Are we on a pathway to economic meltdown?

The Newspapers today are full of the economic ramifications of the uncertainty created by the moves towards independence. The two largest banks have grabbed the headlines with Sabadell announcing a move to Alicante and the board of directors of La Caixa will meet today to discuss a move to Palma. We should not be surprised by this, financial services value the ability to sell their services to the widest possible audience without barriers and will  move to the largest centralised market available.

Meanwhile, the chief of Mossos, Josep Lluís Trapero heralded by many Catalans as a hero for not ordering police to violently remove voters last weekend is now being prosecuted for sedition by Madrid for failing in his duties. A reminder that despite many locals considering the Mossos d’esquadra as being a “local” police force they still fall under Spanish law and therefore accountable to the Spanish public prosecutor.

Whats next?

Expect to see a big pro-unity protest on Sunday, this time organised by the SCC, but Monday will be the real show-down, we know that the Constitutional court has ruled that Monday’s parliamentary session where Pugidemont was expected to make a unilateral declaration of independence has been ruled illegal. So if it goes ahead we may see Policia Nacional intervene and arrest members of the Catalan Parliament which in turn will provoke many pro-nationalist Catalans to take to the streets.

For sure there is no end in sight.

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