Catalonia Back to Work Despite Uncertainty

Work resumed normally in Catalonia and calm reigned on the streets on Monday despite calls for civil disobedience from secessionist politicians, in early signs the direct rule imposed to stop an independence bid was taking hold.

Although some public sector workers have yet to tell their new bosses whether they will accept orders, the lack of unrest came as a relief for financial markets, which rose.

Catalonia, a prosperous region with its own language and culture, triggered Spain’s biggest crisis for decades by holding an independence referendum on Oct. 1, which Spanish courts called illegal.

Spain’s Prime Minister Mariano Rajoy assumed direct control of the region on Friday, sacked its secessionist government and called a snap election for Dec. 21.

However, some of the most prominent members of the Catalan administration, including its president, Carles Puigdemont, and vice-president, Oriol Junqueras, had said they would not accept the move and only the people of Catalonia could dismiss them.

via Kitco

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza