Spain: Companies in Catalonia Begin Weighing the Economic Pros and Cons

Spain: Companies in Catalonia Begin Weighing the Economic Pros and Cons

Rajoy, King Felipe VI, and Carles Puigdemont in Barcelona earlier this year.

"We will show our best face in the coming days when our institutions apply the results of the referendum", Puigdemont said, striking a less confrontational tone after a day of escalating rhetoric.

Instead, the European Commission has expressed its "trust (in) the leadership of Prime Minister Mariano Rajoy to manage this hard process in full respect of the Spanish Constitution and of the fundamental rights of citizens enshrined therein".

He is expected to appear in front of the Catalan parliament to make the independence declaration on Monday where the pro-Independence members hold a slim majority.

European Union: According to The Washington Post, the European Union saw the independence referendum as a violation of Spanish law, and anxious about how the move would affect relations between Spain and Catalonia.

A declaration of independence would intensify the conflict with the central government, which along with the national courts has branded the referendum illegal. Around 900 people were injured from clashes with riot police that day.

The footage documenting this indubitable horror is widely available yet the Spanish Prime Minister, Mariano Rajoy, stated that there was no referendum and that the police had acted with "firmness and serenity".

But she said the parliament had taken no decision yet on whether Monday's session would go ahead. On Oct. 4, the shares of two Catalonia-headquartered banks, CaixaBank and Banco Sabadell, fell by more than 5 percent.




Some companies have already announced similar plans following the referendum.

Voters in Catalonia, a region with its own distinct language and culture, approved an independence referendum on Sunday.

European Commission Vice President Frans Timmermans says there is a "general consensus that regional government of Catalonia has chosen to ignore the law when organizing the referendum".

"The king endorses the discourse and policies of the government of [prime minister Mariano] Rajoy, which has been catastrophic for Catalonia and deliberately ignore the millions of Catalans who do not think like them", Puigdemont said in a televised statement. The brutal police crackdown ordered by the Spanish government on the people who participated in the vote to break away had elicited wide condemnation.

The sight of King Felipe intervening and condemning the referendum - a highly unusual move for the monarch - made many in Catalonia believe the next step would be troops on the streets.

The court said it had agreed to consider a legal challenge filed by the anti-secessionist Catalan Socialist Party.

The region, though, is simply doing what many others have done in their quests for more recognition and would still contribute to Spain, he said.

Dialogue is a third option - which European Union officials have urged - but both sides seem to want their trains to crash head-on first and see who comes out worse. He told legislators in Brussels "all lines of communication must stay open".

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