Catalonian independence proxy vote weighs on Spanish bonds

The Spanish government in Madrid, mindful that Catalonia represents 20 percent of the national economy, says it has no intention of cooperating with the separatists who are “contravening the constitution”.

Catalonia goes to the polls on Sunday in local elections that some hope could set the ball rolling towards independence from Spain. Most polls show an absolute majority for independence in parliamentary seats, but not in popular votes.

The current president of Catalonia and his party, faced with cases of internal party corruption, and caught between having to apply unpopular cuts and an emerging independence movement, decided to progressively begin the path to independence, which appeared to be a much more exciting possibility than that of applying unpopular austerity measures.

Interior Minister Jorge Fernandez Diaz, who used to live in Catalonia, said in January that some Catalan families did not get together over Christmas because they were divided over the independence issue. Mixing elections to the parliament of Catalonia with a plebiscite means adulterating speeches to win the elections, which does not allow a real deliberative process for Catalans. Rojay has stated that this secession would leave Catalan in a financial crisis as well as strip it of its Spanish nationality.

This week the Catholic Church also joined the chorus of disapproval, saying there was “no moral justification” for Catalonia to split from Spain. Indeed, the quality of governance in Catalonia – where countless corruption scandals pervade cornerstone institutions – is more in line with that of Portugal.

‘There is no sociological indicator of a social divide, ‘ he said, before adding that the situation in Catalonia is not comparable to that in Spain’s Basque Country, which also has a strong independence movement, or in Northern Ireland.

“Everyone knows Guardiola, and to say that I can manipulate him or any other sports person is to underestimate these people”.

“The weapons of destruction they are using in Madrid will not triumph in Catalonia”, he told supporters on Wednesday. There are many parties with different positions on welfare, taxation, and the environment. Barcelona writer Manuel Vazquez Montalban called the football team “Catalonia’s unarmed symbolic army”. Among others, they feel constantly aggrieved by the People’s Party’s questioning of policies dealing with the teaching of Catalan, the old and lovely language that all schools in Catalonia teach, a language that peacefully coexists with Spanish in towns and city squares. However, the negativity of the central government and a new massive demonstration in Barcelona, on September 11, 2012, pointed to a political shift toward independence. But in order to do so, they will have to wait for the second act: the general elections in December, also of uncertain result.

Various groups have scheduled major rallies in the region tonight to close their campaigns, including the ruling Popular Party and the “Together for Yes” independence alliance. Although Spain’s banks are in relatively good condition, this possible situation reminds The Global Investor of what happened to Greek banks over the summer, when the probability of a Grexit was the highest.