{"id":27090,"date":"2017-10-21T12:37:56","date_gmt":"2017-10-21T17:37:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27090"},"modified":"2017-10-21T12:37:56","modified_gmt":"2017-10-21T17:37:56","slug":"catalonias-political-crisis-snowballs-into-an-economic-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27090","title":{"rendered":"Catalonia\u2019s Political Crisis Snowballs into an Economic Crisis"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2017\/10\/21\/catalonias-political-crisis-snowballs-into-an-economic-crisis\/\">Catalonia\u2019s Political Crisis Snowballs into an Economic Crisis<\/a><span style=\"color: #333333; font-size: 16px;\">\u00a0<\/span><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>Independence would be \u201chorrific\u201d and amount to \u201cfinancial suicide,\u201d said Spain\u2019s Economy Minister. But financial suicide for whom?<\/strong><\/p>\n<p>It\u2019s not easy being a Catalan bank these days. In the last few weeks the region\u2019s two biggest lenders, Caixabank and Sabadell, have lost \u20ac9 billion of deposits as panicked customers in Catalonia have moved their money elsewhere. Many customers in other parts of Spain have also yanked their savings out of Catalan banks, but less out of fear than out of anger at the banks\u2019 Catalan roots.<\/p>\n<p>Moving their official company address to other parts of Spain last week may have helped ease that resentment, allowing the two banks to <a href=\"http:\/\/www.abc.es\/economia\/abci-caixabank-y-sabadell-recuperan-2000-millones-depositos-desde-cambio-sede-social-201710180209_noticia.html\" target=\"_blank\" rel=\"noopener\">recoup some \u20ac2 billion<\/a> of deposits. But the move has angered the roughly 2.5 million pro-independence supporters in Catalonia, many of whom have accounts at one of the two banks. Today they expressed that anger by withdrawing cash en masse.<\/p>\n<p>Many protesters made symbolic withdrawals of \u20ac155 \u2014 a reference to Article 155 of the Spanish constitution, which Madrid activated today to impose direct rule over the semi-autonomous region. Others opted for \u20ac1,714 in a nod to the year 1714, when Barcelona was captured by the troops of King Felipe V, who then proceeded to suppress the rights of rebellious regions.<\/p>\n<p>Some bank customers withdrew a lot more than that. The council of Argentona, a small town outside Barcelona, closed its accounts at Caixabank and Sabadell and transferred all \u20ac2.25 million of its funds to a branch of the Dutch lender Triodos. If other institutional or business customers follow Argentona\u2019s example, Caixabank and Sabadell could have a big problem on their hands.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Catalonia\u2019s Political Crisis Snowballs into an Economic Crisis\u00a0 Independence would be \u201chorrific\u201d and amount to \u201cfinancial suicide,\u201d said Spain\u2019s Economy Minister. But financial suicide for whom? It\u2019s not easy being a Catalan bank these days. In the last few weeks the region\u2019s two biggest lenders, Caixabank and Sabadell, have lost \u20ac9 billion of deposits as [&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":[2,5,6],"tags":[117,5660,968,743,4255],"class_list":["post-27090","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","category-liberty","tag-catalonia","tag-don-quijones","tag-independence","tag-spain","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27090","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=27090"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27090\/revisions"}],"predecessor-version":[{"id":27091,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27090\/revisions\/27091"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}