{"id":12436,"date":"2015-09-20T06:54:36","date_gmt":"2015-09-20T11:54:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12436"},"modified":"2015-09-20T06:54:36","modified_gmt":"2015-09-20T11:54:36","slug":"spanish-banks-warn-of-financial-meltdown-if-catalonia-votes-for-independence","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12436","title":{"rendered":"Spanish Banks Warn of Financial Meltdown if Catalonia Votes for Independence"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/09\/20\/spanish-banks-warn-of-financial-meltdown-if-catalonia-votes-for-independence\/\" target=\"_blank\">Spanish Banks Warn of Financial Meltdown if Catalonia Votes for Independence<\/a><\/h3>\n<p>In Spain\u2019s 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\u2019s regional elections, all manner of economic disaster will befall the region \u2014 according to the defenders of Spain\u2019s established political and economic order.<\/p>\n<p>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\u00a0<a href=\"http:\/\/www.lavanguardia.com\/politica\/elecciones-catalanas\/20150918\/54436637519\/presidente-almirall-empleados-riesgos-indenpencia-catalunya.html\" target=\"_blank\">urged their employees to vote against independence<\/a>, warning that a yes-vote on Sunday could lead to them losing their jobs \u2014 a major threat in a nation with over 20% official unemployment!<\/p>\n<h3><strong>Warning of a Crisis<\/strong><\/h3>\n<p>The latest chorus of doom and gloom came from Spain\u2019s 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 \u201cserious problems of legal insecurity\u201d for banks based in the region. Those banks include Caixabank and Banc de Sabadell, Spain\u2019s third and fifth largest banks respectively, both of whom are also members of AEB and CECA.<\/p>\n<p>In their j<a href=\"https:\/\/www.aebanca.es\/cs\/groups\/public\/documents\/notaprensa\/08-201502752.pdf\" target=\"_blank\">oint communiqu\u00e9<\/a>\u00a0the two lobbying groups urge the people of Catalonia to honor Spain\u2019s current constitutional order and safeguard the region\u2019s membership of the Eurozone. Failure to do so, they warn, could jeopardize the ability of local financial entities to \u201cprotect depositors\u201d (ha!) and \u201cmaintain the flow of funds to families, SMEs, and to the country\u2019s productive sectors and job creators\u201d (ha ha!):<\/p>\n<blockquote><p>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.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spanish Banks Warn of Financial Meltdown if Catalonia Votes for Independence In Spain\u2019s 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\u2019s regional elections, all manner of economic disaster will befall the region \u2014 according to the defenders of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[9135,8851,117,9136,5660,279,285,743,4255],"class_list":["post-12436","post","type-post","status-publish","format-standard","hentry","category-economics","tag-aeb","tag-catalan-independence","tag-catalonia","tag-ceca","tag-don-quijones","tag-eu","tag-eurozone","tag-spain","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12436"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12436\/revisions"}],"predecessor-version":[{"id":12437,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12436\/revisions\/12437"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}