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.
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.