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Spanish Banks Warn of Financial Meltdown if Catalonia Votes for Independence

September 20, 2015

Spanish Banks Warn of Financial Meltdown if Catalonia Votes for Independence

In Spain’s north eastern region of Catalonia, the fear-mongering and doom-saying is reaching a deafening crescendo. If voters return a majority of pro-independence politicians in next Sunday’s regional elections, all manner of economic disaster will befall the region — according to the defenders of Spain’s established political and economic order.

The doomsayers include the Spanish government, the main opposition party, PSOE, Angela Merkel, David Cameron, Barack Obama, John Kerry, the spokesperson of the president of the European Commission, Margaritis Schinas, and just about every business lobby representative in Spain. Some Catalan business leaders have even urged their employees to vote against independence, warning that a yes-vote on Sunday could lead to them losing their jobs — a major threat in a nation with over 20% official unemployment!

Warning of a Crisis

The latest chorus of doom and gloom came from Spain’s two biggest banking associations AEB and CECA, whose members include Banco Santander, BBVA, Banco Popular, and Bankia. They warn that the exclusion of Catalonia from the Eurozone will trigger “serious problems of legal insecurity” for banks based in the region. Those banks include Caixabank and Banc de Sabadell, Spain’s third and fifth largest banks respectively, both of whom are also members of AEB and CECA.

In their joint communiqué the two lobbying groups urge the people of Catalonia to honor Spain’s current constitutional order and safeguard the region’s membership of the Eurozone. Failure to do so, they warn, could jeopardize the ability of local financial entities to “protect depositors” (ha!) and “maintain the flow of funds to families, SMEs, and to the country’s productive sectors and job creators” (ha ha!):

The expulsion of Catalonia from the euro zone, resulting from a unilateral breakup of the prevailing constitutional framework (of Spain), would mean that banks based in Catalonia could face serious problems of legal insecurity.

…click on the above link to read the rest of the article…

 

 

 

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