Catalonia all set to declare independence from Spain

As per a regional government source, Catalonia is all set to move on Monday to declare independence from Spain since the European nation is very close to a rupture which is sure to threaten the foundations of its young democracy which in turn has unnerved the financial markets. The pro independence parties which are in control of the regional parliament have asked for a vote and a debate on Monday on declaring independence which came from the same regional government source. A declaration should come after the voting is over but is still very unclear when the declaration would come. The president of Catalan, Carles Puigdemont had previously told BBC that his government would ask the parliament of the region to declare independence after tallying the votes from the referendum of the last week which Madrid said to be illegal.

Carles Puigdemont said on Wednesday that this will probably end when all the votes are obtained at the end of this week and all the following procedures would be carried out in the weekend or early next week. The constitutional crisis that is currently going on in Spain which is the Euro zone's fourth biggest economy has shaken the common currency which has hit the Spanish stocks & bonds that has resulted in the sharp rising of the borrowing cost of Madrid. On Wednesday, the IBEX stock index fell below ten thousand points for the first time since March 2015. The main reason behind this is that the bank stocks tumbled. In a situation where the mood of the public is nervous, the biggest bank of Catalonia Caixa bank and the economy minister of Spain had to assure the customers of the bank that all their deposits were absolutely safe.

Carles Puigdemont comments appeared after the King of Spain Felipe VI had accused secessionist leaders on Tuesday of upsetting the democratic principles and dividing the Catalan society which resulted in tens of thousands of people protesting against a violent police crackdown on Sunday's vote. The leader of Catalonia is due to make a statement on Wednesday after a committee of all the parties of the parliament of the region meets to agree to a date which is likely to be Monday for a discussion and planning session on independence. Spain has simply been rocked by the Catalan votes and the police of Spain responded to it with rubber bullets and batons this prevented the people from voting.

October 21, 2017 - 13:40
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