

Otherwise, the country will be condemned to shine weakly on the periphery of the global market.

Europe s contemporary problems offer striking parallels with previous problems on the periphery of the world economy.

Meanwhile, austerity fatigue in the eurozone periphery is increasingly clashing with bailout fatigue in the core.

It is as if the crisis in the EU s center had not reached its Balkan periphery.

There is still a need for huge relative wage adjustments between Europe s periphery and its core.

There is a center, led by Germany, and a periphery, consisting of the heavily indebted countries.

As a result, they continue on a course that perpetuates the division between center and periphery.

All of this amounts to a much needed and often advocated Marshall Plan for the periphery.

Both human and financial resources will be attracted to the center, leaving the periphery permanently depressed.

The tooth bud itself is the group of cells at the periphery of the dental lamina.

Kamarina (, ) was an ancient city on the southern coast of Sicily in southern Italy.