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Spain is looking more like Greece, as austerity protests and planned budget cuts shoot yields on...

Spain is looking more like Greece, as austerity protests and planned budget cuts shoot yields on Spanish 10-year bonds near 6%. The Catalonia region announces snap elections, which could lead to independence for Spain’s most economically important region. IBEX plunges 3.4%, and Banco Santander (SAN) - also seeking to raise $4B via a Mexico IPO - is 2.2% lower premarket.
Comments (10)
  • Advill
    , contributor
    Comments (2246) | Send Message
     
    Ok, hold your horses, I live in Spain, in Barcelona (Catalonia "independentist" State) and things are not in that way, as it usually happens when your only access to reality is newspapers headlines.

     

    There is no independence of the most important PIB region, the most important one is Madrid state (same name that city), second is Catalonia and third is Euzkadi.

     

    The Catalonian situation is like Quebec and Canada...an eternal bargaining of how to relate one and the other., in the next elections results will show that independentism is around a real 23%, "catalanism" ( right to use catalonian language and some cultural peculiarities but accepting being part of Spain...as Texans and "The north" in USA) is another 30%, and the ones that feel themselves Spaniards the rest.
    26 Sep 2012, 08:28 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Canada solved its Québec problem in part by voting in a fiscally conservative government and holding the line against increasing socialism and socialists.

     

    (Cheers to my socialist friends in Québec.)
    26 Sep 2012, 02:20 PM Reply Like
  • Cesc
    , contributor
    Comments (149) | Send Message
     
    I also live in Catalonia,

     

    Catalonia 2011 GDP is 200 billion vs Madrid's GDP 189 billion (INE data), hence Catalonia is Spain's economic power horse.

     

    Last sep11th 1,5 million of catalans (600k according to spanish government) where in the streets calling for what? independence, that's a fact.
    26 Sep 2012, 06:20 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    I'm afraid it's worse that we think for Spain--the Moors are on the march again.

     

    (whoops, sorry. I hope I didn't touch off a riot)
    26 Sep 2012, 09:02 AM Reply Like
  • Tack
    , contributor
    Comments (13579) | Send Message
     
    Amazing how many people will swallow any histrionic nonsense, as long as it appears in print.
    26 Sep 2012, 11:01 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    This is what happens with 25% broad unemployment, with 50% youth unemployment and little relief in sight.
    26 Sep 2012, 02:16 PM Reply Like
  • geni
    , contributor
    Comments (2) | Send Message
     
    I,m living in catalonia. Its a very productive region, Catalonia paids more taxes and this money don,t come back. Our finncial minister,Mr a.mascollell, tried to change it, and was impossible , we paid and worked a lot, another areas in Spain spend this money and now this b
    situation is bad, people,normal people thinks that is ime to change.
    26 Sep 2012, 04:15 PM Reply Like
  • Advill
    , contributor
    Comments (2246) | Send Message
     
    What you say is not truth, Catalonia is the 4th. place in "funding" rest of Spain, being Madrid the first one 133 to 100, Aragon 124 to 100, Valencia 117 to 100 and Catalonia 114 to 100....if you think that you need to be "next state in Europe" for that....be my guest.!!, Europe will never admit it.
    26 Sep 2012, 06:06 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9966) | Send Message
     
    A,
    Regardless of the Catalonia part, is it not true that the overall economic and overall debt situation in Spain continues to worsen?
    26 Sep 2012, 08:00 PM Reply Like
  • Cesc
    , contributor
    Comments (149) | Send Message
     
    Nops, your information is totally biassed, to say the least.

     

    In 2005, data from "Ministerio de Economía y Hacienda" published in 2008 (wich is the only official info published by spanish authorities) shown that Catalonia was 2nd place in financing rest of Spain in absolute terms, Madrid was in first place.

     

    But, and it's a "big" but, you seem to ignore the fact that Madrid gets huge benefits for having national infraestructures (Barajas airport, AVE, highways....) funded by all the citizens but enjoyed mostly by them, thus getting collateral benefits for the economics generated from this centers.

     

    You forgot also that Madrid has a zillion of public workers paid by the state, these public workers spend their pubic salary in Madrid.

     

    http://bit.ly/Qzq2Gs

     

    PS
    Considering that Spain has an stake in ECB, and that Catalonia should have 20% of Spain liabilities and assets, we own a part of it, Catalonia is Europe already.
    27 Sep 2012, 06:07 PM Reply Like
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