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The Catalonia Splits

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On tuesday one of the Spain’s top business leader and president of Spain’s chamber of commerce, Jose Luis Bonet mentioned that if Catalonia declares independence.. It will be a disaster. He’s also the president of sparkling wine market Freixenet, which is based in Catalonia, a wealthy region in the northeastern Spain.

According to the source from CNN Money, about 90% of voters wanted independence. Catalan President Carles Puigdemont said that later Tuesday that they had all the rights to become independent, with his own words he declared ‘earned the right’ to independence. But he did not declare the immediate split from Spain. The spanish region held a controversial independence referendum on Sunday with major economic implication for the country. Spain’s central government fiercely opposed the referendum, police were involved polling stations, regional officials said the vast majority of ballots were in favor of independence, but turnout was relatively. The euro dropped 0.7% against the dollar on Monday, and the yield on Spanish 10 year bond increased.

The main stock market in Madrid opened 1.4% lower before trimming its losses. The vote comes as Spain emerges from nearly a decade of economic trauma. Catalonia is its most economically productive region. In the other hand Businesses and investors are likely to welcome the de-escalation. Outside the EU, Catalonia would lose access to free trade with Spain and other members nations, a massive blow for a region that depends on exports. As a precautionary measure some companies have already announced that they switching their legal headquaters out of Catalonia and into other parts of Spain. The main focus here is the Freixenet business and banks and what would happen if Catalonia splits.

Freixenet, which has been operating in Catalonia for more than 100 yeards, sells 185 million bottles of wine and sparkling wine around the world each yar. If they split that will cause a huge lost. If Catalonia wins its independence, business leaders’s most worry would be that the new state will have no formal trade agreements with other countries, creating a situation even more serious. On the other side Barcelona it’s the most economically productive part of the country, producing 25% of the country’s export. The short term outcomes of separation would be negative for both parties.

The establisment of a border would result in a loss of jobs, income and wealth for the population, wheather they live in the city of Catalonia or in the rest of Spain. Even though Catalonia’s only account is not a high percent of the Spanish population, Catalonia makes a wealthy contribution overal in the Spanish economy making $262,96 billion a year. This is about 20% of its GDP.

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