Spanish Constitutional Crisis Reaches Crucial Stage as Madrid and Barcelona Hold Votes

Spain’s constitutional crisis was back in the spotlight Friday with two crucial votes taking place in both Barcelona and Madrid.The regional parliament of Catalonia is due to vote Friday on whether it should declare independence. And given that the region has a majority of pro-independence lawmakers “it appears more likely than not” that it will choose to split from the rest of Spain, analysts at Barclays said in a note Friday.Declaring independence unilaterally will increase the rift with Madrid and is unlikely to not change anything in practical terms. “It would be so illegal (to declare independence); they (Catalan lawmakers) even risk jail,” a European official from Catalonia, who is close to the discussions but didn’t want to be named due to the sensitivity of the issue, told CNBC via phone on Friday morning. Politicians from the region are due to begin debating the issue late Friday morning but a decision is not expected until later in the evening.

Source: Catalan crisis reaches crucial period as Madrid looks to impose direct rule – CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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