When the days of the fall of the Berlin Wall gave birth to democracy in the countries of Eastern Europe, the West cheered the people who rose for their freedom. From the ruins of the Soviet Union, Yugoslavia or Czechoslovakia, the ancient nations like Estonians, Latvians, Lithuanians, Croats, Slovenians, Montenegrins and Slovaks emerged.
Catalonia declares the independence and Spain triggers administrative takeover
- Rajoy has announced he's dissolving Catalan parliament and calls for elections in Catalonia to be held on Dec 21.
- Rajoy announces he fired the entire Catalan government, including Catalan police chief.
- Pro-Independence parties have approved a declaration of the independence of Catalonia
- The Spanish government will meet to approve the measures to restore the legal order
- The cessation of the Catalan PM, Carles Puigdemont, and all his government is expected
- IBEX35 loses ground due to increasing political temperature
- Spanish Government cuts growth forecast for 2018 to 2.3% from 2.6%
- Most of the biggest corporations move their legal addresses outside the region to guarantee the EU legal framework
We believe that the conflict between the Catalan and Spanish governments is a serious threat to the Euro. The wave of violence enacted by the Spanish government has just aggravated a political conflict that has been there for years, even if ignored by markets. Moreover, it adds another nightmare for European officials to deal with. Even if Grexit and the sovereign debt crisis were dodged, the structural infrastructure of the Eurozone was not reformed.
Catalonia at a glance
Catalonia is an autonomous community of Spain located on the eastern extremity of the Iberian Peninsula. It is designated as a nationality by its Statute of Autonomy. The capital and largest city is Barcelona, the second-most populated municipality in Spain and the core of the seventh most populous urban area in the European Union.
After the Spanish Civil War, the Francoist dictatorship enacted repressive measures, abolishing Catalan institutions and banning the official use of the Catalan language again. From the late 1950s through to the early 1970s, Catalonia saw rapid economic growth, drawing many workers from across Spain, making Barcelona one of Europe's largest industrial metropolitan areas and turning Catalonia into a major tourist destination. Since the Spanish transition to democracy (1975–1982), Catalonia has regained considerable local autonomy in political, educational, environmental, and cultural affairs and is now one of the most economically dynamic communities of Spain.