Most of the major news outlets in Spain and internationally are reporting that parties in favour of a referendum on Catalan independence are likely to win a majority in Catalunya's elections. Massive problems ahead for Spain - the amount of tax that the rest of the country siphons out of the Northeast is enormous - it's basically a microcosm of the econmic situation across Europe, with the Germans subsidising the Mediterranean. Short term pain for Catalunya too - it would take a few years to get admittance to the EU, during which time they'll be flat broke and have to heavily indebt themselves to Germany et al, leaving them years to work off their debts. Eventually they'll be OK, but the rest of Spain will be left with a huge headache. Outside Madrid, Spain is utterly fucked.
Not sure how I feel about this, with a foot in both camps (Catalunya and Valencia)
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I highly doubt Catalan independence is on the cards, rather it's a great bargaining tool for getting a better deal from central government. I'd imagine most nations would require some sort of constitutional amendment to grant independence to a part of their country so this wouldn't be a huge obstruction.
It's going to be a long struggle for the whole country with a further 1.7% contraction expected next year (although Madrid are forecasting only a -0.5%).